CSF HORSE TRADING: what changed
CSF HORSE TRADING
Largest movements
- Receivables within one year -€110,443
down €110,443 (-79.2%), from €139,453 to €29,010
of which Trade receivables: -€102,535
- Cash +€103,965
up €103,965 (+73.8%), from €140,807 to €244,772
mainly Receivables within one year (+€110,443) and Tax, wage and social debts (+€28,615)
- Stocks and contracts +€22,744
up €22,744 (+17.6%), from €128,985 to €151,729
- Tangible fixed assets +€16,719
up €16,719 (+55.2%), from €30,300 to €47,019
of which Plant, machinery and equipment: +€14,793
- Tax, wage and social debts +€28,615
up €28,615 (+26.1%), from €109,571 to €138,186
of which Taxes: +€24,586
- Trade debts +€13,769
up €13,769 (+76.0%), from €18,127 to €31,896
- Other debts -€12,624
down €12,624 (-31.5%), from €40,019 to €27,395
- Gross operating margin -€270,163
down €270,163 (-76.1%), from €355,152 to €84,990
- Taxes -€99,665
down €99,665 (-98.9%), from €100,763 to €1,098
- Staff costs +€19,857
up €19,857 (+38.1%), from €52,119 to €71,976
- Depreciation +€3,807
up €3,807 (+340%), from €1,121 to €4,927
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 | €443,152 | €476,171 | +€33,019 | +7.5% |
| Fixed assets | 21/28 | €30,660 | €47,379 | +€16,719 | +54.5% |
| Tangible fixed assets | 22/27 | €30,300 | €47,019 | +€16,719 | +55.2% |
| Plant, machinery and equipment | 23 | - | €14,793 | +€14,793 | |
| Furniture and vehicles | 24 | €2,805 | €1,750 | -€1,055 | -37.6% |
| Other tangible fixed assets | 26 | €27,495 | €30,476 | +€2,981 | +10.8% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €412,493 | €428,792 | +€16,299 | +4.0% |
| Stocks and contracts in progress | 3 | €128,985 | €151,729 | +€22,744 | +17.6% |
| Stocks | 30/36 | €128,985 | €151,729 | +€22,744 | +17.6% |
| Amounts receivable within one year | 40/41 | €139,453 | €29,010 | -€110,443 | -79.2% |
| Trade receivables | 40 | €131,165 | €28,630 | -€102,535 | -78.2% |
| Other amounts receivable | 41 | €8,288 | €380 | -€7,908 | -95.4% |
| Cash at bank and in hand | 54/58 | €140,807 | €244,772 | +€103,965 | +73.8% |
| Deferred charges and accrued income | 490/1 | €3,248 | €3,282 | +€34 | +1.0% |
| Total equity and liabilities | 10/49 | €443,152 | €476,171 | +€33,019 | +7.5% |
| Equity | 10/15 | €266,435 | €269,694 | +€3,258 | +1.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €198,114 | €198,114 | = | 0.0% |
| Distributable reserves | 133 | €198,114 | €198,114 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,322 | €68,580 | +€3,258 | +5.0% |
| Amounts payable | 17/49 | €176,717 | €206,477 | +€29,760 | +16.8% |
| Amounts payable within one year | 42/48 | €167,717 | €197,477 | +€29,760 | +17.7% |
| Trade debts | 44 | €18,127 | €31,896 | +€13,769 | +76.0% |
| Suppliers | 440/4 | €18,127 | €31,896 | +€13,769 | +76.0% |
| Taxes, remuneration and social security | 45 | €109,571 | €138,186 | +€28,615 | +26.1% |
| Taxes | 450/3 | €101,001 | €125,587 | +€24,586 | +24.3% |
| Remuneration and social security | 454/9 | €8,570 | €12,599 | +€4,029 | +47.0% |
| Other amounts payable | 47/48 | €40,019 | €27,395 | -€12,624 | -31.5% |
| Accrued charges and deferred income | 492/3 | €9,000 | €9,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €52,119 | €71,976 | +€19,857 | +38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,121 | €4,927 | +€3,807 | +340% |
| Other operating charges | 640/8 | €2,464 | €3,653 | +€1,189 | +48.3% |
| Gross operating margin | 9900 | €355,152 | €84,990 | -€270,163 | -76.1% |
| Operating profit (loss) | 9901 | €299,449 | €4,434 | -€295,016 | -98.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +200% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +200% |
| Financial charges | 65/66B | €573 | €77 | -€496 | -86.5% |
| Recurring financial charges | 65 | €573 | €77 | -€496 | -86.5% |
| Profit (loss) for the period before taxes | 9903 | €298,876 | €4,356 | -€294,520 | -98.5% |
| Income taxes | 67/77 | €100,763 | €1,098 | -€99,665 | -98.9% |
| Profit (loss) for the period | 9904 | €198,114 | €3,258 | -€194,855 | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €198,114 | €3,258 | -€194,855 | -98.4% |
Next steps
Calculation and sources
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 2 November 2026 via checked.be.