Equity
-€102,820
Debts exceed assets in financial year 2025.
GLAGO
Lifetime
11 annual accounts with figures on one time axispeak €41,990 (2015)
€12,271▲ €27,460
lowest -€89,001 (2022)
-€6,132▲ €446
peak €33,247 (2020)
-€102,820▼ €6,132
€174,184▲ 4.4%
peak 0.4 FTE (2017)
-not published
Board2 names since 2014
1 directorGoegebeur Vincent
Documentsfilings and deeds
31-07-2026on the last day
2025abbreviated format
Gross margin from -€15,189 to €12,271Loss of €6,132Resignation: Shelly Glacz (director) 07-01Investments €31,354Cash from €27,905 to €12,205
Key points
from the 2025 annual accountsLosses
-€136,068 in five years
Every financial year from 2021 to 2025 closed with a loss. 2022 was the heaviest.
Debts
€174,184 244% of the balance sheet
Suppliers 6%Taxes and wages 1%Other 94%
Investments
€31,354 2.1 × depreciation
Green is investment, beige is depreciation. Land and buildings stand 1457.5% higher than in 2024.
Filings
11 annual accounts since 2015
Three of the last ten came late. The 2024 accounts came latest: 42 days after the end of the period.
Position in the sector
-144.1%
Lower solvency than 95% of companies in crop and animal production. Sector median 40.7% · 2,078 companies.
Checked score
53
Fair
Financially stronger than 19% of micro companies in crop and animal production (NACE 01)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.6% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 5,696 companies (NACE 01, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.6%
01-2025: 0.6%● unchanged vs 12-2024
02-2025: 0.6%● unchanged vs 01-2025
03-2025: 0.6%● unchanged vs 02-2025
04-2025: 0.6%● unchanged vs 03-2025
05-2025: 0.6%● unchanged vs 04-2025
06-2025: 0.6%● unchanged vs 05-2025
07-2025: 0.7%▲ +0.1 percentage points vs 06-2025
08-2025: 0.8%▲ +0.1 percentage points vs 07-2025
09-2025: 0.9%▲ +0.1 percentage points vs 08-2025highest value
10-2025: 0.6%▼ -0.3 percentage points vs 09-2025
11-2025: 0.6%● unchanged vs 10-2025
12-2025: 0.6%● unchanged vs 11-2025
01-2026: 0.6%● unchanged vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026
04-2026: 0.5%▼ -0.1 percentage points vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026lowest value
07-2026: 0.5%● unchanged vs 06-2026
08-2026: 0.6%▲ +0.1 percentage points vs 07-2026
09-2026: 0.6%● unchanged vs 08-2026
10-2026: 0.6%● unchanged vs 09-2026
11-2026: 0.6%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€102,820
Loss of €6,132, the second in a row (financial year 2025)
lowers risk
Size: total assets €71,364
Sector: Crop and animal production, hunting and related service activities (NACE 01)
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 5% of them on solvency, 17% on liquidity, 29% on profitability and 25% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 2,333 companies had the same profile as GLAGO has now. Each dot stands for 6 companies, two years later.
90.5%
were still trading
5.8%
stopped another way
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GLAGO itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,447 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 2,333 companies, not a prediction for GLAGO. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.11 (0.21 in 2024), below 1. Short-term debt is 244.1% and cash 17.1% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€102,820
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
42 days late
2023
8 days late
2022
31 days early
2021
11 days early
2020
11 days early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average on the deadline day. 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)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 July (4 of the last 5 accounts filed within 31 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0554674110
Resignation: Shelly Glacz (director)
enige aandeelhouder holds all the shares · Board meeting of 08-11-2024 · Gazette deed
2 directors resigning, 2 reappointments
Resignations: Goegebeur Vincent and Glacz Shelly · Reappointments: Goegebeur Vincent (director) and Glacz Shelly (director) · “Het voeren van een algemene bouwonderneming in de meest ruime zin van het woord en het uitvoeren van alle…” (deed in Dutch) · General meeting of 19-11-2021 · Gazette deed
Registered office moved from Middelkerke to Eernegem
New registered office: Westkerkestraat 283, 8480 Eernegem · Previous registered office: Dorpsstraat 88, 8432 Middelkerke, België · General meeting of 30-04-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| GLAGO Ichtegem | €71,364 | €12,271 | -144.1% | - |
| BRA HORSES MANAGEMENT Lasne | €91,253 | €11,623 | 45.6% | - |
| GT Sport Horses SRL Blegny | €77,650 | €30,703 | 12.1% | - |
| WIDIA Sporthorses Ravels | €55,878 | €14,715 | 24.8% | - |
| De Kaphoeve Staden | €68,964 | €14,440 | -164.7% | - |
| Bloemeghem Beernem | €117,373 | €26,831 | -127.9% | - |
| ELEVAGE DE LA PODKOVA Beauraing | €73,759 | €10,652 | 27.5% | - |
These companies have the same main activity as GLAGO: raising of horses and other equines (NACE 01430). They are comparable in size and age: total assets between €55,900 and €117,000, founded between 2007 and 2018.
Official details
Source: KBO- Status
- Active since 23-06-2014Normal situation
- Activity
- Raising of horses and other equinesNACE 01430and 3 others
- Establishment unit
- 2.232.560.3148480 Ichtegem, since 23-06-2014
- Financial year end
- 31 December
- Peppol
- Reachable since 12-02-2025
Annual accounts 2025
- ≈ €60,000estimated
- €71,364▲ 1.8%
- Filing
- Filed on 31-07-2026, on the last day of the filing period
Insights on GLAGO
GLAGO files the abbreviated format. That format states no turnover. The gross margin fell from €41,990 in 2015 to €12,271 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about GLAGO
- What is the company number of GLAGO?
- The company number of GLAGO is 0554.674.110. The VAT number is the same number with BE in front: BE 0554.674.110.
- Where is GLAGO based?
- The registered office is at Westkerkestraat 283, 8480 Ichtegem.Company details
- What does GLAGO do?
- According to the KBO register, the main activity is raising of horses and other equines (NACE 01430).
- What is the legal form of GLAGO?
- GLAGO is a private limited company (BV).
- When was GLAGO founded?
- GLAGO was founded on 23-06-2014.
- Is GLAGO still active?
- Yes, GLAGO is an active enterprise in the KBO register.
- How many employees does GLAGO have?
- GLAGO had an average of 0.1 full-time equivalents in financial year 2019, according to the filed annual accounts.Financials
- What is the turnover of GLAGO?
- The turnover in financial year 2025 is ≈ €60,000. This figure is estimated from the gross margin of €12,271 and 33 comparable companies (NACE 01). It probably lies between €33,000 and €390,000. It is a rough estimate.
- Is GLAGO profitable?
- In financial year 2025, GLAGO made a loss of €6,132.
- Where can I find the annual accounts of GLAGO?
- GLAGO filed 11 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of GLAGO due?
- GLAGO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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