ACTIVE

Stud 111

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Financial year 2025 · closed on 31/12/2025

Net result

-395,4 k €

-622.6% YoY

Gross margin

192,9 k €

-64.2% YoY

Equity

5,3 M €

-6.9% YoY

Workforce

0,0 ETP

-100.0% YoY

What does Stud 111 do?

Stud 111 is a Public limited company incorporated in 1973. Its main activity is: Raising of horses and other equines. Its registered office is in Zandhoven.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0413.751.124

Incorporation

12/11/1973

Legal form

Public limited company

Registered office

Vierselbaan 111
2240 Zandhoven · FlandreSee on map

Contributed capital

6 850 000,00 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Activities (NACE)

01430Raising of horses and other equines· main 01430Raising of horses and other equines 15710Manufacture of leather and related products 46231Wholesale of live animals 46231Wholesale of live animals 51230Freight air transport and space transport+3

Joint committees (4)

144
14400
20000
218

Signals

Solid equityLow riskGood liquidityHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	192,9 k €	-64.2%	538,2 k €	+171%	198,9 k €	+28.8%	154,4 k €	-74.2%	597,6 k €	+270%	161,5 k €	-65.4%	466,6 k €	+5.9%	440,6 k €	+16.3%	378,8 k €	+17.9%	321,4 k €	+1.6%	316,2 k €	+61.0%	196,4 k €	+17.3%	167,4 k €	-33.1%	250,2 k €	+6227%	-4,1 k €	-102%	229 k €	+75.1%	130,7 k €	+11.4%	117,4 k €	+48.8%	78,9 k €	+22.8%	64,2 k €
EBITDA	-175,1 k €	-204%	168,1 k €	+234%	-125,1 k €	+26.3%	-169,6 k €	-169%	247,5 k €	+231%	-189,3 k €	-175%	253,4 k €	-18.4%	310,6 k €	+12.4%	276,4 k €	+62.2%	170,4 k €	+21.3%	140,4 k €	+656%	18,6 k €	-63.2%	50,4 k €	-70.3%	170,1 k €	+274%	-97,6 k €	-151%	192,9 k €	+67.3%	115,3 k €	+12.4%	102,6 k €	+70.4%	60,2 k €	+18.5%	50,8 k €
Operating result	-388,5 k €	-1678%	-21,9 k €	+92.2%	-278,5 k €	-0.2%	-277,8 k €	-344%	113,6 k €	+135%	-325,6 k €	-346%	132,4 k €	-36.0%	207 k €	+21.4%	170,6 k €	+93.3%	88,2 k €	+34.2%	65,8 k €	+234%	-49,2 k €	-144%	-20,2 k €	-121%	94,4 k €	+153%	-177,5 k €	-269%	105 k €	+213%	33,5 k €	-13.3%	38,7 k €	+103%	19 k €	+137%	8 k €
Net result	-395,4 k €	-623%	-54,7 k €	+82.1%	-305,1 k €	+1.5%	-309,8 k €	-670%	54,3 k €	+114%	-398,5 k €	-613%	77,7 k €	-5.7%	82,3 k €	+11.0%	74,1 k €	+68.8%	43,9 k €	+75.3%	25,1 k €	+119%	-129,3 k €	-26.5%	-102,2 k €	-925%	12,4 k €	+105%	-242,5 k €	-798%	34,8 k €	+229%	-27 k €	-272%	-7,3 k €	-155%	13,1 k €	+371%	2,8 k €
Balance sheet
Equity	5,3 M €	-6.9%	5,7 M €	-0.9%	5,8 M €	+4.0%	5,5 M €	+1.2%	5,5 M €	+64.9%	3,3 M €	-10.7%	3,7 M €	+199%	1,2 M €	+7.1%	1,2 M €	+6.8%	1,1 M €	+4.2%	1 M €	+290%	267,2 k €	-32.6%	396,5 k €	-20.5%	498,7 k €	+1274%	36,3 k €	-87.0%	278,8 k €	+14.2%	244 k €	-10.0%	271,1 k €	-2.6%	278,3 k €	+261%	77,2 k €
Total assets	7,6 M €	+2.6%	7,4 M €	+0.5%	7,4 M €	+7.3%	6,9 M €	-3.1%	7,1 M €	+3.9%	6,8 M €	-1.0%	6,9 M €	+21.1%	5,7 M €	+14.6%	5 M €	+51.2%	3,3 M €	+8.3%	3 M €	+14.3%	2,6 M €	+5.4%	2,5 M €	+19.4%	2,1 M €	+44.4%	1,5 M €	-5.8%	1,5 M €	+9.6%	1,4 M €	+22.2%	1,2 M €	+20.8%	956,4 k €	+70.4%	561,3 k €
Cash	35,3 k €	-72.5%	128,3 k €	+209%	41,5 k €	+41.5%	29,3 k €	+18.8%	24,7 k €	+60.2%	15,4 k €	-29.1%	21,7 k €	-40.7%	36,6 k €	-73.2%	136,7 k €	+270%	36,9 k €	-42.2%	63,9 k €	+9.0%	58,6 k €	+1276%	4,3 k €	-89.2%	39,5 k €	+75.9%	22,5 k €	-81.4%	120,7 k €	+1029%	10,7 k €	-6.5%	11,4 k €	-81.1%	60,5 k €	+231%	18,3 k €
Debts	2,3 M €	+40.5%	1,6 M €	+2.6%	1,6 M €	+23.6%	1,3 M €	-20.8%	1,6 M €	-54.0%	3,5 M €	+10.8%	3,1 M €	-29.1%	4,4 M €	+16.6%	3,8 M €	+75.2%	2,2 M €	+9.1%	2 M €	-16.6%	2,4 M €	+12.6%	2,1 M €	+31.8%	1,6 M €	+13.0%	1,4 M €	+12.0%	1,3 M €	+8.7%	1,2 M €	+34.4%	868,1 k €	+28.5%	675,7 k €	+39.7%	483,5 k €
Other
Workforce	0,0 ETP	-100%	9,3 ETP	+10.7%	8,4 ETP	0.0%	8,4 ETP	+3.7%	8,1 ETP	-1.2%	8,2 ETP	+18.8%	6,9 ETP	+38.0%	5,0 ETP	+16.3%	4,3 ETP	-10.4%	4,8 ETP	-7.7%	5,2 ETP	-8.8%	5,7 ETP	+14.0%	5,0 ETP	+51.5%	3,3 ETP	-17.5%	4,0 ETP	+42.9%	2,8 ETP	+75.0%	1,6 ETP	+220%	0,5 ETP	-54.5%	1,1 ETP	+120%	0,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 15 ended

