GS Stables
ActiveSummary
GS Stables has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €404k and a net result of €-19k. Equity is growing by ~7.1% per year across the filed fiscal years. Its solvency ranks better than 77% of 2318 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-58
Solvency87▼-6
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €24k at 30 days acceptable
Liquidity tight (current ratio 1.11 against 1.46 in 2024; short-term debt: 37.7% and cash: 0.2% of total assets), and 37.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 93
Relative position
BE, all sectors
reference
Sports, amusement and recreation activities (NACE 93)
about 50% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
on the day
2023
8 d early
2022
35 d early
2021
29 d late
2020
40 d late
2019
26 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€404k▼ 15.1%
2024 · €476k
2018: €232klowest in 8 years
2019: €285k▲ +22.5% vs 2018
2020: €367k▲ +28.9% vs 2019
2021: €396k▲ +7.8% vs 2020
2022: €473k▲ +19.5% vs 2021
2023: €451k▼ -4.6% vs 2022
2024: €476k▲ +5.4% vs 2023highest in 8 years
2025: €404k▼ -15.1% vs 2024
2018 → 2025
Total assets
€649k▼ 7.0%
2024 · €698k
2018: €465klowest in 8 years
2019: €491k▲ +5.6% vs 2018
2020: €563k▲ +14.8% vs 2019
2021: €578k▲ +2.6% vs 2020
2022: €643k▲ +11.3% vs 2021
2023: €632k▼ -1.6% vs 2022
2024: €698k▲ +10.4% vs 2023highest in 8 years
2025: €649k▼ -7.0% vs 2024
2018 → 2025
Net result
€-19k
2024 · €24k
2018: €61k
2019: €52k▼ -14.2% vs 2018
2020: €82k▲ +57.3% vs 2019highest in 8 years
2021: €29k▼ -65.2% vs 2020
2022: €77k▲ +170% vs 2021
2023: €-22k▼ -128% vs 2022lowest in 8 years
2024: €24k▲ +211% vs 2023
2025: €-19k▼ -180% vs 2024
2018 → 2025
Working capital
€28k▼ 72.1%
2024 · €100k
2018: €-28klowest in 8 years
2019: €3k▲ +110% vs 2018
2020: €55k▲ +1916% vs 2019
2021: €50k▼ -8.2% vs 2020
2022: €95k▲ +88.0% vs 2021
2023: €78k▼ -17.6% vs 2022
2024: €100k▲ +27.4% vs 2023highest in 8 years
2025: €28k▼ -72.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€396k-€473k▲ 19.5%€451k▼ 4.6%€476k▲ 5.4%€404k▼ 15.1%
2021: €396klowest in 5 years
2022: €473k▲ +19.5% vs 2021
2023: €451k▼ -4.6% vs 2022
2024: €476k▲ +5.4% vs 2023highest in 5 years
2025: €404k▼ -15.1% vs 2024
Operating result€45k-€118k▲ 161%€-19k€30k€-16k
2021: €45k
2022: €118k▲ +161% vs 2021highest in 5 years
2023: €-19k▼ -116% vs 2022lowest in 5 years
2024: €30k▲ +257% vs 2023
2025: €-16k▼ -151% vs 2024
Net result€29k-€77k▲ 170%€-22k€24k€-19k
2021: €29k
2022: €77k▲ +170% vs 2021highest in 5 years
2023: €-22k▼ -128% vs 2022lowest in 5 years
2024: €24k▲ +211% vs 2023
2025: €-19k▼ -180% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €16k after €30k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €649k
Fixed assets
€377k ▼ 1.3%
Current assets
€273k ▼ 13.9%
Equity and liabilities €649k
Equity
€404k ▼ 15.1%
Debt
€245k ▲ 10.3%
Debt's share of the balance-sheet total rises from 31.9% to 37.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-4k▼
2024 · €42k
Cash flow
€-7k▼
2024 · €36k
Current ratio
1.11▼
2024 · 1.46
Quick ratio
0.15▼
2024 · 0.55
Debt to equity
0.61▲
2024 · 0.47
ROE
-4.8%▼
2024 · 5.1%
ROA
-3.0%▼
2024 · 3.5%
Interest coverage
-1.11▼
2024 · 16.85
Debt ≤ 1 year
€245k▲
2024 · €217k
Income taxes
€1k▼
2024 · €5k
Staff costs
€33k▼
2024 · €67k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet
Code20242025
Assets
Total assets20/58€698k€649k▼
Fixed assets21/28€382k€377k▼
Tangible fixed assets22/27€40k€35k▼
Plant, machinery and equipment23€16k€7k▼
Furniture and vehicles24€5k-
Other tangible fixed assets26€19k€28k▲
Financial fixed assets28€341k€341k=
Current assets29/58€317k€273k▼
Stocks and contracts in progress3€197k€236k▲
Stocks30/36€197k€236k▲
Amounts receivable within one year40/41€106k€30k▼
Trade receivables40€70k€16k▼
Other amounts receivable41€36k€14k▼
Current investments50/53€3k-
Cash at bank and in hand54/58-€1k
Deferred charges and accrued income490/1€11k€5k▼
Equity and liabilities
