BUCÉPHALE
ActiveSummary
BUCÉPHALE has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€35,617) and a net result of €107,864. Equity has been growing by about 14% per year since 2023. Its solvency ranks better than 15% of 3,714 sector peers (NACE 01, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 09-11-2022 Normal situation
- Activity
- Raising of horses and other equines NACE 01430and 2 others
- Establishment unit
- 2.337.999.710 7020 Mons, since 09-11-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 24-11-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €129,429
- Turnover
- ≈ €350,000
- estimated
- Profit
- €107,864
- Equity
- -€35,617
- ▲ 75.2%
- Total assets
- €631,862
- ▲ 81.6%
- Negative equity on 31-12-2025
Score breakdownraises riskCapped at 59: negative equityNegative equity -€35,617lowers riskSector: Crop and animal production, hunting and related service activities (NACE 01)Size: total assets €631,862Figures for financial year 2025 (filed on 10-03-2026)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 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 01, micro). It does better than 14% of them on solvency, 46% on liquidity, 88% on profitability and 91% on growth.
The bankruptcy probability was computed on 01-11-2026 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. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 69 days before the deadline. In the sector (NACE 01), the median for financial year 2024 was 3 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 10-03-2026 PDF all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is a profit of €121,123, after a loss of €84,832 in 2024. It is the highest result since 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €31,822 | - | €21,130 |
| Intangible fixed assets | €6,177 | €6,750 | - |
| Depreciation and write-downs of the year | €3,779 | €6,017 | €7,751 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,779 | €6,017 | €7,751 | ▲ 28.8% |
| Other operating charges640/8 | €1,548 | €973 | €555 | ▼ 42.9% |
| Gross operating margin9900 | -€89,693 | -€77,843 | €129,429 | - |
| Operating profit (loss)9901 | -€95,020 | -€84,832 | €121,123 | - |
| Financial income75/76B | €393 | - | €40 | - |
| Recurring financial income75 | €393 | - | €40 | - |
| Financial charges65/66B | €4,918 | €9,103 | €13,300 | ▲ 46.1% |
| Recurring financial charges65 | €4,918 | €9,103 | €13,300 | ▲ 46.1% |
| Profit (loss) for the period before taxes9903 | -€99,546 | -€93,935 | €107,864 | - |
| Profit (loss) for the period9904 | -€99,546 | -€93,935 | €107,864 | - |
| Profit (loss) for the period to be appropriated9905 | -€99,546 | -€93,935 | €107,864 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €203,850 | €347,985 | €631,862 | ▲ 81.6% |
| Fixed assets21/28 | €34,220 | €34,953 | €48,332 | ▲ 38.3% |
| Intangible fixed assets21 | €4,144 | €9,159 | €6,749 | ▼ 26.3% |
| Tangible fixed assets22/27 | €30,076 | €25,794 | €41,583 | ▲ 61.2% |
| Plant, machinery and equipment23 | €9,954 | €7,754 | €6,807 | ▼ 12.2% |
| Other tangible fixed assets26 | €20,122 | €18,040 | €34,776 | ▲ 92.8% |
| Current assets29/58 | €169,630 | €313,032 | €583,530 | ▲ 86.4% |
| Stocks and contracts in progress3 | €153,901 | €265,409 | €537,763 | ▲ 103% |
| Stocks30/36 | €153,901 | €265,409 | €537,763 | ▲ 103% |
| Amounts receivable within one year40/41 | €11,053 | €9,433 | €6,271 | ▼ 33.5% |
| Trade receivables40 | €375 | €2,543 | - | - |
| Other amounts receivable41 | €10,678 | €6,890 | €6,271 | ▼ 9.0% |
| Cash at bank and in hand54/58 | €424 | €24,653 | €25,623 | ▲ 3.9% |
| Deferred charges and accrued income490/1 | €4,252 | €13,536 | €13,873 | ▲ 2.5% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €203,850 | €347,985 | €631,862 | ▲ 81.6% |
