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
- Receivables within one year +€4,114
up €4,114 (+321%), from €1,283 to €5,397
- Intangible fixed assets -€3,502
down €3,502 (-100%), from €3,502 to €0
- Tangible fixed assets -€330
down €330 (-67.0%), from €493 to €162
- Deferred charges and accrued income +€233
new in 2025: €233
- Profit (loss) carried forward -€2,672
down €2,672 (-22.4%), from -€11,908 to -€14,580
- Current portion of long-term debt +€1,315
new in 2025: €1,315
- Tax, wage and social debts +€1,248
up €1,248 (+110%), from €1,137 to €2,385
- Other debts +€672
up €672 (+11.2%), from €6,021 to €6,693
- Trade debts -€82
down €82 (-1.1%), from €7,253 to €7,171
- Gross operating margin +€5,104
up €5,104 (+1,401%), from €364 to €5,469
- Depreciation -€2,078
down €2,078 (-70.3%), from €2,955 to €877
- Other operating charges +€81
new in 2025: €81
- Financial charges +€68
up €68 (+137%), from €50 to €118
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,502 | €5,984 | +€481 | +8.7% |
| Fixed assets | 21/28 | €3,995 | €162 | -€3,833 | -95.9% |
| Intangible fixed assets | 21 | €3,502 | €0 | -€3,502 | -100% |
| Tangible fixed assets | 22/27 | €493 | €162 | -€330 | -67.0% |
| Furniture and vehicles | 24 | €493 | €162 | -€330 | -67.0% |
| Current assets | 29/58 | €1,508 | €5,821 | +€4,314 | +286% |
| Amounts receivable within one year | 40/41 | €1,283 | €5,397 | +€4,114 | +321% |
| Trade receivables | 40 | €1,283 | €5,397 | +€4,114 | +321% |
| Cash at bank and in hand | 54/58 | €224 | €191 | -€33 | -14.9% |
| Deferred charges and accrued income | 490/1 | - | €233 | +€233 | |
| Total equity and liabilities | 10/49 | €5,502 | €5,984 | +€481 | +8.7% |
| Equity | 10/15 | -€8,908 | -€11,580 | -€2,672 | -30.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,908 | -€14,580 | -€2,672 | -22.4% |
| Amounts payable | 17/49 | €14,411 | €17,564 | +€3,153 | +21.9% |
| Amounts payable within one year | 42/48 | €14,411 | €17,564 | +€3,153 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | - | €1,315 | +€1,315 | |
| Trade debts | 44 | €7,253 | €7,171 | -€82 | -1.1% |
| Suppliers | 440/4 | €7,253 | €7,171 | -€82 | -1.1% |
| Taxes, remuneration and social security | 45 | €1,137 | €2,385 | +€1,248 | +110% |
| Taxes | 450/3 | €1,137 | €2,385 | +€1,248 | +110% |
| Other amounts payable | 47/48 | €6,021 | €6,693 | +€672 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,955 | €877 | -€2,078 | -70.3% |
| Other operating charges | 640/8 | - | €81 | +€81 | |
| Gross operating margin | 9900 | €364 | €5,469 | +€5,104 | +1,401% |
| Operating profit (loss) | 9901 | -€2,591 | €4,510 | +€7,101 | |
| Financial income | 75/76B | €2 | €1 | -€1 | -73.0% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -73.0% |
| Financial charges | 65/66B | €50 | €118 | +€68 | +137% |
| Recurring financial charges | 65 | €50 | €118 | +€68 | +137% |
| Profit (loss) for the period before taxes | 9903 | -€2,639 | €4,393 | +€7,031 | |
| Profit (loss) for the period | 9904 | -€2,639 | €4,393 | +€7,031 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,639 | €4,393 | +€7,031 |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.