Horse Projects
ActiveSummary
Horse Projects has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.04M and a net result of €202k. Equity is growing by ~21% per year across the filed fiscal years. Its solvency ranks better than 78% of 8001 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
84
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability87=
Solvency99▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85k at 30 days acceptable
Liquidity ample (current ratio 2.83 against 3.32 in 2024; short-term debt: 23.5% and cash: 24.8% of total assets), and 26.4% 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
73.6%
Return on assets
14.2%
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 →
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-09-2026, 52 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
52 d late
2024
61 d late
2023
43 d late
2022
32 d late
2021
36 d late
2020
61 d late
2019
119 d late
← 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, abbreviated schema
Equity
€1.04M▲ 23.7%
2024 · €845k
2018: €187k
2019: €257k
2020: €354k
2021: €459k
2022: €567k
2023: €674k
2024: €845k
2018 → 2025
Total assets
€1.42M▲ 18.5%
2024 · €1.20M
2018: €440k
2019: €520k
2020: €766k
2021: €689k
2022: €908k
2023: €987k
2024: €1.20M
2018 → 2025
Net result
€202k▲ 17.8%
2024 · €172k
2018: €77k
2019: €70k
2020: €98k
2021: €106k
2022: €108k
2023: €107k
2024: €172k
2018 → 2025
Working capital
€609k▼ 9.7%
2024 · €675k
2018: €132k
2019: €215k
2020: €288k
2021: €398k
2022: €517k
2023: €551k
2024: €675k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€459k-€567k▲ 23.5%€674k▲ 18.8%€845k▲ 25.3%€1.04M▲ 23.7%
Operating result€156k-€158k▲ 1.1%€154k▼ 2.5%€236k▲ 52.8%€254k▲ 7.9%
Net result€106k-€108k▲ 2.0%€107k▼ 0.7%€172k▲ 59.9%€202k▲ 17.8%
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 2023 the operating result has climbed two years in a row; 2025 is 8% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.42M
Fixed assets
€476k ▲ 106%
Current assets
€942k ▼ 2.4%
Equity and liabilities €1.42M
Equity
€1.04M ▲ 23.7%
Debt
€374k ▲ 5.9%
Debt's share of the balance-sheet total falls from 29.5% to 26.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€311k▲
2024 · €274k
Cash flow
€259k▲
2024 · €210k
Current ratio
2.83▼
2024 · 3.32
Quick ratio
2.62▼
2024 · 3.14
Debt to equity
0.36▼
2024 · 0.42
ROE
19.3%▼
2024 · 20.3%
ROA
14.2%▼
2024 · 14.3%
Interest coverage
13.37▼
2024 · 14.00
Debt ≤ 1 year
€333k▲
2024 · €291k
Debt > 1 year
€41k▼
2024 · €62k
Income taxes
€87k▲
2024 · €66k
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 · 56 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.20M€1.42M▲
Fixed assets21/28€232k€476k▲
Tangible fixed assets22/27€232k€476k▲
Land and buildings22€24k€313k▲
Plant, machinery and equipment23€77k€57k▼
Furniture and vehicles24€101k€81k▼
Other tangible fixed assets26€29k€25k▼
Financial fixed assets28€135€135=
Current assets29/58€966k€942k▼
Stocks and contracts in progress3€53k€69k▲
Stocks30/36€53k€69k▲
Amounts receivable within one year40/41€91k€73k▼
Trade receivables40€64k€53k▼
Other amounts receivable41€27k€20k▼
Current investments50/53€610k€437k▼
Cash at bank and in hand54/58€207k€352k▲
Deferred charges and accrued income490/1€5k€11k▲
Equity and liabilities
Total equity and liabilities10/49€1.20M€1.42M▲
Equity10/15€845k€1.04M▲
Contributions10/11€30k€30k=
Reserves13€786k€986k▲
Distributable reserves133€786k€986k▲
Profit (loss) carried forward14€29k€29k=
Amounts payable17/49€353k€374k▲
Amounts payable after more than one year17€62k€41k▼
Financial debts170/4€62k€41k▼
Amounts payable within one year42/48€291k€333k▲
Current portion of amounts payable after more than one year42€20k€21k▲
Trade debts44€0€5k▲
Suppliers440/4€0€5k▲
Taxes, remuneration and social security45€17k€20k▲
Taxes450/3€17k€20k▲
Other amounts payable47/48€253k€287k▲
Accrued charges and deferred income492/3-€125
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€39k€56k▲
Other operating charges640/8€6k€7k▲
Non-recurring operating charges66A€0-
Gross operating margin9900€281k€318k▲
Operating profit (loss)9901€236k€254k▲
Financial income75/76B€21k€58k▲
Recurring financial income75€21k€58k▲
Financial charges65/66B€20k€23k▲
Recurring financial charges65€20k€23k▲
Non-recurring financial charges66B€60€0▼
Profit (loss) for the period before taxes9903€237k€289k▲
Income taxes67/77€66k€87k▲
Profit (loss) for the period9904€172k€202k▲
Profit (loss) for the period to be appropriated9905€172k€202k▲
Appropriation of the result
Profit (loss) to be appropriated9906€201k€231k▲
Profit (loss) brought forward from the previous period14P€29k€29k▼
Transfer to equity691/2€172k€200k▲
To other reserves6921€172k€200k▲
Profit to be distributed694/7€800€2k▲
Return on contributions (dividend)694€800€0▼
Directors or managers695-€2k
Social balance
Average headcount (FTE)90870.00.0=
The notes to these accounts (20 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
21-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 52 days late
2025
31-12
Financial
Highest result since 2018net €202k ▲17.8%
Operating result €254k, net result €202k, both a record.
31-12
Financial
Equity above €1MEq €1.04M ▲23.7%
8 profitable years in a row build equity to €1.04M.
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 61 days late
2024
12-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 43 days late
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 32 days late
2022
31-12
Financial
Equity above €500kEq €567k ▲23.5%
5 profitable years in a row build equity to €567k.
05-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 36 days late
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 61 days late
2020
27-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 119 days late
2019
31-12
Financial
Weakest financial yearnet €70k ▼9.2%
Net result drops to €70k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €200kEq €257k ▲37.5%
2 profitable years in a row build equity to €257k.
Show earlier events
21-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 52 days late
2018
11-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 42 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Anzegem · 2 establishment units since 2012
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.
Astweg 28570 AnzegemGround area
6,297 m²
Building footprint
875 m²
Volume, LiDAR
3,603 m³
2 parcels, Flanders · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
Horse Projects
since 20122.206.374.965
Horse Projects
since 20252.375.470.216
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34018C0841/00C000 | Flanders | 4,744 m² | 1 · 214 m² | 7.5 m · 2 fl. |
| 34030B0627/00G000 | Flanders | 1,553 m² | 1 · 661 m² | 7.7 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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 119 EUR awarded · 119 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 119 EUR | 119 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 174 companies in sector 46232 we hold annual accounts for 89. 50 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 formPrivate limited company
Founded10-01-2012
Fiscal year end31-12
Activities, NACEBEL 2025
46232Wholesale trade
41003General construction of other non-residential buildings
46212Wholesale trade
46900Non-specialised wholesale trade
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.