AD SPORTHORSES: what changed
AD SPORTHORSES
Largest movements
- Receivables within one year +€13,104
up €13,104 (+12.8%), from €102,188 to €115,292
of which Trade receivables: +€13,224
- Tangible fixed assets -€8,186
down €8,186 (-12.6%), from €65,165 to €56,980
of which Furniture and vehicles: -€6,836
- Stocks and contracts -€2,398
down €2,398 (-20.2%), from €11,858 to €9,460
- Debts after one year -€18,892
down €18,892 (-27.3%), from €69,260 to €50,369
- Trade debts +€17,682
up €17,682 (+28.5%), from €62,039 to €79,721
- Profit (loss) carried forward +€13,055
up €13,055 (+95.2%), from €13,713 to €26,768
- Tax, wage and social debts -€10,521
down €10,521 (-25.7%), from €40,948 to €30,426
of which Taxes: -€12,254
- Gross operating margin +€22,302
up €22,302 (+15.4%), from €145,227 to €167,530
- Staff costs +€9,155
up €9,155 (+8.1%), from €112,866 to €122,021
- Depreciation -€7,648
down €7,648 (-30.4%), from €25,153 to €17,505
- Financial charges +€5,272
up €5,272 (+182%), from €2,889 to €8,162
- Taxes +€2,970
up €2,970 (+232%), from €1,283 to €4,253
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €208,087 | €209,273 | +€1,186 | +0.6% |
| Fixed assets | 21/28 | €66,965 | €58,780 | -€8,186 | -12.2% |
| Tangible fixed assets | 22/27 | €65,165 | €56,980 | -€8,186 | -12.6% |
| Plant, machinery and equipment | 23 | €4,805 | €3,455 | -€1,350 | -28.1% |
| Furniture and vehicles | 24 | €60,360 | €53,525 | -€6,836 | -11.3% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €141,122 | €150,494 | +€9,372 | +6.6% |
| Stocks and contracts in progress | 3 | €11,858 | €9,460 | -€2,398 | -20.2% |
| Stocks | 30/36 | €11,858 | €9,460 | -€2,398 | -20.2% |
| Amounts receivable within one year | 40/41 | €102,188 | €115,292 | +€13,104 | +12.8% |
| Trade receivables | 40 | €102,068 | €115,292 | +€13,224 | +13.0% |
| Other amounts receivable | 41 | €120 | - | -€120 | |
| Cash at bank and in hand | 54/58 | €25,918 | €25,111 | -€807 | -3.1% |
| Deferred charges and accrued income | 490/1 | €1,158 | €631 | -€527 | -45.5% |
| Total equity and liabilities | 10/49 | €208,087 | €209,273 | +€1,186 | +0.6% |
| Equity | 10/15 | €16,713 | €29,768 | +€13,055 | +78.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,713 | €26,768 | +€13,055 | +95.2% |
| Amounts payable | 17/49 | €191,375 | €179,506 | -€11,869 | -6.2% |
| Amounts payable after more than one year | 17 | €69,260 | €50,369 | -€18,892 | -27.3% |
| Financial debts | 170/4 | €69,260 | €50,369 | -€18,892 | -27.3% |
| Amounts payable within one year | 42/48 | €122,115 | €129,137 | +€7,023 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €18,339 | €18,892 | +€552 | +3.0% |
| Trade debts | 44 | €62,039 | €79,721 | +€17,682 | +28.5% |
| Suppliers | 440/4 | €62,039 | €79,721 | +€17,682 | +28.5% |
| Taxes, remuneration and social security | 45 | €40,948 | €30,426 | -€10,521 | -25.7% |
| Taxes | 450/3 | €28,797 | €16,543 | -€12,254 | -42.6% |
| Remuneration and social security | 454/9 | €12,151 | €13,883 | +€1,732 | +14.3% |
| Other amounts payable | 47/48 | €788 | €98 | -€690 | -87.6% |
| Remuneration, social security and pensions | 62 | €112,866 | €122,021 | +€9,155 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,153 | €17,505 | -€7,648 | -30.4% |
| Other operating charges | 640/8 | €3,183 | €2,847 | -€336 | -10.5% |
| Gross operating margin | 9900 | €145,227 | €167,530 | +€22,302 | +15.4% |
| Operating profit (loss) | 9901 | €4,025 | €25,156 | +€21,131 | +525% |
| Financial income | 75/76B | €100 | €314 | +€214 | +214% |
| Recurring financial income | 75 | €100 | €314 | +€214 | +214% |
| Financial charges | 65/66B | €2,889 | €8,162 | +€5,272 | +182% |
| Recurring financial charges | 65 | €2,889 | €8,162 | +€5,272 | +182% |
| Profit (loss) for the period before taxes | 9903 | €1,236 | €17,308 | +€16,072 | +1,301% |
| Income taxes | 67/77 | €1,283 | €4,253 | +€2,970 | +232% |
| Profit (loss) for the period | 9904 | -€47 | €13,055 | +€13,102 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47 | €13,055 | +€13,102 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.