GM 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.
GM HORSES
Largest movements
- Receivables within one year -€26,895
no longer reported in 2024 (was €26,895)
- Stocks and contracts +€13,500
up €13,500 (+25.7%), from €52,500 to €66,000
- Tangible fixed assets +€4,760
up €4,760 (+43.0%), from €11,063 to €15,822
- Financial fixed assets +€1,800
new in 2024: €1,800
- Other debts +€19,687
up €19,687 (+42.2%), from €46,626 to €66,313
- Advances received -€19,000
no longer reported in 2024 (was €19,000)
- Tax, wage and social debts -€6,251
down €6,251 (-28.2%), from €22,140 to €15,890
- Trade debts -€5,405
down €5,405 (-38.7%), from €13,968 to €8,562
- Profit (loss) carried forward +€4,343
up €4,343 (+23.8%), from -€18,280 to -€13,937
- Gross operating margin +€9,663
up €9,663, from -€2,386 to €7,276
- Depreciation +€360
up €360 (+25.4%), from €1,416 to €1,776
- Other operating charges +€166
new in 2024: €166
From the 2023 result to the 2024 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,458 | €83,622 | -€6,835 | -7.6% |
| Fixed assets | 21/28 | €11,063 | €17,622 | +€6,560 | +59.3% |
| Tangible fixed assets | 22/27 | €11,063 | €15,822 | +€4,760 | +43.0% |
| Other tangible fixed assets | 26 | €11,063 | €15,822 | +€4,760 | +43.0% |
| Financial fixed assets | 28 | - | €1,800 | +€1,800 | |
| Current assets | 29/58 | €79,395 | €66,000 | -€13,395 | -16.9% |
| Stocks and contracts in progress | 3 | €52,500 | €66,000 | +€13,500 | +25.7% |
| Stocks | 30/36 | €52,500 | €66,000 | +€13,500 | +25.7% |
| Amounts receivable within one year | 40/41 | €26,895 | - | -€26,895 | |
| Trade receivables | 40 | €26,895 | - | -€26,895 | |
| Total equity and liabilities | 10/49 | €90,458 | €83,622 | -€6,835 | -7.6% |
| Equity | 10/15 | -€13,280 | -€8,937 | +€4,343 | +32.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,280 | -€13,937 | +€4,343 | +23.8% |
| Amounts payable | 17/49 | €103,738 | €92,559 | -€11,179 | -10.8% |
| Amounts payable within one year | 42/48 | €103,738 | €92,559 | -€11,179 | -10.8% |
| Financial debts | 43 | €2,004 | €1,795 | -€209 | -10.5% |
| Credit institutions | 430/8 | €2,004 | €1,795 | -€209 | -10.5% |
| Trade debts | 44 | €13,968 | €8,562 | -€5,405 | -38.7% |
| Suppliers | 440/4 | €13,968 | €8,562 | -€5,405 | -38.7% |
| Advances received on contracts in progress | 46 | €19,000 | - | -€19,000 | |
| Taxes, remuneration and social security | 45 | €22,140 | €15,890 | -€6,251 | -28.2% |
| Taxes | 450/3 | €22,140 | €15,890 | -€6,251 | -28.2% |
| Other amounts payable | 47/48 | €46,626 | €66,313 | +€19,687 | +42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,416 | €1,776 | +€360 | +25.4% |
| Other operating charges | 640/8 | - | €166 | +€166 | |
| Gross operating margin | 9900 | -€2,386 | €7,276 | +€9,663 | |
| Operating profit (loss) | 9901 | -€3,802 | €5,335 | +€9,137 | |
| Financial income | 75/76B | €1 | €15 | +€14 | +1,164% |
| Recurring financial income | 75 | €1 | €15 | +€14 | +1,164% |
| Financial charges | 65/66B | €970 | €1,007 | +€36 | +3.8% |
| Recurring financial charges | 65 | €970 | €1,007 | +€36 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,771 | €4,343 | +€9,114 | |
| Profit (loss) for the period | 9904 | -€4,771 | €4,343 | +€9,114 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,771 | €4,343 | +€9,114 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.