HORSE TIME: 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 TIME
Largest movements
- Cash -€114,546
down €114,546 (-51.2%), from €223,929 to €109,383
mainly Trade debts (-€174,940) and Receivables within one year (-€60,707)
- Receivables within one year +€60,707
up €60,707 (+34.3%), from €176,983 to €237,690
of which Trade receivables: +€78,119
- Trade debts -€174,940
down €174,940 (-55.7%), from €314,206 to €139,266
- Profit (loss) carried forward +€109,417
up €109,417, from -€95,575 to €13,841
- Tax, wage and social debts +€17,843
up €17,843 (+198%), from €8,999 to €26,842
of which Taxes: +€23,574
- Debts after one year -€6,658
down €6,658 (-100%), from €6,658 to €0
- Gross operating margin +€92,513
up €92,513 (+451%), from €20,500 to €113,013
- Staff costs -€28,891
down €28,891 (-98.2%), from €29,406 to €515
- Depreciation -€2,967
down €2,967 (-66.8%), from €4,440 to €1,473
- Financial charges -€2,341
down €2,341 (-69.6%), from €3,365 to €1,024
- Other operating charges -€2,012
down €2,012 (-77.5%), from €2,595 to €584
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €406,349 | €351,117 | -€55,232 | -13.6% |
| Fixed assets | 21/28 | €4,948 | €3,474 | -€1,473 | -29.8% |
| Tangible fixed assets | 22/27 | €4,948 | €3,474 | -€1,473 | -29.8% |
| Plant, machinery and equipment | 23 | €2,502 | €1,667 | -€836 | -33.4% |
| Furniture and vehicles | 24 | €2,445 | €1,807 | -€638 | -26.1% |
| Current assets | 29/58 | €401,402 | €347,643 | -€53,758 | -13.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €176,983 | €237,690 | +€60,707 | +34.3% |
| Trade receivables | 40 | €159,364 | €237,483 | +€78,119 | +49.0% |
| Other amounts receivable | 41 | €17,619 | €207 | -€17,412 | -98.8% |
| Cash at bank and in hand | 54/58 | €223,929 | €109,383 | -€114,546 | -51.2% |
| Deferred charges and accrued income | 490/1 | €490 | €571 | +€81 | +16.5% |
| Total equity and liabilities | 10/49 | €406,349 | €351,117 | -€55,232 | -13.6% |
| Equity | 10/15 | €55,255 | €164,671 | +€109,417 | +198% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Contributions outside capital | 11 | €150,000 | €150,000 | = | 0.0% |
| Other | 1109/19 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €830 | €830 | = | 0.0% |
| Non-distributable reserves | 130/1 | €830 | €830 | = | 0.0% |
| Reserves not available under the articles | 1311 | €830 | €830 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,575 | €13,841 | +€109,417 | |
| Amounts payable | 17/49 | €351,095 | €186,446 | -€164,648 | -46.9% |
| Amounts payable after more than one year | 17 | €6,658 | €0 | -€6,658 | -100% |
| Financial debts | 170/4 | €6,658 | €0 | -€6,658 | -100% |
| Amounts payable within one year | 42/48 | €344,437 | €186,446 | -€157,990 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €9,457 | €6,658 | -€2,799 | -29.6% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €314,206 | €139,266 | -€174,940 | -55.7% |
| Suppliers | 440/4 | €314,206 | €139,266 | -€174,940 | -55.7% |
| Taxes, remuneration and social security | 45 | €8,999 | €26,842 | +€17,843 | +198% |
| Taxes | 450/3 | €3,100 | €26,674 | +€23,574 | +760% |
| Remuneration and social security | 454/9 | €5,899 | €168 | -€5,731 | -97.1% |
| Other amounts payable | 47/48 | €11,774 | €13,680 | +€1,906 | +16.2% |
| Remuneration, social security and pensions | 62 | €29,406 | €515 | -€28,891 | -98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,440 | €1,473 | -€2,967 | -66.8% |
| Other operating charges | 640/8 | €2,595 | €584 | -€2,012 | -77.5% |
| Non-recurring operating charges | 66A | €107 | €0 | -€107 | -100% |
| Gross operating margin | 9900 | €20,500 | €113,013 | +€92,513 | +451% |
| Operating profit (loss) | 9901 | -€16,049 | €110,441 | +€126,490 | |
| Financial income | 75/76B | €148 | €0 | -€148 | -100% |
| Recurring financial income | 75 | €148 | €0 | -€148 | -100% |
| Financial charges | 65/66B | €3,365 | €1,024 | -€2,341 | -69.6% |
| Recurring financial charges | 65 | €3,365 | €1,024 | -€2,341 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,266 | €109,417 | +€128,683 | |
| Profit (loss) for the period | 9904 | -€19,266 | €109,417 | +€128,683 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,266 | €109,417 | +€128,683 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.