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 2023 and 2024.
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Tight liquidity NBB
Cash and receivables cover 10 % of short-term debt in 2024; threshold 65 %.
Financials
Financial year 2024
SEA-HORSE from Sint-Martens-Latem, company number BE0428334380, closed financial year 2024 with a result of € -1.1 million after tax. For that financial year SEA-HORSE recorded a gross margin of € -966,857 and equity of € 2.6 million. Compared with financial year 2023, the result moved from € -182,164 to € -1.1 million. 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 August 29, 2025.
€ 2.6 million
▼ 30% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.1 million
▼ 511 % more loss than in 2023
Profit after tax over the fiscal year.
€ 39,347
▼ 26% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -1.7 million.
People and assets in 2024
3
▲ 0.8 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 107,095
▲ 64% vs 2023
€ 35,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 4,208
▼ 39% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2024
None
No bank loans on the last day of the fiscal year.
€ 7,217
▲ € 6,464 vs 2023
Supplier invoices still open on the last day of the fiscal year.
€ 8,261
▲ 15% vs 2023
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
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| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | € 178,160 | - | - | - | |
| Gross margin | € 23,693 | € 126,308 | € -71,586 | € -966,857 | ▼ € 895,271 |
| Profit after taxes | € -79,193 | € -1,558,779 | € -182,164 | € -1,113,661 | ▼ € 931,497 |
| Equity | € 3,083,939 | € 2,869,879 | € 3,712,394 | € 2,598,733 | ▼ 30% |
| Total debts | € 677,159 | € 1,046,571 | € 688,169 | € 1,338,663 | ▲ 95% |
| Cash | € 16,802 | € 130,967 | € 53,462 | € 39,347 | ▼ 26% |
| Land & buildings | € 678,243 | € 2,039,849 | € 2,024,673 | € 2,006,437 | ▼ 1% |
| Retained profit | € 1,193,939 | € -364,840 | € -547,004 | € -1,660,666 | ▼ € 1.1 million |
| Balance sheet total | € 3,761,099 | € 3,916,451 | € 4,400,563 | € 3,937,396 | ▼ 11% |
| Employees (FTE) | 2 | 2 | 2.2 | 3 | ▲ 0.8 |
Key figures of SEA-HORSE, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to SEA-HORSE?
What happened at SEA-HORSE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2024: loss of € 1.1 million. filed late Source: NBB ↗
- WILFRIED REYNAERT became a director. NBB
- New establishment in Sint-Martens-Latem. KBO
- Start of the company according to the CBE. KBO
In short
From € 79,193 loss in 2021 to € 1.1 million loss in 2024.
Paid € 3,768 in corporate taxes since 2021.
On average € 63,200 of value added per employee in 2022.
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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
Behind SEA-HORSE is WILFRIED REYNAERT. It owns 38.8% of PRIMROSE MEDINVEST, 33% of PRIMROSE LABORATORIES and 0.6% of PRIMROSE FARMA BELGICA itself.
Directors
According to the 2024 annual accounts
WILFRIED REYNAERT
Director
Also active at: Lalemant, COMPAGNIE BELGE DE MANUTENTION, DFDS Belgium, Charterra, WR Management & Consulting
since 2023
Establishments
Establishment units
Physical locations of this company
Voldershof 17
9831 Sint-Martens-Latem
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0428.334.380
- VAT number
- BE 0428.334.380
- Registered office
- Voldershof 17, 9831 Sint-Martens-Latem
- Names & denominations
- SEA-HORSE
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 31 January 1986
- Peppol
- Active · Active since 19 Sept 2025
- Activities · NACE
Fokken en houden van paarden en andere paardachtigen
Schapen-, geiten-, paarden-, ezel-, muildieren- of muilezelhouderij