| Equity10/15 | -€49,546 | -€143,481 | -€35,617 | ▲ 75.2% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | -€99,546 | -€193,481 | -€85,617 | ▲ 55.7% |
| Amounts payable17/49 | €253,396 | €491,466 | €667,480 | ▲ 35.8% |
| Amounts payable after more than one year17 | €245,000 | €485,000 | €527,000 | ▲ 8.7% |
| Other amounts payable178/9 | €245,000 | €485,000 | €527,000 | ▲ 8.7% |
| Amounts payable within one year42/48 | €8,396 | €6,466 | €140,480 | ▲ 22× |
| Trade debts44 | €8,396 | €6,452 | €31,966 | ▲ 395% |
| Suppliers440/4 | €8,396 | €6,452 | €31,966 | ▲ 395% |
| Other amounts payable47/48 | - | €14 | €108,514 | ▲ 7,863× |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€99,546 | -€93,935 | €107,864 | - |
| + Depreciation and write-downs630 | €3,779 | €6,017 | €7,751 | ▲ 28.8% |
| Operating cash flow (approximation) | -€95,767 | -€87,918 | €115,614 | - |
| Investment in fixed assets (approximation) | - | -€6,750 | -€21,130 | ▼ 213% |
| Change in cash | - | €24,229 | €970 | ▼ 96.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 822 companies had the same profile as BUCÉPHALE has now. Two years later, 2.9% had gone bankrupt and 92.1% were still going.
- Small
- negative equity
- a profit of 5% of the balance sheet or more
- without age
Another 1.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BUCÉPHALE itself is lower: 0.2% within 12 months. It rests on far more data about BUCÉPHALE than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 822 companies, not a prediction for BUCÉPHALE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Board & ownership
Directors
Owners and capital
Shareholders
- BULTEZ Antoine founder
- DECLÈVES Anne-Emilie Yvonne Andrée founder
Capital transactions
- 14-11-2022 Incorporation · €50,000
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| BULTEZ Antoine |
|
| DECLÈVES Anne-Emilie |
|
Articles of association
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 14-11-2022 (in French)
Network & group
BUCÉPHALE shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of BUCÉPHALE. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
14-11
Gazette deed
IncorporationStarting capital €50,000 · Appointments: BULTEZ Antoine (director) and DECLÈVES Anne-Emilie (director) · Permanent representative: DECLÈVES Anne-Emilie · Founder11 points ▸
- Founder, BULTEZ Antoine
- Founder, DECLÈVES Anne-Emilie Yvonne Andrée
- Incorporation, 09-11-2022
- Founding capital, €50,000
- Capital
- Registered office clause, “7020 Mons (Nimy), Avenue du Roi Chevalier 116” (deed in French)
- Board rule, 2, “assemblée” (deed in French)
- Director appointment, BULTEZ Antoine (director (not named in the articles))
- Director appointment, DECLÈVES Anne-Emilie (director (not named in the articles))
- Permanent representative, DECLÈVES Anne-Emilie
- Pre-incorporation commitments, “takeover, tous les engagements ainsi que obligations qui en résultent,et toutes activités entreprises au nom et pour compte de la société en formation” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
4 activities
- L’entraînementetlapréparationdechevauxdeconcoursh hippiquesetautres
- L’élevagedechevauxdeselleainsiqueleurhébergement
- L'achat,lavente,lafabrication,latransformation,l'exportation,l'importation,ladistribution,lareprésentation,lecourtage,lacommission,l'échangeetlecommercesoustoutessesformesdechevauxdeselle
- Laventedesaillies,l’inséminationetengénéraltoutesactivitésserapportantdirectementouindirectementàl’objetprincipal
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 53059A0289/00M038 | Wallonia | 1,493 m² | 1 · 149 m² | 8.0 m · 2 |