Grey Horse: what changed
Grey Horse
Largest movements
- Receivables within one year -€2,616
down €2,616 (-29.5%), from €8,863 to €6,247
of which Trade receivables: -€2,544
- Cash -€1,689
down €1,689 (-99.9%), from €1,692 to €2
mainly Trade debts (-€2,474) and Net result for the year (-€2,341)
- Tangible fixed assets -€413
down €413 (-35.8%), from €1,153 to €741
- Trade debts -€2,474
down €2,474 (-84.2%), from €2,939 to €465
- Reserves -€2,341
down €2,341 (-58.4%), from €4,009 to €1,668
- Accrued charges and deferred income +€128
new in 2025: €128
- Gross operating margin -€8,284
down €8,284, from €6,740 to -€1,544
- Taxes -€1,856
down €1,856 (-100%), from €1,856 to €0
- Other operating charges -€655
down €655 (-59.7%), from €1,096 to €442
- Depreciation +€328
up €328 (+388%), from €85 to €413
- Financial charges +€224
up €224 (+375%), from €60 to €283
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,988 | €7,330 | -€4,658 | -38.9% |
| Fixed assets | 21/28 | €1,153 | €741 | -€413 | -35.8% |
| Tangible fixed assets | 22/27 | €1,153 | €741 | -€413 | -35.8% |
| Furniture and vehicles | 24 | €1,153 | €741 | -€413 | -35.8% |
| Current assets | 29/58 | €10,835 | €6,590 | -€4,245 | -39.2% |
| Amounts receivable within one year | 40/41 | €8,863 | €6,247 | -€2,616 | -29.5% |
| Trade receivables | 40 | €2,544 | €0 | -€2,544 | -100% |
| Other amounts receivable | 41 | €6,319 | €6,247 | -€73 | -1.1% |
| Cash at bank and in hand | 54/58 | €1,692 | €2 | -€1,689 | -99.9% |
| Deferred charges and accrued income | 490/1 | €280 | €340 | +€60 | +21.5% |
| Total equity and liabilities | 10/49 | €11,988 | €7,330 | -€4,658 | -38.9% |
| Equity | 10/15 | €7,009 | €4,668 | -€2,341 | -33.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €4,009 | €1,668 | -€2,341 | -58.4% |
| Distributable reserves | 133 | €4,009 | €1,668 | -€2,341 | -58.4% |
| Amounts payable | 17/49 | €4,979 | €2,662 | -€2,317 | -46.5% |
| Amounts payable within one year | 42/48 | €4,979 | €2,534 | -€2,445 | -49.1% |
| Trade debts | 44 | €2,939 | €465 | -€2,474 | -84.2% |
| Suppliers | 440/4 | €2,939 | €465 | -€2,474 | -84.2% |
| Taxes, remuneration and social security | 45 | €2,040 | €2,069 | +€29 | +1.4% |
| Taxes | 450/3 | €2,040 | €2,069 | +€29 | +1.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85 | €413 | +€328 | +388% |
| Other operating charges | 640/8 | €1,096 | €442 | -€655 | -59.7% |
| Gross operating margin | 9900 | €6,740 | -€1,544 | -€8,284 | |
| Operating profit (loss) | 9901 | €5,560 | -€2,398 | -€7,958 | |
| Financial income | 75/76B | €364 | €340 | -€24 | -6.5% |
| Recurring financial income | 75 | €364 | €340 | -€24 | -6.5% |
| Financial charges | 65/66B | €60 | €283 | +€224 | +375% |
| Recurring financial charges | 65 | €60 | €283 | +€224 | +375% |
| Profit (loss) for the period before taxes | 9903 | €5,864 | -€2,341 | -€8,205 | |
| Income taxes | 67/77 | €1,856 | €0 | -€1,856 | -100% |
| Profit (loss) for the period | 9904 | €4,008 | -€2,341 | -€6,349 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,008 | -€2,341 | -€6,349 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.