HORSE-MANITY: 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.
HORSE-MANITY
Largest movements
- Cash +€8,016
up €8,016 (+46.8%), from €17,126 to €25,142
mainly Depreciation (+€6,479) and Tax, wage and social debts (+€2,529)
- Tangible fixed assets -€2,303
down €2,303 (-11.1%), from €20,829 to €18,526
- Deferred charges and accrued income +€1,043
up €1,043 (+477%), from €219 to €1,262
- Intangible fixed assets -€732
down €732 (-66.0%), from €1,109 to €377
- Tax, wage and social debts +€2,529
up €2,529 (+3,258%), from €78 to €2,607
- Profit (loss) carried forward +€1,286
up €1,286 (+80.3%), from -€1,602 to -€316
- Trade debts +€952
up €952 (+120%), from €795 to €1,747
- Other debts +€877
up €877 (+2.9%), from €30,221 to €31,099
- Gross operating margin +€7,380
up €7,380 (+482%), from €1,531 to €8,911
- Depreciation +€3,455
up €3,455 (+114%), from €3,024 to €6,479
- Taxes +€993
up €993 (+1,279%), from €78 to €1,070
- Other operating charges -€251
down €251 (-100%), from €251 to €0
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 | €39,661 | €45,306 | +€5,645 | +14.2% |
| Fixed assets | 21/28 | €21,937 | €18,903 | -€3,035 | -13.8% |
| Intangible fixed assets | 21 | €1,109 | €377 | -€732 | -66.0% |
| Tangible fixed assets | 22/27 | €20,829 | €18,526 | -€2,303 | -11.1% |
| Furniture and vehicles | 24 | €20,829 | €18,526 | -€2,303 | -11.1% |
| Current assets | 29/58 | €17,724 | €26,404 | +€8,680 | +49.0% |
| Amounts receivable within one year | 40/41 | €379 | €0 | -€379 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €379 | €0 | -€379 | -100% |
| Cash at bank and in hand | 54/58 | €17,126 | €25,142 | +€8,016 | +46.8% |
| Deferred charges and accrued income | 490/1 | €219 | €1,262 | +€1,043 | +477% |
| Total equity and liabilities | 10/49 | €39,661 | €45,306 | +€5,645 | +14.2% |
| Equity | 10/15 | €8,398 | €9,684 | +€1,286 | +15.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,602 | -€316 | +€1,286 | +80.3% |
| Amounts payable | 17/49 | €31,263 | €35,622 | +€4,359 | +13.9% |
| Amounts payable within one year | 42/48 | €31,263 | €35,622 | +€4,359 | +13.9% |
| Trade debts | 44 | €795 | €1,747 | +€952 | +120% |
| Suppliers | 440/4 | €795 | €1,747 | +€952 | +120% |
| Advances received on contracts in progress | 46 | €169 | €169 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €78 | €2,607 | +€2,529 | +3,258% |
| Taxes | 450/3 | €78 | €2,607 | +€2,529 | +3,258% |
| Other amounts payable | 47/48 | €30,221 | €31,099 | +€877 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,024 | €6,479 | +€3,455 | +114% |
| Other operating charges | 640/8 | €251 | €0 | -€251 | -100% |
| Gross operating margin | 9900 | €1,531 | €8,911 | +€7,380 | +482% |
| Operating profit (loss) | 9901 | -€1,744 | €2,432 | +€4,175 | |
| Financial income | 75/76B | €67 | €0 | -€67 | -100% |
| Recurring financial income | 75 | €67 | €0 | -€67 | -100% |
| Financial charges | 65/66B | €69 | €75 | +€6 | +8.6% |
| Recurring financial charges | 65 | €69 | €75 | +€6 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,745 | €2,357 | +€4,102 | |
| Income taxes | 67/77 | €78 | €1,070 | +€993 | +1,279% |
| Profit (loss) for the period | 9904 | -€1,823 | €1,286 | +€3,110 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,823 | €1,286 | +€3,110 |
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 17 October 2026 via checked.be.