HORCALEASE
InactiveInactive; last annual accounts for fiscal year 2023.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 30-11-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
30-11-2024 close30-06-2025 deadline28-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 30-11-2023 was due by 30-06-2024 and was filed on 01-07-2024, 1 day 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 · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
1 d late
2022
1 d early
2021
4 d late
2020
58 d late
2019
79 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 5 accounts on average 28 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
Financials · fiscal year 2023, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€33,854
2022 · -€156,126
Working capital
€1.6m▲ 7.6%
2022 · €1.5m
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
Line20192020202120222023
Operating result-€41,233-€35,927▲ 12.9%-€46,638▼ 29.8%-€16,636▲ 64.3%-€25,491▼ 53.2%
Net result-€16,026-€19,549▼ 22.0%-€75,256▼ 285%-€156,126▼ 107%€33,854
Equity€2.0m▼ 0.8%€2.0m▼ 1.0%€1.9m▼ 3.8%€1.7m▼ 8.2%€1.8m▲ 1.9%
Total assets€2.0m▼ 6.8%€2.0m▼ 1.8%€1.9m▼ 3.8%€1.8m▼ 7.8%€1.8m▲ 2.3%
Debt€30,161▼ 81.4%€12,414▼ 58.8%€11,354▼ 8.5%€17,986▲ 58.4%€25,270▲ 40.5%
Working capital€957,950▲ 11.0%€1.5m▲ 58.5%€1.6m▲ 4.1%€1.5m▼ 4.7%€1.6m▲ 7.6%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €25,491 in 2023 against €16,636 in 2022; the loss grows.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €1.8m
Fixed assets
€160,500 ▼ 33.3%
Current assets
€1.6m ▲ 8.0%
Equity and liabilities €1.8m
Equity
€1.8m ▲ 1.9%
Debt
€25,270 ▲ 40.5%
Debt's share of the balance-sheet total rises from 1.0% to 1.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€54,759▼
2022 · €63,614
Cash flow
€114,104▲
2022 · -€75,876
Current ratio
67.63▼
2022 · 88.94
Debt to equity
0.01▲
2022 · 0.01
ROE
1.9%▲
2022 · -8.9%
ROA
1.9%▲
2022 · -8.9%
Interest coverage
-2.01▼
2022 · 0.41
Debt ≤ 1 year
€24,309▲
2022 · €17,118
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €81,097 | €80,250 | €80,250 | €80,250 | €80,250 | = |
| Other operating charges640/8 | - | - | €868 | €2,397 | €2,350 | ▼ 2.0% |
| Gross operating margin9900 | €48,716 | €45,191 | €34,480 | €66,011 | €57,109 | ▼ 13.5% |
| Operating profit (loss)9901 | -€41,233 | -€35,927 | -€46,638 | -€16,636 | -€25,491 | ▼ 53.2% |
| Financial income75/76B | - | - | €12,500 | €15,810 | €32,057 | ▲ 103% |
| Recurring financial income75 | €28,052 | €28,833 | €12,500 | €15,810 | €32,057 | ▲ 103% |
| Non-recurring financial income76B | - | - | €0 | - | - | - |
| Financial charges65/66B | - | - | €41,118 | €155,299 | -€27,288 | ▼ 118% |
| Recurring financial charges65 | €272 | €18,168 | €41,118 | €155,299 | -€27,288 | ▼ 118% |
| Profit (loss) for the period before taxes9903 | -€13,453 | -€19,548 | -€75,256 | -€156,126 | €33,854 | ▲ 122% |
| Income taxes67/77 | €2,573 | €1 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€16,026 | -€19,549 | -€75,256 | -€156,126 | €33,854 | ▲ 122% |
| Profit (loss) for the period to be appropriated9905 | -€16,026 | -€19,549 | -€75,256 | -€156,126 | €33,854 | ▲ 122% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.0m | €2.0m | €1.9m | €1.8m | €1.8m | ▲ 2.3% |
| Fixed assets21/28 | €1.1m | €458,301 | €321,000 | €240,750 | €160,500 | ▼ 33.3% |
| Tangible fixed assets22/27 | €481,500 | €401,250 | €321,000 | €240,750 | €160,500 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | €321,000 | €240,750 | €160,500 | ▼ 33.3% |
| Financial fixed assets28 | €569,621 | €57,051 | €0 | - | - | - |
