Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 45 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Stud 111 from Zandhoven, company number BE0413751124, closed financial year 2025 with a result of € -395,356 after tax. For that financial year Stud 111 recorded a gross margin of € 192,950 and equity of € 5.3 million. Compared with financial year 2024, the result moved from € -54,711 to € -395,356. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 27, 2026.
€ 5.3 million
▼ 7% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -395,356
▼ 623 % more loss than in 2024
Profit after tax over the fiscal year.
€ 35,314
▼ 72% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -1.5 million.
People and assets in 2025
0
▼ 9.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 361,329
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 283,120
▼ 12% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.6 million
▲ 35% vs 2024
€ 42,500 is repaid this year. At this pace the long-term loan is gone in ≈ 37 years.
€ 254,178
▼ 37% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 29,928
▲ 8% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 154,370 | € 198,878 | € 538,226 | € 192,950 | ▼ 64% |
| Profit after taxes | € -309,778 | € -305,131 | € -54,711 | € -395,356 | ▼ € 340,645 |
| Equity | € 5,541,309 | € 5,761,178 | € 5,706,467 | € 5,311,110 | ▼ 7% |
| Total debts | € 1,311,905 | € 1,591,686 | € 1,681,600 | € 2,271,632 | ▲ 35% |
| Cash | € 29,301 | € 41,460 | € 128,312 | € 35,314 | ▼ 72% |
| Land & buildings | € 306,164 | € 755,728 | € 879,242 | € 908,448 | ▲ 3% |
| Retained profit | € -783,691 | € -1,088,822 | € -1,143,533 | € -1,538,890 | ▼ € 395,356 |
| Bank debt | € 1,073,555 | € 1,396,245 | € 1,170,414 | € 1,580,295 | ▲ 35% |
| Balance sheet total | € 6,853,214 | € 7,352,864 | € 7,388,066 | € 7,582,742 | ▲ 3% |
| Employees (FTE) | 8.4 | 8.4 | 9.3 | 0 | ▼ 9.3 |
Key figures of Stud 111, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Stud 111?
What happened at Stud 111 in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Victor Theeuwes stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 395,356. Source: NBB ↗
- Victor Theeuwes became a director. NBB
- New establishment in Zandhoven. KBO
- Start of the company according to the CBE. KBO
In short
From € 309,778 loss in 2022 to € 395,356 loss in 2025.
On average € 57,900 of value added per employee in 2024.
A new publication or filing at Stud 111? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of VITHECO comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Stud 111The shares are held by VITHECO (100%).
Establishments
Establishment units
Physical locations of this company
Vierselbaan 111
2240 Zandhoven
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0413.751.124
- VAT number
- BE 0413.751.124
- Registered office
- Vierselbaan 111, 2240 Zandhoven
- Names & denominations
- Stud 111 · Stal Harrie Theeuwes
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 12 November 1973
- Peppol
- Active · Active since 31 Dec 2025
- Activities · NACE
Groothandel in levend vee
Groothandel in levende dieren
Fokken en houden van paarden en andere paardachtigen
Vervaardiging van veevoeders
Schapen-, geiten-, paarden-, ezel-, muildieren- of muilezelhouderij