ATHAE
ActiveSummary
ATHAE has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€1,881) and a net result of -€826. Equity is shrinking by about 24% per year across the filed financial years. Its solvency ranks better than 16% of 13,668 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Overview
- Equity
- -€1,881
- Loss
- -€826
Why 53raises riskCapped at 59: negative equityNegative equity -€1,881Loss of €826, the second in a row (financial year 2025)lowers riskSize: total assets €12,250Founded in 2008Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, micro): better than 13% on solvency, 21% on liquidity, 22% on profitability and 6% on growth.
The bankruptcy probability was computed on 30-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 16 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Annual accounts filedfinancial year 2023 · micro…
Financials · financial year 2025, micro format
2025 annual accounts filed late (31 days) Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00481574.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €671 in 2025 against €526 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 2,333 companies that looked in July 2024 the way this one looks now, 2.8% went bankrupt within 24 months and 90.6% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.5% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,333 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €55 | €57 | €63 | €526 | €671 | ▲ 27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,000 | - | - | - | - | - | - | - | - |
| Gross operating margin9900 | -€401 | -€53 | -€55 | -€55 | -€57 | -€63 | -€526 | -€671 | ▼ 27.6% |
| Operating profit (loss)9901 | -€1,401 | -€53 | -€55 | -€55 | -€57 | -€63 | -€526 | -€671 | ▼ 27.6% |
| Financial charges65/66B | - | - | - | - | - | - | €184 | €155 | ▼ 15.8% |
| Recurring financial charges65 | - | - | - | - | - | - | €184 | €155 | ▼ 15.8% |
| Profit (loss) for the period before taxes9903 | -€1,394 | -€53 | -€55 | -€55 | -€57 | -€63 | -€710 | -€826 | ▼ 16.3% |
| Profit (loss) for the period9904 | -€1,394 | -€53 | -€55 | -€55 | -€57 | -€63 | -€710 | -€826 | ▼ 16.3% |
| Profit (loss) for the period to be appropriated9905 | -€1,394 | -€53 | -€55 | -€55 | -€57 | -€63 | -€710 | -€826 | ▼ 16.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1 | €1 | €1 | - | - | €12,100 | €12,405 | €12,250 | ▼ 1.2% |
| Current assets29/58 | €1 | €1 | €1 | - | - | €12,100 | €12,405 | €12,250 | ▼ 1.2% |
| Stocks and contracts in progress3 | - | - | - | - | - | €10,000 | €10,000 | €10,000 | = |
| Stocks30/36 | - | - | - | - | - | €10,000 | €10,000 | €10,000 | = |
| Amounts receivable within one year40/41 | - | - | - | - | - | €2,100 | €2,197 | - | - |
| Other amounts receivable41 | - | - | - | - | - | €2,100 | €2,197 | - | - |
| Cash at bank and in hand54/58 | €1 | €1 | €1 | - | - | - | €208 | €2,250 | ▲ 982% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1 | €1 | €1 | €0 | €0 | €12,100 | €12,405 | €12,250 | ▼ 1.2% |
| Equity10/15 | -€62 | -€115 | -€170 | -€225 | -€282 | -€345 | -€1,055 | -€1,881 | ▼ 78.3% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | €12,400 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€8,122 | -€8,175 | -€8,230 | -€8,285 | -€8,342 | -€8,405 | -€9,115 | -€9,941 | ▼ 9.1% |
| Amounts payable17/49 | €63 | €116 | €171 | €225 | €282 | €12,445 | €13,460 | €14,131 | ▲ 5.0% |
| Amounts payable within one year42/48 | €63 | €116 | €171 | €225 | €282 | €12,445 | €13,460 | €14,131 | ▲ 5.0% |
| Trade debts44 | - | - | - | - | - | €12,100 | €12,296 | €12,100 | ▼ 1.6% |
| Suppliers440/4 | - | - | - | - | - | €12,100 | €12,296 | €12,100 | ▼ 1.6% |
| Other amounts payable47/48 | - | - | - | €225 | €282 | €345 | €1,164 | €2,031 | ▲ 74.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,394 | -€53 | -€55 | -€55 | -€57 | -€63 | -€710 | -€826 | ▼ 16.3% |
| + Depreciation and write-downs630 | €1,000 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€394 | -€53 | -€55 | -€55 | -€57 | -€63 | -€710 | -€826 | ▼ 16.3% |
| Change in cash | - | €0 | €0 | - | - | - | - | €2,042 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00481574 |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00230589 |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00289227 |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00165733 |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20095440 |
| 31-12-2020 | micro format | 25-06-2021 | 2021-28200257 |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39300582 |
| 31-12-2018 | micro format | 26-08-2019 | 2019-51300088 |
| 31-12-2017 | micro format | 20-09-2018 | 2018-63800025 |
| 31-12-2016 | micro format | 29-03-2018 | 2018-08500066 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| NEALE Emmanuel |
