Darwin Equestrian: 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.
Darwin Equestrian
Largest movements
- Tangible fixed assets +€3.1m
up €3.1m (+22.1%), from €14.0m to €17.1m
of which Land and buildings: +€2.9m
- Cash +€574,857
up €574,857 (+135%), from €425,374 to €1.0m
mainly Contributions, distributions and other (+€3.5m) and Other debts (+€1.4m)
- Receivables within one year +€551,442
up €551,442 (+914%), from €60,345 to €611,787
of which Other amounts receivable: +€499,649
- Contributions +€3.5m
up €3.5m (+23.3%), from €15.0m to €18.5m
- Other debts +€1.4m
new in 2025: €1.4m
- Profit (loss) carried forward -€558,243
down €558,243 (-102%), from -€545,613 to -€1.1m
- Gross operating margin +€239,927
up €239,927 (+64.2%), from -€373,625 to -€133,698
- Staff costs +€123,741
up €123,741 (+158%), from €78,249 to €201,990
- Depreciation +€119,391
up €119,391 (+157%), from €76,153 to €195,544
- Other operating charges +€13,671
up €13,671 (+167%), from €8,186 to €21,856
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 | €14,484,517 | €18,778,042 | +€4.3m | +29.6% |
| Fixed assets | 21/28 | €13,978,579 | €17,061,675 | +€3.1m | +22.1% |
| Tangible fixed assets | 22/27 | €13,978,579 | €17,061,675 | +€3.1m | +22.1% |
| Land and buildings | 22 | €13,821,453 | €16,747,770 | +€2.9m | +21.2% |
| Plant, machinery and equipment | 23 | - | €47,908 | +€47,908 | |
| Furniture and vehicles | 24 | €157,126 | €265,998 | +€108,872 | +69.3% |
| Current assets | 29/58 | €505,938 | €1,716,367 | +€1.2m | +239% |
| Stocks and contracts in progress | 3 | - | €85,000 | +€85,000 | |
| Stocks | 30/36 | - | €85,000 | +€85,000 | |
| Amounts receivable within one year | 40/41 | €60,345 | €611,787 | +€551,442 | +914% |
| Trade receivables | 40 | €1,296 | €53,089 | +€51,794 | +3,998% |
| Other amounts receivable | 41 | €59,049 | €558,698 | +€499,649 | +846% |
| Cash at bank and in hand | 54/58 | €425,374 | €1,000,231 | +€574,857 | +135% |
| Deferred charges and accrued income | 490/1 | €20,219 | €19,348 | -€871 | -4.3% |
| Total equity and liabilities | 10/49 | €14,484,517 | €18,778,042 | +€4.3m | +29.6% |
| Equity | 10/15 | €14,455,387 | €17,397,143 | +€2.9m | +20.4% |
| Contributions | 10/11 | €15,001,000 | €18,501,000 | +€3.5m | +23.3% |
| Profit (loss) carried forward | 14 | -€545,613 | -€1,103,857 | -€558,243 | -102% |
| Amounts payable | 17/49 | €29,130 | €1,380,899 | +€1.4m | +4,640% |
| Amounts payable within one year | 42/48 | €29,130 | €1,380,899 | +€1.4m | +4,640% |
| Trade debts | 44 | €24,089 | - | -€24,089 | |
| Suppliers | 440/4 | €24,089 | - | -€24,089 | |
| Taxes, remuneration and social security | 45 | €5,042 | €30,899 | +€25,857 | +513% |
| Taxes | 450/3 | - | €1,348 | +€1,348 | |
| Remuneration and social security | 454/9 | €5,042 | €29,551 | +€24,510 | +486% |
| Other amounts payable | 47/48 | - | €1,350,000 | +€1.4m | |
| Remuneration, social security and pensions | 62 | €78,249 | €201,990 | +€123,741 | +158% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,153 | €195,544 | +€119,391 | +157% |
| Other operating charges | 640/8 | €8,186 | €21,856 | +€13,671 | +167% |
| Gross operating margin | 9900 | -€373,625 | -€133,698 | +€239,927 | +64.2% |
| Operating profit (loss) | 9901 | -€536,213 | -€553,088 | -€16,876 | -3.1% |
| Financial income | 75/76B | - | €3,418 | +€3,418 | |
| Recurring financial income | 75 | - | €3,418 | +€3,418 | |
| Financial charges | 65/66B | €9,401 | €7,441 | -€1,960 | -20.8% |
| Recurring financial charges | 65 | €9,401 | €7,441 | -€1,960 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | -€545,613 | -€557,111 | -€11,498 | -2.1% |
| Income taxes | 67/77 | - | €1,132 | +€1,132 | |
| Profit (loss) for the period | 9904 | -€545,613 | -€558,243 | -€12,630 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€545,613 | -€558,243 | -€12,630 | -2.3% |
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 19 October 2026 via checked.be.