BVM-HORSE PROJECTS: 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.
BVM-HORSE PROJECTS
Largest movements
- Receivables within one year -€23,586
no longer reported in 2025 (was €23,586)
of which Trade receivables: -€23,481
- Cash -€476
no longer reported in 2025 (was €476)
mainly Net result for the year (-€24,900)
- Profit (loss) carried forward -€24,900
down €24,900 (-17.6%), from -€141,636 to -€166,537
- Other debts +€500
up €500 (+0.4%), from €123,128 to €123,628
- Financial charges -€89,228
down €89,228 (-98.3%), from €90,817 to €1,589
of which Non-recurring financial charges: -€88,817
- Other operating charges +€23,483
up €23,483 (+23,942%), from €98 to €23,581
- Gross operating margin +€1,854
up €1,854, from -€1,585 to €269
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 | €24,062 | - | -€24,062 | |
| Current assets | 29/58 | €24,062 | - | -€24,062 | |
| Amounts receivable within one year | 40/41 | €23,586 | - | -€23,586 | |
| Trade receivables | 40 | €23,481 | - | -€23,481 | |
| Other amounts receivable | 41 | €105 | - | -€105 | |
| Cash at bank and in hand | 54/58 | €476 | - | -€476 | |
| Total equity and liabilities | 10/49 | €24,062 | - | -€24,062 | |
| Equity | 10/15 | -€129,067 | -€153,967 | -€24,900 | -19.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €170 | €170 | = | 0.0% |
| Non-distributable reserves | 130/1 | €170 | €170 | = | 0.0% |
| Reserves not available under the articles | 1311 | €170 | €170 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,636 | -€166,537 | -€24,900 | -17.6% |
| Amounts payable | 17/49 | €153,128 | €153,967 | +€839 | +0.5% |
| Amounts payable within one year | 42/48 | €153,128 | €153,967 | +€839 | +0.5% |
| Financial debts | 43 | €30,000 | €30,099 | +€99 | +0.3% |
| Credit institutions | 430/8 | €30,000 | €30,099 | +€99 | +0.3% |
| Trade debts | 44 | - | €100 | +€100 | |
| Suppliers | 440/4 | - | €100 | +€100 | |
| Taxes, remuneration and social security | 45 | - | €141 | +€141 | |
| Taxes | 450/3 | - | €141 | +€141 | |
| Other amounts payable | 47/48 | €123,128 | €123,628 | +€500 | +0.4% |
| Other operating charges | 640/8 | €98 | €23,581 | +€23,483 | +23,942% |
| Gross operating margin | 9900 | -€1,585 | €269 | +€1,854 | |
| Operating profit (loss) | 9901 | -€1,683 | -€23,311 | -€21,628 | -1,285% |
| Financial charges | 65/66B | €90,817 | €1,589 | -€89,228 | -98.3% |
| Recurring financial charges | 65 | €2,000 | €1,589 | -€411 | -20.6% |
| Non-recurring financial charges | 66B | €88,817 | - | -€88,817 | |
| Profit (loss) for the period before taxes | 9903 | -€92,501 | -€24,900 | +€67,600 | +73.1% |
| Profit (loss) for the period | 9904 | -€92,501 | -€24,900 | +€67,600 | +73.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,501 | -€24,900 | +€67,600 | +73.1% |
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 24 October 2026 via checked.be.