EIGHT 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.
EIGHT HORSES
Largest movements
- Cash +€15,371
up €15,371 (+276.2%), from €5,565 to €20,936
mainly Receivables within one year (+€14,096) and Net result for the year (+€4,459)
- Receivables within one year -€14,096
down €14,096 (-89.6%), from €15,739 to €1,643
of which Other amounts receivable: -€8,770
- Tangible fixed assets +€844
new in 2025: €844
- Profit (loss) carried forward +€4,459
up €4,459 (+35.3%), from €12,620 to €17,079
- Tax, wage and social debts -€3,206
down €3,206 (-51.7%), from €6,200 to €2,994
- Accrued charges and deferred income +€903
new in 2025: €903
- Gross operating margin -€8,300
down €8,300 (-51.1%), from €16,255 to €7,955
- Other operating charges +€1,016
up €1,016 (+262.2%), from €387 to €1,403
- Taxes -€962
down €962 (-30.1%), from €3,200 to €2,239
- Financial income +€299
new in 2025: €299
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.
Cash bridge derived
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 | €21,304 | €23,623 | +€2,319 | +10.9% |
| Fixed assets | 21/28 | - | €844 | +€844 | |
| Tangible fixed assets | 22/27 | - | €844 | +€844 | |
| Furniture and vehicles | 24 | - | €844 | +€844 | |
| Current assets | 29/58 | €21,304 | €22,780 | +€1,475 | +6.9% |
| Amounts receivable within one year | 40/41 | €15,739 | €1,643 | -€14,096 | -89.6% |
| Trade receivables | 40 | €5,326 | €0 | -€5,326 | -100.0% |
| Other amounts receivable | 41 | €10,413 | €1,643 | -€8,770 | -84.2% |
| Cash at bank and in hand | 54/58 | €5,565 | €20,936 | +€15,371 | +276.2% |
| Deferred charges and accrued income | 490/1 | - | €200 | +€200 | |
| Total equity and liabilities | 10/49 | €21,304 | €23,623 | +€2,319 | +10.9% |
| Equity | 10/15 | €12,620 | €17,079 | +€4,459 | +35.3% |
| Profit (loss) carried forward | 14 | €12,620 | €17,079 | +€4,459 | +35.3% |
| Amounts payable | 17/49 | €8,685 | €6,544 | -€2,140 | -24.6% |
| Amounts payable within one year | 42/48 | €8,685 | €5,642 | -€3,043 | -35.0% |
| Trade debts | 44 | €2,484 | €2,647 | +€163 | +6.6% |
| Suppliers | 440/4 | €2,484 | €2,647 | +€163 | +6.6% |
| Taxes, remuneration and social security | 45 | €6,200 | €2,994 | -€3,206 | -51.7% |
| Taxes | 450/3 | €6,200 | €2,994 | -€3,206 | -51.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €903 | +€903 | |
| Non-recurring operating income | 76A | €3,140 | - | -€3,140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €65 | +€65 | |
| Other operating charges | 640/8 | €387 | €1,403 | +€1,016 | +262.2% |
| Gross operating margin | 9900 | €16,255 | €7,955 | -€8,300 | -51.1% |
| Operating profit (loss) | 9901 | €15,868 | €6,487 | -€9,381 | -59.1% |
| Financial income | 75/76B | - | €299 | +€299 | |
| Recurring financial income | 75 | - | €299 | +€299 | |
| Financial charges | 65/66B | €48 | €89 | +€41 | +85.7% |
| Recurring financial charges | 65 | €48 | €89 | +€41 | +85.7% |
| Profit (loss) for the period before taxes | 9903 | €15,820 | €6,698 | -€9,123 | -57.7% |
| Income taxes | 67/77 | €3,200 | €2,239 | -€962 | -30.1% |
| Profit (loss) for the period | 9904 | €12,620 | €4,459 | -€8,161 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,620 | €4,459 | -€8,161 | -64.7% |
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 9 October 2026 via checked.be.