Horse Speaking: 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 Speaking
Largest movements
- Tangible fixed assets +€45,042
up €45,042 (+134%), from €33,644 to €78,685
of which Furniture and vehicles: +€31,440
- Receivables within one year +€24,150
up €24,150 (+1,352%), from €1,787 to €25,936
of which Trade receivables: +€24,096
- Cash -€10,563
down €10,563 (-72.5%), from €14,560 to €3,997
mainly Investment in fixed assets (net) (-€54,170) and Receivables within one year (-€24,150)
- Other debts +€59,941
up €59,941 (+89.3%), from €67,096 to €127,037
- Profit (loss) carried forward -€5,429
down €5,429 (-15.9%), from -€34,125 to -€39,554
- Trade debts +€3,734
up €3,734 (+24.4%), from €15,326 to €19,059
- Gross operating margin -€16,362
down €16,362 (-75.9%), from €21,544 to €5,182
- Depreciation +€5,038
up €5,038 (+116%), from €4,352 to €9,389
- Staff costs -€4,324
down €4,324 (-100%), from €4,324 to €0
- Financial charges +€607
up €607 (+1,253%), from €48 to €656
- Other operating charges -€486
down €486 (-46.2%), from €1,053 to €567
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 | €51,407 | €109,542 | +€58,135 | +113% |
| Fixed assets | 21/28 | €33,905 | €78,685 | +€44,781 | +132% |
| Tangible fixed assets | 22/27 | €33,644 | €78,685 | +€45,042 | +134% |
| Plant, machinery and equipment | 23 | €14,479 | €12,076 | -€2,403 | -16.6% |
| Furniture and vehicles | 24 | €8,542 | €39,983 | +€31,440 | +368% |
| Other tangible fixed assets | 26 | €10,622 | €26,627 | +€16,004 | +151% |
| Financial fixed assets | 28 | €261 | €0 | -€261 | -100% |
| Current assets | 29/58 | €17,503 | €30,857 | +€13,354 | +76.3% |
| Amounts receivable within one year | 40/41 | €1,787 | €25,936 | +€24,150 | +1,352% |
| Trade receivables | 40 | €0 | €24,096 | +€24,096 | |
| Other amounts receivable | 41 | €1,787 | €1,840 | +€54 | +3.0% |
| Cash at bank and in hand | 54/58 | €14,560 | €3,997 | -€10,563 | -72.5% |
| Deferred charges and accrued income | 490/1 | €1,156 | €923 | -€233 | -20.1% |
| Total equity and liabilities | 10/49 | €51,407 | €109,542 | +€58,135 | +113% |
| Equity | 10/15 | -€31,125 | -€36,554 | -€5,429 | -17.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,125 | -€39,554 | -€5,429 | -15.9% |
| Amounts payable | 17/49 | €82,532 | €146,096 | +€63,564 | +77.0% |
| Amounts payable within one year | 42/48 | €82,532 | €146,096 | +€63,564 | +77.0% |
| Trade debts | 44 | €15,326 | €19,059 | +€3,734 | +24.4% |
| Suppliers | 440/4 | €15,326 | €19,059 | +€3,734 | +24.4% |
| Taxes, remuneration and social security | 45 | €111 | €0 | -€111 | -100% |
| Taxes | 450/3 | €111 | €0 | -€111 | -100% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €67,096 | €127,037 | +€59,941 | +89.3% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €4,324 | €0 | -€4,324 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,352 | €9,389 | +€5,038 | +116% |
| Other operating charges | 640/8 | €1,053 | €567 | -€486 | -46.2% |
| Gross operating margin | 9900 | €21,544 | €5,182 | -€16,362 | -75.9% |
| Operating profit (loss) | 9901 | €11,816 | -€4,774 | -€16,589 | |
| Financial charges | 65/66B | €48 | €656 | +€607 | +1,253% |
| Recurring financial charges | 65 | €48 | €656 | +€607 | +1,253% |
| Profit (loss) for the period before taxes | 9903 | €11,767 | -€5,429 | -€17,197 | |
| Profit (loss) for the period | 9904 | €11,767 | -€5,429 | -€17,197 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,767 | -€5,429 | -€17,197 |
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 28 October 2026 via checked.be.