Total equity and liabilities10/49€698k€649k▼
Equity10/15€476k€404k▼
Contributions10/11€12k€12k=
Reserves13€243k€190k▼
Distributable reserves133€243k€190k▼
Profit (loss) carried forward14€221k€201k▼
Amounts payable17/49€223k€245k▲
Amounts payable within one year42/48€217k€245k▲
Financial debts43€15k€45k▲
Credit institutions430/8€15k€45k▲
Trade debts44€66k€58k▼
Suppliers440/4€66k€58k▼
Advances received on contracts in progress46€45k-
Taxes, remuneration and social security45€18k€6k▼
Taxes450/3€6k-
Remuneration and social security454/9€12k€6k▼
Other amounts payable47/48€73k€135k▲
Accrued charges and deferred income492/3€6k€606▼
Income statement
Code20242025
Remuneration, social security and pensions62€67k€33k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€12k▲
Other operating charges640/8€906€6k▲
Gross operating margin9900€110k€35k▼
Operating profit (loss)9901€30k€-16k▼
Financial income75/76B€964€348▼
Recurring financial income75€815€348▼
Non-recurring financial income76B€149-
Financial charges65/66B€2k€3k▲
Recurring financial charges65€2k€3k▲
Non-recurring financial charges66B€-379-
Profit (loss) for the period before taxes9903€29k€-18k▼
Income taxes67/77€5k€1k▼
Profit (loss) for the period9904€24k€-19k▼
Profit (loss) for the period to be appropriated9905€24k€-19k▼
Appropriation of the result
Profit (loss) to be appropriated9906€221k€201k▼
Profit (loss) brought forward from the previous period14P€196k€221k▲
Transfer from equity791/2-€52k
Profit to be distributed694/7-€52k
Directors or managers695-€52k
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €21 | €285 | €3k | - | - | - |
| Remuneration, social security and pensions62 | €98k | €69k | €67k | €67k | €33k | ▼ 51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €10k | €14k | €12k | €12k | ▲ 2.7% |
| Other operating charges640/8 | €1k | €4k | €4k | €906 | €6k | ▲ 562% |
| Non-recurring operating charges66A | €206 | €917 | €688 | - | - | - |
| Gross operating margin9900 | €151k | €202k | €66k | €110k | €35k | ▼ 68.0% |
| Operating profit (loss)9901 | €45k | €118k | €-19k | €30k | €-16k | ▼ 151% |
| Financial income75/76B | €9 | €39 | €22 | €964 | €348 | ▼ 63.9% |
| Recurring financial income75 | €9 | €39 | €22 | €815 | €348 | ▼ 57.3% |
| Non-recurring financial income76B | - | - | - | €149 | - | - |
| Financial charges65/66B | €930 | €1k | €2k | €2k | €3k | ▲ 50.8% |
| Recurring financial charges65 | €930 | €1k | €2k | €2k | €3k | ▲ 27.9% |
| Non-recurring financial charges66B | - | - | - | €-379 | - | - |
| Profit (loss) for the period before taxes9903 | €44k | €117k | €-21k | €29k | €-18k | ▼ 163% |
| Income taxes67/77 | €16k | €40k | €758 | €5k | €1k | ▼ 77.7% |
| Profit (loss) for the period9904 | €29k | €77k | €-22k | €24k | €-19k | ▼ 180% |
| Profit (loss) for the period to be appropriated9905 | €29k | €77k | €-22k | €24k | €-19k | ▼ 180% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €578k | €643k | €632k | €698k | €649k | ▼ 7.0% |
| Fixed assets21/28 | €364k | €392k | €374k | €382k | €377k | ▼ 1.3% |
| Tangible fixed assets22/27 | €22k | €51k | €33k | €40k | €35k | ▼ 12.5% |
| Plant, machinery and equipment23 | €9k | €28k | €19k | €16k | €7k | ▼ 54.0% |
| Furniture and vehicles24 | €8k | €19k | €12k | €5k | - | - |
| Other tangible fixed assets26 | €6k | €5k | €2k | €19k | €28k | ▲ 45.4% |
| Financial fixed assets28 | €341k | €341k | €341k | €341k | €341k | = |
| Current assets29/58 | €214k | €251k | €259k | €317k | €273k | ▼ 13.9% |
| Stocks and contracts in progress3 | €103k | €139k | €185k | €197k | €236k | ▲ 20.1% |
| Stocks30/36 | €103k | €139k | €185k | €197k | €236k | ▲ 20.1% |
| Amounts receivable within one year40/41 | €61k | €41k | €47k | €106k | €30k | ▼ 72.0% |
| Trade receivables40 | €55k | €41k | €42k | €70k | €16k | ▼ 77.1% |
| Other amounts receivable41 | €6k | - | €4k | €36k | €14k | ▼ 61.9% |
| Current investments50/53 | - | - | - | €3k | - | - |
| Cash at bank and in hand54/58 | €16k | €9k | €5k | - | €1k | - |
