CDM HORSES: what changed
Two fiscal 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.
CDM HORSES
Largest movements
- Stocks and contracts +€257,750
new in 2025: €257,750
- Cash +€51,002
up €51,002 (+458.4%), from €11,127 to €62,129
mainly Other debts (+€694,255) and Depreciation (+€31,652)
- Tangible fixed assets +€18,852
up €18,852 (+10.0%), from €188,540 to €207,391
of which Furniture and vehicles: +€46,884
- Receivables within one year +€15,915
up €15,915 (+213.4%), from €7,457 to €23,372
of which Other amounts receivable: +€15,088
- Other debts +€694,255
up €694,255 (+271.6%), from €255,651 to €949,906
- Profit (loss) carried forward -€317,377
down €317,377 (-339.5%), from -€93,474 to -€410,851
- Trade debts -€34,318
down €34,318 (-79.3%), from €43,274 to €8,955
- Gross operating margin -€198,856
down €198,856 (-250.3%), from -€79,431 to -€278,288
- Depreciation +€18,158
up €18,158 (+134.6%), from €13,494 to €31,652
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.
Cash bridge derived
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 | €211,451 | €554,011 | +€342,560 | +162.0% |
| Formation expenses | 20 | €544 | - | -€544 | |
| Fixed assets | 21/28 | €191,494 | €210,046 | +€18,552 | +9.7% |
| Intangible fixed assets | 21 | €2,954 | €2,654 | -€300 | -10.2% |
| Tangible fixed assets | 22/27 | €188,540 | €207,391 | +€18,852 | +10.0% |
| Furniture and vehicles | 24 | €64,714 | €111,598 | +€46,884 | +72.4% |
| Other tangible fixed assets | 26 | €123,826 | €95,794 | -€28,032 | -22.6% |
| Current assets | 29/58 | €19,413 | €343,965 | +€324,552 | +1671.8% |
| Stocks and contracts in progress | 3 | - | €257,750 | +€257,750 | |
| Stocks | 30/36 | - | €257,750 | +€257,750 | |
| Amounts receivable within one year | 40/41 | €7,457 | €23,372 | +€15,915 | +213.4% |
| Trade receivables | 40 | €1,469 | €2,297 | +€828 | +56.3% |
| Other amounts receivable | 41 | €5,988 | €21,076 | +€15,088 | +252.0% |
| Cash at bank and in hand | 54/58 | €11,127 | €62,129 | +€51,002 | +458.4% |
| Deferred charges and accrued income | 490/1 | €829 | €714 | -€115 | -13.9% |
| Total equity and liabilities | 10/49 | €211,451 | €554,011 | +€342,560 | +162.0% |
| Equity | 10/15 | -€87,474 | -€404,851 | -€317,377 | -362.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,474 | -€410,851 | -€317,377 | -339.5% |
| Amounts payable | 17/49 | €298,925 | €958,862 | +€659,937 | +220.8% |
| Amounts payable within one year | 42/48 | €298,925 | €958,862 | +€659,937 | +220.8% |
| Trade debts | 44 | €43,274 | €8,955 | -€34,318 | -79.3% |
| Suppliers | 440/4 | €43,274 | €8,955 | -€34,318 | -79.3% |
| Other amounts payable | 47/48 | €255,651 | €949,906 | +€694,255 | +271.6% |
| Non-recurring operating income | 76A | - | €2,404 | +€2,404 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,494 | €31,652 | +€18,158 | +134.6% |
| Other operating charges | 640/8 | €474 | €610 | +€136 | +28.8% |
| Non-recurring operating charges | 66A | - | €6,742 | +€6,742 | |
| Gross operating margin | 9900 | -€79,431 | -€278,288 | -€198,856 | -250.3% |
| Operating profit (loss) | 9901 | -€93,400 | -€317,292 | -€223,893 | -239.7% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €77 | €85 | +€8 | +10.4% |
| Recurring financial charges | 65 | €77 | €85 | +€8 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | -€93,474 | -€317,377 | -€223,903 | -239.5% |
| Profit (loss) for the period | 9904 | -€93,474 | -€317,377 | -€223,903 | -239.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,474 | -€317,377 | -€223,903 | -239.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.