HAEP 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.
HAEP HORSES
Largest movements
- Cash -€42,837
down €42,837 (-30.8%), from €138,900 to €96,063
mainly Investment in fixed assets (net) (-€112,251) and Net result for the year (-€43,730)
- Stocks and contracts +€17,562
up €17,562 (+6.3%), from €279,341 to €296,903
- Profit (loss) carried forward -€43,730
down €43,730 (-13.2%), from €331,567 to €287,836
- Trade debts +€19,380
up €19,380 (+128%), from €15,128 to €34,509
- Gross operating margin +€185,424
up €185,424, from -€80,123 to €105,301
- Staff costs +€7,463
up €7,463 (+33.2%), from €22,475 to €29,939
- Depreciation +€4,423
up €4,423 (+3.9%), from €112,392 to €116,815
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 | €743,138 | €715,950 | -€27,188 | -3.7% |
| Fixed assets | 21/28 | €317,278 | €312,715 | -€4,563 | -1.4% |
| Tangible fixed assets | 22/27 | €317,228 | €312,665 | -€4,563 | -1.4% |
| Land and buildings | 22 | €11,267 | €31,517 | +€20,251 | +180% |
| Plant, machinery and equipment | 23 | €20,704 | €51,250 | +€30,545 | +148% |
| Furniture and vehicles | 24 | €283,514 | €225,566 | -€57,948 | -20.4% |
| Other tangible fixed assets | 26 | €1,743 | €4,332 | +€2,589 | +149% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €425,860 | €403,235 | -€22,624 | -5.3% |
| Stocks and contracts in progress | 3 | €279,341 | €296,903 | +€17,562 | +6.3% |
| Stocks | 30/36 | €279,341 | €296,903 | +€17,562 | +6.3% |
| Amounts receivable within one year | 40/41 | €3,125 | €7,430 | +€4,305 | +138% |
| Trade receivables | 40 | - | €3,566 | +€3,566 | |
| Other amounts receivable | 41 | €3,125 | €3,864 | +€739 | +23.6% |
| Cash at bank and in hand | 54/58 | €138,900 | €96,063 | -€42,837 | -30.8% |
| Deferred charges and accrued income | 490/1 | €4,493 | €2,839 | -€1,654 | -36.8% |
| Total equity and liabilities | 10/49 | €743,138 | €715,950 | -€27,188 | -3.7% |
| Equity | 10/15 | €353,567 | €309,836 | -€43,730 | -12.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €331,567 | €287,836 | -€43,730 | -13.2% |
| Provisions and deferred taxes | 16 | €2,500 | €2,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,500 | €2,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable | 17/49 | €387,071 | €403,614 | +€16,543 | +4.3% |
| Amounts payable within one year | 42/48 | €387,071 | €403,614 | +€16,543 | +4.3% |
| Trade debts | 44 | €15,128 | €34,509 | +€19,380 | +128% |
| Suppliers | 440/4 | €15,128 | €34,509 | +€19,380 | +128% |
| Taxes, remuneration and social security | 45 | €936 | €1,956 | +€1,020 | +109% |
| Remuneration and social security | 454/9 | €936 | €1,956 | +€1,020 | +109% |
| Other amounts payable | 47/48 | €371,007 | €367,150 | -€3,857 | -1.0% |
| Remuneration, social security and pensions | 62 | €22,475 | €29,939 | +€7,463 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,392 | €116,815 | +€4,423 | +3.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €0 | = | |
| Other operating charges | 640/8 | €1,744 | €2,210 | +€465 | +26.7% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | -€80,123 | €105,301 | +€185,424 | |
| Operating profit (loss) | 9901 | -€216,734 | -€43,662 | +€173,072 | +79.9% |
| Financial income | 75/76B | €40 | €10 | -€30 | -74.0% |
| Recurring financial income | 75 | €40 | €10 | -€30 | -74.0% |
| Financial charges | 65/66B | €77 | €79 | +€2 | +2.7% |
| Recurring financial charges | 65 | €77 | €79 | +€2 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€216,771 | -€43,730 | +€173,040 | +79.8% |
| Profit (loss) for the period | 9904 | -€216,771 | -€43,730 | +€173,040 | +79.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€216,771 | -€43,730 | +€173,040 | +79.8% |
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.