Equestrian Brand Development: 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.
Equestrian Brand Development
Largest movements
- Stocks and contracts -€47,614
down €47,614 (-18.0%), from €263,868 to €216,255
- Tangible fixed assets -€25,933
down €25,933 (-10.9%), from €236,928 to €210,995
of which Land and buildings: -€22,672
- Receivables within one year +€11,559
up €11,559 (+18.1%), from €63,921 to €75,480
of which Trade receivables: +€11,340
- Cash -€6,658
down €6,658 (-38.1%), from €17,459 to €10,801
mainly Short-term financial debts (-€50,000) and Debts after one year (-€19,429)
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Debts after one year -€19,429
down €19,429 (-35.5%), from €54,779 to €35,350
- Trade debts -€11,197
down €11,197 (-32.0%), from €35,035 to €23,839
- Profit (loss) carried forward +€8,021
up €8,021 (+3.5%), from €229,360 to €237,381
- Gross operating margin -€21,314
down €21,314 (-24.4%), from €87,335 to €66,022
- Other operating charges +€5,334
up €5,334 (+156.6%), from €3,407 to €8,740
- Financial charges -€3,571
down €3,571 (-37.7%), from €9,475 to €5,905
- Financial income -€3,148
no longer reported in 2025 (was €3,148)
- Staff costs +€1,799
up €1,799 (+11.6%), from €15,543 to €17,342
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 | €582,560 | €513,914 | -€68,646 | -11.8% |
| Fixed assets | 21/28 | €237,312 | €211,378 | -€25,933 | -10.9% |
| Tangible fixed assets | 22/27 | €236,928 | €210,995 | -€25,933 | -10.9% |
| Land and buildings | 22 | €229,408 | €206,736 | -€22,672 | -9.9% |
| Plant, machinery and equipment | 23 | €2,250 | €841 | -€1,409 | -62.6% |
| Furniture and vehicles | 24 | €5,269 | €3,417 | -€1,852 | -35.2% |
| Financial fixed assets | 28 | €384 | €384 | = | 0.0% |
| Current assets | 29/58 | €345,248 | €302,535 | -€42,712 | -12.4% |
| Stocks and contracts in progress | 3 | €263,868 | €216,255 | -€47,614 | -18.0% |
| Stocks | 30/36 | €263,868 | €216,255 | -€47,614 | -18.0% |
| Amounts receivable within one year | 40/41 | €63,921 | €75,480 | +€11,559 | +18.1% |
| Trade receivables | 40 | €54,525 | €65,864 | +€11,340 | +20.8% |
| Other amounts receivable | 41 | €9,396 | €9,616 | +€220 | +2.3% |
| Cash at bank and in hand | 54/58 | €17,459 | €10,801 | -€6,658 | -38.1% |
| Total equity and liabilities | 10/49 | €582,560 | €513,914 | -€68,646 | -11.8% |
| Equity | 10/15 | €383,221 | €391,242 | +€8,021 | +2.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €133,861 | €133,861 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,295 | €31,295 | = | 0.0% |
| Distributable reserves | 133 | €100,566 | €100,566 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,360 | €237,381 | +€8,021 | +3.5% |
| Amounts payable | 17/49 | €199,339 | €122,672 | -€76,667 | -38.5% |
| Amounts payable after more than one year | 17 | €54,779 | €35,350 | -€19,429 | -35.5% |
| Financial debts | 170/4 | €54,779 | €35,350 | -€19,429 | -35.5% |
| Amounts payable within one year | 42/48 | €144,560 | €83,917 | -€60,643 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €21,650 | €19,850 | -€1,800 | -8.3% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €35,035 | €23,839 | -€11,197 | -32.0% |
| Suppliers | 440/4 | €35,035 | €23,839 | -€11,197 | -32.0% |
| Taxes, remuneration and social security | 45 | €16,638 | €18,992 | +€2,353 | +14.1% |
| Taxes | 450/3 | €16,638 | €18,992 | +€2,353 | +14.1% |
| Other amounts payable | 47/48 | €21,236 | €21,236 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €3,405 | +€3,405 | |
| Remuneration, social security and pensions | 62 | €15,543 | €17,342 | +€1,799 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,636 | €25,933 | -€1,702 | -6.2% |
| Other operating charges | 640/8 | €3,407 | €8,740 | +€5,334 | +156.6% |
| Gross operating margin | 9900 | €87,335 | €66,022 | -€21,314 | -24.4% |
| Operating profit (loss) | 9901 | €40,750 | €14,006 | -€26,744 | -65.6% |
| Financial income | 75/76B | €3,148 | - | -€3,148 | |
| Recurring financial income | 75 | €3,148 | - | -€3,148 | |
| Financial charges | 65/66B | €9,475 | €5,905 | -€3,571 | -37.7% |
| Recurring financial charges | 65 | €9,475 | €5,905 | -€3,571 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €34,422 | €8,101 | -€26,321 | -76.5% |
| Income taxes | 67/77 | €304 | €80 | -€225 | -73.8% |
| Profit (loss) for the period | 9904 | €34,118 | €8,021 | -€26,097 | -76.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,118 | €8,021 | -€26,097 | -76.5% |
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.