Liemax horses: what changed
What changed
Liemax horses
NACE 01.430, Raising of horses and other equines
filed annual accounts (NBB)
Net result for the year
-€240,647
2024 · -€317,750+€77,103
Equity
-€153,617
2024 · €87,031-€240,647
Cash
€473
2024 · €2,680-€2,207
Balance sheet total
€466,947
2024 · €590,687-€123,740
Largest movements
Assets
- Tangible fixed assets -€66,678
down €66,678 (-15.2%), from €438,012 to €371,334
of which Leasing and similar rights: -€41,482
- Stocks and contracts -€28,650
down €28,650 (-32.6%), from €87,788 to €59,138
- Receivables within one year -€25,210
down €25,210 (-41.2%), from €61,196 to €35,986
of which Other amounts receivable: -€43,414
Equity and liabilities
- Profit (loss) carried forward -€240,647
down €240,647 (-29.1%), from -€827,969 to -€1.1m
- Other debts +€231,093
up €231,093 (+189%), from €121,979 to €353,072
- Debts after one year -€76,711
down €76,711 (-34.6%), from €221,854 to €145,143
- Accrued charges and deferred income -€26,124
no longer reported in 2025 (was €26,124)
- Current portion of long-term debt -€25,477
down €25,477 (-24.9%), from €102,213 to €76,736
Income statement
- Gross operating margin +€62,289
up €62,289 (+45.9%), from -€135,812 to -€73,523
- Financial charges -€13,931
down €13,931 (-41.7%), from €33,430 to €19,499
- Depreciation -€7,419
down €7,419 (-10.5%), from €70,357 to €62,937
- Staff costs +€2,946
up €2,946 (+3.7%), from €79,026 to €81,973
- Financial income -€2,729
down €2,729 (-97.8%), from €2,789 to €60
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.
Result 2024
-€317,750
Gross operating margin
+€62,289
Staff costs
-€2,946
Depreciation
+€7,419
Other operating charges
-€862
Financial income
-€2,729
Financial charges
+€13,931
Result 2025
-€240,647
raises the resultlowers the result
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.
From operations
+€96,241
Investment
+€3,740
Financing
-€102,188
Cash 2024
€2,680
From operations (derived)
+€96,241
Net result for the year
-€240,647
Depreciation
+€62,937
Stocks and contracts
+€28,650
Receivables within one year
+€25,210
Deferred charges and accrued income
+€996
Trade debts
+€15,566
Tax, wage and social debts
-€1,440
Other debts
+€231,093
Accrued charges and deferred income
-€26,124
Investment (derived)
+€3,740
Investment in fixed assets (net)
+€3,740
Financing
-€102,188
Debts after one year
-€76,711
Current portion of long-term debt
-€25,477
Cash 2025
€473
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €590,687 | €466,947 | -€123,740 | -20.9% |
| Fixed assets | 21/28 | €438,012 | €371,334 | -€66,678 | -15.2% |
| Tangible fixed assets | 22/27 | €438,012 | €371,334 | -€66,678 | -15.2% |
| Plant, machinery and equipment | 23 | €49,582 | €39,609 | -€9,973 | -20.1% |
| Furniture and vehicles | 24 | €12,292 | €41 | -€12,251 | -99.7% |
| Leasing and similar rights | 25 | €325,717 | €284,235 | -€41,482 | -12.7% |
| Other tangible fixed assets | 26 | €50,421 | €47,448 | -€2,972 | -5.9% |
| Current assets | 29/58 | €152,675 | €95,613 | -€57,063 | -37.4% |
| Stocks and contracts in progress | 3 | €87,788 | €59,138 | -€28,650 | -32.6% |
| Stocks | 30/36 | €87,788 | €59,138 | -€28,650 | -32.6% |
| Amounts receivable within one year | 40/41 | €61,196 | €35,986 | -€25,210 | -41.2% |
| Trade receivables | 40 | €16,676 | €34,880 | +€18,203 | +109% |
| Other amounts receivable | 41 | €44,520 | €1,106 | -€43,414 | -97.5% |
| Cash at bank and in hand | 54/58 | €2,680 | €473 | -€2,207 | -82.4% |
| Deferred charges and accrued income | 490/1 | €1,012 | €16 | -€996 | -98.4% |
| Total equity and liabilities | 10/49 | €590,687 | €466,947 | -€123,740 | -20.9% |
| Equity | 10/15 | €87,031 | -€153,617 | -€240,647 | |
| Contributions | 10/11 | €915,000 | €915,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€827,969 | -€1,068,617 | -€240,647 | -29.1% |
| Amounts payable | 17/49 | €503,657 | €620,564 | +€116,907 | +23.2% |
| Amounts payable after more than one year | 17 | €221,854 | €145,143 | -€76,711 | -34.6% |
| Financial debts | 170/4 | €221,854 | €145,143 | -€76,711 | -34.6% |
| Amounts payable within one year | 42/48 | €255,679 | €475,421 | +€219,742 | +85.9% |
| Current portion of amounts payable after more than one year | 42 | €102,213 | €76,736 | -€25,477 | -24.9% |
| Trade debts | 44 | €24,490 | €40,056 | +€15,566 | +63.6% |
| Suppliers | 440/4 | €24,490 | €40,056 | +€15,566 | +63.6% |
| Taxes, remuneration and social security | 45 | €6,997 | €5,557 | -€1,440 | -20.6% |
| Taxes | 450/3 | €2,228 | - | -€2,228 | |
| Remuneration and social security | 454/9 | €4,769 | €5,557 | +€788 | +16.5% |
| Other amounts payable | 47/48 | €121,979 | €353,072 | +€231,093 | +189% |
| Accrued charges and deferred income | 492/3 | €26,124 | - | -€26,124 | |
| Non-recurring operating income | 76A | €603 | €42,748 | +€42,145 | +6,984% |
| Remuneration, social security and pensions | 62 | €79,026 | €81,973 | +€2,946 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,357 | €62,937 | -€7,419 | -10.5% |
| Other operating charges | 640/8 | €1,914 | €2,776 | +€862 | +45.0% |
| Gross operating margin | 9900 | -€135,812 | -€73,523 | +€62,289 | +45.9% |
| Operating profit (loss) | 9901 | -€287,109 | -€221,209 | +€65,901 | +23.0% |
| Financial income | 75/76B | €2,789 | €60 | -€2,729 | -97.8% |
| Recurring financial income | 75 | €2,789 | €60 | -€2,729 | -97.8% |
| Financial charges | 65/66B | €33,430 | €19,499 | -€13,931 | -41.7% |
| Recurring financial charges | 65 | €33,430 | €19,499 | -€13,931 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | -€317,750 | -€240,647 | +€77,103 | +24.3% |
| Profit (loss) for the period | 9904 | -€317,750 | -€240,647 | +€77,103 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€317,750 | -€240,647 | +€77,103 | +24.3% |
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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 4 November 2026 via checked.be.