HORSES ACADEMY: 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.
HORSES ACADEMY
Largest movements
- Tangible fixed assets -€3,000
no longer reported in 2025 (was €3,000)
of which Land and buildings: -€2,803
- Receivables within one year +€551
up €551 (+68.5%), from €804 to €1,355
of which Trade receivables: +€1,355
- Cash +€248
up €248 (+4,960%), from €5 to €253
mainly Other debts (+€6,005) and Depreciation (+€3,000)
- Other debts +€6,005
up €6,005 (+15.3%), from €39,158 to €45,163
- Trade debts -€4,959
down €4,959 (-95.3%), from €5,204 to €245
- Profit (loss) carried forward -€4,367
down €4,367 (-9.0%), from -€48,663 to -€53,030
- Accrued charges and deferred income +€1,120
new in 2025: €1,120
- Gross operating margin +€3,883
up €3,883 (+76.6%), from -€5,069 to -€1,186
- Depreciation -€3,119
down €3,119 (-51.0%), from €6,119 to €3,000
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 | €3,809 | €1,608 | -€2,201 | -57.8% |
| Fixed assets | 21/28 | €3,000 | - | -€3,000 | |
| Tangible fixed assets | 22/27 | €3,000 | - | -€3,000 | |
| Land and buildings | 22 | €2,803 | - | -€2,803 | |
| Plant, machinery and equipment | 23 | €197 | - | -€197 | |
| Current assets | 29/58 | €809 | €1,608 | +€799 | +98.8% |
| Amounts receivable within one year | 40/41 | €804 | €1,355 | +€551 | +68.5% |
| Trade receivables | 40 | - | €1,355 | +€1,355 | |
| Other amounts receivable | 41 | €804 | - | -€804 | |
| Cash at bank and in hand | 54/58 | €5 | €253 | +€248 | +4,960% |
| Total equity and liabilities | 10/49 | €3,809 | €1,608 | -€2,201 | -57.8% |
| Equity | 10/15 | -€40,553 | -€44,920 | -€4,367 | -10.8% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,663 | -€53,030 | -€4,367 | -9.0% |
| Amounts payable | 17/49 | €44,362 | €46,528 | +€2,166 | +4.9% |
| Amounts payable within one year | 42/48 | €44,362 | €45,408 | +€1,046 | +2.4% |
| Trade debts | 44 | €5,204 | €245 | -€4,959 | -95.3% |
| Suppliers | 440/4 | €5,204 | €245 | -€4,959 | -95.3% |
| Other amounts payable | 47/48 | €39,158 | €45,163 | +€6,005 | +15.3% |
| Accrued charges and deferred income | 492/3 | - | €1,120 | +€1,120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,119 | €3,000 | -€3,119 | -51.0% |
| Gross operating margin | 9900 | -€5,069 | -€1,186 | +€3,883 | +76.6% |
| Operating profit (loss) | 9901 | -€11,188 | -€4,186 | +€7,002 | +62.6% |
| Financial charges | 65/66B | €182 | €181 | -€1 | -0.5% |
| Recurring financial charges | 65 | €182 | €181 | -€1 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,370 | -€4,367 | +€7,003 | +61.6% |
| Profit (loss) for the period | 9904 | -€11,370 | -€4,367 | +€7,003 | +61.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,370 | -€4,367 | +€7,003 | +61.6% |
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 31 October 2026 via checked.be.