HORSECONSULT
ActiveSummary
HORSECONSULT has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €30,035 and a net result of €10,520. Equity is growing by ~5.4% per year across the filed fiscal years. Its solvency ranks better than 27% of 4735 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability46▲+2
Solvency41▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.18 against 1.18 in 2024; short-term debt: 81.8% and cash: 2.2% of total assets), and 84.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
15.7%
Return on assets
5.5%
Age of the figures
9 mo
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
118 d late
2023
68 d late
2022
434 d late
2021
3 d early
2020
93 d early
2019
61 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 83 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 49% of the sector filed late.
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. Usually files around 8 October (4 of the last 5 filed years within 72 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€483,720
EBIT margin
4.5%
Net result
€10,520▼ 17.8%
2024 · €12,796
Working capital
€27,583▼ 20.2%
2024 · €34,553
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€483,720
Operating result€6,349▼ 10.7%€660▼ 89.6%-€1,106€26,646€21,624▼ 18.8%
Net result€1,414within the sector's middle half▼ 54.0%-€4,073below the sector's middle half-€10,103below the sector's middle half▼ 148%€12,796within the sector's middle half€10,520within the sector's middle half▼ 17.8%
EBIT margin4.5%
Equity€20,896within the sector's middle half▲ 7.3%€16,822within the sector's middle half▼ 19.5%€6,719below the sector's middle half▼ 60.1%€19,515within the sector's middle half▲ 190%€30,035within the sector's middle half▲ 53.9%
Total assets€261,863within the sector's middle half▲ 18.2%€227,535within the sector's middle half▼ 13.1%€234,674within the sector's middle half▲ 3.1%€232,081within the sector's middle half▼ 1.1%€190,859within the sector's middle half▼ 17.8%
Debt€240,968▲ 19.2%€210,712▼ 12.6%€227,955▲ 8.2%€212,566▼ 6.8%€160,824▼ 24.3%
Working capital€24,667within the sector's middle half▲ 73.7%€20,457within the sector's middle half▼ 17.1%€8,488within the sector's middle half▼ 58.5%€34,553within the sector's middle half▲ 307%€27,583within the sector's middle half▼ 20.2%
Solvency8.0%below the sector's middle half▼ 0.8pp7.4%below the sector's middle half▼ 0.6pp2.9%below the sector's middle half▼ 4.5pp8.4%below the sector's middle half▲ 5.5pp15.7%within the sector's middle half▲ 7.3pp
Current ratio1.11within the sector's middle half▲ 0.041.11within the sector's middle half▼ 0.011.04within the sector's middle half▼ 0.071.18within the sector's middle half▲ 0.141.18within the sector's middle half▼ 0.01
Return on assets (ROA)0.5%within the sector's middle half▼ 0.8pp-1.8%below the sector's middle half▼ 2.3pp-4.3%below the sector's middle half▼ 2.5pp5.5%within the sector's middle half▲ 9.8pp5.5%within the sector's middle half=
Staff (FTE)0.20.9▲ 350%1.3▲ 44.4%0.9▼ 30.8%
above
within
below
the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 19% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €190,859
Fixed assets
€7,206 ▼ 14.3%
Current assets
€183,653 ▼ 17.9%
Equity and liabilities €190,859
Equity
€30,035 ▲ 53.9%
Debt
€160,824 ▼ 24.3%
Debt's share of the balance-sheet total falls from 91.6% to 84.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,830▼
2024 · €29,039
Cash flow
€11,727▼
2024 · €15,189
Quick ratio
0.24▲
2024 · 0.23
Debt to equity
5.35▼
2024 · 10.89
ROE
35.0%▼
2024 · 65.6%
Interest coverage
2.80▲
2024 · 2.20
Debt ≤ 1 year
€156,070▼
2024 · €189,116
Debt > 1 year
€3,888▼
2024 · €7,707
Income taxes
€2,959▲
2024 · €1,267
