Le Cheval Blanc: 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.
Le Cheval Blanc
Largest movements
- Tangible fixed assets -€9,273
down €9,273 (-11.9%), from €78,213 to €68,940
of which Other tangible fixed assets: -€4,925
- Cash +€1,611
up €1,611 (+3.5%), from €46,152 to €47,763
mainly Depreciation (+€9,273)
- Revaluation surpluses -€3,488
down €3,488 (-7.0%), from €49,994 to €46,506
- Trade debts -€1,943
down €1,943 (-83.5%), from €2,327 to €384
- Profit (loss) carried forward -€1,381
down €1,381 (-29.3%), from €4,716 to €3,335
- Gross operating margin -€11,077
down €11,077 (-50.1%), from €22,109 to €11,032
- Depreciation +€626
up €626 (+7.2%), from €8,648 to €9,273
- Taxes -€446
down €446 (-81.1%), from €550 to €104
- Other operating charges +€315
up €315 (+12.0%), from €2,625 to €2,940
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 | €125,801 | €118,439 | -€7,362 | -5.9% |
| Fixed assets | 21/28 | €78,399 | €69,126 | -€9,273 | -11.8% |
| Tangible fixed assets | 22/27 | €78,213 | €68,940 | -€9,273 | -11.9% |
| Land and buildings | 22 | €56,398 | €52,523 | -€3,875 | -6.9% |
| Furniture and vehicles | 24 | €1,200 | €727 | -€472 | -39.4% |
| Other tangible fixed assets | 26 | €20,615 | €15,689 | -€4,925 | -23.9% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €47,402 | €49,313 | +€1,911 | +4.0% |
| Amounts receivable within one year | 40/41 | €0 | €300 | +€300 | |
| Trade receivables | 40 | €0 | €300 | +€300 | |
| Cash at bank and in hand | 54/58 | €46,152 | €47,763 | +€1,611 | +3.5% |
| Deferred charges and accrued income | 490/1 | €1,250 | €1,250 | = | 0.0% |
| Total equity and liabilities | 10/49 | €125,801 | €118,439 | -€7,362 | -5.9% |
| Equity | 10/15 | €122,923 | €118,054 | -€4,869 | -4.0% |
| Contributions | 10/11 | €6,354 | €6,354 | = | 0.0% |
| Revaluation surpluses | 12 | €49,994 | €46,506 | -€3,488 | -7.0% |
| Reserves | 13 | €61,860 | €61,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,716 | €3,335 | -€1,381 | -29.3% |
| Amounts payable | 17/49 | €2,877 | €384 | -€2,493 | -86.6% |
| Amounts payable within one year | 42/48 | €2,877 | €384 | -€2,493 | -86.6% |
| Trade debts | 44 | €2,327 | €384 | -€1,943 | -83.5% |
| Suppliers | 440/4 | €2,327 | €384 | -€1,943 | -83.5% |
| Taxes, remuneration and social security | 45 | €550 | - | -€550 | |
| Taxes | 450/3 | €550 | - | -€550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,648 | €9,273 | +€626 | +7.2% |
| Other operating charges | 640/8 | €2,625 | €2,940 | +€315 | +12.0% |
| Gross operating margin | 9900 | €22,109 | €11,032 | -€11,077 | -50.1% |
| Operating profit (loss) | 9901 | €10,837 | -€1,182 | -€12,018 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €20 | €95 | +€76 | +389% |
| Recurring financial charges | 65 | €20 | €95 | +€76 | +389% |
| Profit (loss) for the period before taxes | 9903 | €10,817 | -€1,277 | -€12,094 | |
| Income taxes | 67/77 | €550 | €104 | -€446 | -81.1% |
| Profit (loss) for the period | 9904 | €10,267 | -€1,381 | -€11,648 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,267 | -€1,381 | -€11,648 |
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 30 October 2026 via checked.be.