HORSE POWER IGNITION: 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 POWER IGNITION
Largest movements
- Cash +€513,134
up €513,134 (+93.5%), from €548,595 to €1.1m
mainly Net result for the year (+€551,374) and Other debts (+€193,042)
- Receivables within one year -€43,535
down €43,535 (-21.5%), from €202,401 to €158,866
of which Other amounts receivable: -€46,664
- Current investments -€34,643
down €34,643 (-2.0%), from €1.7m to €1.7m
- Reserves +€295,574
up €295,574 (+13.1%), from €2.3m to €2.6m
- Other debts +€193,042
new in 2025: €193,042
- Tax, wage and social debts -€51,941
down €51,941 (-46.7%), from €111,243 to €59,302
of which Taxes: -€68,263
- Financial income +€65,346
up €65,346 (+243%), from €26,846 to €92,192
- Gross operating margin -€24,611
down €24,611 (-2.5%), from €975,785 to €951,175
- Taxes +€19,213
up €19,213 (+8.0%), from €241,310 to €260,524
- Financial charges -€13,118
down €13,118 (-18.2%), from €71,967 to €58,849
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 | €2,576,353 | €3,003,398 | +€427,045 | +16.6% |
| Fixed assets | 21/28 | €18,287 | €12,385 | -€5,902 | -32.3% |
| Tangible fixed assets | 22/27 | €18,287 | €12,385 | -€5,902 | -32.3% |
| Land and buildings | 22 | €241 | €0 | -€241 | -100% |
| Furniture and vehicles | 24 | €18,046 | €12,385 | -€5,661 | -31.4% |
| Current assets | 29/58 | €2,558,066 | €2,991,013 | +€432,947 | +16.9% |
| Stocks and contracts in progress | 3 | €50,733 | €49,880 | -€854 | -1.7% |
| Stocks | 30/36 | €50,733 | €49,880 | -€854 | -1.7% |
| Amounts receivable within one year | 40/41 | €202,401 | €158,866 | -€43,535 | -21.5% |
| Trade receivables | 40 | €14,091 | €17,219 | +€3,128 | +22.2% |
| Other amounts receivable | 41 | €188,310 | €141,647 | -€46,664 | -24.8% |
| Current investments | 50/53 | €1,745,195 | €1,710,551 | -€34,643 | -2.0% |
| Cash at bank and in hand | 54/58 | €548,595 | €1,061,729 | +€513,134 | +93.5% |
| Deferred charges and accrued income | 490/1 | €11,142 | €9,988 | -€1,155 | -10.4% |
| Total equity and liabilities | 10/49 | €2,576,353 | €3,003,398 | +€427,045 | +16.6% |
| Equity | 10/15 | €2,405,682 | €2,701,256 | +€295,574 | +12.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €2,255,682 | €2,551,256 | +€295,574 | +13.1% |
| Distributable reserves | 133 | €2,255,682 | €2,551,256 | +€295,574 | +13.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €170,671 | €302,143 | +€131,471 | +77.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €170,671 | €302,143 | +€131,471 | +77.0% |
| Financial debts | 43 | €9,155 | €929 | -€8,226 | -89.9% |
| Credit institutions | 430/8 | €9,155 | €929 | -€8,226 | -89.9% |
| Trade debts | 44 | €50,273 | €48,870 | -€1,403 | -2.8% |
| Suppliers | 440/4 | €50,273 | €48,870 | -€1,403 | -2.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €111,243 | €59,302 | -€51,941 | -46.7% |
| Taxes | 450/3 | €94,904 | €26,641 | -€68,263 | -71.9% |
| Remuneration and social security | 454/9 | €16,339 | €32,661 | +€16,322 | +99.9% |
| Other amounts payable | 47/48 | - | €193,042 | +€193,042 | |
| Non-recurring operating income | 76A | €3,355 | €0 | -€3,355 | -100% |
| Remuneration, social security and pensions | 62 | €156,173 | €163,132 | +€6,959 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,286 | €5,902 | +€615 | +11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,661 | €3,588 | -€3,073 | -46.1% |
| Non-recurring operating charges | 66A | €1,798 | €0 | -€1,798 | -100% |
| Gross operating margin | 9900 | €975,785 | €951,175 | -€24,611 | -2.5% |
| Operating profit (loss) | 9901 | €805,868 | €778,554 | -€27,314 | -3.4% |
| Financial income | 75/76B | €26,846 | €92,192 | +€65,346 | +243% |
| Recurring financial income | 75 | €26,846 | €92,192 | +€65,346 | +243% |
| Financial charges | 65/66B | €71,967 | €58,849 | -€13,118 | -18.2% |
| Recurring financial charges | 65 | €71,967 | €58,849 | -€13,118 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €760,747 | €811,898 | +€51,151 | +6.7% |
| Income taxes | 67/77 | €241,310 | €260,524 | +€19,213 | +8.0% |
| Profit (loss) for the period | 9904 | €519,437 | €551,374 | +€31,937 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €519,437 | €551,374 | +€31,937 | +6.1% |
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 24 October 2026 via checked.be.