BD Horse: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BD Horse
Largest movements
- Tangible fixed assets +€66,595
up €66,595 (+157%), from €42,374 to €108,969
- Cash +€34,421
up €34,421 (+26.5%), from €129,812 to €164,233
mainly Current portion of long-term debt (+€57,105) and Trade debts (+€34,708)
- Receivables within one year +€15,295
up €15,295 (+56.2%), from €27,200 to €42,495
of which Trade receivables: +€15,960
- Deferred charges and accrued income +€14,662
up €14,662 (+298%), from €4,916 to €19,578
- Current portion of long-term debt +€57,105
new in 2026: €57,105
- Trade debts +€34,708
new in 2026: €34,708
- Accrued charges and deferred income +€31,474
up €31,474 (+676%), from €4,656 to €36,130
- Profit (loss) carried forward +€21,493
up €21,493 (+3.5%), from €615,060 to €636,553
- Debts after one year -€15,963
down €15,963 (-9.1%), from €174,607 to €158,644
- Financial charges +€13,740
up €13,740 (+1,766%), from €778 to €14,518
- Other operating charges +€10,179
up €10,179 (+149%), from €6,809 to €16,988
- Depreciation +€7,735
up €7,735 (+1,045%), from €740 to €8,475
- Taxes -€7,298
down €7,298 (-37.9%), from €19,255 to €11,957
- Gross operating margin -€5,650
down €5,650 (-7.1%), from €79,126 to €73,476
From the 2025 result to the 2026 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €846,583 | €967,900 | +€121,317 | +14.3% |
| Fixed assets | 21/28 | €292,374 | €358,969 | +€66,595 | +22.8% |
| Tangible fixed assets | 22/27 | €42,374 | €108,969 | +€66,595 | +157% |
| Furniture and vehicles | 24 | €42,374 | €108,969 | +€66,595 | +157% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €554,209 | €608,931 | +€54,722 | +9.9% |
| Stocks and contracts in progress | 3 | €392,281 | €382,625 | -€9,656 | -2.5% |
| Stocks | 30/36 | €392,281 | €382,625 | -€9,656 | -2.5% |
| Amounts receivable within one year | 40/41 | €27,200 | €42,495 | +€15,295 | +56.2% |
| Trade receivables | 40 | €12,431 | €28,391 | +€15,960 | +128% |
| Other amounts receivable | 41 | €14,769 | €14,104 | -€665 | -4.5% |
| Cash at bank and in hand | 54/58 | €129,812 | €164,233 | +€34,421 | +26.5% |
| Deferred charges and accrued income | 490/1 | €4,916 | €19,578 | +€14,662 | +298% |
| Total equity and liabilities | 10/49 | €846,583 | €967,900 | +€121,317 | +14.3% |
| Equity | 10/15 | €629,320 | €650,813 | +€21,493 | +3.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €615,060 | €636,553 | +€21,493 | +3.5% |
| Amounts payable | 17/49 | €217,263 | €317,087 | +€99,824 | +45.9% |
| Amounts payable after more than one year | 17 | €174,607 | €158,644 | -€15,963 | -9.1% |
| Financial debts | 170/4 | €174,607 | €158,644 | -€15,963 | -9.1% |
| Amounts payable within one year | 42/48 | €38,000 | €122,313 | +€84,313 | +222% |
| Current portion of amounts payable after more than one year | 42 | - | €57,105 | +€57,105 | |
| Trade debts | 44 | - | €34,708 | +€34,708 | |
| Suppliers | 440/4 | - | €34,708 | +€34,708 | |
| Taxes, remuneration and social security | 45 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Taxes | 450/3 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Other amounts payable | 47/48 | €23,000 | €23,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,656 | €36,130 | +€31,474 | +676% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €740 | €8,475 | +€7,735 | +1,045% |
| Other operating charges | 640/8 | €6,809 | €16,988 | +€10,179 | +149% |
| Non-recurring operating charges | 66A | - | €45 | +€45 | |
| Gross operating margin | 9900 | €79,126 | €73,476 | -€5,650 | -7.1% |
| Operating profit (loss) | 9901 | €71,577 | €47,968 | -€23,609 | -33.0% |
| Financial income | 75/76B | €307 | - | -€307 | |
| Recurring financial income | 75 | €169 | - | -€169 | |
| Non-recurring financial income | 76B | €138 | - | -€138 | |
| Financial charges | 65/66B | €778 | €14,518 | +€13,740 | +1,766% |
| Recurring financial charges | 65 | €778 | €14,518 | +€13,740 | +1,766% |
| Profit (loss) for the period before taxes | 9903 | €71,106 | €33,450 | -€37,656 | -53.0% |
| Income taxes | 67/77 | €19,255 | €11,957 | -€7,298 | -37.9% |
| Profit (loss) for the period | 9904 | €51,851 | €21,493 | -€30,358 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,851 | €21,493 | -€30,358 | -58.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.