Active mandates

Victor Theeuwes

Director · since 12 juillet 2021 · until 12 juillet 2027

Active

Ended mandates

Victor Theeuwes

Director · since 12 juillet 2021 · until 31 décembre 2027

Ended

Victor Theeuwes

Director · since 12 juillet 2021

Ended

Pieternel Theeuwes

Director · since 06 mai 2021 · until 06 mai 2027

Ended

Victor Theeuwes

Director · since 06 mai 2021 · until 06 mai 2027

Ended

At this address

Other companies at this address

Company	CBE no.
THEMA● Active	0418.547.278
T.O.G.● Active	0863.267.138
VITHECO● Active	0472.806.209

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	27/07/2026	24/07/2025	23/07/2024	14/07/2023	14/04/2022	28/07/2021
General meeting	30/06/2026	30/06/2025	25/06/2024	23/06/2023	13/04/2022	13/04/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	27/07/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	24/07/2025	Dutch	PDF
Abridged model	31/12/2023	25/06/2024	23/07/2024	Dutch	PDF
Abridged model	31/12/2022	23/06/2023	14/07/2023	Dutch	PDF
Abridged model	31/12/2021	13/04/2022	14/04/2022	Dutch	PDF
Abridged model	31/12/2020	13/04/2021	28/07/2021	Dutch	PDF
Abridged model	31/12/2019	14/04/2020	24/07/2020	Dutch	PDF
Abridged model	31/12/2018	09/04/2019	30/07/2019	Dutch	PDF
Abridged model	31/12/2017	10/04/2018	27/07/2018	Dutch	PDF
Abridged model	31/12/2016	11/04/2017	31/07/2017	Dutch	PDF
Abridged model	31/12/2015	12/04/2016	02/08/2016	Dutch	PDF
Abridged model	31/12/2014	15/04/2015	04/08/2015	Dutch	PDF
Abridged model	31/12/2013	08/04/2014	07/08/2014	Dutch	PDF
Abridged model	31/12/2012	09/04/2013	02/08/2013	Dutch	PDF
Abridged model	31/12/2011	10/04/2012	31/07/2012	Dutch	PDF
Abridged model	31/12/2010	12/04/2011	12/07/2011	Dutch	PDF
Abridged model	31/12/2009	13/04/2010	29/07/2010	Dutch	PDF
Abridged model	31/12/2008	14/04/2009	26/06/2009	Dutch	PDF
Abridged model	31/12/2007	08/04/2008	30/06/2008	Dutch	PDF
Abridged model	31/12/2006	10/04/2007	07/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 15 ended

Active mandates

Victor Theeuwes

Director · since 12 juillet 2021 · until 12 juillet 2027

Active

Ended mandates

Victor Theeuwes

Director · since 12 juillet 2021 · until 31 décembre 2027

Ended

Victor Theeuwes

Director · since 12 juillet 2021

Ended

Pieternel Theeuwes

Director · since 06 mai 2021 · until 06 mai 2027

Ended

Victor Theeuwes

Director · since 06 mai 2021 · until 06 mai 2027

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other17/03/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates22/07/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - DOEL - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Mandates01/07/2021
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares11/04/2019
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates26/05/2015
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/04/2013
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/01/2013
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/10/2010
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-395,4 k €↓
2024
Annual accounts 2024-54,7 k €↑
2023
Annual accounts 2023-305,1 k €↑
2022
Annual accounts 2022-309,8 k €↓
2021
Annual accounts 202154,3 k €↑
2020
Annual accounts 2020-398,5 k €↓
2020
Name changeSTUD 111
2019
Annual accounts 201977,7 k €↓
2018
Annual accounts 201882,3 k €↑
2017
Annual accounts 201774,1 k €↑
2016
Annual accounts 201643,9 k €↑
2015
Annual accounts 201525,1 k €↑
2014
Annual accounts 2014-129,3 k €↓
2013
Annual accounts 2013-102,2 k €↓
2012
Annual accounts 201212,4 k €↑
2011
Annual accounts 2011-242,5 k €↓
2010
Annual accounts 201034,8 k €↑
2009
Annual accounts 2009-27 k €↓
2008
Annual accounts 2008-7,3 k €↓
2007
Annual accounts 200713,1 k €↑
2006
Annual accounts 20062,8 k €
2006
Name changeSTAL HARRIE THEEUWES
12/11/1973
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Stud 111

Overview

What does Stud 111 do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline