PHEDRE
ActivePHEDRE has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €85k and a net result of €-98k. Equity is shrinking by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 37% of 2263 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
2
/ 100
Critical▼ -10 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency8▼-21
Growth32▼-20
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.22 against 0.33 in 2024), and 88.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight 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
Sector 93
lower
← 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
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 2025Solvency, return and age of the figures
Solvency
11.7%
Return on assets
-13.4%
Age of the figures
8 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€98k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days 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
29 d late
2024
28 d late
2023
29 d late
2022
28 d late
2021
15 d late
2020
27 d late
2019
31 d late
← before the deadline
after the deadline →
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
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€85k▼ 53.5%
2024 · €183k
2018: €183k
2019: €160k
2020: €301k
2021: €326k
2022: €320k
2023: €272k
2024: €183k
2018 → 2025
Total assets
€728k▲ 1.1%
2024 · €720k
2018: €905k
2019: €842k
2020: €673k
2021: €659k
2022: €662k
2023: €616k
2024: €720k
2018 → 2025
Net result
€-98k▼ 11.6%
2024 · €-87k
2018: €20k
2019: €-14k
2020: €148k
2021: €36k
2022: €4k
2023: €-18k
2024: €-87k
2018 → 2025
Working capital
€-466k▼ 50.5%
2024 · €-310k
2018: €-403k
2019: €-400k
2020: €-94k
2021: €-47k
2022: €-195k
2023: €-117k
2024: €-310k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€326k-€320k▼ 1.9%€272k▼ 15.2%€183k▼ 32.4%€85k▼ 53.5%
Operating result€33k-€-5k€-52k▼ 913%€-83k▼ 60.4%€-101k▼ 21.6%
Net result€36k-€4k▼ 87.8%€-18k€-87k▼ 399%€-98k▼ 11.6%
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 €101k in 2025 against €83k in 2024; the loss grows and 2025 is the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €728k
Fixed assets
€595k▲ 5.1%
Current assets
€134k▼ 13.4%
Equity and liabilities €728k
Equity
€85k▼ 53.5%
Provisions
€5k▼ 79.9%
Debt
€638k▲ 25.0%
The debt ratio rises from 70.8% to 87.6%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€-24k▲
2024 · €-25k
Cash flow
€-20k▲
2024 · €-29k
Solvency
11.7%▼
2024 · 25.5%
Current ratio
0.22▼
2024 · 0.33
Quick ratio
0.22▼
2024 · 0.33
Debt / equity
7.48▲
2024 · 2.78
ROE
-114.4%▼
2024 · -47.6%
ROA
-13.4%▼
2024 · -12.1%
Interest coverage
-375.94▼
2024 · -3.05
Debt
€638k▲
2024 · €510k
Debt ≤ 1 year
€600k▲
2024 · €464k
Debt > 1 year
€38k=
2024 · €38k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€720k€728k▲
Fixed assets21/28€566k€595k▲
Intangible fixed assets21€1k-
Tangible fixed assets22/27€480k€511k▲
Land and buildings22€359k€393k▲
Plant, machinery and equipment23€99k€68k▼
Furniture and vehicles24€23k€49k▲
Financial fixed assets28€84k€84k=
Current assets29/58€154k€134k▼
Amounts receivable within one year40/41€150k€129k▼
Trade receivables40€134k€120k▼
Other amounts receivable41€16k€9k▼
Current investments50/53€4k€4k▼
Deferred charges and accrued income490/1€825€902▲
Equity and liabilities
Total equity and liabilities10/49€720k€728k▲
Equity10/15€183k€85k▼
Contributions10/11€19k€19k=
Reserves13€72k€62k▼
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€25k€16k▼
Distributable reserves133€45k€45k=
Profit (loss) carried forward14€77k€-11k▼
Investment grants15€16k€15k▼
Provisions and deferred taxes16€26k€5k▼
Provisions for liabilities and charges160/5€18k-
Major repairs and maintenance162€18k-
Deferred taxes168€8k€5k▼
Amounts payable17/49€510k€638k▲
Amounts payable after more than one year17€38k€38k=
Other amounts payable178/9€38k€38k=
Amounts payable within one year42/48€464k€600k▲
Trade debts44€82k€53k▼
Suppliers440/4€82k€53k▼
Advances received on contracts in progress46€9k-
Taxes, remuneration and social security45€4k€5k▲
Taxes450/3€4k€5k▲
Other amounts payable47/48€369k€542k▲