Staff costs
€72,933▲
2024 · €72,873
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,818 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.0%
went bankrupt
3.7%
stopped otherwise
95%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,818 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €483,720 | - |
| Non-recurring operating income76A | - | - | - | €16,420 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €371,133 | - |
| Remuneration, social security and pensions62 | - | €7,799 | €46,771 | €72,873 | €72,933 | ▲ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,069 | €6,703 | €4,068 | €2,393 | €1,206 | ▼ 49.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €33,500 | - |
| Other operating charges640/8 | €835 | €870 | €1,352 | €5,977 | €1,726 | ▼ 71.1% |
| Gross operating margin9900 | €14,254 | €16,032 | €51,085 | €107,889 | €130,990 | ▲ 21.4% |
| Operating profit (loss)9901 | €6,349 | €660 | -€1,106 | €26,646 | €21,624 | ▼ 18.8% |
| Financial income75/76B | €113 | €54 | €1 | €604 | €0 | ▼ 100.0% |
| Recurring financial income75 | €113 | €54 | €1 | €604 | €0 | ▼ 100.0% |
| Financial charges65/66B | €4,591 | €4,787 | €8,998 | €13,187 | €8,144 | ▼ 38.2% |
| Recurring financial charges65 | €4,591 | €4,787 | €8,998 | €13,187 | €8,144 | ▼ 38.2% |
| Profit (loss) for the period before taxes9903 | €1,872 | -€4,073 | -€10,103 | €14,063 | €13,480 | ▼ 4.1% |
| Income taxes67/77 | €458 | €0 | - | €1,267 | €2,959 | ▲ 134% |
| Profit (loss) for the period9904 | €1,414 | -€4,073 | -€10,103 | €12,796 | €10,520 | ▼ 17.8% |
| Profit (loss) for the period to be appropriated9905 | €1,414 | -€4,073 | -€10,103 | €12,796 | €10,520 | ▼ 17.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €261,863 | €227,535 | €234,674 | €232,081 | €190,859 | ▼ 17.8% |
| Fixed assets21/28 | €21,789 | €15,886 | €11,957 | €8,413 | €7,206 | ▼ 14.3% |
| Tangible fixed assets22/27 | €21,784 | €15,081 | €11,152 | €7,608 | €6,401 | ▼ 15.9% |
| Plant, machinery and equipment23 | €11,862 | €9,574 | €7,287 | €6,080 | €4,874 | ▼ 19.8% |
| Furniture and vehicles24 | €7,287 | €5,507 | €3,865 | €1,527 | €1,527 | = |
| Leasing and similar rights25 | €2,635 | €0 | - | - | - | - |
| Financial fixed assets28 | €5 | €805 | €805 | €805 | €805 | = |
| Current assets29/58 | €240,074 | €211,648 | €222,717 | €223,669 | €183,653 | ▼ 17.9% |
| Stocks and contracts in progress3 | €196,200 | €152,200 | €159,700 | €180,200 | €146,700 | ▼ 18.6% |
| Stocks30/36 | €196,200 | €152,200 | €159,700 | €180,200 | €146,700 | ▼ 18.6% |
| Amounts receivable within one year40/41 | €35,621 | €41,737 | €59,473 | €33,002 | €32,667 | ▼ 1.0% |
| Trade receivables40 | €35,385 | €38,126 | €53,392 | €33,002 | €32,667 | ▼ 1.0% |
| Other amounts receivable41 | €236 | €3,611 | €6,081 | - | - | - |
| Cash at bank and in hand54/58 | €8,253 | €16,654 | €0 | €8,296 | €4,286 | ▼ 48.3% |
| Deferred charges and accrued income490/1 | - | €1,058 | €3,544 | €2,171 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €261,863 | €227,535 | €234,674 | €232,081 | €190,859 | ▼ 17.8% |
| Equity10/15 | €20,896 | €16,822 | €6,719 | €19,515 | €30,035 | ▲ 53.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €825 | €825 | €825 | €825 | €825 | = |
| Non-distributable reserves130/1 | €825 | €825 | €825 | €825 | €825 | = |
| Reserves not available under the articles1311 | €825 | €825 | €825 | €825 | €825 | = |
| Profit (loss) carried forward14 | €1,471 | -€2,603 | -€12,706 | €90 | €10,610 | ▲ 11,684% |
| Amounts payable17/49 | €240,968 | €210,712 | €227,955 | €212,566 | €160,824 | ▼ 24.3% |
| Amounts payable after more than one year17 | €25,561 | €18,128 | €12,948 | €7,707 | €3,888 | ▼ 49.6% |