| Current assets29/58 | €975,274 | €1.5m | €1.6m | €1.5m | €1.6m | ▲ 8.0% |
| Amounts receivable within one year40/41 | €29,887 | €30,013 | €45,267 | €41,276 | €45,425 | ▲ 10.1% |
| Trade receivables40 | - | - | €27,030 | €18,069 | €18,515 | ▲ 2.5% |
| Other amounts receivable41 | - | - | €18,237 | €23,207 | €26,909 | ▲ 16.0% |
| Current investments50/53 | - | - | €908,337 | €931,167 | €1.0m | ▲ 10.5% |
| Cash at bank and in hand54/58 | €943,817 | €1.5m | €638,179 | €550,096 | €569,724 | ▲ 3.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.0m | €2.0m | €1.9m | €1.8m | €1.8m | ▲ 2.3% |
| Equity10/15 | €2.0m | €2.0m | €1.9m | €1.7m | €1.8m | ▲ 1.9% |
| Contributions10/11 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Capital10 | - | - | €62,500 | €62,500 | €62,500 | = |
| Issued capital100 | - | - | €62,500 | €62,500 | €62,500 | = |
| Reserves13 | €1.9m | €1.9m | €1.8m | €1.7m | €1.7m | ▲ 2.0% |
| Non-distributable reserves130/1 | - | - | €6,250 | €6,250 | €6,250 | = |
| Legal reserve130 | - | - | €6,250 | €6,250 | €6,250 | = |
| Distributable reserves133 | - | - | €1.8m | €1.7m | €1.7m | ▲ 2.0% |
| Amounts payable17/49 | €30,161 | €12,414 | €11,354 | €17,986 | €25,270 | ▲ 40.5% |
| Amounts payable within one year42/48 | €17,324 | €12,414 | €11,354 | €17,118 | €24,309 | ▲ 42.0% |
| Trade debts44 | €17,324 | €12,414 | €11,354 | €17,118 | €24,309 | ▲ 42.0% |
| Suppliers440/4 | - | - | €11,354 | €17,118 | €24,309 | ▲ 42.0% |
| Accrued charges and deferred income492/3 | - | - | - | €868 | €960 | ▲ 10.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,026 | -€19,549 | -€75,256 | -€156,126 | €33,854 | ▲ 122% |
| + Depreciation and write-downs630 | €81,097 | €80,250 | €80,250 | €80,250 | €80,250 | = |
| Operating cash flow (approximation) | €65,071 | €60,701 | €4,994 | -€75,876 | €114,104 | ▲ 250% |
| Investment in fixed assets (approximation) | - | €512,570 | €57,051 | €0 | €0 | - |
| Change in cash | - | €556,967 | -€862,605 | -€88,084 | €19,628 | ▲ 122% |
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
2024
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 1 day late
2023
30-11
Financial
Back to profitnet €33,854
Net result €33,854 after 4 loss-making years.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-11
Financial
Weakest financial yearnet -€156,126
Net result drops to -€156,126, the lowest in the series.
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 4 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 58 days late
2020
30-11
Financial
Liquidity doublescurrent ratio 123.31
Current ratio from 56.30 to 123.31; short-term debt falls from €17,324 to €12,414.
17-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 79 days late
2019
30-11
Financial
Liquidity times 9current ratio 56.30
Current ratio from 6.33 to 56.30; short-term debt falls from €161,823 to €17,324.
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 40 days late
2018
06-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 37 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 20 days late
2016
27-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 27 days late
2015
29-06
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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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Structure & network
Owners and holdings
1 ownerChain of control
- WENGE
- HORCALEASE
Highest known parent: WENGE. The sources do not say who stands above it.
Owners 1
- WENGEparentSourceaccounts WENGE 2023100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
875500EUHUJQ3E2YBZ95