HORSEWORLD: 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.
HORSEWORLD
Largest movements
- Tangible fixed assets -€32,622
down €32,622 (-41.2%), from €79,204 to €46,582
of which Land and buildings: -€24,623
- Cash +€2,452
up €2,452 (+203.0%), from €1,208 to €3,660
mainly Depreciation (+€35,622) and Trade debts (+€3,071)
- Deferred charges and accrued income -€953
down €953 (-21.2%), from €4,492 to €3,539
- Debts after one year -€32,024
down €32,024 (-10.4%), from €306,494 to €274,470
- Trade debts +€3,071
up €3,071 (+40.2%), from €7,632 to €10,703
- Current portion of long-term debt -€2,693
down €2,693 (-6.0%), from €44,644 to €41,951
- Financial charges -€2,491
down €2,491 (-25.5%), from €9,781 to €7,290
- Gross operating margin +€815
up €815 (+1.7%), from €48,374 to €49,189
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,103 | €55,625 | -€31,478 | -36.1% |
| Fixed assets | 21/28 | €79,204 | €46,582 | -€32,622 | -41.2% |
| Tangible fixed assets | 22/27 | €79,204 | €46,582 | -€32,622 | -41.2% |
| Land and buildings | 22 | €51,055 | €26,432 | -€24,623 | -48.2% |
| Plant, machinery and equipment | 23 | - | €2,908 | +€2,908 | |
| Furniture and vehicles | 24 | €22,652 | €16,652 | -€6,000 | -26.5% |
| Leasing and similar rights | 25 | €5,497 | €590 | -€4,907 | -89.3% |
| Current assets | 29/58 | €7,899 | €9,043 | +€1,144 | +14.5% |
| Amounts receivable within one year | 40/41 | €2,199 | €1,844 | -€355 | -16.1% |
| Trade receivables | 40 | €2,199 | €1,844 | -€355 | -16.1% |
| Cash at bank and in hand | 54/58 | €1,208 | €3,660 | +€2,452 | +203.0% |
| Deferred charges and accrued income | 490/1 | €4,492 | €3,539 | -€953 | -21.2% |
| Total equity and liabilities | 10/49 | €87,103 | €55,625 | -€31,478 | -36.1% |
| Equity | 10/15 | -€279,094 | -€278,435 | +€659 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,729 | €2,729 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €869 | €869 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€300,423 | -€299,764 | +€659 | +0.2% |
| Amounts payable | 17/49 | €366,197 | €334,060 | -€32,137 | -8.8% |
| Amounts payable after more than one year | 17 | €306,494 | €274,470 | -€32,024 | -10.4% |
| Financial debts | 170/4 | €306,494 | €274,470 | -€32,024 | -10.4% |
| Amounts payable within one year | 42/48 | €59,060 | €59,492 | +€432 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €44,644 | €41,951 | -€2,693 | -6.0% |
| Trade debts | 44 | €7,632 | €10,703 | +€3,071 | +40.2% |
| Suppliers | 440/4 | €7,632 | €10,703 | +€3,071 | +40.2% |
| Taxes, remuneration and social security | 45 | €6,784 | €6,838 | +€54 | +0.8% |
| Taxes | 450/3 | €5,284 | €5,338 | +€54 | +1.0% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €643 | €98 | -€545 | -84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,617 | €35,622 | +€5 | 0.0% |
| Other operating charges | 640/8 | €6,014 | €5,632 | -€382 | -6.4% |
| Gross operating margin | 9900 | €48,374 | €49,189 | +€815 | +1.7% |
| Operating profit (loss) | 9901 | €6,743 | €7,935 | +€1,192 | +17.7% |
| Financial income | 75/76B | €34 | €14 | -€20 | -58.8% |
| Recurring financial income | 75 | €34 | €14 | -€20 | -58.8% |
| Financial charges | 65/66B | €9,781 | €7,290 | -€2,491 | -25.5% |
| Recurring financial charges | 65 | €9,781 | €7,290 | -€2,491 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,004 | €659 | +€3,663 | |
| Profit (loss) for the period | 9904 | -€3,004 | €659 | +€3,663 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,004 | €659 | +€3,663 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.