Equity
€675,298 ▼ 30.1%
QUARTSON paid out €373,551 in dividends. That is 455% of the 2025 profit.
QUARTSON
Lifetime
12 annual accounts with figures on one time axispeak €814,161 (2019)
€336,979▼ 15.3%
lowest -€6,070 (2016)
€82,068▼ 45.3%
peak €966,780 (2024)
€675,298▼ 30.1%
€2.1m▲ 67.5%
Board3 names since 2021
1 directorThibault Mouthoy
Documentsfilings and deeds
15-07-202616 days before the deadline
2025abbreviated format
Gross margin from €397,779 to €336,979Result from €150,012 to €82,068Dividend €373,551Equity from €966,780 to €675,298Debts from €1.3m to €2.1mInvestments €832,823
Key points
from the 2025 annual accountsResult
€82,068 ▼ 45.3%
The result fell in 2025 from €150,012 to €82,068.
Debts
€2.1m ▲ 67.5%
Debts rose by €849,719 in 2025. A dividend stands under other debts on the balance sheet date until it is paid.
Investments
€927,823 6.4 × depreciation
Green is investment, beige is depreciation. Land and buildings stand 43.2% higher than in 2024.
Liquidity
0.55 was 1.99 in 2024
Short-term debts rose from €235,551 to €611,815.
At the same address
28 companies
Checked score
92
Excellent
Financially stronger than 33% of small companies in crop and animal production (NACE 01)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 912 companies (NACE 01, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.4%▲ +0.1 percentage points vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025highest value
08-2025: 0.2%▼ -0.2 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: < 0.1%▼ -0.2 percentage points vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: 0.1%▲ +0.1 percentage points vs 02-2026
04-2026: < 0.1%▼ -0.1 percentage points vs 03-2026
05-2026: 0.1%▲ +0.1 percentage points vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: < 0.1%▼ -0.1 percentage points vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026lowest value
10-2026: < 0.1%● unchanged vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.55, cash €85,860, halved
lowers risk
Size: total assets €2.8m
Figures for financial year 2025 (filed on 15-07-2026)
Sector: Crop and animal production, hunting and related service activities (NACE 01)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 01, small). It does better than 30% of them on solvency, 44% on liquidity, 53% on profitability and 6% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 4,107 companies had the same profile as QUARTSON has now. Each dot stands for 11 companies, two years later.
97.9%
were still trading
0.9%
stopped another way
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of QUARTSON itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,107 companies, not a prediction for QUARTSON. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €60,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.55 (1.99 in 2024), below 1. Short-term debt is 22% and cash 3.1% of total assets. 75.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 days early
2024
3 days early
2023
14 days late
2022
59 days late
2021
31 days late
2020
90 days late
2019
59 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 33 days after the deadline. In the sector (NACE 01), the median for financial year 2024 was 3 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 15 August (4 of the last 5 accounts filed within 31 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Julie MOUTHOY 14 sharesdeed of 24-08-2023
- Valérie ROUSSEAU 22 sharesdeed of 24-08-2023
- Thibault MOUTHOY 23 sharesdeed of 24-08-2023
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0561704630
Registered office clause: Rue du Moha 17 bte 4B, 5030 Gembloux
General meeting of 30-11-2023 · Gazette deed
Demerger: Art of Flavor splits off to MLG Arômes
Company renamed from Art of Flavor to QUARTSON · Resignation: Jean-Philippe MOUTHOY (director) · Julie MOUTHOY holds 14 shares · Gazette deed
Demerger proposal: Art of Flavor splits off to MLG Arômes
Valérie Mouthoy-Rousseau holds 22 shares · Julie Mouthoy holds 14 shares · Thibault holds 23 shares · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| QUARTSON Gembloux | €2.8m | €336,979 | 24.3% | - |
| CA HORSE SPORT Lanaken | €2.4m | €354,078 | 93.3% | 0 |
| FREPAT Hasselt | €2.6m | €262,967 | 39.9% | - |
| STUD 2000 Halen | €3.3m | €235,938 | 46.3% | - |
| HARAS DE NIASTER Aywaille | €3.3m | €321,810 | 69.5% | 2.6 |
| Butler Court Stables Zoersel | €2.4m | €631,508 | 72.1% | 1.1 |
| Vincent Martens Tielt | €2.6m | €394,606 | 12.2% | 2.3 |
These companies have the same main activity as QUARTSON: raising of horses and other equines (NACE 01430). They are comparable in size and age: total assets between €2.4m and €3.3m, founded between 2011 and 2016.
Official details
Source: KBO- Status
- Active since 05-09-2014Normal situation
- Registered office
- 30 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Raising of horses and other equinesNACE 01430and 11 others
- Establishment unit
- 2.234.438.0555030 Gembloux, since 05-09-2014
- Financial year end
- 31 December
- Peppol
- Reachable since 30-01-2025
Annual accounts 2025
- ≈ €850,000estimated
- €2.8m▲ 25.1%
- Filing
- Filed on 15-07-2026, 16 days before the end of the filing period
Insights on QUARTSON
QUARTSON files the abbreviated format. That format states no turnover. The gross margin rose from €13,804 in 2014 to €336,979 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about QUARTSON
- What is the company number of QUARTSON?
- The company number of QUARTSON is 0561.704.630. The VAT number is the same number with BE in front: BE 0561.704.630.
- Where is QUARTSON based?
- The registered office is at Rue de Moha 17, 5030 Gembloux.Company details
- What does QUARTSON do?
- According to the KBO register, the main activity is raising of horses and other equines (NACE 01430).
- What is the legal form of QUARTSON?
- QUARTSON is a private limited company (BV).
- When was QUARTSON founded?
- QUARTSON was founded on 05-09-2014.
- Is QUARTSON still active?
- Yes, QUARTSON is an active enterprise in the KBO register.
- What is the turnover of QUARTSON?
- The turnover in financial year 2025 is ≈ €850,000. This figure is estimated from the gross margin of €336,979 and 30 comparable companies (NACE 01). It probably lies between €620,000 and €1.1m. In financial year 2022 turnover was €2.0m.Financials
- Is QUARTSON profitable?
- In financial year 2025, QUARTSON made a profit of €82,068.
- Where can I find the annual accounts of QUARTSON?
- QUARTSON filed 12 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of QUARTSON due?
- QUARTSON must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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