BETWEEN HORSES
Judicial reorganisationSummary
The file of BETWEEN HORSES contains 1 judicial reorganisation, as published in the Belgian State Gazette. During the judicial reorganisation Checked does not compute a bankruptcy probability from the figures: of the Belgian companies that opened one in 2023 and 2024, about one in four went bankrupt within twelve months. The 2025 annual accounts show negative equity (-€248,683) and a net result of €9,625. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 3505 sector peers (fiscal year 2025).
Are you a creditor?
Judicial reorganisation
Source: Belgian Official Gazette
Your claim still exists, but while the moratorium runs you cannot enforce it. What you do now depends on the track of the reorganisation.
The procedure
- Court
- Enterprise Court of Walloon Brabant
- Opened
- 24 June 2024
- Track
- Reorganisation by collective agreement
- Docket number
- 20240026
- Moratorium until
- 24 October 2024 (passed; an extension would be in a later judgment)
- Delegated judge
- Michel Caldana
- Official Gazette
- 01-07-2024 (pdf) ↗search the document for 2024/126360
What to do now
- Do not attach assets or start enforcement for debts from before the opening while the moratorium runs.
- Check the amount the company lists you for: it has to tell you. If it is wrong, dispute it in writing.
- The company files a reorganisation plan and creditors vote on it at a hearing. A plan approved and confirmed by the court also binds those who voted against.
- What you deliver after the opening is not covered by the moratorium: agree clear payment terms.
- The file is in RegSol, where you can read the documents of the procedure.
Deadlines: the judgment sets how long the moratorium runs. That date is in RegSol and in the publication in the Official Gazette. The date of the vote on the plan is in the judgment and in RegSol.
View the file in RegSol ↗
Watch
Follow this reorganisation: you are alerted to an extension, the court's approval, the closure or a bankruptcy.
General information, not legal advice. If in doubt, your lawyer or your accountant can help. Full guide for creditors
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Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+77
Solvency0=
Growth58▲+26
Track record60
Credit verdict
No credit on open account during an ongoing judicial reorganisation
Liquidity short (current ratio 0.16 against 0.13 in 2024; short-term debt: 197.8% and cash: 7.2% of total assets), and equity is negative.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 3505 sector peers (2025).
NBB · sector comparisonPosition among 3505 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-10-2025 was due by 31-05-2026 and was filed on 10-06-2026, 10 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
10 d late
2024
5 d late
2023
1 d early
2021
78 d late
2020
31 d late
2019
61 d late
2018
27 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 30 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-10-2026 and is due by 31-05-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-10-2026 close31-05-2027 deadline
History
Go further with this company
What should you check before you do business with this company?Supplier due diligence What held for this company on a given day: board, seat, name?Company as of a date Is the registered address a letterbox address or a business centre?Address check Are there other customers at risk in your own list?Debtor check How is the Graphic design and visual communication sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Turnover
€257,812
EBIT margin
2.9%
Net result
€9,625
2024 · -€80,527
Working capital
-€257,272▼ 1.6%
2024 · -€253,253
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202320242025
Turnover
Operating result€18,332▲ 143%€9,919▼ 45.9%-€180,154--€74,406▲ 58.7%€13,490
