LDS Horses: what changed
LDS Horses
Largest movements
- Tangible fixed assets +€135,290
up €135,290 (+192%), from €70,568 to €205,858
of which Furniture and vehicles: +€151,041
- Receivables within one year -€32,400
down €32,400 (-59.7%), from €54,284 to €21,883
of which Trade receivables: -€32,259
- Stocks and contracts -€32,000
down €32,000 (-34.0%), from €94,000 to €62,000
- Cash -€5,586
down €5,586 (-44.1%), from €12,662 to €7,075
mainly Investment in fixed assets (net) (-€191,195) and Other debts (-€10,693)
- Trade debts +€39,493
up €39,493 (+58.4%), from €67,615 to €107,108
- Reserves +€21,709
up €21,709 (+42.0%), from €51,747 to €73,456
- Debts after one year +€14,526
up €14,526 (+43.2%), from €33,596 to €48,121
- Other debts -€10,693
down €10,693 (-28.6%), from €37,366 to €26,673
- Current portion of long-term debt +€10,648
up €10,648 (+67.0%), from €15,895 to €26,543
- Gross operating margin +€61,672
up €61,672 (+173%), from €35,580 to €97,252
- Depreciation +€36,435
up €36,435 (+187%), from €19,470 to €55,905
- Taxes +€7,778
up €7,778 (+464%), from €1,677 to €9,454
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 | €235,894 | €303,235 | +€67,341 | +28.5% |
| Fixed assets | 21/28 | €70,568 | €205,858 | +€135,290 | +192% |
| Tangible fixed assets | 22/27 | €70,568 | €205,858 | +€135,290 | +192% |
| Plant, machinery and equipment | 23 | €16,521 | €15,771 | -€750 | -4.5% |
| Furniture and vehicles | 24 | - | €151,041 | +€151,041 | |
| Leasing and similar rights | 25 | €51,583 | €34,903 | -€16,679 | -32.3% |
| Other tangible fixed assets | 26 | €2,464 | €4,143 | +€1,679 | +68.1% |
| Current assets | 29/58 | €165,327 | €97,377 | -€67,949 | -41.1% |
| Stocks and contracts in progress | 3 | €94,000 | €62,000 | -€32,000 | -34.0% |
| Stocks | 30/36 | €94,000 | €62,000 | -€32,000 | -34.0% |
| Amounts receivable within one year | 40/41 | €54,284 | €21,883 | -€32,400 | -59.7% |
| Trade receivables | 40 | €52,809 | €20,550 | -€32,259 | -61.1% |
| Other amounts receivable | 41 | €1,474 | €1,333 | -€141 | -9.6% |
| Cash at bank and in hand | 54/58 | €12,662 | €7,075 | -€5,586 | -44.1% |
| Deferred charges and accrued income | 490/1 | €4,381 | €6,419 | +€2,037 | +46.5% |
| Total equity and liabilities | 10/49 | €235,894 | €303,235 | +€67,341 | +28.5% |
| Equity | 10/15 | €56,747 | €78,456 | +€21,709 | +38.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €51,747 | €73,456 | +€21,709 | +42.0% |
| Distributable reserves | 133 | €51,747 | €73,456 | +€21,709 | +42.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €179,147 | €224,780 | +€45,632 | +25.5% |
| Amounts payable after more than one year | 17 | €33,596 | €48,121 | +€14,526 | +43.2% |
| Financial debts | 170/4 | €33,596 | €48,121 | +€14,526 | +43.2% |
| Amounts payable within one year | 42/48 | €145,552 | €176,658 | +€31,107 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €15,895 | €26,543 | +€10,648 | +67.0% |
| Trade debts | 44 | €67,615 | €107,108 | +€39,493 | +58.4% |
| Suppliers | 440/4 | €67,615 | €107,108 | +€39,493 | +58.4% |
| Taxes, remuneration and social security | 45 | €24,676 | €16,334 | -€8,341 | -33.8% |
| Taxes | 450/3 | €24,676 | €16,334 | -€8,341 | -33.8% |
| Other amounts payable | 47/48 | €37,366 | €26,673 | -€10,693 | -28.6% |
| Remuneration, social security and pensions | 62 | €487 | €214 | -€273 | -56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,470 | €55,905 | +€36,435 | +187% |
| Other operating charges | 640/8 | €1,993 | €2,279 | +€286 | +14.4% |
| Gross operating margin | 9900 | €35,580 | €97,252 | +€61,672 | +173% |
| Operating profit (loss) | 9901 | €13,630 | €38,854 | +€25,224 | +185% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €5,817 | €5,973 | +€156 | +2.7% |
| Recurring financial charges | 65 | €5,817 | €5,973 | +€156 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €7,814 | €32,881 | +€25,067 | +321% |
| Income taxes | 67/77 | €1,677 | €9,454 | +€7,778 | +464% |
| Profit (loss) for the period | 9904 | €6,137 | €23,427 | +€17,290 | +282% |
| Profit (loss) for the period to be appropriated | 9905 | €6,137 | €23,427 | +€17,290 | +282% |
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.