Accrued charges and deferred income492/3€8k-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€58k€78k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8-€-18k
Other operating charges640/8€3k€4k▲
Gross operating margin9900€-22k€-37k▼
Operating profit (loss)9901€-83k€-101k▼
Financial income75/76B€705€709▲
Recurring financial income75€705€709▲
Financial charges65/66B€8k€63▼
Recurring financial charges65€8k€63▼
Profit (loss) for the period before taxes9903€-91k€-101k▼
Transfer from deferred taxes780€4k€3k▼
Income taxes67/77€231-
Profit (loss) for the period9904€-87k€-98k▼
Transfer from tax-exempt reserves789€11k€9k▼
Profit (loss) for the period to be appropriated9905€-77k€-88k▼
Appropriation of the result
Profit (loss) to be appropriated9906€77k€-11k▼
Profit (loss) brought forward from the previous period14P€154k€77k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
19-03
State Gazette act
Statutes amendment · Legal-form change · Resignations & appointmentsGeneral meeting · Legal-form conversion · Reserve release12 facts ▸
State Gazette act
Statutes amendment · Legal-form change · Resignations & appointments
General meeting · Legal-form conversion · Reserve release12 facts ▸
- General meeting, 12 mars 2026
- Legal-form conversion, Société à responsabilité limitée
- Reserve release, compte de capitaux propres statutairement indisponible
- Statutes amendment
- Director resignation, GRF (administrateur statutaire)
- Director discharge, GRF
- Director appointment, CLARINVAL Jean-François, Joseph, Camille (administrateur statutaire)
- Mandate compensation, CLARINVAL Jean-François, Joseph, Camille
- Corporate purpose, L’exploitation d’un centre d’hippothérapie, d’équitation adaptée et d’hébergement pour chevaux ; L’élevage et le dressage de jeunes chevaux, l’équitation étholo…
- Permanent representative, CLARINVAL Jean-François, Joseph, Camille
- Shares issued, 300
- Fiscal year, 31-12, 01-01
2025
31-12
Financial
Weakest financial yearnet €-98k
Net result drops to €-98k, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
15-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 15 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 27 days late
2020
31-12
Financial
Back to profitnet €148k
Net result €148k after one loss-making year.
31-12
Financial
Equity above €200kEq €301k ▲88%
Equity rises from €160k to €301k.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 29 days late
02-02
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 186 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 directors, no change since 2026
CLARINVAL Jean-François, Joseph, Camille
CurrentAdministrateur statutaire · since 12-03-2026
12-03-2026
CLARINVAL Jean-François, Joseph, Camille: Appointed as Administrateur statutaire
15-09-2017
Jean-François CLARINVAL: Resigned as Managing director
Location & real-estate footprint
Registered office, Frameries · 1 establishment unit since 2013
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Route de Bavay 677080 FrameriesGround area
1,525 m²
Building footprint
9 m²
Volume, LiDAR
1 m³
Parcel 53060A0027/00A004, Wallonia · tallest building 0.3 m. Linked by address, not a title deed.
1 establishment unit
PHEDRE
since 20132.218.238.560
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53060A0027/00A004indicative | Wallonia | 1,525 m² | 1 · 9 m² | 0.3 m |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
0 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, comparable size
BREAKAWAY EQUESTRIAN
BE 0677.842.928
Bree · Eq €81k
TM2
BE 1009.439.309
Etterbeek · Eq €80k
Martin & De Witte Invest
BE 0673.823.069
Ravels · Eq €91k
NEWDAIS
BE 0765.902.793
Blégny · Eq €79k
ECURIE ST-ELEUTHERE
BE 0824.993.512
Tournai · Eq €77k
Of 823 companies in sector 93127 we hold annual accounts for 192. 145 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded21-02-2013
Fiscal year end31-12
Activities, NACEBEL
93127Equestrian clubs
22120Manufacture of rubber and plastic products
38210Materials recovery from waste
38211Waste collection, recovery and disposal activities
55209Other holiday and short-stay accommodation
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.