BELLANDO HORSES: 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.
BELLANDO HORSES
Largest movements
- Tangible fixed assets +€15,778
up €15,778 (+61.1%), from €25,813 to €41,591
of which Land and buildings: +€20,837
- Receivables within one year +€5,756
up €5,756 (+10.9%), from €53,010 to €58,766
of which Trade receivables: +€3,819
- Stocks and contracts -€4,500
down €4,500 (-14.3%), from €31,500 to €27,000
- Cash -€1,551
down €1,551 (-66.7%), from €2,327 to €776
mainly Net result for the year (-€30,573) and Investment in fixed assets (net) (-€23,814)
- Debts after one year +€31,053
up €31,053 (+16.0%), from €193,900 to €224,953
- Profit (loss) carried forward -€30,573
down €30,573 (-17.6%), from -€173,682 to -€204,256
- Trade debts +€25,548
up €25,548 (+44.0%), from €58,021 to €83,569
- Other debts -€13,086
no longer reported in 2025 (was €13,086)
- Advances received +€2,699
up €2,699 (+16.6%), from €16,268 to €18,967
- Gross operating margin -€38,108
down €38,108, from €17,499 to -€20,610
- Depreciation -€7,881
down €7,881 (-49.5%), from €15,917 to €8,036
- Financial charges +€215
up €215 (+330%), from €65 to €280
From the 2024 result to the 2025 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 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €113,055 | €128,636 | +€15,581 | +13.8% |
| Fixed assets | 21/28 | €25,813 | €41,591 | +€15,778 | +61.1% |
| Tangible fixed assets | 22/27 | €25,813 | €41,591 | +€15,778 | +61.1% |
| Land and buildings | 22 | €6,647 | €27,483 | +€20,837 | +313% |
| Plant, machinery and equipment | 23 | €4,895 | €3,369 | -€1,526 | -31.2% |
| Furniture and vehicles | 24 | €2,143 | €871 | -€1,272 | -59.4% |
| Other tangible fixed assets | 26 | €12,128 | €9,868 | -€2,260 | -18.6% |
| Current assets | 29/58 | €87,242 | €87,045 | -€197 | -0.2% |
| Stocks and contracts in progress | 3 | €31,500 | €27,000 | -€4,500 | -14.3% |
| Stocks | 30/36 | €31,500 | €27,000 | -€4,500 | -14.3% |
| Amounts receivable within one year | 40/41 | €53,010 | €58,766 | +€5,756 | +10.9% |
| Trade receivables | 40 | €53,001 | €56,820 | +€3,819 | +7.2% |
| Other amounts receivable | 41 | €9 | €1,946 | +€1,937 | +21,456% |
| Cash at bank and in hand | 54/58 | €2,327 | €776 | -€1,551 | -66.7% |
| Deferred charges and accrued income | 490/1 | €405 | €503 | +€98 | +24.3% |
| Total equity and liabilities | 10/49 | €113,055 | €128,636 | +€15,581 | +13.8% |
| Equity | 10/15 | -€168,682 | -€199,256 | -€30,573 | -18.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€173,682 | -€204,256 | -€30,573 | -17.6% |
| Amounts payable | 17/49 | €281,737 | €327,892 | +€46,155 | +16.4% |
| Amounts payable after more than one year | 17 | €193,900 | €224,953 | +€31,053 | +16.0% |
| Financial debts | 170/4 | €193,900 | €224,953 | +€31,053 | +16.0% |
| Amounts payable within one year | 42/48 | €87,837 | €102,939 | +€15,102 | +17.2% |
| Trade debts | 44 | €58,021 | €83,569 | +€25,548 | +44.0% |
| Suppliers | 440/4 | €58,021 | €83,569 | +€25,548 | +44.0% |
| Advances received on contracts in progress | 46 | €16,268 | €18,967 | +€2,699 | +16.6% |
| Taxes, remuneration and social security | 45 | €462 | €403 | -€60 | -12.9% |
| Taxes | 450/3 | €462 | €403 | -€60 | -12.9% |
| Other amounts payable | 47/48 | €13,086 | - | -€13,086 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,917 | €8,036 | -€7,881 | -49.5% |
| Other operating charges | 640/8 | €153 | €170 | +€17 | +11.1% |
| Non-recurring operating charges | 66A | - | €1,500 | +€1,500 | |
| Gross operating margin | 9900 | €17,499 | -€20,610 | -€38,108 | |
| Operating profit (loss) | 9901 | €1,429 | -€30,316 | -€31,745 | |
| Financial income | 75/76B | €48 | €23 | -€25 | -52.1% |
| Recurring financial income | 75 | €48 | €23 | -€25 | -52.1% |
| Financial charges | 65/66B | €65 | €280 | +€215 | +330% |
| Recurring financial charges | 65 | €65 | €280 | +€215 | +330% |
| Profit (loss) for the period before taxes | 9903 | €1,411 | -€30,573 | -€31,985 | |
| Profit (loss) for the period | 9904 | €1,411 | -€30,573 | -€31,985 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,411 | -€30,573 | -€31,985 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.