HORSE-INFINITY: what changed
Two fiscal 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.
HORSE-INFINITY
Largest movements
- Cash -€4,416
down €4,416 (-99.9%), from €4,422 to €6
mainly Net result for the year (-€20,109) and Trade debts (-€13,537)
- Stocks and contracts +€1,680
new in 2025: €1,680
- Tangible fixed assets -€1,439
down €1,439 (-10.5%), from €13,711 to €12,272
- Receivables within one year -€1,070
down €1,070 (-60.9%), from €1,755 to €686
- Other debts +€28,436
up €28,436 (+326.7%), from €8,705 to €37,141
- Profit (loss) carried forward -€20,109
down €20,109 (-85.5%), from -€23,516 to -€43,625
- Trade debts -€13,537
down €13,537 (-92.1%), from €14,699 to €1,161
- Other operating charges -€2,137
no longer reported in 2025 (was €2,137)
- Gross operating margin +€1,975
up €1,975 (+9.6%), from -€20,631 to -€18,656
- Depreciation +€764
up €764 (+113.3%), from €674 to €1,439
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,888 | €14,678 | -€5,210 | -26.2% |
| Fixed assets | 21/28 | €13,711 | €12,272 | -€1,439 | -10.5% |
| Tangible fixed assets | 22/27 | €13,711 | €12,272 | -€1,439 | -10.5% |
| Plant, machinery and equipment | 23 | €13,711 | €12,272 | -€1,439 | -10.5% |
| Current assets | 29/58 | €6,177 | €2,406 | -€3,771 | -61.1% |
| Stocks and contracts in progress | 3 | - | €1,680 | +€1,680 | |
| Stocks | 30/36 | - | €1,680 | +€1,680 | |
| Amounts receivable within one year | 40/41 | €1,755 | €686 | -€1,070 | -60.9% |
| Other amounts receivable | 41 | €1,755 | €686 | -€1,070 | -60.9% |
| Cash at bank and in hand | 54/58 | €4,422 | €6 | -€4,416 | -99.9% |
| Deferred charges and accrued income | 490/1 | - | €34 | +€34 | |
| Total equity and liabilities | 10/49 | €19,888 | €14,678 | -€5,210 | -26.2% |
| Equity | 10/15 | -€3,516 | -€23,625 | -€20,109 | -571.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,516 | -€43,625 | -€20,109 | -85.5% |
| Amounts payable | 17/49 | €23,404 | €38,302 | +€14,899 | +63.7% |
| Amounts payable within one year | 42/48 | €23,404 | €38,302 | +€14,899 | +63.7% |
| Trade debts | 44 | €14,699 | €1,161 | -€13,537 | -92.1% |
| Suppliers | 440/4 | €14,699 | €1,161 | -€13,537 | -92.1% |
| Other amounts payable | 47/48 | €8,705 | €37,141 | +€28,436 | +326.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €674 | €1,439 | +€764 | +113.3% |
| Other operating charges | 640/8 | €2,137 | - | -€2,137 | |
| Gross operating margin | 9900 | -€20,631 | -€18,656 | +€1,975 | +9.6% |
| Operating profit (loss) | 9901 | -€23,443 | -€20,095 | +€3,348 | +14.3% |
| Financial charges | 65/66B | €73 | €14 | -€59 | -80.7% |
| Recurring financial charges | 65 | €73 | €14 | -€59 | -80.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,516 | -€20,109 | +€3,407 | +14.5% |
| Profit (loss) for the period | 9904 | -€23,516 | -€20,109 | +€3,407 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,516 | -€20,109 | +€3,407 | +14.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.