GPHorses: 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.
What changed
GPHorses
NACE 96.993, Pet care services, excluding veterinary services
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4,836
2024 · €1,680+€3,157
Equity
€127,568
2024 · €123,565+€4,003
Cash
€33,970
2024 · €32,781+€1,189
Balance sheet total
€1.3m
2024 · €1.4m-€73,611
Largest movements
Assets
- Tangible fixed assets -€39,015
down €39,015 (-3.2%), from €1.2m to €1.2m
of which Land and buildings: -€51,224
- Receivables within one year -€26,162
down €26,162 (-71.6%), from €36,561 to €10,399
of which Trade receivables: -€26,688
Equity and liabilities
- Debts after one year -€72,746
down €72,746 (-9.4%), from €776,250 to €703,504
Income statement
- Staff costs +€22,521
up €22,521 (+5184.2%), from €434 to €22,955
- Gross operating margin +€20,930
up €20,930 (+15.9%), from €131,627 to €152,557
- Depreciation -€2,864
down €2,864 (-2.6%), from €111,755 to €108,890
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.
Result 2024
€1,680
Gross operating margin
+€20,930
Staff costs
-€22,521
Depreciation
+€2,864
Other operating charges
+€661
Financial income
+€53
Financial charges
+€1,019
Taxes
+€150
Result 2025
€4,836
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.
From operations
+€143,911
Investment
-€69,876
Financing
-€72,847
Cash 2024
€32,781
From operations (derived)
+€143,911
Net result for the year
+€4,836
Depreciation
+€108,890
Stocks and contracts
+€8,825
Receivables within one year
+€26,162
Deferred charges and accrued income
+€797
Trade debts
+€3,001
Tax, wage and social debts
+€236
Advances received
-€1,826
Other debts
-€7,011
Investment (derived)
-€69,876
Investment in fixed assets (net)
-€69,876
Financing
-€72,847
Debts after one year
-€72,746
Current portion of long-term debt
+€732
Contributions, distributions and other
-€833
Cash 2025
€33,970
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,380,710 | €1,307,099 | -€73,611 | -5.3% |
| Fixed assets | 21/28 | €1,213,871 | €1,174,856 | -€39,015 | -3.2% |
| Tangible fixed assets | 22/27 | €1,213,871 | €1,174,856 | -€39,015 | -3.2% |
| Land and buildings | 22 | €1,094,428 | €1,043,203 | -€51,224 | -4.7% |
| Plant, machinery and equipment | 23 | €97,372 | €106,807 | +€9,435 | +9.7% |
| Furniture and vehicles | 24 | €22,071 | €24,846 | +€2,775 | +12.6% |
| Current assets | 29/58 | €166,839 | €132,243 | -€34,596 | -20.7% |
| Stocks and contracts in progress | 3 | €90,250 | €81,425 | -€8,825 | -9.8% |
| Stocks | 30/36 | €90,250 | €81,425 | -€8,825 | -9.8% |
| Amounts receivable within one year | 40/41 | €36,561 | €10,399 | -€26,162 | -71.6% |
| Trade receivables | 40 | €36,561 | €9,874 | -€26,688 | -73.0% |
| Other amounts receivable | 41 | - | €525 | +€525 | |
| Cash at bank and in hand | 54/58 | €32,781 | €33,970 | +€1,189 | +3.6% |
| Deferred charges and accrued income | 490/1 | €7,247 | €6,449 | -€797 | -11.0% |
| Total equity and liabilities | 10/49 | €1,380,710 | €1,307,099 | -€73,611 | -5.3% |
| Equity | 10/15 | €123,565 | €127,568 | +€4,003 | +3.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,565 | €124,568 | +€4,003 | +3.3% |
| Amounts payable | 17/49 | €1,257,145 | €1,179,531 | -€77,614 | -6.2% |
| Amounts payable after more than one year | 17 | €776,250 | €703,504 | -€72,746 | -9.4% |
| Financial debts | 170/4 | €776,250 | €703,504 | -€72,746 | -9.4% |
| Amounts payable within one year | 42/48 | €480,895 | €476,027 | -€4,868 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €72,014 | €72,746 | +€732 | +1.0% |
| Trade debts | 44 | €16,123 | €19,124 | +€3,001 | +18.6% |
| Suppliers | 440/4 | €16,123 | €19,124 | +€3,001 | +18.6% |
| Advances received on contracts in progress | 46 | €2,306 | €480 | -€1,826 | -79.2% |
| Taxes, remuneration and social security | 45 | €13,138 | €13,374 | +€236 | +1.8% |
| Taxes | 450/3 | €11,233 | €11,874 | +€641 | +5.7% |
| Remuneration and social security | 454/9 | €1,905 | €1,500 | -€405 | -21.3% |
| Other amounts payable | 47/48 | €377,314 | €370,303 | -€7,011 | -1.9% |
| Non-recurring operating income | 76A | €10,000 | €413 | -€9,587 | -95.9% |
| Remuneration, social security and pensions | 62 | €434 | €22,955 | +€22,521 | +5184.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,755 | €108,890 | -€2,864 | -2.6% |
| Other operating charges | 640/8 | €5,531 | €4,870 | -€661 | -12.0% |
| Gross operating margin | 9900 | €131,627 | €152,557 | +€20,930 | +15.9% |
| Operating profit (loss) | 9901 | €13,907 | €15,842 | +€1,935 | +13.9% |
| Financial income | 75/76B | €51 | €104 | +€53 | +103.2% |
| Recurring financial income | 75 | €51 | €104 | +€53 | +103.2% |
| Financial charges | 65/66B | €12,129 | €11,110 | -€1,019 | -8.4% |
| Recurring financial charges | 65 | €12,129 | €11,110 | -€1,019 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €1,829 | €4,836 | +€3,007 | +164.4% |
| Income taxes | 67/77 | €150 | €0 | -€150 | -100.0% |
| Profit (loss) for the period | 9904 | €1,680 | €4,836 | +€3,157 | +187.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,680 | €4,836 | +€3,157 | +187.9% |
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 12 October 2026 via checked.be.