JBM HORSES: 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.
JBM HORSES
Largest movements
- Stocks and contracts -€22,948
down €22,948 (-21.3%), from €107,948 to €85,000
- Receivables within one year +€19,595
up €19,595 (+58.8%), from €33,342 to €52,938
of which Trade receivables: +€19,074
- Cash +€13,311
up €13,311 (+51.4%), from €25,920 to €39,231
mainly Trade debts (+€47,884) and Stocks and contracts (+€22,948)
- Tangible fixed assets -€2,915
down €2,915 (-21.9%), from €13,311 to €10,396
of which Furniture and vehicles: -€2,275
- Trade debts +€47,884
up €47,884 (+567%), from €8,452 to €56,336
- Profit (loss) carried forward -€27,956
down €27,956 (-68.0%), from €41,119 to €13,163
- Tax, wage and social debts -€11,399
down €11,399 (-41.5%), from €27,446 to €16,047
- Gross operating margin -€76,521
down €76,521, from €55,864 to -€20,656
- Taxes -€7,738
down €7,738 (-96.0%), from €8,063 to €325
- Depreciation +€973
up €973 (+28.0%), from €3,478 to €4,452
- Financial charges -€603
down €603 (-20.5%), from €2,936 to €2,333
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 | €183,554 | €190,453 | +€6,900 | +3.8% |
| Fixed assets | 21/28 | €13,311 | €10,396 | -€2,915 | -21.9% |
| Tangible fixed assets | 22/27 | €13,311 | €10,396 | -€2,915 | -21.9% |
| Land and buildings | 22 | €3,504 | €3,143 | -€361 | -10.3% |
| Plant, machinery and equipment | 23 | €1,095 | €815 | -€280 | -25.6% |
| Furniture and vehicles | 24 | €8,713 | €6,438 | -€2,275 | -26.1% |
| Current assets | 29/58 | €170,242 | €180,057 | +€9,815 | +5.8% |
| Stocks and contracts in progress | 3 | €107,948 | €85,000 | -€22,948 | -21.3% |
| Stocks | 30/36 | €107,948 | €85,000 | -€22,948 | -21.3% |
| Amounts receivable within one year | 40/41 | €33,342 | €52,938 | +€19,595 | +58.8% |
| Trade receivables | 40 | €30,948 | €50,022 | +€19,074 | +61.6% |
| Other amounts receivable | 41 | €2,395 | €2,915 | +€521 | +21.7% |
| Cash at bank and in hand | 54/58 | €25,920 | €39,231 | +€13,311 | +51.4% |
| Deferred charges and accrued income | 490/1 | €3,032 | €2,889 | -€143 | -4.7% |
| Total equity and liabilities | 10/49 | €183,554 | €190,453 | +€6,900 | +3.8% |
| Equity | 10/15 | €46,119 | €18,163 | -€27,956 | -60.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,119 | €13,163 | -€27,956 | -68.0% |
| Amounts payable | 17/49 | €137,435 | €172,291 | +€34,856 | +25.4% |
| Amounts payable within one year | 42/48 | €137,435 | €172,291 | +€34,856 | +25.4% |
| Trade debts | 44 | €8,452 | €56,336 | +€47,884 | +567% |
| Suppliers | 440/4 | €8,452 | €56,336 | +€47,884 | +567% |
| Taxes, remuneration and social security | 45 | €27,446 | €16,047 | -€11,399 | -41.5% |
| Taxes | 450/3 | €27,446 | €16,047 | -€11,399 | -41.5% |
| Other amounts payable | 47/48 | €101,536 | €99,907 | -€1,629 | -1.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €85 | €0 | -€85 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,478 | €4,452 | +€973 | +28.0% |
| Other operating charges | 640/8 | €407 | €191 | -€216 | -53.1% |
| Gross operating margin | 9900 | €55,864 | -€20,656 | -€76,521 | |
| Operating profit (loss) | 9901 | €51,978 | -€25,299 | -€77,277 | |
| Financial income | 75/76B | €28 | €1 | -€28 | -97.2% |
| Recurring financial income | 75 | €28 | €1 | -€28 | -97.2% |
| Financial charges | 65/66B | €2,936 | €2,333 | -€603 | -20.5% |
| Recurring financial charges | 65 | €2,936 | €2,333 | -€603 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €49,071 | -€27,631 | -€76,702 | |
| Income taxes | 67/77 | €8,063 | €325 | -€7,738 | -96.0% |
| Profit (loss) for the period | 9904 | €41,008 | -€27,956 | -€68,965 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,008 | -€27,956 | -€68,965 |
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 25 October 2026 via checked.be.