Net result€15,397▲ 137%€989▼ 93.6%-€184,265--€80,527▲ 56.3%€9,625
EBIT margin
Equity€5,849€6,484▲ 10.9%-€177,780--€258,307▼ 45.3%-€248,683▲ 3.7%
Total assets€89,709▲ 20.5%€85,054▼ 5.2%€173,355-€161,034▼ 7.1%€154,743▼ 3.9%
Debt€83,860▼ 0.1%€78,570▼ 6.3%€351,135-€419,341▲ 19.4%€403,425▼ 3.8%
Working capital-€6,111▲ 82.5%€8,846-€198,550--€253,253▼ 27.6%-€257,272▼ 1.6%
Staff (FTE)2.2=2.8▲ 27.3%4-3.8▼ 5.0%3.6▼ 5.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Why a figure moved sharply
- 2024 Net result +56% on 2023. The previous fiscal year ran 22 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €13,490 after a loss of €74,406 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €154,743
Fixed assets
€105,937 ▼ 13.6%
Current assets
€48,806 ▲ 27.0%
Key figures and ratios
EBITDA
€31,366▲
2024 · -€55,351
Cash flow
€27,500▲
2024 · -€61,472
Solvency
-160.7%▼
2024 · -160.4%
Current ratio
0.16▲
2024 · 0.13
Quick ratio
0.14▲
2024 · 0.11
Debt to equity
-1.62▲
2024 · -1.62
ROA
6.2%▲
2024 · -50.0%
Interest coverage
8.56▲
2024 · -9.37
Debt ≤ 1 year
€306,078▲
2024 · €291,689
Debt > 1 year
€92,395▼
2024 · €122,700
Income taxes
€236▲
2024 · €228
Staff costs
€119,262▲
2024 · €112,289
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €53,518 | €217,772 | €112,289 | €119,262 | ▲ 6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,243 | €11,725 | €29,891 | €19,055 | €17,875 | ▼ 6.2% |
| Other operating charges640/8 | - | €1,800 | €5,856 | €5,817 | €3,315 | ▼ 43.0% |
| Non-recurring operating charges66A | - | €4,200 | - | - | - | - |
| Gross operating margin9900 | €89,223 | €81,162 | €73,365 | €62,755 | €153,942 | ▲ 145% |
| Operating profit (loss)9901 | €18,332 | €9,919 | -€180,154 | -€74,406 | €13,490 | ▲ 118% |
| Financial income75/76B | - | - | - | €16 | €37 | ▲ 128% |
| Recurring financial income75 | €5 | - | - | €16 | €37 | ▲ 128% |
| Financial charges65/66B | - | €6,842 | €3,897 | €5,909 | €3,666 | ▼ 38.0% |
| Recurring financial charges65 | €2,204 | €6,842 | €3,897 | €5,909 | €3,666 | ▼ 38.0% |
| Profit (loss) for the period before taxes9903 | €16,133 | €3,077 | -€184,051 | -€80,299 | €9,861 | ▲ 112% |
| Income taxes67/77 | €736 | €2,088 | €214 | €228 | €236 | ▲ 3.6% |
| Profit (loss) for the period9904 | €15,397 | €989 | -€184,265 | -€80,527 | €9,625 | ▲ 112% |
| Profit (loss) for the period to be appropriated9905 | €15,397 | €989 | -€184,265 | -€80,527 | €9,625 | ▲ 112% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €89,709 | €85,054 | €173,355 | €161,034 | €154,743 | ▼ 3.9% |
| Formation expenses20 | - | - | - | - | €0 | - |
| Fixed assets21/28 | €16,912 | €19,908 | €140,802 | €122,598 | €105,937 | ▼ 13.6% |
| Intangible fixed assets21 | - | - | €133,120 | €117,950 | €102,780 | ▼ 12.9% |
| Tangible fixed assets22/27 | €16,582 | €19,578 | €7,417 | €4,303 | €2,812 | ▼ 34.6% |
| Plant, machinery and equipment23 | - | €15,271 | €6,571 | €4,303 | €2,812 | ▼ 34.6% |
| Furniture and vehicles24 | - | €4,307 | €846 | - | €0 | - |
| Financial fixed assets28 | €330 | €330 | €265 | €345 | €345 | = |
| Current assets29/58 | €72,797 | €65,146 | €32,553 | €38,436 | €48,806 | ▲ 27.0% |
| Stocks and contracts in progress3 | - | - | €4,560 | €6,300 | €6,300 | = |
| Stocks30/36 | - | - | €4,560 | €6,300 | €6,300 | = |
| Amounts receivable within one year40/41 | €40,130 | €37,467 | €16,378 | €9,159 | €22,937 | ▲ 150% |
| Trade receivables40 | - | €37,467 | €16,367 | €9,159 | €22,937 | ▲ 150% |
| Other amounts receivable41 | - | - | €11 | - | - | - |
| Cash at bank and in hand54/58 | €28,031 | €20,843 | €8,711 | €15,328 | €11,192 | ▼ 27.0% |
| Deferred charges and accrued income490/1 | - | €6,836 | €2,904 | €7,649 | €8,376 | ▲ 9.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €89,709 | €85,054 | €173,355 | €161,034 | €154,743 | ▼ 3.9% |