|
Owners and capital
Capital and shareholders
- 14-12-2023 Converted to unavailable equity
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
14-12
Gazette deed
Resignation: NEALE Emmanuel (manager)Reappointment: NEALE Emmanuel (director) · Purpose change · Legal-form conversion12 facts ▸
- General meeting, 11-12-2023
- Other provision, “justification détaillée de la modification proposée à l'objet, exemplaire par e-dépôt vers Greffe du Tribunal de Commerce de Liège en même temps qu'expédition d…” (deed in French)
- Purpose change
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “suppression du compte de capitaux propres statutairement indisponible, formes et majorités modification statuts” (deed in French)
- Amendment of the articles
- Capital
- Director resignation, NEALE Emmanuel (manager)
- Director reappointment, NEALE Emmanuel (director)
- Director discharge, NEALE Emmanuel
- Registered office clause, “4870 Trooz, rue sur le Batty 113, Sixième résolution” (deed in French)
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62041B0046/00R000 | Wallonia | 2,475 m² | 1 · 184 m² | 6.8 m · 2 |
| 62067E1237/00A000 | Wallonia | 2,076 m² | 1 · 93 m² | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “L’entraînement et la préparation de chevaux de concours hippiques et autres; L’élevage de chevaux; L’enseignement de l’équitation…” (deed in French)
19 activities (deed in French)
- L’entraînement et la préparation de chevaux de concours hippiques et autres
- L’élevage de chevaux
- L’enseignement de l’équitation
- L’exploitation de centre équestre ainsi que l’hippothérapie
- La pension pour chevaux
- La tenue de cours d’équitation tant collectifs qu’individuels
- L’organisation de promenades à cheval
- L’organisation de stages d’équitation
- L’organisation de compétitions hippiques
- L’exploitation directe ou indirecte d’un fonds de commerce relevant du secteur Horeca
- L’achat,la vente,l’importation,l’exportation,la commercialisation,la distribution de chevaux et de tous biens,produits et services ayant un rapport direct ou indirect avec les chevaux et le monde équestre
- Le transport de chevaux
- Les conseils et expertises en matière hippiques et agricole
- La location de matériel,de box,de chevaux
- L’exploitation d’une activité agricole
- L'acquisition par voie d'achat,d'apport,de construction ou autrement de biens immeubles de toute nature en vue de la vente ou de la mise en location ainsi que la construction,l'étude et la promotion immobilière
- L'achat,l'échange,la vente,la prise en location et en sous-location,ainsi que la cession en location et en sous-location,le tout avec ou sans option d'achat,l'exploitation et l'entretien de maisons,appartements,bureaux,magasins,fonds de commerce,terrains,terres et domaines,et de manière générale,de tous biens immobiliers,ainsi que de toutes opérations de financement et de gestion de patrimoine immobilier
- Toutes opérations immobilières au sens le plus large du terme et notamment acquérir,vendre,échanger,prendre ou donner en bail,en emphytéose ou en superficie,faire toute opération de leasing,acquérir et consentir toutes options,lotir,gérer,entretenir,réparer,transformer,aménager,meubler et décorer tous biens immobiliers;construire toutes habitations ou ensemble d'habitation,en copropriété horizontale ou non,garages,annexes et dépendances,ateliers,bâtiments industriels et d'une façon plus générale,tout ce qui peut se rapporter à l'activité immobilière au sens le plus large du terme
- L’acquisition et la gestion d’un patrimoine immobilier ainsi que toutes les opérations se rapportant directement ou indirectement à la mise en valeur de ce patrimoine
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- ATHAE
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, sièges administratifs agences ateliers dépôts succursales Belgique étranger par simple décision organe d’administration” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation de durée, organe d’administration” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, Article 8. Nature des actions” (deed in French)“Nominatifs, Article 9. Nature des autres titres” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Tous frais de procédure et d’expertise pour moitié à charge du cédant et pour moitié à charge du ou des acquéreurs,proportionnellement au…” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Saturday of June at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “En tout temps par décision de l'assemblée générale délibérant dans formes prévues pour modifications aux statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Pour quelque cause et à quelque moment que ce soit, faculté de désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments” (deed in French)