HORSEMAC: 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.
HORSEMAC
Largest movements
- Stocks and contracts -€146,112
down €146,112 (-78.4%), from €186,364 to €40,252
- Cash +€14,100
up €14,100 (+19.5%), from €72,285 to €86,385
mainly Stocks and contracts (+€146,112) and Net result for the year (+€62,259)
- Tangible fixed assets -€8,689
down €8,689 (-5.2%), from €167,420 to €158,731
of which Plant, machinery and equipment: -€5,508
- Receivables within one year +€5,082
up €5,082 (+377%), from €1,349 to €6,431
of which Trade receivables: +€2,619
- Other debts -€101,309
down €101,309 (-47.2%), from €214,833 to €113,524
- Current portion of long-term debt -€95,701
down €95,701 (-83.1%), from €115,215 to €19,514
- Profit (loss) carried forward +€62,259
up €62,259, from -€25,926 to €36,333
- Debts after one year -€19,514
down €19,514 (-21.4%), from €91,001 to €71,487
- Tax, wage and social debts +€14,458
up €14,458 (+652%), from €2,218 to €16,676
- Gross operating margin +€27,560
up €27,560 (+35.7%), from €77,099 to €104,659
- Taxes +€16,568
up €16,568 (+16,735%), from €99 to €16,667
- Financial charges -€7,009
down €7,009 (-55.4%), from €12,641 to €5,632
- Other operating charges -€2,547
down €2,547 (-47.5%), from €5,367 to €2,820
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 | €430,062 | €293,478 | -€136,584 | -31.8% |
| Fixed assets | 21/28 | €167,420 | €158,731 | -€8,689 | -5.2% |
| Tangible fixed assets | 22/27 | €167,420 | €158,731 | -€8,689 | -5.2% |
| Land and buildings | 22 | €138,224 | €135,043 | -€3,181 | -2.3% |
| Plant, machinery and equipment | 23 | €29,196 | €23,688 | -€5,508 | -18.9% |
| Current assets | 29/58 | €262,642 | €134,747 | -€127,895 | -48.7% |
| Stocks and contracts in progress | 3 | €186,364 | €40,252 | -€146,112 | -78.4% |
| Stocks | 30/36 | €186,364 | €40,252 | -€146,112 | -78.4% |
| Amounts receivable within one year | 40/41 | €1,349 | €6,431 | +€5,082 | +377% |
| Trade receivables | 40 | €1,349 | €3,968 | +€2,619 | +194% |
| Other amounts receivable | 41 | - | €2,463 | +€2,463 | |
| Cash at bank and in hand | 54/58 | €72,285 | €86,385 | +€14,100 | +19.5% |
| Deferred charges and accrued income | 490/1 | €2,644 | €1,679 | -€965 | -36.5% |
| Total equity and liabilities | 10/49 | €430,062 | €293,478 | -€136,584 | -31.8% |
| Equity | 10/15 | €1,740 | €63,999 | +€62,259 | +3,578% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €9,074 | €9,074 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,074 | €9,074 | = | 0.0% |
| Other | 1319 | €9,074 | €9,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,926 | €36,333 | +€62,259 | |
| Amounts payable | 17/49 | €428,322 | €229,479 | -€198,843 | -46.4% |
| Amounts payable after more than one year | 17 | €91,001 | €71,487 | -€19,514 | -21.4% |
| Financial debts | 170/4 | €91,001 | €71,487 | -€19,514 | -21.4% |
| Amounts payable within one year | 42/48 | €337,321 | €157,992 | -€179,329 | -53.2% |
| Current portion of amounts payable after more than one year | 42 | €115,215 | €19,514 | -€95,701 | -83.1% |
| Trade debts | 44 | €5,055 | €8,278 | +€3,223 | +63.8% |
| Suppliers | 440/4 | €5,055 | €8,278 | +€3,223 | +63.8% |
| Taxes, remuneration and social security | 45 | €2,218 | €16,676 | +€14,458 | +652% |
| Taxes | 450/3 | €2,218 | €16,676 | +€14,458 | +652% |
| Other amounts payable | 47/48 | €214,833 | €113,524 | -€101,309 | -47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,856 | €17,415 | -€441 | -2.5% |
| Other operating charges | 640/8 | €5,367 | €2,820 | -€2,547 | -47.5% |
| Gross operating margin | 9900 | €77,099 | €104,659 | +€27,560 | +35.7% |
| Operating profit (loss) | 9901 | €53,876 | €84,424 | +€30,548 | +56.7% |
| Financial income | 75/76B | €936 | €134 | -€802 | -85.7% |
| Recurring financial income | 75 | €936 | €134 | -€802 | -85.7% |
| Financial charges | 65/66B | €12,641 | €5,632 | -€7,009 | -55.4% |
| Recurring financial charges | 65 | €12,641 | €5,632 | -€7,009 | -55.4% |
| Profit (loss) for the period before taxes | 9903 | €42,171 | €78,926 | +€36,755 | +87.2% |
| Income taxes | 67/77 | €99 | €16,667 | +€16,568 | +16,735% |
| Profit (loss) for the period | 9904 | €42,072 | €62,259 | +€20,187 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,072 | €62,259 | +€20,187 | +48.0% |
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.