GMB 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.
GMB Horses
Largest movements
- Cash +€41,770
up €41,770 (+89.3%), from €46,793 to €88,562
mainly Other debts (+€46,198) and Net result for the year (+€40,797)
- Tangible fixed assets -€27,661
down €27,661 (-18.7%), from €148,010 to €120,350
of which Furniture and vehicles: -€15,314
- Receivables within one year +€9,879
up €9,879 (+51.3%), from €19,243 to €29,122
of which Trade receivables: +€16,021
- Other debts +€46,198
up €46,198 (+85.8%), from €53,861 to €100,058
- Debts after one year -€16,797
down €16,797 (-37.9%), from €44,353 to €27,556
- Profit (loss) carried forward -€9,203
down €9,203 (-10.3%), from €89,036 to €79,833
- Tax, wage and social debts +€5,093
up €5,093 (+53.2%), from €9,572 to €14,665
- Gross operating margin +€26,907
up €26,907 (+45.8%), from €58,791 to €85,697
- Purchases and services +€10,769
up €10,769 (+5.5%), from €194,956 to €205,726
- Taxes +€3,750
up €3,750 (+54.8%), from €6,841 to €10,591
- Depreciation +€1,669
up €1,669 (+5.9%), from €28,457 to €30,125
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 | €242,647 | €268,667 | +€26,020 | +10.7% |
| Fixed assets | 21/28 | €148,010 | €120,350 | -€27,661 | -18.7% |
| Tangible fixed assets | 22/27 | €148,010 | €120,350 | -€27,661 | -18.7% |
| Land and buildings | 22 | €49,991 | €44,754 | -€5,238 | -10.5% |
| Plant, machinery and equipment | 23 | €36,691 | €29,141 | -€7,549 | -20.6% |
| Furniture and vehicles | 24 | €61,329 | €46,014 | -€15,314 | -25.0% |
| Other tangible fixed assets | 26 | - | €441 | +€441 | |
| Current assets | 29/58 | €94,637 | €148,317 | +€53,680 | +56.7% |
| Stocks and contracts in progress | 3 | €28,000 | €28,000 | = | 0.0% |
| Stocks | 30/36 | €28,000 | €28,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,243 | €29,122 | +€9,879 | +51.3% |
| Trade receivables | 40 | €10,942 | €26,963 | +€16,021 | +146% |
| Other amounts receivable | 41 | €8,301 | €2,159 | -€6,141 | -74.0% |
| Cash at bank and in hand | 54/58 | €46,793 | €88,562 | +€41,770 | +89.3% |
| Deferred charges and accrued income | 490/1 | €602 | €2,633 | +€2,031 | +338% |
| Total equity and liabilities | 10/49 | €242,647 | €268,667 | +€26,020 | +10.7% |
| Equity | 10/15 | €108,949 | €99,746 | -€9,203 | -8.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €18,913 | €18,913 | = | 0.0% |
| Distributable reserves | 133 | €18,913 | €18,913 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,036 | €79,833 | -€9,203 | -10.3% |
| Amounts payable | 17/49 | €133,698 | €168,921 | +€35,223 | +26.3% |
| Amounts payable after more than one year | 17 | €44,353 | €27,556 | -€16,797 | -37.9% |
| Financial debts | 170/4 | €44,353 | €27,556 | -€16,797 | -37.9% |
| Amounts payable within one year | 42/48 | €89,345 | €141,364 | +€52,019 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €14,124 | €15,965 | +€1,841 | +13.0% |
| Trade debts | 44 | €11,788 | €10,676 | -€1,112 | -9.4% |
| Suppliers | 440/4 | €11,788 | €10,676 | -€1,112 | -9.4% |
| Taxes, remuneration and social security | 45 | €9,572 | €14,665 | +€5,093 | +53.2% |
| Taxes | 450/3 | €9,572 | €14,665 | +€5,093 | +53.2% |
| Other amounts payable | 47/48 | €53,861 | €100,058 | +€46,198 | +85.8% |
| Non-recurring operating income | 76A | €14,678 | - | -€14,678 | |
| Goods, raw materials, services and sundry goods | 60/61 | €194,956 | €205,726 | +€10,769 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,457 | €30,125 | +€1,669 | +5.9% |
| Other operating charges | 640/8 | €1,727 | €1,810 | +€83 | +4.8% |
| Gross operating margin | 9900 | €58,791 | €85,697 | +€26,907 | +45.8% |
| Operating profit (loss) | 9901 | €28,607 | €53,763 | +€25,155 | +87.9% |
| Financial income | 75/76B | €94 | €37 | -€57 | -60.7% |
| Recurring financial income | 75 | €94 | €37 | -€57 | -60.7% |
| Financial charges | 65/66B | €2,947 | €2,412 | -€536 | -18.2% |
| Recurring financial charges | 65 | €2,947 | €2,412 | -€536 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €25,754 | €51,388 | +€25,634 | +99.5% |
| Income taxes | 67/77 | €6,841 | €10,591 | +€3,750 | +54.8% |
| Profit (loss) for the period | 9904 | €18,913 | €40,797 | +€21,884 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €18,913 | €40,797 | +€21,884 | +116% |
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 28 October 2026 via checked.be.