Horsevolution
ActiveSummary
Horsevolution has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (-€27,020) and a net result of -€4,536. Equity is shrinking by ~23.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability67▲+20
Solvency16▲+16
Growth58=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.76 against 0.22 in 2023; short-term debt: 11.9% and cash: 0% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-9.5%
Return on assets
-1.6%
Age of the figures
21 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 26-06-2026, 35 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
35 d early
2024
55 d early
2023
37 d early
2022
52 d early
2021
52 d early
2020
29 d early
2019
17 d early
← 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 40 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 48% 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 9 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, micro schema, 2025 accounts filed, figures not processed yet
Equity
-€27,020▲ 36.4%
2023 · -€42,485
Total assets
€285,058▲ 609%
2023 · €40,206
Net result
-€4,536▲ 10.2%
2023 · -€5,049
Working capital
-€8,138▲ 53.8%
2023 · -€17,623
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
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 96, Personal service activities, 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).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€12,683▼ 1,280%-€9,931▲ 21.7%-€2,342▲ 76.4%-€4,464▼ 90.6%-€4,445▲ 0.4%
Net result-€13,925below the sector's middle half▼ 468%-€11,163below the sector's middle half▲ 19.8%-€3,168within the sector's middle half▲ 71.6%-€5,049within the sector's middle half▼ 59.4%-€4,536below the sector's middle half▲ 10.2%
Equity-€23,105below the sector's middle half▼ 152%-€34,268below the sector's middle half▼ 48.3%-€37,435below the sector's middle half▼ 9.2%-€42,485below the sector's middle half▼ 13.5%-€27,020below the sector's middle half▲ 36.4%
Total assets€70,662within the sector's middle half▲ 35.5%€69,541within the sector's middle half▼ 1.6%€53,672within the sector's middle half▼ 22.8%€40,206within the sector's middle half▼ 25.1%€285,058above the sector's middle half▲ 609%
Debt€93,766▲ 52.9%€103,809▲ 10.7%€91,107▼ 12.2%€82,691▼ 9.2%€312,079▲ 277%
Working capital-€57,099below the sector's middle half▼ 149%-€13,367within the sector's middle half▲ 76.6%-€17,953within the sector's middle half▼ 34.3%-€17,623within the sector's middle half▲ 1.8%-€8,138within the sector's middle half▲ 53.8%
Solvency-32.7%below the sector's middle half▼ 15.1pp-49.3%below the sector's middle half▼ 16.6pp-69.7%below the sector's middle half▼ 20.5pp-105.7%below the sector's middle half▼ 35.9pp-9.5%within the sector's middle half▲ 96.2pp
Current ratio0.09below the sector's middle half▼ 0.020.38below the sector's middle half▲ 0.280.10below the sector's middle half▼ 0.270.22below the sector's middle half▲ 0.120.76within the sector's middle half▲ 0.54
Return on assets (ROA)-19.7%below the sector's middle half▼ 15.0pp-16.1%below the sector's middle half▲ 3.7pp-5.9%within the sector's middle half▲ 10.2pp-12.6%below the sector's middle half▼ 6.7pp-1.6%within the sector's middle half▲ 11.0pp
above
within
below
the middle half (P25 to P75) of NACE 96, Personal service activities, 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 stays negative: a loss of €4,445 in 2024 against €4,464 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €285,058
Fixed assets
€259,328 ▲ 638%
Current assets
€25,730 ▲ 408%
Equity and liabilities
Equity-€27,020
Debt€312,079
Equity is negative: debt (€312,079) exceeds the balance-sheet total (€285,058).
Key figures and ratios
EBITDA
€13,171▲
2023 · €3,166
Cash flow
€13,080▲
2023 · €2,580
Quick ratio
0.75▲
2023 · 0.20
Interest coverage
438.74▲
2023 · 5.32
Debt ≤ 1 year
€33,869▲
2023 · €22,691
Debt > 1 year
€278,210▲
2023 · €60,000
Income taxes
€61
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,564 companies that looked in July 2024 the way this one looks now, 5.1% went bankrupt within 24 months and 89% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a small loss
5.1%
went bankrupt
5.4%
stopped otherwise
89%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% 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 497,341 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 1,564 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,774 | €9,972 | €10,155 | €7,630 | €17,616 | ▲ 131% |
| Other operating charges640/8 | - | €348 | €3,142 | €24,141 | €524 | ▼ 97.8% |
| Gross operating margin9900 | -€4,561 | €388 | €10,955 | €27,307 | €13,695 | ▼ 49.8% |
| Operating profit (loss)9901 | -€12,683 | -€9,931 | -€2,342 | -€4,464 | -€4,445 | ▲ 0.4% |
| Financial income75/76B | - | - | €81 | €9 | €0 | ▼ 99.7% |
| Recurring financial income75 | €0 | - | €81 | €9 | €0 | ▼ 99.7% |
| Financial charges65/66B | - | €1,232 | €907 | €595 | €30 | ▼ 95.0% |
| Recurring financial charges65 | €1,243 | €1,232 | €907 | €595 | €30 | ▼ 95.0% |
