FIRST STEP 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.
FIRST STEP HORSES
Largest movements
- Tangible fixed assets -€48,164
down €48,164 (-5.5%), from €882,160 to €833,996
of which Furniture and vehicles: -€70,890
- Receivables within one year +€15,472
up €15,472 (+43.7%), from €35,409 to €50,881
of which Trade receivables: +€21,814
- Other debts -€37,674
down €37,674 (-10.3%), from €366,137 to €328,463
- Trade debts +€27,218
up €27,218 (+107%), from €25,364 to €52,582
- Debts after one year -€24,875
down €24,875 (-12.3%), from €202,071 to €177,196
- Gross operating margin +€86,341
up €86,341 (+69.1%), from €124,902 to €211,244
- Staff costs +€21,016
up €21,016 (+30.6%), from €68,707 to €89,723
- Depreciation +€5,464
up €5,464 (+5.3%), from €103,300 to €108,764
- Financial charges -€2,305
down €2,305 (-20.5%), from €11,266 to €8,961
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 | €1,151,657 | €1,111,651 | -€40,005 | -3.5% |
| Fixed assets | 21/28 | €882,160 | €833,996 | -€48,164 | -5.5% |
| Tangible fixed assets | 22/27 | €882,160 | €833,996 | -€48,164 | -5.5% |
| Land and buildings | 22 | €402,227 | €443,839 | +€41,612 | +10.3% |
| Plant, machinery and equipment | 23 | €290,602 | €272,274 | -€18,328 | -6.3% |
| Furniture and vehicles | 24 | €186,541 | €115,651 | -€70,890 | -38.0% |
| Other tangible fixed assets | 26 | €2,790 | €2,232 | -€558 | -20.0% |
| Current assets | 29/58 | €269,496 | €277,655 | +€8,159 | +3.0% |
| Amounts receivable within one year | 40/41 | €35,409 | €50,881 | +€15,472 | +43.7% |
| Trade receivables | 40 | €24,067 | €45,881 | +€21,814 | +90.6% |
| Other amounts receivable | 41 | €11,342 | €5,000 | -€6,342 | -55.9% |
| Cash at bank and in hand | 54/58 | €229,098 | €218,891 | -€10,208 | -4.5% |
| Deferred charges and accrued income | 490/1 | €4,989 | €7,883 | +€2,895 | +58.0% |
| Total equity and liabilities | 10/49 | €1,151,657 | €1,111,651 | -€40,005 | -3.5% |
| Equity | 10/15 | €524,261 | €518,738 | -€5,523 | -1.1% |
| Contributions | 10/11 | €316,050 | €316,050 | = | 0.0% |
| Reserves | 13 | €4,820 | €4,820 | = | 0.0% |
| Distributable reserves | 133 | €4,820 | €4,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203,391 | €197,868 | -€5,523 | -2.7% |
| Amounts payable | 17/49 | €627,396 | €592,913 | -€34,483 | -5.5% |
| Amounts payable after more than one year | 17 | €202,071 | €177,196 | -€24,875 | -12.3% |
| Financial debts | 170/4 | €202,071 | €177,196 | -€24,875 | -12.3% |
| Amounts payable within one year | 42/48 | €425,325 | €415,717 | -€9,608 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €23,220 | €24,500 | +€1,279 | +5.5% |
| Financial debts | 43 | €71 | - | -€71 | |
| Credit institutions | 430/8 | €71 | - | -€71 | |
| Trade debts | 44 | €25,364 | €52,582 | +€27,218 | +107% |
| Suppliers | 440/4 | €25,364 | €52,582 | +€27,218 | +107% |
| Taxes, remuneration and social security | 45 | €10,532 | €10,172 | -€360 | -3.4% |
| Taxes | 450/3 | €2,940 | €1,146 | -€1,794 | -61.0% |
| Remuneration and social security | 454/9 | €7,592 | €9,026 | +€1,434 | +18.9% |
| Other amounts payable | 47/48 | €366,137 | €328,463 | -€37,674 | -10.3% |
| Non-recurring operating income | 76A | - | €104,639 | +€104,639 | |
| Remuneration, social security and pensions | 62 | €68,707 | €89,723 | +€21,016 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,300 | €108,764 | +€5,464 | +5.3% |
| Other operating charges | 640/8 | €7,805 | €9,383 | +€1,578 | +20.2% |
| Gross operating margin | 9900 | €124,902 | €211,244 | +€86,341 | +69.1% |
| Operating profit (loss) | 9901 | -€54,910 | €3,373 | +€58,283 | |
| Financial income | 75/76B | €201 | €65 | -€136 | -67.6% |
| Recurring financial income | 75 | €201 | €65 | -€136 | -67.6% |
| Financial charges | 65/66B | €11,266 | €8,961 | -€2,305 | -20.5% |
| Recurring financial charges | 65 | €11,266 | €8,961 | -€2,305 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | -€65,975 | -€5,523 | +€60,452 | +91.6% |
| Profit (loss) for the period | 9904 | -€65,975 | -€5,523 | +€60,452 | +91.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,975 | -€5,523 | +€60,452 | +91.6% |
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 19 October 2026 via checked.be.