EQUUS: 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.
What changed
EQUUS
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€36,427
2024 · €31,972-€68,399
Equity
€1.2m
2024 · €1.3m-€36,427
Cash
€71,132
2024 · €65,303+€5,829
Balance sheet total
€4.7m
2024 · €5.1m-€439,317
Largest movements
Assets
- Tangible fixed assets -€489,274
down €489,274 (-15.5%), from €3.2m to €2.7m
of which Land and buildings: -€462,254
- Financial fixed assets +€63,461
up €63,461 (+11.5%), from €549,966 to €613,427
Equity and liabilities
- Debts after one year -€480,034
down €480,034 (-15.3%), from €3.1m to €2.7m
- Other debts +€113,543
up €113,543 (+69.2%), from €164,032 to €277,575
Income statement
- Gross operating margin -€326,784
down €326,784 (-61.9%), from €527,824 to €201,041
- Depreciation -€115,065
down €115,065 (-46.5%), from €247,322 to €132,257
- Financial charges -€61,556
down €61,556 (-39.9%), from €154,142 to €92,586
of which Financial charges: -€41,555
- Staff costs -€58,065
down €58,065 (-77.4%), from €75,042 to €16,977
- Taxes -€20,265
down €20,265 (-97.2%), from €20,852 to €587
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.
Result 2024
€31,972
Gross operating margin
-€326,784
Staff costs
+€58,065
Depreciation
+€115,065
Write-downs
-€1,025
Other operating charges
-€157
Other operating items
-€2,669
Financial income
+€7,285
Financial charges
+€61,556
Taxes
+€20,265
Result 2025
-€36,427
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.
From operations
+€215,986
Investment
+€293,557
Financing
-€503,714
Cash 2024
€65,303
From operations (derived)
+€215,986
Net result for the year
-€36,427
Depreciation
+€132,257
Receivables within one year
+€17,348
Deferred charges and accrued income
+€1,984
Trade debts
+€14,339
Tax, wage and social debts
-€15,633
Other debts
+€113,543
Accrued charges and deferred income
-€11,424
Investment (derived)
+€293,557
Investment in fixed assets (net)
+€293,557
Financing
-€503,714
Debts after one year
-€480,034
Current portion of long-term debt
-€16,964
Short-term financial debts
-€6,716
Cash 2025
€71,132
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,123,329 | €4,684,012 | -€439,317 | -8.6% |
| Fixed assets | 21/28 | €3,700,339 | €3,274,526 | -€425,813 | -11.5% |
| Tangible fixed assets | 22/27 | €3,150,373 | €2,661,099 | -€489,274 | -15.5% |
| Land and buildings | 22 | €3,006,515 | €2,544,261 | -€462,254 | -15.4% |
| Plant, machinery and equipment | 23 | €3,150 | €3,218 | +€68 | +2.2% |
| Furniture and vehicles | 24 | €55,362 | €53,130 | -€2,232 | -4.0% |
| Leasing and similar rights | 25 | €85,347 | €60,490 | -€24,857 | -29.1% |
| Financial fixed assets | 28 | €549,966 | €613,427 | +€63,461 | +11.5% |
| Current assets | 29/58 | €1,422,990 | €1,409,486 | -€13,504 | -0.9% |
| Amounts receivable after more than one year | 29 | €306,780 | €306,780 | = | 0.0% |
| Other amounts receivable | 291 | €306,780 | €306,780 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,035,140 | €1,017,792 | -€17,348 | -1.7% |
| Trade receivables | 40 | €238,655 | €209,094 | -€29,562 | -12.4% |
| Other amounts receivable | 41 | €796,485 | €808,698 | +€12,214 | +1.5% |
| Cash at bank and in hand | 54/58 | €65,303 | €71,132 | +€5,829 | +8.9% |
| Deferred charges and accrued income | 490/1 | €15,767 | €13,783 | -€1,984 | -12.6% |
| Total equity and liabilities | 10/49 | €5,123,329 | €4,684,012 | -€439,317 | -8.6% |
| Equity | 10/15 | €1,283,179 | €1,246,752 | -€36,427 | -2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,262,719 | €1,226,292 | -€36,427 | -2.9% |
| Amounts payable | 17/49 | €3,840,150 | €3,437,260 | -€402,890 | -10.5% |
| Amounts payable after more than one year | 17 | €3,132,493 | €2,652,459 | -€480,034 | -15.3% |
| Financial debts | 170/4 | €3,132,493 | €2,652,459 | -€480,034 | -15.3% |
| Amounts payable within one year | 42/48 | €664,426 | €752,994 | +€88,568 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €207,628 | €190,664 | -€16,964 | -8.2% |
| Financial debts | 43 | €20,172 | €13,456 | -€6,716 | -33.3% |
| Credit institutions | 430/8 | €20,172 | €13,456 | -€6,716 | -33.3% |
| Trade debts | 44 | €241,913 | €256,252 | +€14,339 | +5.9% |
| Suppliers | 440/4 | €241,913 | €256,252 | +€14,339 | +5.9% |
| Taxes, remuneration and social security | 45 | €30,681 | €15,048 | -€15,633 | -51.0% |
| Taxes | 450/3 | €21,578 | €8,808 | -€12,770 | -59.2% |
| Remuneration and social security | 454/9 | €9,103 | €6,240 | -€2,864 | -31.5% |
| Other amounts payable | 47/48 | €164,032 | €277,575 | +€113,543 | +69.2% |
| Accrued charges and deferred income | 492/3 | €43,231 | €31,806 | -€11,424 | -26.4% |
| Non-recurring operating income | 76A | - | €163,056 | +€163,056 | |
| Remuneration, social security and pensions | 62 | €75,042 | €16,977 | -€58,065 | -77.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,322 | €132,257 | -€115,065 | -46.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,025 | +€1,025 | |
| Other operating charges | 640/8 | €24,584 | €24,741 | +€157 | +0.6% |
| Non-recurring operating charges | 66A | - | €2,669 | +€2,669 | |
| Gross operating margin | 9900 | €527,824 | €201,041 | -€326,784 | -61.9% |
| Operating profit (loss) | 9901 | €180,876 | €23,371 | -€157,505 | -87.1% |
| Financial income | 75/76B | €26,089 | €33,375 | +€7,285 | +27.9% |
| Recurring financial income | 75 | €26,089 | €13,374 | -€12,716 | -48.7% |
| Non-recurring financial income | 76B | - | €20,001 | +€20,001 | |
| Financial charges | 65/66B | €154,142 | €92,586 | -€61,556 | -39.9% |
| Recurring financial charges | 65 | €134,141 | €92,586 | -€41,555 | -31.0% |
| Non-recurring financial charges | 66B | €20,001 | - | -€20,001 | |
| Profit (loss) for the period before taxes | 9903 | €52,823 | -€35,840 | -€88,664 | |
| Income taxes | 67/77 | €20,852 | €587 | -€20,265 | -97.2% |
| Profit (loss) for the period | 9904 | €31,972 | -€36,427 | -€68,399 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,972 | -€36,427 | -€68,399 |
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.