STARHORSES
ActiveSummary
STARHORSES has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €287k and a net result of €-8k. Equity is shrinking by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 81% of 479 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
73
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability16▼-51
Solvency100▲+5
Growth32=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €20k at 30 days acceptable
Liquidity ample (current ratio 4.82 against 3.42 in 2024; short-term debt: 16.9% and cash: 15.4% of total assets), and 23.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five 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 01
Relative position
BE, all sectors
reference
Sector 01
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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year €-8k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-08-2026, 18 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
18 d late
2024
22 d late
2023
29 d late
2022
30 d late
2021
41 d early
2020
53 d early
2019
36 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-8k▼ 8.2%
2024 · €-7k
2019: €448k
2020: €-16k
2021: €-10k
2022: €4k
2023: €-20k
2024: €-7k
2019 → 2025
Working capital
€240k▼ 2.1%
2024 · €245k
2019: €228k
2020: €218k
2021: €283k
2022: €329k
2023: €301k
2024: €245k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€317k-€322k▲ 1.4%€302k▼ 6.1%€295k▼ 2.5%€287k▼ 2.7%
Operating result€-8k-€7k€-18k€-6k▲ 69.6%€-8k▼ 39.2%
Net result€-10k-€4k€-20k€-7k▲ 62.2%€-8k▼ 8.2%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €8k in 2025 against €6k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €373k
Fixed assets
€69k ▼ 9.1%
Current assets
€303k ▼ 12.6%
Equity and liabilities €373k
Equity
€287k ▼ 2.7%
Debt
€86k ▼ 33.0%
Debt's share of the balance-sheet total falls from 30.3% to 23.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-861▼
2024 · €5k
Cash flow
€-1k▼
2024 · €3k
Current ratio
4.82▲
2024 · 3.42
Quick ratio
4.45▲
2024 · 3.19
Debt to equity
0.30▼
2024 · 0.44
ROE
-2.8%▼
2024 · -2.5%
ROA
-2.2%▼
2024 · -1.8%
Interest coverage
-2.76▼
2024 · 7.64
Debt ≤ 1 year
€63k▼
2024 · €101k
Debt > 1 year
€23k=
2024 · €23k
Income taxes
€4▼
2024 · €1k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€423k€373k▼
Fixed assets21/28€76k€69k▼
Tangible fixed assets22/27€28k€21k▼
Land and buildings22€1k€244▼
Plant, machinery and equipment23€24k€20k▼
Furniture and vehicles24€2k€962▼
Financial fixed assets28€49k€49k=
Current assets29/58€347k€303k▼
Stocks and contracts in progress3€23k€23k=
Stocks30/36€23k€23k=
Amounts receivable within one year40/41€258k€223k▼
Other amounts receivable41€258k€223k▼
Cash at bank and in hand54/58€66k€57k▼
Equity and liabilities
Total equity and liabilities10/49€423k€373k▼
Equity10/15€295k€287k▼
Contributions10/11€63k€63k=
Capital10€63k€63k=
Issued capital100€63k€63k=
Reserves13€6k€6k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Profit (loss) carried forward14€226k€218k▼
Amounts payable17/49€128k€86k▼
Amounts payable after more than one year17€23k€23k=
Other amounts payable178/9€23k€23k=
Amounts payable within one year42/48€101k€63k▼
Trade debts44€41k€1k▼
Suppliers440/4€41k€1k▼
Other amounts payable47/48€61k€62k▲
Accrued charges and deferred income492/3€4k-
Income statement
Code20242025
Non-recurring operating income76A€10k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€7k▼
Other operating charges640/8€639€2k▲
Gross operating margin9900€6k€698▼
Operating profit (loss)9901€-6k€-8k▼
Financial income75/76B€55€12▼
Recurring financial income75€55€12▼
Financial charges65/66B€643€312▼
Recurring financial charges65€643€312▼
Profit (loss) for the period before taxes9903€-6k€-8k▼
Income taxes67/77€1k€4▼
Profit (loss) for the period9904€-7k€-8k▼
Profit (loss) for the period to be appropriated9905€-7k€-8k▼
Appropriation of the result
Profit (loss) to be appropriated9906€226k€218k▼
Profit (loss) brought forward from the previous period14P€233k€226k▼
The notes to these accounts (5 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
18-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 18 days late
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 22 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 29 days late
2023
31-12
Financial
Weakest financial yearnet €-20k ▼539%
Net result drops to €-20k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 30 days late
2022
31-12
Financial
Back to profitnet €4k
Net result €4k after 2 loss-making years.
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Liquidity doublescurrent ratio 4.59
Current ratio from 2.11 to 4.59; short-term debt falls from €197k to €79k.
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
25-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
30-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
27-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
7 acts for this company are 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
Registered office, Herentals · 1 establishment unit since 2005
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.
Leefdaalstraat(MRH) 652200 HerentalsGround area
1.7 ha
Building footprint
2,002 m²
Volume, LiDAR
10,540 m³
2 parcels, Flanders · tallest building 12.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
STARHORSES
since 20052.146.408.179
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13026A0080/00F003 | Flanders | 1.7 ha | 1 · 1,802 m² | 12.6 m · 2 fl. |
| 13026A0192/00H000 | Flanders | 852 m² | 1 · 200 m² | 6.0 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels 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
EXCLUSIVE STABLES
BE 0749.634.113
Balen · Eq €287,199
STAL NAESSENS
BE 0883.041.577
Horebeke · Eq €287,268
LENTZ SCHRANS
BE 0842.135.291
Lint · Eq €285,387
L&M Sporthorses
BE 0662.936.602
Putte · Eq €287,899
Wilm Vermeir Sales
BE 0798.434.120
Meerhout · Eq €285,195
Of 1,957 companies in sector 01430 we hold annual accounts for 743. 501 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded20-12-2004
Fiscal year end31-12
Activities, NACEBEL 2025
01430Raising of horses and other equines
93121Football clubs
Sources
Crossroads Bank for EnterprisesNational Bank · 19 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.