NORMAL SITUATION

FIRST HORSES

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Company — Normal situation.

Financial year 2025 · Closed on 31/12/2025

Net result1,1 M €+428,3 %over 1 year

Gross margin845,5 k €+212,6 %over 1 year

Equity-158 k €+87,0 %over 1 year

Workforce0,0 ETP

Identity

Source · BCE/KBO

FIRST HORSES is a company registered in Belgium.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0442.967.524
Legal form: Public limited company
Contributed capital: 362 000,00 €
Latest accounts: 31/12/2025
Average workforce: 0,0 ETP

Joint committees (4)

Signals

ProfitablePositive cashflowPositive EBITDA

Financials

Source · NBB, 35 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	845,5 k €	+213%	-751,1 k €	-74.7%	-429,9 k €	-393%	146,8 k €	-30.6%	211,6 k €
EBITDA	837,8 k €	+211%	-753,7 k €	-73.3%	-434,8 k €	-575%	91,5 k €	-50.2%	183,6 k €
Operating result	1,1 M €	+457%	-304,2 k €	+73.5%	-1,1 M €	-1431%	86,2 k €	-50.6%	174,6 k €
Net result	1,1 M €	+428%	-322,8 k €	+72.3%	-1,2 M €	-1805%	68,3 k €	-49.2%	134,6 k €
Balance sheet
Equity	-158 k €	+87.0%	-1,2 M €	-36.1%	-894,8 k €	-432%	269,8 k €	+33.9%	201,5 k €
Total assets	2,6 k €	-99.7%	1 M €	-14.2%	1,2 M €	-43.6%	2,1 M €	+10.0%	1,9 M €
Cash	2,6 k €	-71.4%	9,1 k €	+37.6%	6,6 k €	-94.9%	130,4 k €	+2168%	5,8 k €
Debts	160,6 k €	-92.9%	2,3 M €	+7.2%	2,1 M €	+12.3%	1,9 M €	+7.2%	1,7 M €
Other
Workforce	0,0 ETP		0,0 ETP		0,0 ETP	-100%	2,4 ETP	+84.6%	1,3 ETP

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 7 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Karine Willems	Director16/06/2014 → 06/12/2028
Kathleen Merckx	Managing director06/12/2022 → 06/12/2028Director19/07/2018 → 2018 accountsendedMandate2022 accountsended
Kenny Christof Merckx	Managing director06/12/2022 → 06/12/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Overijse Investment Company0466.552.974Represented by Christian Merckx	Director19/07/2018 → 2018 accounts
Merckx Kenny	Director15/03/2017 → 2018 accounts
Christian Merckx	Director16/06/2014 → 2018 accounts

Full financial information

Source · NBB

	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	29/07/2026	16/07/2025	29/07/2024	12/06/2023	20/07/2022	22/07/2021
General meeting	30/06/2026	30/06/2025	29/06/2024	31/05/2023	30/06/2022	30/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 35 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	29/07/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	16/07/2025	Dutch	PDF
Abridged model	31/12/2023	29/06/2024	29/07/2024	Dutch	PDF
Abridged model	31/12/2022	31/05/2023	12/06/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	20/07/2022	French	PDF
Abridged model	31/12/2020	30/06/2021	22/07/2021	French	PDF
Abridged model	31/12/2019	30/06/2020	30/07/2020	French	PDF
Abridged model	31/12/2018	30/06/2019	30/07/2019	French	PDF
Abridged model	31/12/2017	30/06/2018	20/07/2018	French	PDF
Abridged model	31/12/2016	30/06/2017	14/07/2017	French	PDF
Abridged model	31/12/2015	30/06/2016	20/07/2016	French	PDF
Abridged model	31/12/2014	30/06/2015	30/07/2015	Dutch	PDF
Abridged model	31/12/2013	24/04/2014	26/05/2014	Dutch	PDF
Abridged model	31/12/2012	10/05/2013	10/06/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	06/07/2012	Dutch	PDF
Abridged model	31/12/2010	17/06/2011	08/07/2011	Dutch	PDF
Abridged model	31/12/2009	25/06/2010	12/07/2010	Dutch	PDF
Abridged model	31/12/2008	02/06/2009	19/06/2009	Dutch	PDF
Abridged model	31/12/2007	13/02/2008	25/02/2008	Dutch	PDF
Abridged model	31/12/2006	30/06/2007	12/07/2007	Dutch	PDF
Abridged model	31/12/2005	28/06/2006	26/07/2006	Dutch	PDF
Abridged model	31/12/2004	27/05/2005	13/06/2005	Dutch	PDF
Abridged model	31/12/2003	30/06/2004	29/07/2004	Dutch	PDF
Abridged model	31/12/2002	10/06/2003	23/06/2003	Dutch	PDF

