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Complete company report
Generated 19-08-2026
Active BE 0458.511.377Public limited company

BLACK HORSE DEVELOPMENT

· 30 yrs active
Conclusion Checked

The KBO register records legal situation 050 for BLACK HORSE DEVELOPMENT (Register: open bankruptcy); this is today's state according to the register itself, which carries no start date. The 2021 annual accounts show equity of €206k and a net result of €925k.

Based on the State Gazette, CBE and 4 annual accounts.
Key figures
Equity €206k
Net result €925k
Active 30 yrs
Locations 1
Financial profile 5 of 5 axes measured · computed by Checked
Health24Profitability100Solvency100Growth78Stability0
60 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 24
Profitability 100
Solvency 100
Growth 78
Stability 0
Bankruptcy probability (12 mo) Checked model v1 · free

Bankruptcy opened

A bankruptcy procedure is already open, a probability score is no longer meaningful. See the insolvency timeline for the state of the procedure.

Risk Assessment rule-based
6 / 100
High riskRegister: open bankruptcy
This score counts publications in the Belgian State Gazette only. The KBO register additionally records legal situation 050 for this company; it does not feed the figure above.
Components
· 2 administrative flags (+6)
Trust signals 1 signals
Register: open bankruptcy
The KBO register records legal situation 050 for this company. This is today's state according to the register itself; the register carries no start date.
Administrative Flags2 events
UBO non-complianceAddress struck
Health barometer FY 2021 · computed
24 / 100 Critical
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2021 and the legal situation the KBO register itself records. Indicative, not credit advice.
Financial overview10 NBB filings
Annual accounts filed on 18-05-2022 with the NBB · fiscal year 2021 · micro
€-3.00M€-2.00M€-1.00M€0€1.00MOperating result 2018: €-86k€-86kNet result 2018: €-1.66M€-1.66MOperating result 2019: €-88k€-88kNet result 2019: €-1.77M€-1.77MOperating result 2020: €-377k€-377kNet result 2020: €-2.17M€-2.17MOperating result 2021: €925k€925kNet result 2021: €925k€925k2018201920202021
Operating resultNet result
EBITDA
€925k
- 18-21
Net profit
€925k
- 18-21
Cash flow
€925k
- 18-21
Total assets
€217k
-58.7% 18-21
Equity
€206k
- 18-21
Working capital
€203k
- 18-21
Debt
€11k
-99.1% 18-21
Debt ≤ 1y
€11k
-99.1% 18-21
Show 7 other metrics
Current ratio
19.22
+4458.6% 18-21
Quick ratio
19.22
+4458.6% 18-21
Solvency
94.9%
- 18-21
Debt / equity
0.05
- 18-21
ROE
448.6%
+48.6% 18-21
ROA
425.6%
- 18-21
Interest coverage
7913.30
- 18-21
Figures by fiscal year
Fiscal year2021
Depositmicro
Revenue-
EBITDA€925k
Net profit€925k
Cash flow€925k
Staff costs-
Income taxes-
Dividends-
Total assets€217k
Equity€206k
Debt€11k
of which ≤ 1y€11k
of which > 1y-
Working capital€203k
Employees (FTE)-
Ratios (computed)
2021
Current ratio19.22
Quick ratio19.22
Working capital ratio93.4%
Solvency94.9%
Debt / equity0.05
Long-term debt ratio-
Interest coverage7913.30
Gross margin-
Net margin-
ROA425.6%
ROE448.6%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2021
Full annual accounts (21 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2021
Balance sheet, Assets
TOTAL ASSETS 20/58€217k
Fixed assets 21/28€3k
Tangible fixed assets 22/27€3k
Current assets 29/58€214k
Amounts receivable within one year 40/41€130k
Cash & bank 54/58€84k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€217k
Equity 10/15€206k
Contributions / capital 10/11€1.45M
Reserves 13€74
Accumulated profits (losses) 14€-1.24M
Amounts payable 17/49€11k
Amounts payable within one year 42/48€11k
Trade debts payable within one year 44€11k
Income statement
Gross operating margin 9900€925k
Operating result 9901€925k
Financial income 75€60
Financial charges 65€117
Result before taxes 9903€925k
Net result for the period 9904€925k
Result to be appropriated 9905€925k
This table shows the latest fiscal year. 3 prior years, with figures and ratios, belong to a paid plan. See plans →
Ratios computed by Checked.
Legal Structure
NACE primary -
Legal form Public limited company(014)
Incorporation16-07-1996
StatusActive
Postal code-
Establishment units 1 location
ELBÉ
Louizalaan 214, 1050 ElseneProjectontwikkeling voor woningbouw
since 20042.137.882.374
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
21807G0001/00L000 Brussels 1,625 m² 1 · 1,286 m² 33.9 m · 9 fl.
21807G0121/00V006 Brussels 1,166 m² 1 · 872 m² 34.7 m · 8 fl.
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.
Updates 15 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
06-10-2025
KBO administration Address struck
Louizalaan 54 1050 Die Sitzadresse Avenue Louise / Louizalaan Ixelles · event 21-09-2025
11-04-2025
KBO administration UBO non-compliance
event 31-03-2025
2024
28-05-2024
State Gazette act Registered-office change
2022
18-05-2022
NBB filing Annual accounts filed
fiscal year 2021 · micro
2021
24-08-2021
NBB filing Annual accounts filed
fiscal year 2020 · micro
2020
27-10-2020
NBB filing Annual accounts filed
fiscal year 2019 · micro
2019
28-08-2019
NBB filing Annual accounts filed
fiscal year 2018 · micro
2018
21-08-2018
NBB filing Annual accounts filed
fiscal year 2017 · micro
2017
31-08-2017
NBB filing Annual accounts filed
fiscal year 2016 · micro
2016
30-08-2016
NBB filing Annual accounts filed
fiscal year 2015 · volledig
2015
24-08-2015
NBB filing Annual accounts filed
fiscal year 2014 · volledig
2014
26-09-2014
NBB filing Annual accounts filed
fiscal year 2013 · volledig
2013
30-08-2013
NBB filing Annual accounts filed
fiscal year 2012 · volledig
Lifecycle & Insolvency Signals2 events
06-10-2025
KBO administration Address struck
Date: 21-09-2025 · Louizalaan 54 1050 Die Sitzadresse Avenue Louise / Louizalaan Ixelles · Publications in State Gazette ↗
Full insolvency chronology