| Equity10/15 | €5,849 | €6,484 | -€177,780 | -€258,307 | -€248,683 | ▲ 3.7% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€8,411 | -€7,776 | -€192,040 | -€272,567 | -€262,943 | ▲ 3.5% |
| Amounts payable17/49 | €83,860 | €78,570 | €351,135 | €419,341 | €403,425 | ▼ 3.8% |
| Amounts payable after more than one year17 | - | €17,318 | €115,080 | €122,700 | €92,395 | ▼ 24.7% |
| Financial debts170/4 | - | €17,318 | €115,080 | €122,700 | €92,395 | ▼ 24.7% |
| Amounts payable within one year42/48 | €78,908 | €56,300 | €231,103 | €291,689 | €306,078 | ▲ 4.9% |
| Current portion of amounts payable after more than one year42 | - | €7,463 | €25,869 | €22,759 | €18,076 | ▼ 20.6% |
| Trade debts44 | €10,625 | €29,234 | €77,276 | €79,042 | €91,355 | ▲ 15.6% |
| Suppliers440/4 | - | €29,234 | €77,276 | €79,042 | €91,355 | ▲ 15.6% |
| Taxes, remuneration and social security45 | - | €15,416 | €74,650 | €69,333 | €66,109 | ▼ 4.7% |
| Taxes450/3 | - | €10,656 | €35,044 | €36,243 | €34,789 | ▼ 4.0% |
| Remuneration and social security454/9 | - | €4,760 | €39,606 | €33,090 | €31,320 | ▼ 5.4% |
| Other amounts payable47/48 | - | €4,187 | €53,308 | €120,555 | €130,538 | ▲ 8.3% |
| Accrued charges and deferred income492/3 | - | €4,952 | €4,952 | €4,952 | €4,952 | = |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,397 | €989 | -€184,265 | -€80,527 | €9,625 | ▲ 112% |
| + Depreciation and write-downs630 | €17,243 | €11,725 | €29,891 | €19,055 | €17,875 | ▼ 6.2% |
| Operating cash flow (approximation) | €32,640 | €12,714 | -€154,374 | -€61,472 | €27,500 | ▲ 145% |
| Investment in fixed assets (approximation) | - | -€14,721 | - | -€851 | -€1,214 | ▼ 42.7% |
| Change in cash | - | -€7,188 | - | €6,617 | -€4,136 | ▼ 163% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 10 days late
2025
31-10
Financial
Back to profitnet €9,625
Net result €9,625 after 2 loss-making years.
05-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 5 days late
2024
01-07
Judicial reorganisation
Opening
Tribunal de l’entreprise du Brabant wallon · collective agreement · event 24-06-2024
30-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-10
Financial
Weakest financial yearnet -€184,265
Net result drops to -€184,265, the lowest in the series; recovery starts the following year.
2022
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 78 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Highest result since 2018net €15,397 ▲137%
Operating result €18,332, net result €15,397, both a record.
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
2019
31-12
Financial
Back to profitnet €6,501
Net result €6,501 after one loss-making year.
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waterloo · 1 establishment unit since 2016
Ground area
2,671 m²
Building footprint
196 m²
Volume, LiDAR
2,187 m³
Parcel 25764P0223/00_000, Wallonia · tallest building 13.3 m, ±4 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Chemin de la Papelotte 41, 1410 Waterloo
since 20162.258.957.576
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25764P0223/00_000 ProtectedSite or landscape |
Wallonia | 2,671 m² | 1 · 195 m² | 13.3 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 6,288 companies in sector 74120 we hold annual accounts for 1,011. 610 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded30-11-2016
Fiscal year end31-10
Activities, NACEBEL 2025
74120Graphic design and visual communication
85510Sports and recreation education
46190Agents in non-specialised wholesale trade
62200Computer consultancy and computer facilities management
63910Web portal activities
85599Other education
93299Other amusement and recreation activities
Contact
E-mail
melcha@asape.beWaterloo
E-invoicing
Reachable via Peppol
Peppol ID
0208:0666803239
Also
9925:BE0666803239
Registered
10-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.