JPB 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.
JPB HORSES
Largest movements
- Tangible fixed assets -€220,567
down €220,567 (-27.7%), from €795,621 to €575,054
of which Plant, machinery and equipment: -€206,567
- Cash -€51,191
down €51,191 (-89.0%), from €57,540 to €6,349
mainly Net result for the year (-€184,857) and Other debts (-€53,830)
- Receivables within one year +€34,757
up €34,757 (+56.7%), from €61,248 to €96,006
of which Trade receivables: +€22,580
- Deferred charges and accrued income -€11,643
down €11,643 (-80.4%), from €14,487 to €2,845
- Profit (loss) carried forward -€184,857
down €184,857 (-72.1%), from -€256,509 to -€441,366
- Other debts -€53,830
down €53,830 (-11.6%), from €462,472 to €408,642
- Trade debts -€10,053
down €10,053 (-47.2%), from €21,278 to €11,225
- Services and other goods -€107,213
down €107,213 (-63.2%), from €169,517 to €62,304
- Turnover -€35,375
down €35,375 (-27.2%), from €130,157 to €94,782
- Depreciation -€7,735
down €7,735 (-3.4%), from €228,302 to €220,567
- Other operating income +€1,436
up €1,436 (+43.5%), from €3,299 to €4,735
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €929,696 | €681,053 | -€248,643 | -26.7% |
| Fixed assets | 21/28 | €796,421 | €575,854 | -€220,567 | -27.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €795,621 | €575,054 | -€220,567 | -27.7% |
| Plant, machinery and equipment | 23 | €753,659 | €547,092 | -€206,567 | -27.4% |
| Furniture and vehicles | 24 | €41,962 | €27,962 | -€14,000 | -33.4% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Other financial fixed assets | 284/8 | €800 | €800 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €133,276 | €105,199 | -€28,077 | -21.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €61,248 | €96,006 | +€34,757 | +56.7% |
| Trade receivables | 40 | €3,647 | €26,227 | +€22,580 | +619% |
| Other amounts receivable | 41 | €57,601 | €69,779 | +€12,177 | +21.1% |
| Cash at bank and in hand | 54/58 | €57,540 | €6,349 | -€51,191 | -89.0% |
| Deferred charges and accrued income | 490/1 | €14,487 | €2,845 | -€11,643 | -80.4% |
| Total equity and liabilities | 10/49 | €929,696 | €681,053 | -€248,643 | -26.7% |
| Equity | 10/15 | €445,895 | €261,038 | -€184,857 | -41.5% |
| Contributions | 10/11 | €44,356 | €44,356 | = | 0.0% |
| Reserves | 13 | €658,048 | €658,048 | = | 0.0% |
| Distributable reserves | 133 | €658,048 | €658,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€256,509 | -€441,366 | -€184,857 | -72.1% |
| Amounts payable | 17/49 | €483,802 | €420,015 | -€63,786 | -13.2% |
| Amounts payable within one year | 42/48 | €483,750 | €420,015 | -€63,734 | -13.2% |
| Trade debts | 44 | €21,278 | €11,225 | -€10,053 | -47.2% |
| Suppliers | 440/4 | €21,278 | €11,225 | -€10,053 | -47.2% |
| Taxes, remuneration and social security | 45 | - | €149 | +€149 | |
| Taxes | 450/3 | - | €149 | +€149 | |
| Other amounts payable | 47/48 | €462,472 | €408,642 | -€53,830 | -11.6% |
| Accrued charges and deferred income | 492/3 | €52 | €0 | -€52 | -100% |
| Operating income | 70/76A | €145,132 | €99,517 | -€45,615 | -31.4% |
| Turnover | 70 | €130,157 | €94,782 | -€35,375 | -27.2% |
| Other operating income | 74 | €3,299 | €4,735 | +€1,436 | +43.5% |
| Non-recurring operating income | 76A | €11,675 | €0 | -€11,675 | -100% |
| Operating charges | 60/66A | €422,722 | €284,183 | -€138,540 | -32.8% |
| Services and other goods | 61 | €169,517 | €62,304 | -€107,213 | -63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228,302 | €220,567 | -€7,735 | -3.4% |
| Other operating charges | 640/8 | €1,273 | €1,312 | +€39 | +3.0% |
| Non-recurring operating charges | 66A | €23,630 | €0 | -€23,630 | -100% |
| Operating profit (loss) | 9901 | -€277,591 | -€184,666 | +€92,925 | +33.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €391 | €191 | -€200 | -51.1% |
| Recurring financial charges | 65 | €391 | €191 | -€200 | -51.1% |
| Other financial charges | 652/9 | €391 | €191 | -€200 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | -€277,982 | -€184,857 | +€93,124 | +33.5% |
| Profit (loss) for the period | 9904 | -€277,982 | -€184,857 | +€93,124 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€277,982 | -€184,857 | +€93,124 | +33.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.