Equina: 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.
Equina
Largest movements
- Receivables within one year -€102,999
down €102,999 (-64.4%), from €159,876 to €56,877
of which Trade receivables: -€66,794
- Current investments +€40,000
up €40,000 (+89.7%), from €44,598 to €84,598
- Tangible fixed assets -€12,056
down €12,056 (-8.0%), from €149,807 to €137,751
of which Land and buildings: -€8,628
- Cash -€7,760
down €7,760 (-7.0%), from €110,791 to €103,031
mainly Other debts (-€73,636) and Current investments (-€40,000)
- Other debts -€73,636
down €73,636 (-67.6%), from €109,000 to €35,364
- Debts after one year -€14,830
down €14,830 (-13.0%), from €113,676 to €98,846
- Trade debts +€6,808
up €6,808 (+21.7%), from €31,388 to €38,196
- Gross operating margin -€21,522
down €21,522 (-23.6%), from €91,277 to €69,755
- Taxes -€9,852
down €9,852 (-37.0%), from €26,659 to €16,808
- Financial income -€6,486
down €6,486 (-87.7%), from €7,394 to €908
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 | €474,775 | €391,462 | -€83,313 | -17.5% |
| Fixed assets | 21/28 | €150,460 | €137,778 | -€12,681 | -8.4% |
| Intangible fixed assets | 21 | €653 | €27 | -€626 | -95.9% |
| Tangible fixed assets | 22/27 | €149,807 | €137,751 | -€12,056 | -8.0% |
| Land and buildings | 22 | €141,321 | €132,694 | -€8,628 | -6.1% |
| Plant, machinery and equipment | 23 | €5,564 | €3,763 | -€1,801 | -32.4% |
| Furniture and vehicles | 24 | €2,922 | €1,295 | -€1,627 | -55.7% |
| Current assets | 29/58 | €324,315 | €253,684 | -€70,631 | -21.8% |
| Stocks and contracts in progress | 3 | €9,000 | €9,127 | +€127 | +1.4% |
| Stocks | 30/36 | €9,000 | €9,127 | +€127 | +1.4% |
| Amounts receivable within one year | 40/41 | €159,876 | €56,877 | -€102,999 | -64.4% |
| Trade receivables | 40 | €112,948 | €46,154 | -€66,794 | -59.1% |
| Other amounts receivable | 41 | €46,928 | €10,723 | -€36,205 | -77.2% |
| Current investments | 50/53 | €44,598 | €84,598 | +€40,000 | +89.7% |
| Cash at bank and in hand | 54/58 | €110,791 | €103,031 | -€7,760 | -7.0% |
| Deferred charges and accrued income | 490/1 | €50 | €52 | +€2 | +3.1% |
| Total equity and liabilities | 10/49 | €474,775 | €391,462 | -€83,313 | -17.5% |
| Equity | 10/15 | €174,642 | €174,718 | +€76 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €156,042 | €156,118 | +€76 | 0.0% |
| Distributable reserves | 133 | €156,042 | €156,118 | +€76 | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €300,132 | €216,744 | -€83,388 | -27.8% |
| Amounts payable after more than one year | 17 | €113,676 | €98,846 | -€14,830 | -13.0% |
| Financial debts | 170/4 | €113,676 | €98,846 | -€14,830 | -13.0% |
| Amounts payable within one year | 42/48 | €186,456 | €117,898 | -€68,559 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €14,646 | €14,830 | +€183 | +1.2% |
| Trade debts | 44 | €31,388 | €38,196 | +€6,808 | +21.7% |
| Suppliers | 440/4 | €31,388 | €38,196 | +€6,808 | +21.7% |
| Taxes, remuneration and social security | 45 | €31,421 | €29,508 | -€1,913 | -6.1% |
| Taxes | 450/3 | €31,421 | €29,508 | -€1,913 | -6.1% |
| Other amounts payable | 47/48 | €109,000 | €35,364 | -€73,636 | -67.6% |
| Non-recurring operating income | 76A | €2,619 | €0 | -€2,619 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,691 | €15,167 | -€524 | -3.3% |
| Other operating charges | 640/8 | €1,418 | €1,443 | +€25 | +1.7% |
| Gross operating margin | 9900 | €91,277 | €69,755 | -€21,522 | -23.6% |
| Operating profit (loss) | 9901 | €74,167 | €53,145 | -€21,023 | -28.3% |
| Financial income | 75/76B | €7,394 | €908 | -€6,486 | -87.7% |
| Recurring financial income | 75 | €7,394 | €908 | -€6,486 | -87.7% |
| Financial charges | 65/66B | €2,814 | €3,170 | +€356 | +12.7% |
| Recurring financial charges | 65 | €2,814 | €3,170 | +€356 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €78,748 | €50,883 | -€27,865 | -35.4% |
| Income taxes | 67/77 | €26,659 | €16,808 | -€9,852 | -37.0% |
| Profit (loss) for the period | 9904 | €52,089 | €34,076 | -€18,013 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,089 | €34,076 | -€18,013 | -34.6% |
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 14 October 2026 via checked.be.