| Deferred charges and accrued income490/1 | €34k | €61k | €23k | €11k | €5k | ▼ 49.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €578k | €643k | €632k | €698k | €649k | ▼ 7.0% |
| Equity10/15 | €396k | €473k | €451k | €476k | €404k | ▼ 15.1% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves13 | €165k | €243k | €243k | €243k | €190k | ▼ 21.6% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €163k | €241k | €243k | €243k | €190k | ▼ 21.6% |
| Profit (loss) carried forward14 | €218k | €218k | €196k | €221k | €201k | ▼ 8.8% |
| Amounts payable17/49 | €182k | €170k | €181k | €223k | €245k | ▲ 10.3% |
| Amounts payable after more than one year17 | €10k | - | - | - | - | - |
| Financial debts170/4 | €10k | - | - | - | - | - |
| Amounts payable within one year42/48 | €164k | €156k | €181k | €217k | €245k | ▲ 12.8% |
| Current portion of amounts payable after more than one year42 | €31k | €13k | - | - | - | - |
| Financial debts43 | - | €15k | €20k | €15k | €45k | ▲ 200% |
| Credit institutions430/8 | - | €15k | €20k | €15k | €45k | ▲ 200% |
| Trade debts44 | €93k | €52k | €50k | €66k | €58k | ▼ 12.1% |
| Suppliers440/4 | €93k | €52k | €50k | €66k | €58k | ▼ 12.1% |
| Advances received on contracts in progress46 | - | - | €50k | €45k | - | - |
| Taxes, remuneration and social security45 | €29k | €65k | €52k | €18k | €6k | ▼ 65.2% |
| Taxes450/3 | €17k | €57k | €40k | €6k | - | - |
| Remuneration and social security454/9 | €12k | €8k | €12k | €12k | €6k | ▼ 46.5% |
| Other amounts payable47/48 | €10k | €10k | €8k | €73k | €135k | ▲ 86.4% |
| Accrued charges and deferred income492/3 | €8k | €14k | €461 | €6k | €606 | ▼ 89.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29k | €77k | €-22k | €24k | €-19k | ▼ 180% |
| + Depreciation and write-downs630 | €6k | €10k | €14k | €12k | €12k | ▲ 2.7% |
| Operating cash flow (approximation) | €35k | €87k | €-8k | €36k | €-7k | ▼ 121% |
| Investment in fixed assets (approximation) | - | €-38k | €4k | €-20k | €-7k | ▲ 64.6% |
| Change in cash | - | €-7k | €-4k | - | - | - |
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
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €24k
Net result €24k after one loss-making year.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-22k
Net result drops to €-22k, the lowest in the series; recovery starts the following year.
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
09-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 40 days late
2020
31-12
Financial
Highest result since 2018net €82k ▲57.3%
Net result €82k, the highest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 26 days late
2019
16-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 29 days late
2017
05-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 36 days late
Financial 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, Nivelles · 1 establishment unit since 2012
Ground area
5,206 m²
Building footprint
505 m²
Volume, LiDAR
2,079 m³
Parcel 25011B0132/00T000, Wallonia · tallest building 6.2 m, ±1 floor. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Rue du Centre 59, 1404 Nivelles
since 20122.210.212.997
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25011B0132/00T000 | Wallonia | 5,206 m² | 1 · 505 m² | 6.2 m · 1 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.
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Of 831 companies in sector 93127 we hold annual accounts for 197. 103 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
Founded05-06-2012
Fiscal year end31-12
Activities, NACEBEL 2025
01430Raising of horses and other equines
93127Equestrian clubs
46232Wholesale trade
47639Retail sale of other sporting goods
47762Retail sale of pets, pet food and pet supplies
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
93110Operation of sports facilities
93191Sports, amusement and recreation activities
Scores and ratios are computed by Checked and are not a credit decision.