SEAHORSE
Inactive1 interim measureSEAHORSE was declared bankrupt on 15-05-2023 (Ondernemingsrechtbank Gent, afdeling Dendermonde); the bankruptcy was closed by liquidation by judgment of 25-07-2025, published in the Belgian State Gazette on 07-11-2025.
No longer registered with the KBO; last annual accounts for fiscal year 2021.
Signals
Four 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 31-12-2022, 4 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
31-12-2022 close31-07-2023 deadline21-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 02-09-2022, 33 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
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
33 d late
2020
58 d late
2019
55 d late
← before the deadline
after the deadline →
Financials · fiscal year 2021, micro schema
Equity
€-442▲ 98.1%
2020 · €-23k
2018: €-27k
2019: €-35k
2020: €-23k
2018 → 2021
Total assets
€47k▲ 16.6%
2020 · €41k
2018: €23k
2019: €48k
2020: €41k
2018 → 2021
Net result
€15k▲ 25.9%
2020 · €12k
2018: €-16k
2019: €-8k
2020: €12k
2018 → 2021
Working capital
€-6k▲ 81.8%
2020 · €-34k
2018: €-31k
2019: €-52k
2020: €-34k
2018 → 2021
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2018201920202021Trend
Equity€-27k-€-35k▼ 29.6%€-23k▲ 34.5%€-442▲ 98.1%
Operating result€4k-€4k▼ 2.6%€11k▲ 187%€19k▲ 63.9%
Net result€-16k-€-8k▲ 50.8%€12k€15k▲ 25.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2019 the operating result has climbed two years in a row; 2021 is 64% above 2020 and is the highest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €47k
Fixed assets
€22k▼ 31.8%
Current assets
€26k▲ 190%
Key figures and ratios
EBITDA
€30k▲
2020 · €22k
Cash flow
€26k▲
2020 · €23k
Solvency
-0.9%▲
2020 · -56.7%
Current ratio
0.81▲
2020 · 0.21
Quick ratio
0.60▲
2020 · 0.07
ROA
32.2%▲
2020 · 29.8%
Interest coverage
19.85
Debt
€48k▼
2020 · €64k
Debt ≤ 1 year
€32k▼
2020 · €43k
Debt > 1 year
€16k▼
2020 · €21k
Income taxes
€2k▲
2020 · €-2k
Staff costs
€39k
Equity ratios withheld: equity of €-442 is too small for a meaningful ratio.
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 · 2021 against 2020
Balance sheet
Code20202021
Assets
Total assets20/58€41k€47k▲
Fixed assets21/28€32k€22k▼
Tangible fixed assets22/27€31k€21k▼
Plant, machinery and equipment23-€6k
Other tangible fixed assets26-€14k
Financial fixed assets28€957€957=
Current assets29/58€9k€26k▲
Stocks and contracts in progress3€6k€7k▲
Stocks30/36-€7k
Amounts receivable within one year40/41€2k€13k▲
Trade receivables40-€2k
Other amounts receivable41-€11k
Cash at bank and in hand54/58€2k€6k▲
Equity and liabilities
Total equity and liabilities10/49€41k€47k▲
Equity10/15€-23k€-442▲
Contributions10/11€10k€17k▲
Capital10-€17k
Issued capital100-€26k
Uncalled capital101-€9k
Reserves13€21k€21k=
Non-distributable reserves130/1-€2k
Legal reserve130-€2k
Tax-exempt reserves132-€10k
Distributable reserves133-€9k
Profit (loss) carried forward14€-53k€-38k▲
Amounts payable17/49€64k€48k▼
Amounts payable after more than one year17€21k€16k▼
Financial debts170/4-€16k
Amounts payable within one year42/48€43k€32k▼
Current portion of amounts payable after more than one year42-€5k
Trade debts44€28k€20k▼
Suppliers440/4-€20k
Taxes, remuneration and social security45-€7k
Taxes450/3-€7k
Income statement
Code20202021
Remuneration, social security and pensions62-€39k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k€11k▲
Other operating charges640/8-€3k
Gross operating margin9900€56k€72k▲
Operating profit (loss)9901€11k€19k▲
Financial income75/76B-€306
Recurring financial income75-€306
Financial charges65/66B-€2k
Recurring financial charges65€1k€2k▲
Profit (loss) for the period before taxes9903€10k€18k▲
Income taxes67/77€-2k€2k▲
Profit (loss) for the period9904€12k€15k▲
Profit (loss) for the period to be appropriated9905€12k€15k▲
Appropriation of the result
Profit (loss) to be appropriated9906-€-38k
Profit (loss) brought forward from the previous period14P-€-53k
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
07-11
Bankruptcy
Bankruptcy closure (by liquidation)
Ondernemingsrechtbank Gent, afdeling Dendermonde · SEAHORSE CV STATIONSPLEIN 33, 9160 LOKEREN · event 25-07-2025
2023
28-07
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Dendermonde · SEAHORSE CV STATIONS- PLEIN 33, 9160 LOKEREN · event 15-05-2023
28-04
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent · event 24-04-2023
2022
02-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 33 days late
2021
31-12
Financial
Highest result since 2018net €15k ▲25.9%
Operating result €19k, net result €15k, both a record.
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 58 days late
2020
31-12
Financial
Back to profitnet €12k
Net result €12k after 2 loss-making years.
24-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 55 days late
2019
29-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 90 days late
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
13-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
28-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
2015
30-07
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema
2014
29-08
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema · 29 days late
2013
30-09
NBB filing
Annual accounts filed
fiscal year 2012 · abbreviated schema · 61 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | FREDERIC LELEUX KAPELLESTRAAT 33, 9220 HAMME
(O.-VL.) |
15-05-2023 → present |