De Werf 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.
De Werf Horses
Largest movements
- Stocks and contracts -€37,500
down €37,500 (-27.0%), from €138,750 to €101,250
- Tangible fixed assets +€37,308
up €37,308 (+452%), from €8,249 to €45,557
of which Plant, machinery and equipment: +€36,839
- Receivables within one year -€5,450
down €5,450 (-74.5%), from €7,314 to €1,864
of which Trade receivables: -€3,769
- Other debts +€21,932
up €21,932 (+27.1%), from €81,023 to €102,955
- Profit (loss) carried forward -€17,486
down €17,486 (-1,057%), from -€1,654 to -€19,140
- Trade debts -€7,829
down €7,829 (-52.1%), from €15,026 to €7,198
- Gross operating margin -€12,296
down €12,296, from €1,525 to -€10,771
- Depreciation +€5,789
up €5,789 (+304%), from €1,904 to €7,693
- Financial income +€1,184
up €1,184 (+760%), from €156 to €1,340
- Other operating charges -€491
down €491 (-80.4%), from €611 to €120
- Financial charges +€173
up €173 (+250%), from €69 to €242
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 | €154,771 | €149,897 | -€4,874 | -3.1% |
| Fixed assets | 21/28 | €8,249 | €45,557 | +€37,308 | +452% |
| Tangible fixed assets | 22/27 | €8,249 | €45,557 | +€37,308 | +452% |
| Land and buildings | 22 | €5,132 | €5,601 | +€469 | +9.1% |
| Plant, machinery and equipment | 23 | €3,117 | €39,956 | +€36,839 | +1,182% |
| Current assets | 29/58 | €146,522 | €104,340 | -€42,182 | -28.8% |
| Stocks and contracts in progress | 3 | €138,750 | €101,250 | -€37,500 | -27.0% |
| Stocks | 30/36 | €138,750 | €101,250 | -€37,500 | -27.0% |
| Amounts receivable within one year | 40/41 | €7,314 | €1,864 | -€5,450 | -74.5% |
| Trade receivables | 40 | €5,442 | €1,672 | -€3,769 | -69.3% |
| Other amounts receivable | 41 | €1,872 | €192 | -€1,681 | -89.8% |
| Cash at bank and in hand | 54/58 | €457 | €921 | +€464 | +101% |
| Deferred charges and accrued income | 490/1 | €0 | €304 | +€304 | |
| Total equity and liabilities | 10/49 | €154,771 | €149,897 | -€4,874 | -3.1% |
| Equity | 10/15 | €55,346 | €37,860 | -€17,486 | -31.6% |
| Contributions | 10/11 | €57,000 | €57,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,654 | -€19,140 | -€17,486 | -1,057% |
| Amounts payable | 17/49 | €99,425 | €112,037 | +€12,612 | +12.7% |
| Amounts payable within one year | 42/48 | €99,425 | €112,037 | +€12,612 | +12.7% |
| Trade debts | 44 | €15,026 | €7,198 | -€7,829 | -52.1% |
| Suppliers | 440/4 | €15,026 | €7,198 | -€7,829 | -52.1% |
| Advances received on contracts in progress | 46 | €3,322 | €1,830 | -€1,492 | -44.9% |
| Taxes, remuneration and social security | 45 | €54 | €54 | = | 0.0% |
| Taxes | 450/3 | €54 | €54 | = | 0.0% |
| Other amounts payable | 47/48 | €81,023 | €102,955 | +€21,932 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,904 | €7,693 | +€5,789 | +304% |
| Other operating charges | 640/8 | €611 | €120 | -€491 | -80.4% |
| Gross operating margin | 9900 | €1,525 | -€10,771 | -€12,296 | |
| Operating profit (loss) | 9901 | -€990 | -€18,584 | -€17,593 | -1,776% |
| Financial income | 75/76B | €156 | €1,340 | +€1,184 | +760% |
| Recurring financial income | 75 | €156 | €1,340 | +€1,184 | +760% |
| Financial charges | 65/66B | €69 | €242 | +€173 | +250% |
| Recurring financial charges | 65 | €69 | €242 | +€173 | +250% |
| Profit (loss) for the period before taxes | 9903 | -€904 | -€17,486 | -€16,582 | -1,835% |
| Profit (loss) for the period | 9904 | -€904 | -€17,486 | -€16,582 | -1,835% |
| Profit (loss) for the period to be appropriated | 9905 | -€904 | -€17,486 | -€16,582 | -1,835% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.