CITYHORSE: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
CITYHORSE
Largest movements
- Tangible fixed assets +€82,119
up €82,119 (+76.5%), from €107,339 to €189,458
of which Leasing and similar rights: +€143,219
- Cash -€18,891
down €18,891 (-86.7%), from €21,798 to €2,907
mainly Investment in fixed assets (net) (-€109,291) and Other debts (-€47,245)
- Stocks and contracts +€12,153
up €12,153 (+10.4%), from €116,300 to €128,453
- Debts after one year +€76,268
up €76,268 (+85.8%), from €88,848 to €165,116
- Other debts -€47,245
no longer reported in 2025 (was €47,245)
- Current portion of long-term debt +€28,197
up €28,197 (+112%), from €25,085 to €53,282
- Trade debts +€17,344
up €17,344 (+142%), from €12,194 to €29,538
- Tax, wage and social debts -€9,164
down €9,164 (-47.0%), from €19,478 to €10,314
- Depreciation -€8,744
down €8,744 (-24.3%), from €35,916 to €27,172
- Gross operating margin -€7,245
down €7,245 (-11.1%), from €65,395 to €58,150
- Financial charges +€3,125
up €3,125 (+49.7%), from €6,282 to €9,407
- Other operating charges +€2,426
up €2,426 (+54.1%), from €4,484 to €6,910
- Taxes +€1,989
up €1,989 (+29.1%), from €6,832 to €8,821
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 | €289,474 | €360,713 | +€71,239 | +24.6% |
| Fixed assets | 21/28 | €107,339 | €189,458 | +€82,119 | +76.5% |
| Tangible fixed assets | 22/27 | €107,339 | €189,458 | +€82,119 | +76.5% |
| Plant, machinery and equipment | 23 | €19,640 | €22,013 | +€2,373 | +12.1% |
| Furniture and vehicles | 24 | €62,765 | €3,061 | -€59,704 | -95.1% |
| Leasing and similar rights | 25 | €8,400 | €151,619 | +€143,219 | +1,705% |
| Other tangible fixed assets | 26 | €16,534 | €12,765 | -€3,769 | -22.8% |
| Current assets | 29/58 | €182,135 | €171,255 | -€10,880 | -6.0% |
| Stocks and contracts in progress | 3 | €116,300 | €128,453 | +€12,153 | +10.4% |
| Stocks | 30/36 | €116,300 | €128,453 | +€12,153 | +10.4% |
| Amounts receivable within one year | 40/41 | €42,436 | €39,895 | -€2,541 | -6.0% |
| Trade receivables | 40 | €41,831 | €38,970 | -€2,861 | -6.8% |
| Other amounts receivable | 41 | €605 | €925 | +€320 | +52.9% |
| Cash at bank and in hand | 54/58 | €21,798 | €2,907 | -€18,891 | -86.7% |
| Deferred charges and accrued income | 490/1 | €1,601 | - | -€1,601 | |
| Total equity and liabilities | 10/49 | €289,474 | €360,713 | +€71,239 | +24.6% |
| Equity | 10/15 | €96,624 | €102,463 | +€5,839 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,024 | €78,023 | -€1 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €76,164 | €76,163 | -€1 | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,840 | +€5,840 | |
| Amounts payable | 17/49 | €192,850 | €258,250 | +€65,400 | +33.9% |
| Amounts payable after more than one year | 17 | €88,848 | €165,116 | +€76,268 | +85.8% |
| Financial debts | 170/4 | €88,848 | €165,116 | +€76,268 | +85.8% |
| Amounts payable within one year | 42/48 | €104,002 | €93,134 | -€10,868 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €25,085 | €53,282 | +€28,197 | +112% |
| Trade debts | 44 | €12,194 | €29,538 | +€17,344 | +142% |
| Suppliers | 440/4 | €12,194 | €29,538 | +€17,344 | +142% |
| Taxes, remuneration and social security | 45 | €19,478 | €10,314 | -€9,164 | -47.0% |
| Taxes | 450/3 | €19,478 | €10,314 | -€9,164 | -47.0% |
| Other amounts payable | 47/48 | €47,245 | - | -€47,245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,916 | €27,172 | -€8,744 | -24.3% |
| Other operating charges | 640/8 | €4,484 | €6,910 | +€2,426 | +54.1% |
| Gross operating margin | 9900 | €65,395 | €58,150 | -€7,245 | -11.1% |
| Operating profit (loss) | 9901 | €24,995 | €24,068 | -€927 | -3.7% |
| Financial charges | 65/66B | €6,282 | €9,407 | +€3,125 | +49.7% |
| Recurring financial charges | 65 | €6,282 | €9,407 | +€3,125 | +49.7% |
| Profit (loss) for the period before taxes | 9903 | €18,713 | €14,661 | -€4,052 | -21.7% |
| Income taxes | 67/77 | €6,832 | €8,821 | +€1,989 | +29.1% |
| Profit (loss) for the period | 9904 | €11,881 | €5,840 | -€6,041 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,881 | €5,840 | -€6,041 | -50.8% |
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 1 November 2026 via checked.be.