PHILIPPAERTS - We Live Horses
ActivePHILIPPAERTS - We Live Horses has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.94M and a net result of €3.01M. Equity is growing by ~14.1% per year across the filed fiscal years. Its solvency ranks better than 49% of 479 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
78
/ 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
Profitability88▲+12
Solvency69=
Growth85▲+16
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €850k at 30 days acceptable
Liquidity ample (current ratio 1.82 against 1.75 in 2024; short-term debt: 31.9% and cash: 7.3% of total assets), but 56.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers 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
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
43.6%
Return on assets
12%
Age of the figures
9 mo
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 01-06-2026, 60 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
60 d early
2024
41 d early
2023
34 d early
2022
30 d late
2021
31 d late
2020
55 d late
2019
31 d late
← 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
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€25.71M▲ 48.5%
2024 · €17.32M
2023: €16.37M
2024: €17.32M
2023 → 2025
EBIT margin
16.2%▲ 5.8pp
2024 · 10.4%
2023: 14.8%
2024: 10.4%
2023 → 2025
Net result
€3.01M▲ 168%
2024 · €1.12M
2018: €452k
2019: €289k
2020: €423k
2021: €1.28M
2022: €762k
2023: €1.65M
2024: €1.12M
2018 → 2025
Working capital
€6.55M▲ 23.2%
2024 · €5.32M
2018: €2.54M
2019: €3.60M
2020: €4.23M
2021: €6.17M
2022: €8.33M
2023: €4.50M
2024: €5.32M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€16.37M€17.32M▲ 5.7%€25.71M▲ 48.5%
Equity€5.67M-€6.43M▲ 13.4%€7.10M▲ 10.4%€8.23M▲ 15.8%€10.94M▲ 33.0%
Operating result€1.72M-€1.10M▼ 35.8%€2.42M▲ 119%€1.80M▼ 25.9%€4.16M▲ 132%
Net result€1.28M-€762k▼ 40.5%€1.65M▲ 116%€1.12M▼ 31.8%€3.01M▲ 168%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 132% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25.10M
Fixed assets
€10.54M▲ 73.7%
Current assets
€14.56M▲ 17.2%
Equity and liabilities €25.10M
Equity
€10.94M▲ 33.0%
Provisions
€30k▼ 10.1%
Debt
€14.14M▲ 38.2%
The debt ratio rises from 55.3% to 56.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4.98M▲
2024 · €2.41M
Cash flow
€3.82M▲
2024 · €1.73M
Solvency
43.6%▼
2024 · 44.5%
Current ratio
1.82▲
2024 · 1.75
Quick ratio
0.69▲
2024 · 0.65
Debt / equity
1.29▲
2024 · 1.24
ROE
27.5%▲
2024 · 13.6%
ROA
12.0%▲
2024 · 6.1%
Interest coverage
14.85▲
2024 · 7.64
Debt
€14.14M▲
2024 · €10.23M
Debt ≤ 1 year
€8.01M▲
2024 · €7.11M
Debt > 1 year
€6.07M▲
2024 · €3.06M
Income taxes
€1.01M▲
2024 · €394k
Staff costs
€794k▲
2024 · €764k
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€18.49M€25.10M▲
Fixed assets21/28€6.07M€10.54M▲
Tangible fixed assets22/27€6.03M€10.51M▲
Land and buildings22€5.13M€9.15M▲
Plant, machinery and equipment23€171k€845k▲
Furniture and vehicles24€720k€514k▼
Financial fixed assets28€40k€26k▼
Other financial fixed assets284/8€40k€26k▼
Shares284€33k€23k▼
Amounts receivable and cash guarantees285/8€7k€3k▼
Current assets29/58€12.43M€14.56M▲
Stocks and contracts in progress3€7.81M€9.05M▲
Stocks30/36€7.81M€9.05M▲
Goods purchased for resale34€7.81M€9.05M▲
Amounts receivable within one year40/41€1.85M€1.79M▼
Trade receivables40€278k€438k▲
Other amounts receivable41€1.57M€1.35M▼
Current investments50/53€369k€1.80M▲
Other investments51/53€369k€1.80M▲
Cash at bank and in hand54/58€2.33M€1.82M▼
Deferred charges and accrued income490/1€67k€108k▲
Equity and liabilities
Total equity and liabilities10/49€18.49M€25.10M▲
Equity10/15€8.23M€10.94M▲
Contributions10/11€106k€106k=
Reserves13€6.99M€7.81M▲
Tax-exempt reserves132€461k€451k▼
Distributable reserves133€6.53M€7.36M▲
Profit (loss) carried forward14€1.13M€3.02M▲
Provisions and deferred taxes16€34k€30k▼
Deferred taxes168€34k€30k▼
Amounts payable17/49€10.23M€14.14M▲
Amounts payable after more than one year17€3.06M€6.07M▲
Financial debts170/4€3.06M€6.07M▲
Credit institutions173€3.06M€6.07M▲
Amounts payable within one year42/48€7.11M€8.01M▲
Current portion of amounts payable after more than one year42€221k€455k▲
Financial debts43€5.50M€5.29M▼
Credit institutions430/8€5.50M€5.29M▼
Trade debts44€875k€1.90M▲
Suppliers440/4€875k€1.90M▲
Taxes, remuneration and social security45€135k€68k▼
Taxes450/3€78k€10k▼
Remuneration and social security454/9€57k€59k▲
Other amounts payable47/48€373k€291k▼
Accrued charges and deferred income492/3€69k€50k▼
Income statement
Code20242025
Operating income70/76A€17.39M€25.79M▲
Turnover70€17.32M€25.71M▲
Other operating income74€73k€69k▼
Non-recurring operating income76A-€11k
Operating charges60/66A€15.59M€21.63M▲
Goods for resale, raw materials and consumables60€6.85M€8.28M▲
Purchases600/8€6.27M€9.52M▲
Change in stocks: decrease (increase)609€583k€-1.23M▼
Services and other goods61€7.26M€11.66M▲
