db-HORSES: 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.
db-HORSES
Largest movements
- Current investments -€146,720
down €146,720 (-49.0%), from €299,561 to €152,841
- Receivables within one year +€91,759
up €91,759 (+1,056%), from €8,688 to €100,448
of which Trade receivables: +€98,082
- Stocks and contracts +€45,250
up €45,250 (+24.5%), from €184,500 to €229,750
- Tangible fixed assets -€27,013
down €27,013 (-10.5%), from €257,825 to €230,812
of which Leasing and similar rights: -€22,629
- Cash +€12,532
up €12,532 (+314%), from €3,995 to €16,527
mainly Current investments (+€146,720) and Trade debts (+€57,608)
- Reserves -€66,936
down €66,936 (-10.0%), from €670,497 to €603,561
of which Distributable reserves: -€66,936
- Trade debts +€57,608
up €57,608 (+2,616%), from €2,202 to €59,810
- Debts after one year -€15,971
down €15,971 (-37.2%), from €42,964 to €26,993
- Gross operating margin +€120,041
up €120,041, from -€61,367 to €58,674
- Financial charges +€3,119
up €3,119 (+374%), from €835 to €3,954
- Depreciation +€2,815
up €2,815 (+5.5%), from €50,861 to €53,676
- Financial income +€662
up €662 (+8.9%), from €7,414 to €8,076
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 | €758,020 | €734,384 | -€23,636 | -3.1% |
| Fixed assets | 21/28 | €257,825 | €230,812 | -€27,013 | -10.5% |
| Tangible fixed assets | 22/27 | €257,825 | €230,812 | -€27,013 | -10.5% |
| Land and buildings | 22 | €134,296 | €114,922 | -€19,374 | -14.4% |
| Plant, machinery and equipment | 23 | €25,865 | €22,305 | -€3,560 | -13.8% |
| Furniture and vehicles | 24 | €13,515 | €32,064 | +€18,549 | +137% |
| Leasing and similar rights | 25 | €84,149 | €61,521 | -€22,629 | -26.9% |
| Current assets | 29/58 | €500,195 | €503,572 | +€3,377 | +0.7% |
| Stocks and contracts in progress | 3 | €184,500 | €229,750 | +€45,250 | +24.5% |
| Stocks | 30/36 | €184,500 | €229,750 | +€45,250 | +24.5% |
| Amounts receivable within one year | 40/41 | €8,688 | €100,448 | +€91,759 | +1,056% |
| Trade receivables | 40 | €2,366 | €100,448 | +€98,082 | +4,146% |
| Other amounts receivable | 41 | €6,323 | €0 | -€6,323 | -100% |
| Current investments | 50/53 | €299,561 | €152,841 | -€146,720 | -49.0% |
| Cash at bank and in hand | 54/58 | €3,995 | €16,527 | +€12,532 | +314% |
| Deferred charges and accrued income | 490/1 | €3,451 | €4,007 | +€556 | +16.1% |
| Total equity and liabilities | 10/49 | €758,020 | €734,384 | -€23,636 | -3.1% |
| Equity | 10/15 | €689,097 | €622,161 | -€66,936 | -9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €670,497 | €603,561 | -€66,936 | -10.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €670,497 | €603,561 | -€66,936 | -10.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,923 | €112,223 | +€43,300 | +62.8% |
| Amounts payable after more than one year | 17 | €42,964 | €26,993 | -€15,971 | -37.2% |
| Financial debts | 170/4 | €42,964 | €26,993 | -€15,971 | -37.2% |
| Amounts payable within one year | 42/48 | €25,958 | €85,230 | +€59,271 | +228% |
| Current portion of amounts payable after more than one year | 42 | €15,804 | €15,971 | +€167 | +1.1% |
| Trade debts | 44 | €2,202 | €59,810 | +€57,608 | +2,616% |
| Suppliers | 440/4 | €2,202 | €59,810 | +€57,608 | +2,616% |
| Taxes, remuneration and social security | 45 | €0 | €4,959 | +€4,959 | |
| Taxes | 450/3 | €0 | €4,959 | +€4,959 | |
| Other amounts payable | 47/48 | €7,952 | €4,490 | -€3,463 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,861 | €53,676 | +€2,815 | +5.5% |
| Other operating charges | 640/8 | €2,399 | €2,586 | +€188 | +7.8% |
| Gross operating margin | 9900 | -€61,367 | €58,674 | +€120,041 | |
| Operating profit (loss) | 9901 | -€114,627 | €2,412 | +€117,038 | |
| Financial income | 75/76B | €7,414 | €8,076 | +€662 | +8.9% |
| Recurring financial income | 75 | €7,414 | €8,076 | +€662 | +8.9% |
| Financial charges | 65/66B | €835 | €3,954 | +€3,119 | +374% |
| Recurring financial charges | 65 | €835 | €3,954 | +€3,119 | +374% |
| Profit (loss) for the period before taxes | 9903 | -€108,048 | €6,533 | +€114,581 | |
| Income taxes | 67/77 | €89 | €651 | +€563 | +632% |
| Profit (loss) for the period | 9904 | -€108,137 | €5,882 | +€114,019 | |
| Profit (loss) for the period to be appropriated | 9905 | -€108,137 | €5,882 | +€114,019 |
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.