HIPPODROME PROJECTS: 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.
HIPPODROME PROJECTS
Largest movements
- Cash +€1.1m
up €1.1m (+70.4%), from €1.6m to €2.8m
mainly Receivables within one year (+€543,899) and Other debts (+€364,593)
- Receivables within one year -€543,899
down €543,899 (-80.2%), from €677,978 to €134,079
of which Other amounts receivable: -€614,203
- Stocks and contracts -€341,627
down €341,627 (-20.2%), from €1.7m to €1.3m
- Other debts +€364,593
up €364,593 (+36.4%), from €1.0m to €1.4m
- Profit (loss) carried forward -€125,484
down €125,484 (-86.5%), from €145,040 to €19,556
- Turnover -€523,310
no longer reported in 2025 (was €523,310)
- Goods and materials -€401,429
no longer reported in 2025 (was €401,429)
of which Purchases: -€240,914
- Services and other goods -€268,985
no longer reported in 2025 (was €268,985)
- Gross operating margin -€109,156
new in 2025: -€109,156
- Financial charges +€16,745
up €16,745 (+1,117%), from €1,499 to €18,244
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 | €3,992,415 | €4,249,006 | +€256,591 | +6.4% |
| Current assets | 29/58 | €3,992,415 | €4,249,006 | +€256,591 | +6.4% |
| Stocks and contracts in progress | 3 | €1,688,984 | €1,347,357 | -€341,627 | -20.2% |
| Stocks | 30/36 | €1,688,984 | €1,347,357 | -€341,627 | -20.2% |
| Property held for sale | 35 | €1,688,984 | - | -€1.7m | |
| Amounts receivable within one year | 40/41 | €677,978 | €134,079 | -€543,899 | -80.2% |
| Trade receivables | 40 | €51,770 | €122,074 | +€70,304 | +136% |
| Other amounts receivable | 41 | €626,208 | €12,005 | -€614,203 | -98.1% |
| Cash at bank and in hand | 54/58 | €1,622,635 | €2,764,225 | +€1.1m | +70.4% |
| Deferred charges and accrued income | 490/1 | €2,818 | €3,345 | +€527 | +18.7% |
| Total equity and liabilities | 10/49 | €3,992,415 | €4,249,006 | +€256,591 | +6.4% |
| Equity | 10/15 | €2,961,189 | €2,835,705 | -€125,484 | -4.2% |
| Contributions | 10/11 | €2,730,623 | €2,730,623 | = | 0.0% |
| Capital | 10 | €2,730,623 | €2,730,623 | = | 0.0% |
| Issued capital | 100 | €2,730,623 | €2,730,623 | = | 0.0% |
| Reserves | 13 | €85,527 | €85,527 | = | 0.0% |
| Non-distributable reserves | 130/1 | €85,527 | €85,527 | = | 0.0% |
| Legal reserve | 130 | €85,527 | €85,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,040 | €19,556 | -€125,484 | -86.5% |
| Amounts payable | 17/49 | €1,031,226 | €1,413,301 | +€382,075 | +37.1% |
| Amounts payable within one year | 42/48 | €1,030,953 | €1,413,301 | +€382,348 | +37.1% |
| Trade debts | 44 | €29,903 | €47,658 | +€17,755 | +59.4% |
| Suppliers | 440/4 | €29,903 | €47,658 | +€17,755 | +59.4% |
| Other amounts payable | 47/48 | €1,001,049 | €1,365,643 | +€364,593 | +36.4% |
| Accrued charges and deferred income | 492/3 | €273 | - | -€273 | |
| Operating income | 70/76A | €523,482 | - | -€523,482 | |
| Turnover | 70 | €523,310 | - | -€523,310 | |
| Other operating income | 74 | €172 | - | -€172 | |
| Operating charges | 60/66A | €672,038 | - | -€672,038 | |
| Goods for resale, raw materials and consumables | 60 | €401,429 | - | -€401,429 | |
| Purchases | 600/8 | €240,914 | - | -€240,914 | |
| Change in stocks: decrease (increase) | 609 | €160,514 | - | -€160,514 | |
| Services and other goods | 61 | €268,985 | - | -€268,985 | |
| Other operating charges | 640/8 | €1,624 | €5,078 | +€3,454 | +213% |
| Gross operating margin | 9900 | - | -€109,156 | -€109,156 | |
| Operating profit (loss) | 9901 | -€148,556 | -€114,234 | +€34,322 | +23.1% |
| Financial income | 75/76B | €18,285 | €10,390 | -€7,895 | -43.2% |
| Recurring financial income | 75 | €18,285 | €10,390 | -€7,895 | -43.2% |
| Income from current assets | 751 | €18,284 | - | -€18,284 | |
| Other financial income | 752/9 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,499 | €18,244 | +€16,745 | +1,117% |
| Recurring financial charges | 65 | €1,499 | €18,244 | +€16,745 | +1,117% |
| Debt charges | 650 | €76 | - | -€76 | |
| Other financial charges | 652/9 | €1,423 | - | -€1,423 | |
| Profit (loss) for the period before taxes | 9903 | -€131,770 | -€122,087 | +€9,682 | +7.3% |
| Income taxes | 67/77 | - | €3,396 | +€3,396 | |
| Profit (loss) for the period | 9904 | -€131,770 | -€125,484 | +€6,286 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€131,770 | -€125,484 | +€6,286 | +4.8% |
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 23 October 2026 via checked.be.