LINICO 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.
LINICO HORSES
Largest movements
- Stocks and contracts +€76,687
up €76,687 (+57.5%), from €133,356 to €210,043
- Tangible fixed assets -€22,909
down €22,909 (-23.4%), from €97,721 to €74,812
of which Furniture and vehicles: -€20,669
- Receivables within one year -€18,065
down €18,065 (-26.7%), from €67,630 to €49,565
of which Other amounts receivable: -€25,629
- Deferred charges and accrued income +€11,285
up €11,285 (+449%), from €2,515 to €13,801
- Cash -€5,107
down €5,107 (-90.6%), from €5,634 to €528
mainly Stocks and contracts (-€76,687) and Advances received (-€71,150)
- Profit (loss) carried forward +€102,062
up €102,062 (+82.9%), from -€123,056 to -€20,994
- Trade debts +€80,836
up €80,836 (+117%), from €68,801 to €149,637
- Advances received -€71,150
down €71,150 (-90.5%), from €78,650 to €7,500
- Debts after one year -€61,333
down €61,333 (-55.9%), from €109,667 to €48,333
- Short-term financial debts -€34,774
down €34,774 (-100%), from €34,774 to €0
- Gross operating margin +€251,120
up €251,120, from -€101,222 to €149,898
- Depreciation +€12,470
up €12,470 (+95.8%), from €13,018 to €25,487
- Taxes +€3,527
up €3,527 (+581%), from €607 to €4,134
- Financial charges +€2,907
up €2,907 (+117%), from €2,487 to €5,394
- Other operating charges +€1,882
up €1,882 (+47.8%), from €3,936 to €5,818
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 | €329,937 | €371,829 | +€41,892 | +12.7% |
| Fixed assets | 21/28 | €120,801 | €97,892 | -€22,909 | -19.0% |
| Tangible fixed assets | 22/27 | €97,721 | €74,812 | -€22,909 | -23.4% |
| Plant, machinery and equipment | 23 | €8,632 | €6,392 | -€2,240 | -25.9% |
| Furniture and vehicles | 24 | €89,089 | €68,420 | -€20,669 | -23.2% |
| Financial fixed assets | 28 | €23,080 | €23,080 | = | 0.0% |
| Current assets | 29/58 | €209,136 | €273,937 | +€64,801 | +31.0% |
| Stocks and contracts in progress | 3 | €133,356 | €210,043 | +€76,687 | +57.5% |
| Stocks | 30/36 | €133,356 | €210,043 | +€76,687 | +57.5% |
| Amounts receivable within one year | 40/41 | €67,630 | €49,565 | -€18,065 | -26.7% |
| Trade receivables | 40 | €40,803 | €48,367 | +€7,564 | +18.5% |
| Other amounts receivable | 41 | €26,828 | €1,199 | -€25,629 | -95.5% |
| Cash at bank and in hand | 54/58 | €5,634 | €528 | -€5,107 | -90.6% |
| Deferred charges and accrued income | 490/1 | €2,515 | €13,801 | +€11,285 | +449% |
| Total equity and liabilities | 10/49 | €329,937 | €371,829 | +€41,892 | +12.7% |
| Equity | 10/15 | €5,256 | €107,319 | +€102,062 | +1,942% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €66,313 | €66,313 | = | 0.0% |
| Distributable reserves | 133 | €66,313 | €66,313 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,056 | -€20,994 | +€102,062 | +82.9% |
| Amounts payable | 17/49 | €324,681 | €264,510 | -€60,171 | -18.5% |
| Amounts payable after more than one year | 17 | €109,667 | €48,333 | -€61,333 | -55.9% |
| Financial debts | 170/4 | €109,667 | €48,333 | -€61,333 | -55.9% |
| Amounts payable within one year | 42/48 | €215,014 | €216,177 | +€1,163 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €30,889 | €23,333 | -€7,556 | -24.5% |
| Financial debts | 43 | €34,774 | €0 | -€34,774 | -100% |
| Credit institutions | 430/8 | €34,774 | €0 | -€34,774 | -100% |
| Trade debts | 44 | €68,801 | €149,637 | +€80,836 | +117% |
| Suppliers | 440/4 | €68,801 | €149,637 | +€80,836 | +117% |
| Advances received on contracts in progress | 46 | €78,650 | €7,500 | -€71,150 | -90.5% |
| Taxes, remuneration and social security | 45 | €1,890 | €9,659 | +€7,769 | +411% |
| Taxes | 450/3 | €1,890 | €9,659 | +€7,769 | +411% |
| Other amounts payable | 47/48 | €11 | €26,047 | +€26,037 | +245,167% |
| Remuneration, social security and pensions | 62 | €1,788 | €1,734 | -€53 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,018 | €25,487 | +€12,470 | +95.8% |
| Other operating charges | 640/8 | €3,936 | €5,818 | +€1,882 | +47.8% |
| Non-recurring operating charges | 66A | - | €268 | +€268 | |
| Gross operating margin | 9900 | -€101,222 | €149,898 | +€251,120 | |
| Operating profit (loss) | 9901 | -€119,964 | €116,590 | +€236,553 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €2,487 | €5,394 | +€2,907 | +117% |
| Recurring financial charges | 65 | €2,487 | €5,394 | +€2,907 | +117% |
| Profit (loss) for the period before taxes | 9903 | -€122,449 | €111,196 | +€233,645 | |
| Income taxes | 67/77 | €607 | €4,134 | +€3,527 | +581% |
| Profit (loss) for the period | 9904 | -€123,056 | €107,062 | +€230,118 | |
| Profit (loss) for the period to be appropriated | 9905 | -€123,056 | €107,062 | +€230,118 |
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 27 October 2026 via checked.be.