Horsewell: 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.
Horsewell
Largest movements
- Cash +€21,817
up €21,817 (+1,179%), from €1,850 to €23,667
mainly Deferred charges and accrued income (+€5,831) and Tax, wage and social debts (+€5,231)
- Deferred charges and accrued income -€5,831
down €5,831 (-72.7%), from €8,024 to €2,193
- Tangible fixed assets +€1,003
new in 2025: €1,003
- Stocks and contracts +€885
up €885 (+6.5%), from €13,600 to €14,485
- Tax, wage and social debts +€5,231
up €5,231 (+719%), from €727 to €5,959
- Accrued charges and deferred income +€5,108
new in 2025: €5,108
- Other debts +€5,050
up €5,050 (+39.0%), from €12,965 to €18,015
- Trade debts +€1,508
up €1,508 (+50.9%), from €2,963 to €4,471
- Reserves +€746
up €746 (+10.7%), from €6,987 to €7,733
- Gross operating margin +€2,444
up €2,444 (+276%), from €885 to €3,328
- Financial income -€612
down €612 (-100%), from €612 to €0
- Financial charges +€603
up €603 (+70.1%), from €861 to €1,464
- Depreciation +€377
new in 2025: €377
- Taxes +€186
up €186 (+672%), from €28 to €213
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 | €23,742 | €41,385 | +€17,643 | +74.3% |
| Fixed assets | 21/28 | - | €1,003 | +€1,003 | |
| Tangible fixed assets | 22/27 | - | €1,003 | +€1,003 | |
| Plant, machinery and equipment | 23 | - | €1,003 | +€1,003 | |
| Current assets | 29/58 | €23,742 | €40,382 | +€16,640 | +70.1% |
| Stocks and contracts in progress | 3 | €13,600 | €14,485 | +€885 | +6.5% |
| Stocks | 30/36 | €13,600 | €14,485 | +€885 | +6.5% |
| Amounts receivable within one year | 40/41 | €268 | €36 | -€231 | -86.4% |
| Trade receivables | 40 | €268 | €0 | -€268 | -100% |
| Other amounts receivable | 41 | - | €36 | +€36 | |
| Cash at bank and in hand | 54/58 | €1,850 | €23,667 | +€21,817 | +1,179% |
| Deferred charges and accrued income | 490/1 | €8,024 | €2,193 | -€5,831 | -72.7% |
| Total equity and liabilities | 10/49 | €23,742 | €41,385 | +€17,643 | +74.3% |
| Equity | 10/15 | €7,087 | €7,833 | +€746 | +10.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €6,987 | €7,733 | +€746 | +10.7% |
| Distributable reserves | 133 | €6,987 | €7,733 | +€746 | +10.7% |
| Amounts payable | 17/49 | €16,655 | €33,552 | +€16,897 | +101% |
| Amounts payable within one year | 42/48 | €16,655 | €28,444 | +€11,789 | +70.8% |
| Trade debts | 44 | €2,963 | €4,471 | +€1,508 | +50.9% |
| Suppliers | 440/4 | €2,963 | €4,471 | +€1,508 | +50.9% |
| Taxes, remuneration and social security | 45 | €727 | €5,959 | +€5,231 | +719% |
| Taxes | 450/3 | €727 | €5,959 | +€5,231 | +719% |
| Other amounts payable | 47/48 | €12,965 | €18,015 | +€5,050 | +39.0% |
| Accrued charges and deferred income | 492/3 | - | €5,108 | +€5,108 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €377 | +€377 | |
| Other operating charges | 640/8 | €516 | €528 | +€12 | +2.3% |
| Gross operating margin | 9900 | €885 | €3,328 | +€2,444 | +276% |
| Operating profit (loss) | 9901 | €368 | €2,424 | +€2,055 | +558% |
| Financial income | 75/76B | €612 | €0 | -€612 | -100% |
| Recurring financial income | 75 | €612 | €0 | -€612 | -100% |
| Financial charges | 65/66B | €861 | €1,464 | +€603 | +70.1% |
| Recurring financial charges | 65 | €861 | €1,464 | +€603 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | €120 | €960 | +€840 | +702% |
| Income taxes | 67/77 | €28 | €213 | +€186 | +672% |
| Profit (loss) for the period | 9904 | €92 | €746 | +€654 | +711% |
| Profit (loss) for the period to be appropriated | 9905 | €92 | €746 | +€654 | +711% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.