HORSE SPA: 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 SPA
Largest movements
- Receivables within one year +€24,017
up €24,017 (+2790.0%), from €861 to €24,877
of which Trade receivables: +€23,410
- Intangible fixed assets +€2,190
new in 2025: €2,190
- Formation expenses -€718
down €718 (-20.0%), from €3,587 to €2,869
- Cash +€517
up €517 (+19.6%), from €2,634 to €3,150
mainly Trade debts (+€19,522) and Debts after one year (+€6,853)
- Deferred charges and accrued income +€421
new in 2025: €421
- Trade debts +€19,522
up €19,522 (+526.2%), from €3,710 to €23,232
- Debts after one year +€6,853
up €6,853 (+15217.9%), from €45 to €6,898
- Gross operating margin +€1,724
up €1,724, from -€666 to €1,058
- Depreciation +€860
up €860 (+43671.1%), from €2 to €862
- Other operating charges +€410
new in 2025: €410
- Financial income +€220
new in 2025: €220
- Financial charges +€129
up €129 (+2202.0%), from €6 to €135
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 | €7,081 | €33,509 | +€26,428 | +373.2% |
| Formation expenses | 20 | €3,587 | €2,869 | -€718 | -20.0% |
| Fixed assets | 21/28 | - | €2,190 | +€2,190 | |
| Intangible fixed assets | 21 | - | €2,190 | +€2,190 | |
| Current assets | 29/58 | €3,494 | €28,449 | +€24,955 | +714.1% |
| Amounts receivable within one year | 40/41 | €861 | €24,877 | +€24,017 | +2790.0% |
| Trade receivables | 40 | - | €23,410 | +€23,410 | |
| Other amounts receivable | 41 | €861 | €1,467 | +€607 | +70.5% |
| Cash at bank and in hand | 54/58 | €2,634 | €3,150 | +€517 | +19.6% |
| Deferred charges and accrued income | 490/1 | - | €421 | +€421 | |
| Total equity and liabilities | 10/49 | €7,081 | €33,509 | +€26,428 | +373.2% |
| Equity | 10/15 | €3,326 | €3,197 | -€129 | -3.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€674 | -€803 | -€129 | -19.1% |
| Amounts payable | 17/49 | €3,755 | €30,311 | +€26,556 | +707.2% |
| Amounts payable after more than one year | 17 | €45 | €6,898 | +€6,853 | +15217.9% |
| Other amounts payable | 178/9 | €45 | €6,898 | +€6,853 | +15217.9% |
| Amounts payable within one year | 42/48 | €3,710 | €23,414 | +€19,704 | +531.1% |
| Trade debts | 44 | €3,710 | €23,232 | +€19,522 | +526.2% |
| Suppliers | 440/4 | €3,710 | €23,232 | +€19,522 | +526.2% |
| Taxes, remuneration and social security | 45 | - | €94 | +€94 | |
| Taxes | 450/3 | - | €94 | +€94 | |
| Other amounts payable | 47/48 | - | €88 | +€88 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2 | €862 | +€860 | +43671.1% |
| Other operating charges | 640/8 | - | €410 | +€410 | |
| Gross operating margin | 9900 | -€666 | €1,058 | +€1,724 | |
| Operating profit (loss) | 9901 | -€668 | -€214 | +€454 | +68.0% |
| Financial income | 75/76B | - | €220 | +€220 | |
| Recurring financial income | 75 | - | €220 | +€220 | |
| Financial charges | 65/66B | €6 | €135 | +€129 | +2202.0% |
| Recurring financial charges | 65 | €6 | €135 | +€129 | +2202.0% |
| Profit (loss) for the period before taxes | 9903 | -€674 | -€129 | +€545 | +80.9% |
| Profit (loss) for the period | 9904 | -€674 | -€129 | +€545 | +80.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€674 | -€129 | +€545 | +80.9% |
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 9 October 2026 via checked.be.