EQUUS TRADE: what changed
Two fiscal 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.
EQUUS TRADE
Largest movements
- Receivables within one year -€1.7m
down €1.7m (-71.9%), from €2.3m to €652,535
of which Trade receivables: -€1.5m
- Stocks and contracts +€277,254
up €277,254 (+39.6%), from €700,711 to €977,965
- Cash +€264,694
up €264,694 (+29.8%), from €886,913 to €1.2m
mainly Receivables within one year (+€1.7m) and Depreciation (+€44,622)
- Trade debts -€749,857
down €749,857 (-32.6%), from €2.3m to €1.5m
- Current portion of long-term debt -€200,000
down €200,000 (-88.9%), from €225,000 to €25,000
- Other debts -€140,175
down €140,175 (-28.9%), from €485,661 to €345,486
- Advances received -€70,323
no longer reported in 2025 (was €70,323)
- Gross operating margin -€408,567
down €408,567 (-83.3%), from €490,697 to €82,130
- Taxes -€25,651
no longer reported in 2025 (was €25,651)
- Financial income +€8,024
up €8,024 (+608.8%), from €1,318 to €9,342
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 | €4,133,218 | €2,971,132 | -€1.2m | -28.1% |
| Fixed assets | 21/28 | €224,936 | €187,669 | -€37,266 | -16.6% |
| Tangible fixed assets | 22/27 | €224,936 | €187,669 | -€37,266 | -16.6% |
| Land and buildings | 22 | €221,335 | €179,325 | -€42,010 | -19.0% |
| Plant, machinery and equipment | 23 | €2,321 | €4,720 | +€2,399 | +103.3% |
| Furniture and vehicles | 24 | €1,279 | €3,624 | +€2,345 | +183.2% |
| Current assets | 29/58 | €3,908,283 | €2,783,463 | -€1.1m | -28.8% |
| Stocks and contracts in progress | 3 | €700,711 | €977,965 | +€277,254 | +39.6% |
| Stocks | 30/36 | €700,711 | €977,965 | +€277,254 | +39.6% |
| Amounts receivable within one year | 40/41 | €2,320,658 | €652,535 | -€1.7m | -71.9% |
| Trade receivables | 40 | €1,784,869 | €319,531 | -€1.5m | -82.1% |
| Other amounts receivable | 41 | €535,790 | €333,005 | -€202,785 | -37.8% |
| Cash at bank and in hand | 54/58 | €886,913 | €1,151,607 | +€264,694 | +29.8% |
| Deferred charges and accrued income | 490/1 | - | €1,356 | +€1,356 | |
| Total equity and liabilities | 10/49 | €4,133,218 | €2,971,132 | -€1.2m | -28.1% |
| Equity | 10/15 | €1,038,918 | €1,048,964 | +€10,047 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,018,458 | €1,028,504 | +€10,047 | +1.0% |
| Amounts payable | 17/49 | €3,094,301 | €1,922,168 | -€1.2m | -37.9% |
| Amounts payable within one year | 42/48 | €3,082,744 | €1,922,168 | -€1.2m | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €225,000 | €25,000 | -€200,000 | -88.9% |
| Trade debts | 44 | €2,298,960 | €1,549,103 | -€749,857 | -32.6% |
| Suppliers | 440/4 | €2,298,960 | €1,549,103 | -€749,857 | -32.6% |
| Advances received on contracts in progress | 46 | €70,323 | - | -€70,323 | |
| Taxes, remuneration and social security | 45 | €2,800 | €2,579 | -€221 | -7.9% |
| Taxes | 450/3 | €651 | €650 | -€2 | -0.3% |
| Remuneration and social security | 454/9 | €2,149 | €1,929 | -€220 | -10.2% |
| Other amounts payable | 47/48 | €485,661 | €345,486 | -€140,175 | -28.9% |
| Accrued charges and deferred income | 492/3 | €11,557 | - | -€11,557 | |
| Remuneration, social security and pensions | 62 | €25,822 | €22,428 | -€3,394 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,774 | €44,622 | -€4,152 | -8.5% |
| Other operating charges | 640/8 | €622 | €1,278 | +€657 | +105.6% |
| Gross operating margin | 9900 | €490,697 | €82,130 | -€408,567 | -83.3% |
| Operating profit (loss) | 9901 | €415,480 | €13,802 | -€401,678 | -96.7% |
| Financial income | 75/76B | €1,318 | €9,342 | +€8,024 | +608.8% |
| Recurring financial income | 75 | €1,318 | €9,342 | +€8,024 | +608.8% |
| Financial charges | 65/66B | €14,451 | €13,097 | -€1,353 | -9.4% |
| Recurring financial charges | 65 | €14,451 | €13,097 | -€1,353 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €402,347 | €10,047 | -€392,300 | -97.5% |
| Income taxes | 67/77 | €25,651 | - | -€25,651 | |
| Profit (loss) for the period | 9904 | €376,696 | €10,047 | -€366,649 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €376,696 | €10,047 | -€366,649 | -97.3% |
Source: filed annual accounts (NBB), fiscal 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.