Remuneration, social security and pensions62€764k€794k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€611k€817k▲
Other operating charges640/8€100k€80k▼
Operating profit (loss)9901€1.80M€4.16M▲
Financial income75/76B€65k€204k▲
Recurring financial income75€65k€84k▲
Income from current assets751€40k€50k▲
Other financial income752/9€25k€34k▲
Non-recurring financial income76B-€120k
Financial charges65/66B€347k€348k▲
Recurring financial charges65€323k€348k▲
Debt charges650€315k€335k▲
Other financial charges652/9€8k€13k▲
Non-recurring financial charges66B€23k-
Profit (loss) for the period before taxes9903€1.51M€4.01M▲
Transfer from deferred taxes780€3k€3k=
Income taxes67/77€394k€1.01M▲
Taxes670/3€394k€1.01M▲
Profit (loss) for the period9904€1.12M€3.01M▲
Transfer from tax-exempt reserves789€10k€10k=
Profit (loss) for the period to be appropriated9905€1.13M€3.02M▲
Appropriation of the result
Profit (loss) to be appropriated9906€2.79M€3.02M▲
Profit (loss) brought forward from the previous period14P€1.66M-
Transfer from equity791/2-€297k
From reserves792-€297k
Transfer to equity691/2€1.66M-
To other reserves6921€1.66M-
Profit to be distributed694/7-€297k
Return on contributions (dividend)694-€297k
Social balance
Average headcount (FTE)908715.613.6▼
The notes to these accounts (62 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
14-09
State Gazette act
General meeting · Auditor reappointmentGeneral meeting · Auditor reappointment · Permanent representative4 facts ▸
State Gazette act
General meeting · Auditor reappointment
General meeting · Auditor reappointment · Permanent representative4 facts ▸
- General meeting, 2026-05-30
- Auditor reappointment, 3 years, 2029
- Permanent representative, Philippaerts Ludo
- Permanent representative, Philippaerts Olivier
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €3.01M ▲168%
Operating result €4.16M, net result €3.01M, both a record.
31-12
Financial
Equity above €10MEq €10.94M ▲33%
8 profitable years in a row build equity to €10.94M.
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 30 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Equity above €5MEq €5.67M ▲29.1%
4 profitable years in a row build equity to €5.67M.
24-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 55 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
31-12
Financial
Weakest financial yearnet €289k ▼36%
Net result drops to €289k, the lowest in the series; recovery starts the following year.
06-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 37 days late
2018
25-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 56 days late
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 59 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2024
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
26-12-2024
NPH CAPITAL CommV: Resigned as Director
26-12-2024
OP EQUESTRIAN SERVICES CommV: Resigned as Director
23-12-2014
ENGELLEN Véronique: Resigned as Director
23-12-2014
Nicola Philippaerts: Resigned as Director
23-12-2014
Olivier Philippaerts: Resigned as Director
23-12-2014
Philippaerts Ludo: Resigned as Director
Location & real-estate footprint
Registered office, Oudsbergen · 1 establishment unit since 1991
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.
Oudsbergerweg 993670 OudsbergenGround area
5,132 m²
Building footprint
207 m²
Volume, LiDAR
1,495 m³
Parcel 72011C0962/00V010, Flanders · tallest building 10.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Philippaerts We Live Horses BVBA
since 19912.051.790.916
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72011C0962/00V010 | Flanders | 5,132 m² | 1 · 207 m² | 10.9 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| BV MOORE AUDITCurrent Auditor | 30-05-2026 → present |
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 2,670 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 0 EUR | 2,670 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Food safety, FASFC
1 siteOudsbergen2.051.790.916
Dual-learning approval
3 endedLegal Entity Identifier
875500VF4VGITCJEG210
Similar companies · same sector, comparable size
HELALIE
BE 0430.040.095
Waregem · Eq €10.71M
'T JOENSHOEK
BE 0893.702.075
Waregem · Eq €9.76M
DE PEERDEBOS
BE 0807.159.467
Oudenaarde · Eq €9.69M
Karel Cox Horses
BE 0811.811.806
Hechtel-Eksel · Eq €9.64M
YACELO
BE 0427.811.669
Hoogstraten · Eq €12.48M
Of 1,957 companies in sector 01430 we hold annual accounts for 743. 96 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded12-09-1990
Fiscal year end31-12
Activities, NACEBEL
01220
01420Raising of other cattle and buffaloes
01430Raising of horses and other equines
01620Support activities for animal production
01450Raising of sheep and goats
46232Wholesale trade
93110Operation of sports facilities
Sources
Crossroads Bank for EnterprisesNational Bank · 37 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.