| Profit (loss) for the period before taxes9903 | -€13,925 | -€11,163 | -€3,168 | -€5,049 | -€4,475 | ▲ 11.4% |
| Income taxes67/77 | - | - | - | - | €61 | - |
| Profit (loss) for the period9904 | -€13,925 | -€11,163 | -€3,168 | -€5,049 | -€4,536 | ▲ 10.2% |
| Profit (loss) for the period to be appropriated9905 | -€13,925 | -€11,163 | -€3,168 | -€5,049 | -€4,536 | ▲ 10.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €70,662 | €69,541 | €53,672 | €40,206 | €285,058 | ▲ 609% |
| Fixed assets21/28 | €64,772 | €61,451 | €51,618 | €35,139 | €259,328 | ▲ 638% |
| Tangible fixed assets22/27 | €64,772 | €61,451 | €51,618 | €35,139 | €259,328 | ▲ 638% |
| Plant, machinery and equipment23 | - | €34,162 | €27,676 | €21,157 | €14,810 | ▼ 30.0% |
| Furniture and vehicles24 | - | €1,360 | €964 | €220 | €55,862 | ▲ 25,308% |
| Other tangible fixed assets26 | - | €25,929 | €22,978 | €13,762 | €188,656 | ▲ 1,271% |
| Current assets29/58 | €5,890 | €8,090 | €2,054 | €5,068 | €25,730 | ▲ 408% |
| Stocks and contracts in progress3 | €225 | €225 | €424 | €416 | €468 | ▲ 12.4% |
| Stocks30/36 | - | €225 | €424 | €416 | €468 | ▲ 12.4% |
| Amounts receivable within one year40/41 | €5,222 | €5,396 | €1,019 | €4,545 | €21,846 | ▲ 381% |
| Trade receivables40 | - | €4,959 | €1,019 | €4,350 | €1,090 | ▼ 74.9% |
| Other amounts receivable41 | - | €437 | - | €195 | €20,756 | ▲ 10,548% |
| Cash at bank and in hand54/58 | €23 | €401 | €47 | €106 | €36 | ▼ 66.1% |
| Deferred charges and accrued income490/1 | - | €2,069 | €563 | - | €3,379 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €70,662 | €69,541 | €53,672 | €40,206 | €285,058 | ▲ 609% |
| Equity10/15 | -€23,105 | -€34,268 | -€37,435 | -€42,485 | -€27,020 | ▲ 36.4% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €40,000 | ▲ 100% |
| Profit (loss) carried forward14 | -€43,105 | -€54,268 | -€57,435 | -€62,485 | -€67,020 | ▼ 7.3% |
| Amounts payable17/49 | €93,766 | €103,809 | €91,107 | €82,691 | €312,079 | ▲ 277% |
| Amounts payable after more than one year17 | €30,778 | €81,069 | €71,100 | €60,000 | €278,210 | ▲ 364% |
| Financial debts170/4 | - | €21,069 | €11,100 | - | - | - |
| Other amounts payable178/9 | - | €60,000 | €60,000 | €60,000 | €278,210 | ▲ 364% |
| Amounts payable within one year42/48 | €62,988 | €21,457 | €20,006 | €22,691 | €33,869 | ▲ 49.3% |
| Current portion of amounts payable after more than one year42 | - | €9,709 | €9,969 | - | - | - |
| Trade debts44 | €478 | €7,538 | €291 | - | €12,325 | - |
| Suppliers440/4 | - | €7,538 | €291 | - | €12,325 | - |
| Taxes, remuneration and social security45 | - | - | €518 | - | €61 | - |
| Taxes450/3 | - | - | €518 | - | €61 | - |
| Other amounts payable47/48 | - | €4,210 | €9,229 | €22,691 | €21,482 | ▼ 5.3% |
| Accrued charges and deferred income492/3 | - | €1,283 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,925 | -€11,163 | -€3,168 | -€5,049 | -€4,536 | ▲ 10.2% |
| + Depreciation and write-downs630 | €7,774 | €9,972 | €10,155 | €7,630 | €17,616 | ▲ 131% |
| Operating cash flow (approximation) | -€6,151 | -€1,191 | €6,988 | €2,580 | €13,080 | ▲ 407% |
| Investment in fixed assets (approximation) | - | -€6,651 | -€322 | €8,850 | -€241,805 | ▼ 2,832% |
| Change in cash | - | €378 | -€353 | €59 | -€70 | ▼ 219% |
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
26-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
09-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
09-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
13-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 13 days late
NBB filing
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.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
No directors read yet: 0 of 3 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Incourt · 1 establishment unit since 2017
Ground area
1,149 m²
Building footprint
86 m²
Volume, LiDAR
740 m³
Parcel 25086D0099/00C000, Wallonia · tallest building 10.3 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Horsevolution
since 20172.264.517.260
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25086D0099/00C000 | Wallonia | 1,149 m² | 1 · 86 m² | 10.3 m · 3 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.
Similar companies · same sector and region
A.INT
BE 1020.228.776
Zaventem
AD LIFT
BE 0893.763.740
Zaventem
ADE Services
BE 0801.055.494
Beauvechain
ANIMACLEAN
BE 0874.092.635
Evere
ANIMAL BEHAVIOUR
BE 0736.377.676
Jodoigne
This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 3,790 companies in this sector we hold annual accounts for 143. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded22-05-2017
Fiscal year end31-12
Activities, NACEBEL 2025
01430Raising of horses and other equines
96993Pet care services, excluding veterinary services
47762Retail sale of pets, pet food and pet supplies
49410Freight transport by road
82990Other business support services
85510Sports and recreation education
93127Equestrian clubs
E-invoicing
Reachable via Peppol
Peppol ID
0208:0675902829
Also
9925:BE0675902829
Registered
28-01-2026
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.