View all 35 filings

Indicative valuation

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.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 7 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Karine Willems	Director16/06/2014 → 06/12/2028
Kathleen Merckx	Managing director06/12/2022 → 06/12/2028Director19/07/2018 → 2018 accountsendedMandate2022 accountsended
Kenny Christof Merckx	Managing director06/12/2022 → 06/12/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Overijse Investment Company0466.552.974Represented by Christian Merckx	Director19/07/2018 → 2018 accounts
Merckx Kenny	Director15/03/2017 → 2018 accounts
Christian Merckx	Director16/06/2014 → 2018 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Dissolution04/02/2026
Ontbinding-vereffening
PDF
Mandates18/01/2023
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Other18/01/2023
ZETELWIJZIGING-AANNEMING NIEUWE STATUTEN j
PDF
Mandates05/03/2020
NOMINATION ET DEMISSION ADMINISTRATEURS- NOMINATION
PDF
Capital / shares04/01/2019
AUGMENTATION DE CAPITAL - MODIFICATION AUX STATUTS - COORDINATION |
PDF
Mandates23/08/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates15/01/2016
DENOMINATION - SIEGE SOCIAL - OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office15/01/2016
BENAMING - MAATSCHAPPELIJKE ZETEL - DOEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

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

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Timeline

Source · CBE, NBB annual accounts

Year

Identity

Name

Registered office

Annual accounts

Filings20 filings

Mandates

Kathleen Merckx

Karine Willems

Kenny Christof Merckx

Overijse Investment Company

Merckx Kenny

Christian Merckx

Ismaël Daoud

Yves Lebbe

August Hanssens

Ria Willems

2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028

FIRST HORSES

Brusselsesteenweg 411, 3090 Overijse

Managing director

Director

Managing director

Director

Managing director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Brusselsesteenweg 411, 3090 Overijse	accounts 2022 → 2025	Accounts 2025 · 2026-00349390
Chemin Saint-Pierre 80, 1400 Nivelles	accounts 2021	Accounts 2021 · 2022-20204939

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
FIRST HORSES	accounts 2021 → 2025	Accounts 2025 · 2026-00349390

Events

2025
Annual accounts 20251,1 M €↑
2024
Annual accounts 2024-322,8 k €↑
2023
Annual accounts 2023-1,2 M €↓
2022
Annual accounts 202268,3 k €↓
2021
Annual accounts 2021134,6 k €↑
2020
Annual accounts 20203,3 k €↓
2019
Annual accounts 201942,9 k €↑
2018
Annual accounts 2018-126,9 k €↓
2017
Annual accounts 2017-49,9 k €↑
2016
Annual accounts 2016-148,1 k €↓
2015
Annual accounts 2015-1,4 k €↑
2014
Annual accounts 2014-7,4 k €↓
2013
Annual accounts 2013-373,5 €↓
2012
Annual accounts 2012895,8 €↓
2011
Annual accounts 201121,1 k €↑
2010
Annual accounts 2010-2,8 k €↑
2009
Annual accounts 2009-7,7 k €↑
2008
Annual accounts 2008-10,1 k €↓
2007
Annual accounts 200762,6 k €↑
2006
Annual accounts 2006-48,1 k €

FIRST HORSES

Overview

Identity

Financials

Board of directors

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

Timeline

Registered offices

Company names

Events