GD SPORTHORSES: 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.
GD SPORTHORSES
Largest movements
- Stocks and contracts -€762,000
down €762,000 (-86.5%), from €880,500 to €118,500
- Tangible fixed assets +€551,327
up €551,327 (+191%), from €289,091 to €840,418
of which Other tangible fixed assets: +€596,384
- Receivables within one year -€150,502
down €150,502 (-97.9%), from €153,715 to €3,213
of which Other amounts receivable: -€113,817
- Cash +€14,997
up €14,997 (+69.8%), from €21,473 to €36,470
mainly Stocks and contracts (+€762,000) and Other debts (+€453,411)
- Trade debts -€498,537
down €498,537 (-76.4%), from €652,399 to €153,862
- Other debts +€453,411
up €453,411 (+241%), from €187,967 to €641,378
- Profit (loss) carried forward -€356,571
down €356,571 (-156%), from -€229,259 to -€585,829
- Debts after one year +€50,964
up €50,964 (+22.7%), from €225,000 to €275,964
- Depreciation +€208,031
up €208,031 (+215%), from €96,685 to €304,716
- Gross operating margin +€60,608
up €60,608 (+63.0%), from -€96,196 to -€35,588
- Financial income -€6,950
down €6,950 (-94.7%), from €7,335 to €386
- Write-downs -€5,749
new in 2025: -€5,749
- Other operating charges -€2,166
down €2,166 (-33.9%), from €6,385 to €4,219
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 | €1,347,451 | €1,010,437 | -€337,013 | -25.0% |
| Fixed assets | 21/28 | €290,091 | €847,371 | +€557,280 | +192% |
| Intangible fixed assets | 21 | - | €5,954 | +€5,954 | |
| Tangible fixed assets | 22/27 | €289,091 | €840,418 | +€551,327 | +191% |
| Plant, machinery and equipment | 23 | €2,747 | €6,183 | +€3,436 | +125% |
| Furniture and vehicles | 24 | €285,445 | €236,951 | -€48,493 | -17.0% |
| Other tangible fixed assets | 26 | €900 | €597,284 | +€596,384 | +66,265% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,057,360 | €163,066 | -€894,294 | -84.6% |
| Stocks and contracts in progress | 3 | €880,500 | €118,500 | -€762,000 | -86.5% |
| Stocks | 30/36 | €880,500 | €118,500 | -€762,000 | -86.5% |
| Amounts receivable within one year | 40/41 | €153,715 | €3,213 | -€150,502 | -97.9% |
| Trade receivables | 40 | €39,235 | €2,550 | -€36,685 | -93.5% |
| Other amounts receivable | 41 | €114,480 | €663 | -€113,817 | -99.4% |
| Cash at bank and in hand | 54/58 | €21,473 | €36,470 | +€14,997 | +69.8% |
| Deferred charges and accrued income | 490/1 | €1,671 | €4,883 | +€3,211 | +192% |
| Total equity and liabilities | 10/49 | €1,347,451 | €1,010,437 | -€337,013 | -25.0% |
| Equity | 10/15 | €281,661 | -€74,910 | -€356,571 | |
| Contributions | 10/11 | €503,856 | €503,856 | = | 0.0% |
| Reserves | 13 | €7,064 | €7,064 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,064 | €7,064 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€229,259 | -€585,829 | -€356,571 | -156% |
| Amounts payable | 17/49 | €1,065,790 | €1,085,347 | +€19,557 | +1.8% |
| Amounts payable after more than one year | 17 | €225,000 | €275,964 | +€50,964 | +22.7% |
| Financial debts | 170/4 | €225,000 | €275,964 | +€50,964 | +22.7% |
| Amounts payable within one year | 42/48 | €840,790 | €809,383 | -€31,406 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €12,848 | +€12,848 | |
| Trade debts | 44 | €652,399 | €153,862 | -€498,537 | -76.4% |
| Suppliers | 440/4 | €652,399 | €153,862 | -€498,537 | -76.4% |
| Advances received on contracts in progress | 46 | €424 | €500 | +€76 | +17.9% |
| Taxes, remuneration and social security | 45 | €0 | €796 | +€796 | |
| Taxes | 450/3 | €0 | €796 | +€796 | |
| Other amounts payable | 47/48 | €187,967 | €641,378 | +€453,411 | +241% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,685 | €304,716 | +€208,031 | +215% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€5,749 | -€5,749 | |
| Other operating charges | 640/8 | €6,385 | €4,219 | -€2,166 | -33.9% |
| Non-recurring operating charges | 66A | - | €16,975 | +€16,975 | |
| Gross operating margin | 9900 | -€96,196 | -€35,588 | +€60,608 | +63.0% |
| Operating profit (loss) | 9901 | -€199,266 | -€355,749 | -€156,482 | -78.5% |
| Financial income | 75/76B | €7,335 | €386 | -€6,950 | -94.7% |
| Recurring financial income | 75 | €7,335 | €386 | -€6,950 | -94.7% |
| Financial charges | 65/66B | €896 | €1,208 | +€312 | +34.8% |
| Recurring financial charges | 65 | €896 | €1,208 | +€312 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | -€192,827 | -€356,571 | -€163,743 | -84.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€192,827 | -€356,571 | -€163,743 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€192,827 | -€356,571 | -€163,743 | -84.9% |
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 31 October 2026 via checked.be.