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)
  • 119
  • 144
  • 200
  • 201
Signals
ProfitablePositive cashflowPositive EBITDA

Financials

Source · NBB, 35 filings

Trend over 20 financial years

20252024202320222021
Income statement
Gross margin845,5 k €-751,1 k €-429,9 k €146,8 k €211,6 k €
EBITDA837,8 k €-753,7 k €-434,8 k €91,5 k €183,6 k €
Operating result1,1 M €-304,2 k €-1,1 M €86,2 k €174,6 k €
Net result1,1 M €-322,8 k €-1,2 M €68,3 k €134,6 k €
Balance sheet
Equity-158 k €-1,2 M €-894,8 k €269,8 k €201,5 k €
Total assets2,6 k €1 M €1,2 M €2,1 M €1,9 M €
Cash2,6 k €9,1 k €6,6 k €130,4 k €5,8 k €
Debts160,6 k €2,3 M €2,1 M €1,9 M €1,7 M €
Other
Workforce0,0 ETP0,0 ETP0,0 ETP2,4 ETP1,3 ETP

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 26 ended

Active mandates

Karine Willems

Director · since 06 décembre 2022 · until 06 décembre 2028

Active
Kathleen Merckx

Managing director · since 06 décembre 2022 · until 06 décembre 2028

Active
Kenny Christof Merckx

Managing director · since 06 décembre 2022 · until 06 décembre 2028

Active

Ended mandates

Karine Willems

Director · since 01 juillet 2019 · until 09 mai 2025

Ended
Kathleen Merckx

Director · since 19 juillet 2018 · until 10 mai 2024

Ended
Overijse Investment Company

Director · since 19 juillet 2018 · until 10 mai 2024 · 0466.552.974

Represented by Christian Merckx

Ended
Merckx Kenny

Director · since 15 mars 2017 · until 13 mai 2022

Ended

Full financial information

Source · NBB
202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date29/07/202616/07/202529/07/202412/06/202320/07/202222/07/2021
General meeting30/06/202630/06/202529/06/202431/05/202330/06/202230/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 35 filings
ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202530/06/202629/07/2026DutchPDF
Abridged model31/12/202430/06/202516/07/2025DutchPDF
Abridged model31/12/202329/06/202429/07/2024DutchPDF
Abridged model31/12/202231/05/202312/06/2023DutchPDF
Abridged model31/12/202130/06/202220/07/2022FrenchPDF
Abridged model31/12/202030/06/202122/07/2021FrenchPDF
Abridged model31/12/201930/06/202030/07/2020FrenchPDF
Abridged model31/12/201830/06/201930/07/2019FrenchPDF
Abridged model31/12/201730/06/201820/07/2018FrenchPDF
Abridged model31/12/201630/06/201714/07/2017FrenchPDF
Abridged model31/12/201530/06/201620/07/2016FrenchPDF
Abridged model31/12/201430/06/201530/07/2015DutchPDF
Abridged model31/12/201324/04/201426/05/2014DutchPDF
Abridged model31/12/201210/05/201310/06/2013DutchPDF
Abridged model31/12/201130/06/201206/07/2012DutchPDF
Abridged model31/12/201017/06/201108/07/2011DutchPDF
Abridged model31/12/200925/06/201012/07/2010DutchPDF
Abridged model31/12/200802/06/200919/06/2009DutchPDF
Abridged model31/12/200713/02/200825/02/2008DutchPDF
Abridged model31/12/200630/06/200712/07/2007DutchPDF
Abridged model31/12/200528/06/200626/07/2006DutchPDF
Abridged model31/12/200427/05/200513/06/2005DutchPDF
Abridged model31/12/200330/06/200429/07/2004DutchPDF
Abridged model31/12/200210/06/200323/06/2003DutchPDF
Abridged model31/12/200110/06/200203/07/2002DutchPDF
Abridged model31/12/200008/06/200113/06/2001DutchPDF
Abridged model31/12/199930/06/200025/07/2000DutchPDF
Abridged model31/12/199814/05/199909/07/1999DutchPDF
Abridged model31/12/199716/06/199822/06/1998Dutch—
Abridged model31/12/199609/05/199709/06/1997Dutch—
Abridged model31/12/199510/05/199605/06/1996Dutch—
Abridged model31/12/199412/05/199512/06/1995Dutch—
Abridged model31/12/199313/05/199409/06/1994Dutch—
Abridged model31/12/199204/06/199330/06/1993Dutch—
Abridged model31/12/199110/05/199210/06/1992Dutch—

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 · 26 ended

Active mandates

Karine Willems

Director · since 06 décembre 2022 · until 06 décembre 2028

Active
Kathleen Merckx

Managing director · since 06 décembre 2022 · until 06 décembre 2028

Active
Kenny Christof Merckx

Managing director · since 06 décembre 2022 · until 06 décembre 2028

Active

Ended mandates

Karine Willems

Director · since 01 juillet 2019 · until 09 mai 2025

Ended
Kathleen Merckx

Director · since 19 juillet 2018 · until 10 mai 2024

Ended
Overijse Investment Company

Director · since 19 juillet 2018 · until 10 mai 2024 · 0466.552.974

Represented by Christian Merckx

Ended
Merckx Kenny

Director · since 15 mars 2017 · until 13 mai 2022

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Dissolution04/02/2026
    RUBRIEK EINDE (STOPZETTING, INTREKKING STOPZETTING, NIETIGHEID, GER. AK., GERECHTELIJKE REORGANISATIE, ENZ...
    PDF
  • Mandates18/01/2023
    SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates18/01/2023
    ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Mandates05/03/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares04/01/2019
    CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    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

Similar companies

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

See the Business plan

Timeline

  1. 2025
    Annual accounts 20251,1 M €↑
  2. 2024
    Annual accounts 2024-322,8 k €↑
  3. 2023
    Annual accounts 2023-1,2 M €↓
  4. 2022
    Annual accounts 202268,3 k €↓
  5. 2021
    Annual accounts 2021134,6 k €↑
  6. 2020
    Annual accounts 20203,3 k €↓
  7. 2019
    Annual accounts 201942,9 k €↑
  8. 2018
    Annual accounts 2018-126,9 k €↓
  9. 2017
    Annual accounts 2017-49,9 k €↑
  10. 2016
    Annual accounts 2016-148,1 k €↓
  11. 2015
    Annual accounts 2015-1,4 k €↑
  12. 2014
    Annual accounts 2014-7,4 k €↓
  13. 2013
    Annual accounts 2013-373,5 €↓
  14. 2012
    Annual accounts 2012895,8 €↓
  15. 2011
    Annual accounts 201121,1 k €↑
  16. 2010
    Annual accounts 2010-2,8 k €↑
  17. 2009
    Annual accounts 2009-7,7 k €↑
  18. 2008
    Annual accounts 2008-10,1 k €↓
  19. 2007
    Annual accounts 200762,6 k €↑
  20. 2006
    Annual accounts 2006-48,1 k €