HORSE'S MIND: what changed
HORSE'S MIND
Largest movements
- Cash +€1,742
up €1,742 (+45.8%), from €3,804 to €5,546
mainly Net result for the year (+€1,106) and Depreciation (+€342)
- Formation expenses -€342
down €342 (-31.1%), from €1,100 to €757
- Profit (loss) carried forward +€1,106
up €1,106 (+79.0%), from -€1,400 to -€293
- Accrued charges and deferred income +€324
up €324 (+313%), from €103 to €427
- Gross operating margin -€213
down €213 (-9.8%), from €2,178 to €1,966
- Financial charges -€37
down €37 (-23.7%), from €154 to €117
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 | €4,904 | €6,334 | +€1,430 | +29.2% |
| Formation expenses | 20 | €1,100 | €757 | -€342 | -31.1% |
| Current assets | 29/58 | €3,804 | €5,576 | +€1,772 | +46.6% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,804 | €5,546 | +€1,742 | +45.8% |
| Deferred charges and accrued income | 490/1 | - | €30 | +€30 | |
| Total equity and liabilities | 10/49 | €4,904 | €6,334 | +€1,430 | +29.2% |
| Equity | 10/15 | €4,800 | €5,907 | +€1,106 | +23.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,400 | -€293 | +€1,106 | +79.0% |
| Amounts payable | 17/49 | €103 | €427 | +€324 | +313% |
| Amounts payable within one year | 42/48 | €0 | - | = | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €103 | €427 | +€324 | +313% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342 | €342 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €2,178 | €1,966 | -€213 | -9.8% |
| Operating profit (loss) | 9901 | €1,449 | €1,224 | -€225 | -15.5% |
| Financial charges | 65/66B | €154 | €117 | -€37 | -23.7% |
| Recurring financial charges | 65 | €154 | €117 | -€37 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €1,295 | €1,106 | -€189 | -14.6% |
| Profit (loss) for the period | 9904 | €1,295 | €1,106 | -€189 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,295 | €1,106 | -€189 | -14.6% |
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 7 November 2026 via checked.be.