HORSEPOWER: 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.
HORSEPOWER
Largest movements
- Cash +€27,493
up €27,493 (+14.2%), from €193,606 to €221,099
mainly Net result for the year (+€18,683) and Depreciation (+€12,534)
- Tangible fixed assets -€11,983
down €11,983 (-7.0%), from €170,802 to €158,819
of which Furniture and vehicles: -€8,719
- Reserves +€18,683
up €18,683 (+27.4%), from €68,172 to €86,855
of which Distributable reserves: +€18,683
- Other debts -€4,597
down €4,597 (-1.6%), from €291,454 to €286,857
- Gross operating margin +€5,419
up €5,419 (+17.1%), from €31,761 to €37,180
- Taxes +€2,072
new in 2025: €2,072
- Other operating charges -€1,891
down €1,891 (-34.8%), from €5,432 to €3,541
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 | €386,618 | €399,759 | +€13,141 | +3.4% |
| Fixed assets | 21/28 | €170,937 | €158,954 | -€11,983 | -7.0% |
| Tangible fixed assets | 22/27 | €170,802 | €158,819 | -€11,983 | -7.0% |
| Land and buildings | 22 | €83,260 | €79,916 | -€3,344 | -4.0% |
| Plant, machinery and equipment | 23 | €1,771 | €1,851 | +€79 | +4.5% |
| Furniture and vehicles | 24 | €85,771 | €77,052 | -€8,719 | -10.2% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €215,681 | €240,805 | +€25,124 | +11.6% |
| Amounts receivable within one year | 40/41 | €22,074 | €19,029 | -€3,045 | -13.8% |
| Trade receivables | 40 | €22,074 | €18,948 | -€3,127 | -14.2% |
| Other amounts receivable | 41 | - | €81 | +€81 | |
| Cash at bank and in hand | 54/58 | €193,606 | €221,099 | +€27,493 | +14.2% |
| Deferred charges and accrued income | 490/1 | - | €677 | +€677 | |
| Total equity and liabilities | 10/49 | €386,618 | €399,759 | +€13,141 | +3.4% |
| Equity | 10/15 | €86,764 | €105,447 | +€18,683 | +21.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €68,172 | €86,855 | +€18,683 | +27.4% |
| Tax-exempt reserves | 132 | €24,164 | €24,164 | = | 0.0% |
| Distributable reserves | 133 | €44,008 | €62,691 | +€18,683 | +42.5% |
| Amounts payable | 17/49 | €299,854 | €294,311 | -€5,543 | -1.8% |
| Amounts payable after more than one year | 17 | €2,800 | - | -€2,800 | |
| Other amounts payable | 178/9 | €2,800 | - | -€2,800 | |
| Amounts payable within one year | 42/48 | €297,054 | €294,122 | -€2,932 | -1.0% |
| Trade debts | 44 | €1,469 | €328 | -€1,141 | -77.7% |
| Suppliers | 440/4 | €1,469 | €328 | -€1,141 | -77.7% |
| Taxes, remuneration and social security | 45 | €4,131 | €6,937 | +€2,807 | +67.9% |
| Taxes | 450/3 | €4,131 | €6,937 | +€2,807 | +67.9% |
| Other amounts payable | 47/48 | €291,454 | €286,857 | -€4,597 | -1.6% |
| Accrued charges and deferred income | 492/3 | - | €189 | +€189 | |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,366 | €12,534 | +€168 | +1.4% |
| Other operating charges | 640/8 | €5,432 | €3,541 | -€1,891 | -34.8% |
| Gross operating margin | 9900 | €31,761 | €37,180 | +€5,419 | +17.1% |
| Operating profit (loss) | 9901 | €13,962 | €21,104 | +€7,142 | +51.1% |
| Financial income | 75/76B | €0 | €10 | +€10 | +95,800% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +95,800% |
| Financial charges | 65/66B | €509 | €358 | -€151 | -29.6% |
| Recurring financial charges | 65 | €509 | €358 | -€151 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €13,453 | €20,755 | +€7,302 | +54.3% |
| Income taxes | 67/77 | - | €2,072 | +€2,072 | |
| Profit (loss) for the period | 9904 | €13,453 | €18,683 | +€5,230 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,453 | €18,683 | +€5,230 | +38.9% |
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 20 October 2026 via checked.be.