HORSECONSULT: 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.
HORSECONSULT
Largest movements
- Stocks and contracts -€33,500
down €33,500 (-18.6%), from €180,200 to €146,700
- Cash -€4,010
down €4,010 (-48.3%), from €8,296 to €4,286
mainly Trade debts (-€24,278) and Accrued charges and deferred income (-€14,877)
- Trade debts -€24,278
down €24,278 (-42.2%), from €57,593 to €33,316
- Accrued charges and deferred income -€14,877
down €14,877 (-94.5%), from €15,743 to €866
- Profit (loss) carried forward +€10,520
up €10,520 (+11,684%), from €90 to €10,610
- Short-term financial debts -€9,645
down €9,645 (-36.1%), from €26,741 to €17,096
- Tax, wage and social debts +€7,845
up €7,845 (+30.3%), from €25,858 to €33,702
of which Remuneration and social security: +€6,572
- Turnover +€483,720
new in 2025: €483,720
- Purchases and services +€371,133
new in 2025: €371,133
- Write-downs +€33,500
new in 2025: €33,500
- Gross operating margin +€23,100
up €23,100 (+21.4%), from €107,889 to €130,990
- Financial charges -€5,043
down €5,043 (-38.2%), from €13,187 to €8,144
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 | €232,081 | €190,859 | -€41,222 | -17.8% |
| Fixed assets | 21/28 | €8,413 | €7,206 | -€1,207 | -14.3% |
| Tangible fixed assets | 22/27 | €7,608 | €6,401 | -€1,207 | -15.9% |
| Plant, machinery and equipment | 23 | €6,080 | €4,874 | -€1,207 | -19.8% |
| Furniture and vehicles | 24 | €1,527 | €1,527 | = | 0.0% |
| Financial fixed assets | 28 | €805 | €805 | = | 0.0% |
| Current assets | 29/58 | €223,669 | €183,653 | -€40,016 | -17.9% |
| Stocks and contracts in progress | 3 | €180,200 | €146,700 | -€33,500 | -18.6% |
| Stocks | 30/36 | €180,200 | €146,700 | -€33,500 | -18.6% |
| Amounts receivable within one year | 40/41 | €33,002 | €32,667 | -€335 | -1.0% |
| Trade receivables | 40 | €33,002 | €32,667 | -€335 | -1.0% |
| Cash at bank and in hand | 54/58 | €8,296 | €4,286 | -€4,010 | -48.3% |
| Deferred charges and accrued income | 490/1 | €2,171 | - | -€2,171 | |
| Total equity and liabilities | 10/49 | €232,081 | €190,859 | -€41,222 | -17.8% |
| Equity | 10/15 | €19,515 | €30,035 | +€10,520 | +53.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €825 | €825 | = | 0.0% |
| Non-distributable reserves | 130/1 | €825 | €825 | = | 0.0% |
| Reserves not available under the articles | 1311 | €825 | €825 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90 | €10,610 | +€10,520 | +11,684% |
| Amounts payable | 17/49 | €212,566 | €160,824 | -€51,742 | -24.3% |
| Amounts payable after more than one year | 17 | €7,707 | €3,888 | -€3,819 | -49.6% |
| Financial debts | 170/4 | €7,707 | €3,888 | -€3,819 | -49.6% |
| Amounts payable within one year | 42/48 | €189,116 | €156,070 | -€33,046 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €5,241 | €3,819 | -€1,422 | -27.1% |
| Financial debts | 43 | €26,741 | €17,096 | -€9,645 | -36.1% |
| Credit institutions | 430/8 | €26,741 | €17,096 | -€9,645 | -36.1% |
| Trade debts | 44 | €57,593 | €33,316 | -€24,278 | -42.2% |
| Suppliers | 440/4 | €57,593 | €33,316 | -€24,278 | -42.2% |
| Taxes, remuneration and social security | 45 | €25,858 | €33,702 | +€7,845 | +30.3% |
| Taxes | 450/3 | €15,414 | €16,687 | +€1,272 | +8.3% |
| Remuneration and social security | 454/9 | €10,444 | €17,016 | +€6,572 | +62.9% |
| Other amounts payable | 47/48 | €73,683 | €68,137 | -€5,546 | -7.5% |
| Accrued charges and deferred income | 492/3 | €15,743 | €866 | -€14,877 | -94.5% |
| Turnover | 70 | - | €483,720 | +€483,720 | |
| Non-recurring operating income | 76A | €16,420 | - | -€16,420 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €371,133 | +€371,133 | |
| Remuneration, social security and pensions | 62 | €72,873 | €72,933 | +€60 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,393 | €1,206 | -€1,187 | -49.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33,500 | +€33,500 | |
| Other operating charges | 640/8 | €5,977 | €1,726 | -€4,251 | -71.1% |
| Gross operating margin | 9900 | €107,889 | €130,990 | +€23,100 | +21.4% |
| Operating profit (loss) | 9901 | €26,646 | €21,624 | -€5,022 | -18.8% |
| Financial income | 75/76B | €604 | €0 | -€604 | -100.0% |
| Recurring financial income | 75 | €604 | €0 | -€604 | -100.0% |
| Financial charges | 65/66B | €13,187 | €8,144 | -€5,043 | -38.2% |
| Recurring financial charges | 65 | €13,187 | €8,144 | -€5,043 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | €14,063 | €13,480 | -€583 | -4.1% |
| Income taxes | 67/77 | €1,267 | €2,959 | +€1,693 | +134% |
| Profit (loss) for the period | 9904 | €12,796 | €10,520 | -€2,276 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,796 | €10,520 | -€2,276 | -17.8% |
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 14 October 2026 via checked.be.