JD 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.
JD Horses
Largest movements
- Tangible fixed assets -€11,384
down €11,384 (-36.1%), from €31,563 to €20,179
- Stocks and contracts +€11,351
up €11,351 (+46.5%), from €24,402 to €35,753
- Deferred charges and accrued income -€9,000
no longer reported in 2025 (was €9,000)
- Cash +€1,540
up €1,540 (+459%), from €336 to €1,876
mainly Other debts (+€15,327) and Depreciation (+€11,384)
- Profit (loss) carried forward -€15,562
down €15,562 (-25.2%), from -€61,869 to -€77,431
- Other debts +€15,327
up €15,327 (+15.4%), from €99,823 to €115,150
- Debts after one year -€8,271
down €8,271 (-54.1%), from €15,283 to €7,012
- Trade debts +€702
up €702 (+48.0%), from €1,463 to €2,165
- Gross operating margin +€35,380
up €35,380 (+90.9%), from -€38,921 to -€3,541
- Financial charges -€479
down €479 (-48.1%), from €996 to €517
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 | €66,318 | €58,666 | -€7,652 | -11.5% |
| Fixed assets | 21/28 | €31,563 | €20,179 | -€11,384 | -36.1% |
| Tangible fixed assets | 22/27 | €31,563 | €20,179 | -€11,384 | -36.1% |
| Furniture and vehicles | 24 | €31,563 | €20,179 | -€11,384 | -36.1% |
| Current assets | 29/58 | €34,755 | €38,487 | +€3,732 | +10.7% |
| Stocks and contracts in progress | 3 | €24,402 | €35,753 | +€11,351 | +46.5% |
| Stocks | 30/36 | €24,402 | €35,753 | +€11,351 | +46.5% |
| Amounts receivable within one year | 40/41 | €1,017 | €858 | -€159 | -15.7% |
| Other amounts receivable | 41 | €1,017 | €858 | -€159 | -15.7% |
| Cash at bank and in hand | 54/58 | €336 | €1,876 | +€1,540 | +459% |
| Deferred charges and accrued income | 490/1 | €9,000 | - | -€9,000 | |
| Total equity and liabilities | 10/49 | €66,318 | €58,666 | -€7,652 | -11.5% |
| Equity | 10/15 | -€58,369 | -€73,931 | -€15,562 | -26.7% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,869 | -€77,431 | -€15,562 | -25.2% |
| Amounts payable | 17/49 | €124,687 | €132,597 | +€7,910 | +6.3% |
| Amounts payable after more than one year | 17 | €15,283 | €7,012 | -€8,271 | -54.1% |
| Financial debts | 170/4 | €15,283 | €7,012 | -€8,271 | -54.1% |
| Amounts payable within one year | 42/48 | €109,404 | €125,586 | +€16,181 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €8,119 | €8,271 | +€153 | +1.9% |
| Trade debts | 44 | €1,463 | €2,165 | +€702 | +48.0% |
| Suppliers | 440/4 | €1,463 | €2,165 | +€702 | +48.0% |
| Other amounts payable | 47/48 | €99,823 | €115,150 | +€15,327 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,384 | €11,384 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €120 | -€385 | -76.3% |
| Gross operating margin | 9900 | -€38,921 | -€3,541 | +€35,380 | +90.9% |
| Operating profit (loss) | 9901 | -€50,810 | -€15,045 | +€35,765 | +70.4% |
| Financial charges | 65/66B | €996 | €517 | -€479 | -48.1% |
| Recurring financial charges | 65 | €996 | €517 | -€479 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | -€51,807 | -€15,562 | +€36,245 | +70.0% |
| Profit (loss) for the period | 9904 | -€51,807 | -€15,562 | +€36,245 | +70.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,807 | -€15,562 | +€36,245 | +70.0% |
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 18 October 2026 via checked.be.