| Financial debts170/4 | €25,561 | €18,128 | €12,948 | €7,707 | €3,888 | ▼ 49.6% |
| Amounts payable within one year42/48 | €215,407 | €191,191 | €214,230 | €189,116 | €156,070 | ▼ 17.5% |
| Current portion of amounts payable after more than one year42 | €7,910 | €7,432 | €5,180 | €5,241 | €3,819 | ▼ 27.1% |
| Financial debts43 | €17,356 | €16,931 | €32,645 | €26,741 | €17,096 | ▼ 36.1% |
| Credit institutions430/8 | €17,356 | €16,931 | €32,645 | €26,741 | €17,096 | ▼ 36.1% |
| Trade debts44 | €26,129 | €42,137 | €72,204 | €57,593 | €33,316 | ▼ 42.2% |
| Suppliers440/4 | €26,129 | €42,137 | €72,204 | €57,593 | €33,316 | ▼ 42.2% |
| Taxes, remuneration and social security45 | €8,381 | €5,591 | €13,672 | €25,858 | €33,702 | ▲ 30.3% |
| Taxes450/3 | €8,381 | €4,838 | €7,899 | €15,414 | €16,687 | ▲ 8.3% |
| Remuneration and social security454/9 | - | €753 | €5,773 | €10,444 | €17,016 | ▲ 62.9% |
| Other amounts payable47/48 | €155,630 | €119,099 | €90,529 | €73,683 | €68,137 | ▼ 7.5% |
| Accrued charges and deferred income492/3 | - | €1,393 | €777 | €15,743 | €866 | ▼ 94.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,414 | -€4,073 | -€10,103 | €12,796 | €10,520 | ▼ 17.8% |
| + Depreciation and write-downs630 | €7,069 | €6,703 | €4,068 | €2,393 | €1,206 | ▼ 49.6% |
| Operating cash flow (approximation) | €8,483 | €2,630 | -€6,036 | €15,189 | €11,727 | ▼ 22.8% |
| Investment in fixed assets (approximation) | - | -€800 | -€138 | €1,151 | €0 | ▼ 100.0% |
| Change in cash | - | €8,401 | -€16,654 | €8,296 | -€4,010 | ▼ 148% |
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
02-09
State Gazette act
Registered office · Legal-form changeRegistered-office move · Director in office3 facts ▸
State Gazette act
Registered office · Legal-form change
Registered-office move · Director in office3 facts ▸
- General meeting, 01-08-2026
- Registered-office move, Industriepark-West 75, 9100 Sint-Niklaas
- Director in office, Ivanov, Galin (director)
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
26-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 118 days late
2024
31-12
Financial
Back to profitnet €12,796
Net result €12,796 after 2 loss-making years.
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 68 days late
07-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 434 days late
2023
31-12
Financial
Weakest financial yearnet -€10,103
Net result drops to -€10,103, the lowest in the series; recovery starts the following year.
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
2019
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 36 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Niklaas · 1 establishment unit since 2003
Ground area
581 m²
Parcel 46445D1776/00R000, Flanders. Linked by address, not a title deed.
1 establishment unit
HORSECONSULT
since 20032.164.399.404
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46445D1776/00R000 | Flanders | 581 m² | - | - |
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.
Articles of association
Other statement
One provision in the deed
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 6,000 EUR awarded · 6,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 6,000 EUR | 6,000 EUR |
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Of 12,573 companies in sector 49410 we hold annual accounts for 8,200. 5,505 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 (pre-2019)
Founded04-08-2003
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
01430Raising of horses and other equines
52250Logistics services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0859926774
Also
9925:BE0859926774
Registered
14-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.