The full chronology lists every recorded event with its date, the competent court and the appointed liquidator or administrator. It answers at which stage the proceedings stand and whether they are still running.

We hold 1 further earlier event in this file, covering 31-03-2025 to 21-09-2025.

Available in Kantoor S. See plans →
Time machine, BS events + macro context 2021, 2026
COVID lockdownEnergiecrisisECB hikes2021202220232024202520262025-04-11 · KBO administration · UBO non-compliance2025-10-06 · KBO administration · Address struck
Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event
Belgian State Gazette reading coverage 0 of 16 acts read

We know of 16 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts
Address history · 1
28-05-2024
Registered-office move
All acts · 1 updated 2 years ago
2024
28-05-2024 Registered office moved within Bruxelles Registered-office change
  • Square Gutenberg 8 à 1000 Bruxelles → 54 avenue Louise à 1050 Bruxelles
Technical details 
{
  "events": [
    {
      "kind": "zetel_transfer",
      "seat_type": "siege_social",
      "new_address": {
        "raw": "54 avenue Louise \u00E0 1050 Bruxelles",
        "city": "Bruxelles",
        "region": "brussels_hoofdstedelijk_gewest",
        "street": "avenue Louise",
        "country": "BE",
        "postcode": "1050",
        "box_number": null,
        "street_number": "54",
        "locality_suffix": null
      },
      "old_address": {
        "raw": "Square Gutenberg 8 \u00E0 1000 Bruxelles",
        "city": "Bruxelles",
        "region": "brussels_hoofdstedelijk_gewest",
        "street": "Gutenberg",
        "country": "BE",
        "postcode": "1000",
        "box_number": null,
        "street_number": "8",
        "locality_suffix": null
      },
      "effective_date": "2024-03-01",
      "evidence_quote": "",
      "region_changed": false,
      "is_statute_change": true,
      "nationality_change": false,
      "old_address_source": "header_volledig_adres",
      "statute_clause_text": null,
      "statute_article_number": null,
      "effective_date_qualifier": "absolute",
      "statutaire_vs_werkelijke": "statutaire",
      "linguistic_region_changed": false,
      "court_jurisdiction_changed": false,
      "effective_date_is_approximate": false
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Bruxelles",
    "is_associated": false
  },
  "act_meta": {
    "language": "fr",
    "pub_date": "2024-05-28",
    "filing_date": "2024-05-17",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "date": "2024-02-21",
    "unanimous": true
  },
  "subject_company": {
    "kbo": "0458.511.377",
    "name_full": "BLACK HORSE DEVELOPMENT",
    "legal_form": "S.A.",
    "_kbo_filled_from_list": true
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Pierre Ursi",
    "org_rep_person_name": null,
    "person_role_at_subject": "Administrateur"
  },
  "co_filed_documents": []
}
Credit advice verdict per customer and amount

May this customer buy amount X on invoice? Enter the amount and the payment term. This page computes a GREEN, AMBER or RED verdict from them, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
Company registry (CBE) Crossroads Bank
Names & trade names
Legal nameFR BLACK HORSE DEVELOPMENT
AbbreviationFR BHD
Registration history
  1. 21-09-2025 Address struck
  2. 31-03-2025 UBO non-compliance
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative