KTO HORSES: what changed
KTO HORSES
Largest movements
- Stocks and contracts +€202,800
up €202,800 (+152%), from €133,700 to €336,500
- Cash -€156,141
down €156,141 (-86.9%), from €179,692 to €23,551
mainly Stocks and contracts (-€202,800) and Receivables within one year (-€48,885)
- Receivables within one year +€48,885
up €48,885 (+232%), from €21,117 to €70,002
- Trade debts +€78,688
up €78,688 (+145%), from €54,263 to €132,951
- Profit (loss) carried forward +€15,888
up €15,888 (+15.2%), from €104,818 to €120,706
- Turnover -€226,721
no longer reported in 2025 (was €226,721)
- Gross operating margin -€141,193
down €141,193 (-83.6%), from €168,847 to €27,653
- Taxes -€34,388
down €34,388 (-76.8%), from €44,800 to €10,413
- Purchases and services -€6,687
no longer reported in 2025 (was €6,687)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €334,509 | €430,053 | +€95,544 | +28.6% |
| Current assets | 29/58 | €334,509 | €430,053 | +€95,544 | +28.6% |
| Stocks and contracts in progress | 3 | €133,700 | €336,500 | +€202,800 | +152% |
| Stocks | 30/36 | €133,700 | €336,500 | +€202,800 | +152% |
| Amounts receivable within one year | 40/41 | €21,117 | €70,002 | +€48,885 | +232% |
| Trade receivables | 40 | €21,117 | €70,002 | +€48,885 | +232% |
| Cash at bank and in hand | 54/58 | €179,692 | €23,551 | -€156,141 | -86.9% |
| Total equity and liabilities | 10/49 | €334,509 | €430,053 | +€95,544 | +28.6% |
| Equity | 10/15 | €114,818 | €130,706 | +€15,888 | +13.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,818 | €120,706 | +€15,888 | +15.2% |
| Amounts payable | 17/49 | €219,691 | €299,347 | +€79,656 | +36.3% |
| Amounts payable after more than one year | 17 | €119,350 | €119,350 | = | 0.0% |
| Financial debts | 170/4 | €119,350 | €119,350 | = | 0.0% |
| Amounts payable within one year | 42/48 | €100,340 | €179,997 | +€79,656 | +79.4% |
| Trade debts | 44 | €54,263 | €132,951 | +€78,688 | +145% |
| Suppliers | 440/4 | €54,263 | €132,951 | +€78,688 | +145% |
| Taxes, remuneration and social security | 45 | €45,010 | €46,630 | +€1,619 | +3.6% |
| Taxes | 450/3 | €45,010 | €46,630 | +€1,619 | +3.6% |
| Other amounts payable | 47/48 | €1,067 | €416 | -€651 | -61.0% |
| Turnover | 70 | €226,721 | - | -€226,721 | |
| Goods, raw materials, services and sundry goods | 60/61 | €6,687 | - | -€6,687 | |
| Gross operating margin | 9900 | €168,847 | €27,653 | -€141,193 | -83.6% |
| Operating profit (loss) | 9901 | €168,847 | €27,653 | -€141,193 | -83.6% |
| Financial income | 75/76B | €50 | - | -€50 | |
| Recurring financial income | 75 | €50 | - | -€50 | |
| Financial charges | 65/66B | €167 | €1,353 | +€1,186 | +712% |
| Recurring financial charges | 65 | €167 | €1,353 | +€1,186 | +712% |
| Profit (loss) for the period before taxes | 9903 | €168,730 | €26,300 | -€142,430 | -84.4% |
| Income taxes | 67/77 | €44,800 | €10,413 | -€34,388 | -76.8% |
| Profit (loss) for the period | 9904 | €123,930 | €15,888 | -€108,042 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €123,930 | €15,888 | -€108,042 | -87.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.