VG Horses
ActiveThe computed 12-month bankruptcy probability of VG Horses is 2.0% (moderate). The annual accounts of VG Horses for fiscal year 2025 show a net loss of 139% of total assets and of 71% of the equity at the start of that year. The 2025 annual accounts show equity of €9k and a net result of €-23k. Equity is shrinking by ~43% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 62% of 11297 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency83▼-17
Growth32=
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 2.36 against 15.98 in 2024; short-term debt: 42.3% and cash: 29% of total assets), and 42.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
57.7%
Return on assets
-138.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
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
2122232425
2021 to 2025 · latest year €-23k
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 17-07-2026, 14 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
14 d early
2024
22 d late
2023
15 d early
2022
38 d early
2021
16 d early
← 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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€9k▼ 70.6%
2024 · €32k
2021: €113k
2022: €59k
2023: €50k
2024: €32k
2021 → 2025
Total assets
€16k▼ 54.4%
2024 · €36k
2021: €140k
2022: €64k
2023: €53k
2024: €36k
2021 → 2025
Net result
€-23k▼ 28.2%
2024 · €-18k
2021: €110k
2022: €-54k
2023: €-9k
2024: €-18k
2021 → 2025
Working capital
€9k▼ 71.9%
2024 · €34k
2021: €113k
2022: €59k
2023: €51k
2024: €34k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€113k-€59k▼ 47.4%€50k▼ 15.7%€32k▼ 35.5%€9k▼ 70.6%
Operating result€142k-€-53k€-9k▲ 83.5%€-17k▼ 93.2%€-22k▼ 27.4%
Net result€110k-€-54k€-9k▲ 82.6%€-18k▼ 90.3%€-23k▼ 28.2%
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 €22k in 2025 against €17k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €16k
Equity
€9k▼ 70.6%
Debt
€7k▲ 85.3%
The debt ratio rises from 10.4% to 42.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-22k▼
2024 · €-17k
Cash flow
€-23k▼
2024 · €-18k
Solvency
57.7%▼
2024 · 89.6%
Current ratio
2.36▼
2024 · 15.98
Quick ratio
2.36▼
2024 · 7.68
Debt / equity
0.73▲
2024 · 0.12
ROE
-240.6%▼
2024 · -55.1%
ROA
-138.7%▼
2024 · -49.4%
Interest coverage
-22.28▲
2024 · -29.21
Debt
€7k▲
2024 · €4k
Debt ≤ 1 year
€7k▲
2024 · €2k
Income taxes
€217▼
2024 · €239
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€36k€16k▼
Fixed assets21/28€0-
Tangible fixed assets22/27€0-
Plant, machinery and equipment23€0-
Current assets29/58€36k€16k▼
Stocks and contracts in progress3€19k€0▼
Stocks30/36€19k€0▼
Amounts receivable within one year40/41€4k€12k▲
Trade receivables40€0€6k▲
Other amounts receivable41€4k€6k▲
Cash at bank and in hand54/58€14k€5k▼
Equity and liabilities
Total equity and liabilities10/49€36k€16k▼
Equity10/15€32k€9k▼
Contributions10/11€3k€3k=
Reserves13€29k€6k▼
Distributable reserves133€29k€6k▼
Amounts payable17/49€4k€7k▲
Amounts payable within one year42/48€2k€7k▲
Trade debts44€2k€406▼
Suppliers440/4€2k€406▼
Taxes, remuneration and social security45€474€7k▲
Taxes450/3€474€7k▲
Other amounts payable47/48€4€0▼
Accrued charges and deferred income492/3€2k€0▼
Income statement
Code20242025
Non-recurring operating income76A-€482
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€169€0▼
Other operating charges640/8€736€366▼
Gross operating margin9900€-16k€-21k▼
Operating profit (loss)9901€-17k€-22k▼
Financial charges65/66B€576€971▲
Recurring financial charges65€576€971▲
Profit (loss) for the period before taxes9903€-18k€-23k▼
Income taxes67/77€239€217▼
Profit (loss) for the period9904€-18k€-23k▼
Profit (loss) for the period to be appropriated9905€-18k€-23k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-18k€-23k▼
Transfer from equity791/2€18k€23k▲
The notes to these accounts (7 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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
2024
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
23-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €-54k ▼149%
Net result drops to €-54k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 15.07
Current ratio from 5.16 to 15.07; short-term debt falls from €27k to €4k.
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial 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
1 establishment unit since 2020
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.
Ground area
489 m²
Building footprint
323 m²
Volume, LiDAR
458 m³
2 parcels, Flanders · tallest building 10.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
VG Horses
since 20202.304.939.239
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11922B0536/00Z003 | Flanders | 279 m² | 1 · 58 m² | 10.0 m · 3 fl. |
| 11023K0005/00E003 | Flanders | 210 m² | 1 · 265 m² | - |
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.
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Of 946 companies in sector 46231 we hold annual accounts for 422. 101 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded29-06-2020
Fiscal year end31-12
Activities, NACEBEL
46231Wholesale of live animals
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryE-mail:vghorsesbv@gmail.com