Horse Consulting: what changed
Horse Consulting
Largest movements
- Receivables within one year -€55,077
down €55,077 (-39.4%), from €139,651 to €84,574
of which Trade receivables: -€37,549
- Cash +€33,003
up €33,003 (+231%), from €14,301 to €47,303
mainly Receivables within one year (+€55,077) and Depreciation (+€17,164)
- Tangible fixed assets -€17,164
down €17,164 (-7.8%), from €220,996 to €203,833
- Deferred charges and accrued income +€5,461
new in 2025: €5,461
- Tax, wage and social debts -€14,445
down €14,445 (-98.0%), from €14,736 to €292
of which Remuneration and social security: -€11,513
- Debts after one year -€13,727
down €13,727 (-14.2%), from €96,510 to €82,784
- Trade debts -€4,999
down €4,999 (-95.5%), from €5,232 to €233
- Other debts -€3,816
down €3,816 (-21.8%), from €17,542 to €13,725
- Gross operating margin -€27,520
down €27,520 (-60.6%), from €45,381 to €17,862
- Financial charges -€5,043
down €5,043 (-94.4%), from €5,343 to €300
- Taxes -€4,635
down €4,635 (-94.1%), from €4,926 to €292
- Other operating charges -€710
down €710 (-62.7%), from €1,132 to €422
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 | €375,148 | €341,371 | -€33,777 | -9.0% |
| Fixed assets | 21/28 | €221,196 | €204,033 | -€17,164 | -7.8% |
| Tangible fixed assets | 22/27 | €220,996 | €203,833 | -€17,164 | -7.8% |
| Land and buildings | 22 | €204,837 | €196,534 | -€8,303 | -4.1% |
| Plant, machinery and equipment | 23 | €1,325 | €1,189 | -€136 | -10.3% |
| Furniture and vehicles | 24 | €13,810 | €6,110 | -€7,700 | -55.8% |
| Other tangible fixed assets | 26 | €1,025 | - | -€1,025 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €153,951 | €137,338 | -€16,613 | -10.8% |
| Amounts receivable within one year | 40/41 | €139,651 | €84,574 | -€55,077 | -39.4% |
| Trade receivables | 40 | €97,474 | €59,925 | -€37,549 | -38.5% |
| Other amounts receivable | 41 | €42,176 | €24,649 | -€17,527 | -41.6% |
| Cash at bank and in hand | 54/58 | €14,301 | €47,303 | +€33,003 | +231% |
| Deferred charges and accrued income | 490/1 | - | €5,461 | +€5,461 | |
| Total equity and liabilities | 10/49 | €375,148 | €341,371 | -€33,777 | -9.0% |
| Equity | 10/15 | €228,096 | €227,779 | -€316 | -0.1% |
| 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 | €202,100 | €202,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €202,000 | €202,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,996 | €24,679 | -€316 | -1.3% |
| Amounts payable | 17/49 | €147,052 | €113,592 | -€33,460 | -22.8% |
| Amounts payable after more than one year | 17 | €96,510 | €82,784 | -€13,727 | -14.2% |
| Financial debts | 170/4 | €96,510 | €82,784 | -€13,727 | -14.2% |
| Amounts payable within one year | 42/48 | €50,542 | €30,808 | -€19,734 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €13,032 | €16,558 | +€3,526 | +27.1% |
| Trade debts | 44 | €5,232 | €233 | -€4,999 | -95.5% |
| Suppliers | 440/4 | €5,232 | €233 | -€4,999 | -95.5% |
| Taxes, remuneration and social security | 45 | €14,736 | €292 | -€14,445 | -98.0% |
| Taxes | 450/3 | €3,223 | €292 | -€2,931 | -91.0% |
| Remuneration and social security | 454/9 | €11,513 | - | -€11,513 | |
| Other amounts payable | 47/48 | €17,542 | €13,725 | -€3,816 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,203 | €17,164 | -€39 | -0.2% |
| Other operating charges | 640/8 | €1,132 | €422 | -€710 | -62.7% |
| Gross operating margin | 9900 | €45,381 | €17,862 | -€27,520 | -60.6% |
| Operating profit (loss) | 9901 | €27,046 | €275 | -€26,771 | -99.0% |
| Financial charges | 65/66B | €5,343 | €300 | -€5,043 | -94.4% |
| Recurring financial charges | 65 | €5,343 | €300 | -€5,043 | -94.4% |
| Profit (loss) for the period before taxes | 9903 | €21,703 | -€25 | -€21,727 | |
| Income taxes | 67/77 | €4,926 | €292 | -€4,635 | -94.1% |
| Profit (loss) for the period | 9904 | €16,777 | -€316 | -€17,093 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,777 | -€316 | -€17,093 |
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.