Horse Projects: 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 Projects
Largest movements
- Tangible fixed assets +€244,546
up €244,546 (+105.6%), from €231,624 to €476,170
of which Land and buildings: +€288,716
- Current investments -€172,948
down €172,948 (-28.4%), from €609,907 to €436,958
- Cash +€144,682
up €144,682 (+69.9%), from €207,087 to €351,769
mainly Net result for the year (+€202,096) and Current investments (+€172,948)
- Receivables within one year -€17,537
down €17,537 (-19.3%), from €90,861 to €73,324
of which Trade receivables: -€10,605
- Stocks and contracts +€16,300
up €16,300 (+30.9%), from €52,700 to €69,000
- Reserves +€200,096
up €200,096 (+25.5%), from €785,838 to €985,933
- Other debts +€33,421
up €33,421 (+13.2%), from €253,426 to €286,846
- Debts after one year -€21,010
down €21,010 (-33.9%), from €61,975 to €40,965
- Gross operating margin +€37,100
up €37,100 (+13.2%), from €280,886 to €317,986
- Financial income +€36,670
up €36,670 (+170.6%), from €21,498 to €58,167
- Taxes +€21,047
up €21,047 (+31.9%), from €65,881 to €86,928
- Depreciation +€17,595
up €17,595 (+45.2%), from €38,904 to €56,499
- Financial charges +€3,570
up €3,570 (+18.2%), from €19,660 to €23,230
of which Financial charges: +€3,630
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 | €1,197,587 | €1,418,605 | +€221,018 | +18.5% |
| Fixed assets | 21/28 | €231,759 | €476,305 | +€244,546 | +105.5% |
| Tangible fixed assets | 22/27 | €231,624 | €476,170 | +€244,546 | +105.6% |
| Land and buildings | 22 | €24,315 | €313,031 | +€288,716 | +1187.4% |
| Plant, machinery and equipment | 23 | €77,134 | €57,050 | -€20,084 | -26.0% |
| Furniture and vehicles | 24 | €100,757 | €80,874 | -€19,884 | -19.7% |
| Other tangible fixed assets | 26 | €29,417 | €25,215 | -€4,202 | -14.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €965,828 | €942,300 | -€23,528 | -2.4% |
| Stocks and contracts in progress | 3 | €52,700 | €69,000 | +€16,300 | +30.9% |
| Stocks | 30/36 | €52,700 | €69,000 | +€16,300 | +30.9% |
| Amounts receivable within one year | 40/41 | €90,861 | €73,324 | -€17,537 | -19.3% |
| Trade receivables | 40 | €63,619 | €53,014 | -€10,605 | -16.7% |
| Other amounts receivable | 41 | €27,242 | €20,310 | -€6,932 | -25.4% |
| Current investments | 50/53 | €609,907 | €436,958 | -€172,948 | -28.4% |
| Cash at bank and in hand | 54/58 | €207,087 | €351,769 | +€144,682 | +69.9% |
| Deferred charges and accrued income | 490/1 | €5,274 | €11,249 | +€5,975 | +113.3% |
| Total equity and liabilities | 10/49 | €1,197,587 | €1,418,605 | +€221,018 | +18.5% |
| Equity | 10/15 | €844,505 | €1,044,601 | +€200,096 | +23.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €785,838 | €985,933 | +€200,096 | +25.5% |
| Distributable reserves | 133 | €785,838 | €985,933 | +€200,096 | +25.5% |
| Profit (loss) carried forward | 14 | €28,667 | €28,667 | = | 0.0% |
| Amounts payable | 17/49 | €353,082 | €374,004 | +€20,922 | +5.9% |
| Amounts payable after more than one year | 17 | €61,975 | €40,965 | -€21,010 | -33.9% |
| Financial debts | 170/4 | €61,975 | €40,965 | -€21,010 | -33.9% |
| Amounts payable within one year | 42/48 | €291,106 | €332,914 | +€41,807 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €20,424 | €21,010 | +€587 | +2.9% |
| Trade debts | 44 | €0 | €5,131 | +€5,131 | |
| Suppliers | 440/4 | €0 | €5,131 | +€5,131 | |
| Taxes, remuneration and social security | 45 | €17,257 | €19,926 | +€2,669 | +15.5% |
| Taxes | 450/3 | €17,257 | €19,926 | +€2,669 | +15.5% |
| Other amounts payable | 47/48 | €253,426 | €286,846 | +€33,421 | +13.2% |
| Accrued charges and deferred income | 492/3 | - | €125 | +€125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,904 | €56,499 | +€17,595 | +45.2% |
| Other operating charges | 640/8 | €6,419 | €7,401 | +€982 | +15.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €280,886 | €317,986 | +€37,100 | +13.2% |
| Operating profit (loss) | 9901 | €235,564 | €254,086 | +€18,522 | +7.9% |
| Financial income | 75/76B | €21,498 | €58,167 | +€36,670 | +170.6% |
| Recurring financial income | 75 | €21,498 | €58,167 | +€36,670 | +170.6% |
| Financial charges | 65/66B | €19,660 | €23,230 | +€3,570 | +18.2% |
| Recurring financial charges | 65 | €19,600 | €23,230 | +€3,630 | +18.5% |
| Non-recurring financial charges | 66B | €60 | €0 | -€60 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €237,402 | €289,024 | +€51,622 | +21.7% |
| Income taxes | 67/77 | €65,881 | €86,928 | +€21,047 | +31.9% |
| Profit (loss) for the period | 9904 | €171,521 | €202,096 | +€30,575 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €171,521 | €202,096 | +€30,575 | +17.8% |
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 7 October 2026 via checked.be.