EC 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.
EC HORSES
Largest movements
- Tangible fixed assets +€252,068
up €252,068 (+22.4%), from €1.1m to €1.4m
of which Land and buildings: +€134,526
- Stocks and contracts -€73,470
down €73,470 (-20.5%), from €359,045 to €285,575
- Cash -€64,939
down €64,939 (-37.0%), from €175,487 to €110,547
mainly Investment in fixed assets (net) (-€339,143) and Debts after one year (-€63,211)
- Accrued charges and deferred income +€74,795
new in 2025: €74,795
- Debts after one year -€63,211
down €63,211 (-7.7%), from €819,003 to €755,792
- Profit (loss) carried forward +€44,679
up €44,679 (+32.5%), from €137,541 to €182,220
- Other debts +€21,572
up €21,572 (+3.3%), from €649,784 to €671,356
- Gross operating margin +€91,906
up €91,906 (+96.8%), from €94,905 to €186,811
- Depreciation +€35,306
up €35,306 (+70.8%), from €49,860 to €85,166
- Taxes +€9,974
up €9,974 (+2,412%), from €414 to €10,387
- Financial charges +€7,840
up €7,840 (+38.3%), from €20,472 to €28,312
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 | €1,752,519 | €1,855,294 | +€102,774 | +5.9% |
| Fixed assets | 21/28 | €1,124,813 | €1,378,790 | +€253,977 | +22.6% |
| Intangible fixed assets | 21 | - | €1,908 | +€1,908 | |
| Tangible fixed assets | 22/27 | €1,124,603 | €1,376,672 | +€252,068 | +22.4% |
| Land and buildings | 22 | €1,089,132 | €1,223,658 | +€134,526 | +12.4% |
| Plant, machinery and equipment | 23 | €21,406 | €23,036 | +€1,630 | +7.6% |
| Furniture and vehicles | 24 | €4,830 | €16,027 | +€11,197 | +232% |
| Leasing and similar rights | 25 | €9,235 | €0 | -€9,235 | -100% |
| Other tangible fixed assets | 26 | - | €113,951 | +€113,951 | |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €627,706 | €476,504 | -€151,202 | -24.1% |
| Stocks and contracts in progress | 3 | €359,045 | €285,575 | -€73,470 | -20.5% |
| Stocks | 30/36 | €359,045 | €285,575 | -€73,470 | -20.5% |
| Amounts receivable within one year | 40/41 | €90,358 | €76,751 | -€13,608 | -15.1% |
| Trade receivables | 40 | €3,199 | €71,859 | +€68,660 | +2,146% |
| Other amounts receivable | 41 | €87,159 | €4,892 | -€82,268 | -94.4% |
| Cash at bank and in hand | 54/58 | €175,487 | €110,547 | -€64,939 | -37.0% |
| Deferred charges and accrued income | 490/1 | €2,816 | €3,631 | +€815 | +28.9% |
| Total equity and liabilities | 10/49 | €1,752,519 | €1,855,294 | +€102,774 | +5.9% |
| Equity | 10/15 | €156,656 | €212,142 | +€55,486 | +35.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €514 | €11,322 | +€10,808 | +2,101% |
| Tax-exempt reserves | 132 | - | €10,808 | +€10,808 | |
| Distributable reserves | 133 | €514 | €514 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,541 | €182,220 | +€44,679 | +32.5% |
| Provisions and deferred taxes | 16 | - | €3,603 | +€3,603 | |
| Deferred taxes | 168 | - | €3,603 | +€3,603 | |
| Amounts payable | 17/49 | €1,595,864 | €1,639,549 | +€43,685 | +2.7% |
| Amounts payable after more than one year | 17 | €819,003 | €755,792 | -€63,211 | -7.7% |
| Financial debts | 170/4 | €819,003 | €755,792 | -€63,211 | -7.7% |
| Amounts payable within one year | 42/48 | €776,861 | €808,962 | +€32,102 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €66,225 | €63,211 | -€3,014 | -4.6% |
| Trade debts | 44 | €60,543 | €74,126 | +€13,583 | +22.4% |
| Suppliers | 440/4 | €60,543 | €74,126 | +€13,583 | +22.4% |
| Taxes, remuneration and social security | 45 | €308 | €269 | -€39 | -12.6% |
| Taxes | 450/3 | €308 | €269 | -€39 | -12.6% |
| Other amounts payable | 47/48 | €649,784 | €671,356 | +€21,572 | +3.3% |
| Accrued charges and deferred income | 492/3 | - | €74,795 | +€74,795 | |
| Non-recurring operating income | 76A | €1,349 | €15,000 | +€13,651 | +1,012% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,860 | €85,166 | +€35,306 | +70.8% |
| Other operating charges | 640/8 | €3,119 | €3,378 | +€259 | +8.3% |
| Gross operating margin | 9900 | €94,905 | €186,811 | +€91,906 | +96.8% |
| Operating profit (loss) | 9901 | €41,926 | €98,266 | +€56,341 | +134% |
| Financial income | 75/76B | €861 | €1,188 | +€327 | +38.0% |
| Recurring financial income | 75 | €861 | €1,188 | +€327 | +38.0% |
| Financial charges | 65/66B | €20,472 | €28,312 | +€7,840 | +38.3% |
| Recurring financial charges | 65 | €20,472 | €28,312 | +€7,840 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €22,315 | €71,142 | +€48,828 | +219% |
| Transfer from deferred taxes | 780 | - | €147 | +€147 | |
| Transfer to deferred taxes | 680 | - | €3,750 | +€3,750 | |
| Income taxes | 67/77 | €414 | €10,387 | +€9,974 | +2,412% |
| Profit (loss) for the period | 9904 | €21,901 | €57,152 | +€35,251 | +161% |
| Transfer from tax-exempt reserves | 789 | - | €442 | +€442 | |
| Transfer to tax-exempt reserves | 689 | - | €11,250 | +€11,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,901 | €46,345 | +€24,444 | +112% |
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 20 October 2026 via checked.be.