MA SPORTHORSES: what changed
What changed
MA SPORTHORSES
NACE 01.430, Raising of horses and other equines
filed annual accounts (NBB)
Net result for the year
€122,236
2024 · -€206,100+€328,336
Equity
-€427,176
2024 · -€549,413+€122,236
Cash
€6,514
2024 · €12,867-€6,353
Balance sheet total
€161,160
2024 · €1.8m-€1.6m
Largest movements
Assets
- Tangible fixed assets -€1.6m
down €1.6m (-98.8%), from €1.7m to €19,800
of which Land and buildings: -€1.4m
- Stocks and contracts +€27,000
up €27,000 (+39.6%), from €68,200 to €95,200
Equity and liabilities
- Debts after one year -€1.3m
down €1.3m (-76.0%), from €1.8m to €425,000
- Other debts -€292,752
down €292,752 (-69.9%), from €419,025 to €126,274
- Profit (loss) carried forward +€122,236
up €122,236 (+12.9%), from -€949,413 to -€827,176
- Trade debts -€64,410
down €64,410 (-64.1%), from €100,526 to €36,116
- Current portion of long-term debt -€38,846
no longer reported in 2025 (was €38,846)
Income statement
- Gross operating margin +€204,247
up €204,247, from -€39,249 to €164,997
- Depreciation -€80,761
down €80,761 (-85.4%), from €94,561 to €13,800
- Taxes -€40,386
no longer reported in 2025 (was €40,386)
- Staff costs -€9,232
no longer reported in 2025 (was €9,232)
- Other operating charges +€5,249
up €5,249 (+48.8%), from €10,748 to €15,998
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
-€206,100
Gross operating margin
+€204,247
Staff costs
+€9,232
Depreciation
+€80,761
Other operating charges
-€5,249
Financial charges
-€1,040
Taxes
+€40,386
Result 2025
€122,236
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
-€251,287
Investment
+€1.6m
Financing
-€1.4m
Cash 2024
€12,867
From operations (derived)
-€251,287
Net result for the year
+€122,236
Depreciation
+€13,800
Stocks and contracts
-€27,000
Smaller working-capital items
-€3,161
Trade debts
-€64,410
Other debts
-€292,752
Investment (derived)
+€1.6m
Investment in fixed assets (net)
+€1.6m
Financing
-€1.4m
Debts after one year
-€1.3m
Current portion of long-term debt
-€38,846
Cash 2025
€6,514
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,785,449 | €161,160 | -€1.6m | -91.0% |
| Fixed assets | 21/28 | €1,664,718 | €19,800 | -€1.6m | -98.8% |
| Tangible fixed assets | 22/27 | €1,662,972 | €19,800 | -€1.6m | -98.8% |
| Land and buildings | 22 | €1,403,126 | - | -€1.4m | |
| Plant, machinery and equipment | 23 | €222,897 | - | -€222,897 | |
| Furniture and vehicles | 24 | €36,950 | €19,800 | -€17,150 | -46.4% |
| Financial fixed assets | 28 | €1,746 | - | -€1,746 | |
| Current assets | 29/58 | €120,730 | €141,360 | +€20,629 | +17.1% |
| Stocks and contracts in progress | 3 | €68,200 | €95,200 | +€27,000 | +39.6% |
| Stocks | 30/36 | €68,200 | €95,200 | +€27,000 | +39.6% |
| Amounts receivable within one year | 40/41 | €39,663 | €38,710 | -€953 | -2.4% |
| Trade receivables | 40 | €39,663 | €38,710 | -€953 | -2.4% |
| Cash at bank and in hand | 54/58 | €12,867 | €6,514 | -€6,353 | -49.4% |
| Deferred charges and accrued income | 490/1 | - | €935 | +€935 | |
| Total equity and liabilities | 10/49 | €1,785,449 | €161,160 | -€1.6m | -91.0% |
| Equity | 10/15 | -€549,413 | -€427,176 | +€122,236 | +22.2% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€949,413 | -€827,176 | +€122,236 | +12.9% |
| Amounts payable | 17/49 | €2,334,861 | €588,336 | -€1.7m | -74.8% |
| Amounts payable after more than one year | 17 | €1,772,338 | €425,000 | -€1.3m | -76.0% |
| Financial debts | 170/4 | €1,772,338 | €425,000 | -€1.3m | -76.0% |
| Amounts payable within one year | 42/48 | €562,523 | €163,336 | -€399,187 | -71.0% |
| Current portion of amounts payable after more than one year | 42 | €38,846 | - | -€38,846 | |
| Trade debts | 44 | €100,526 | €36,116 | -€64,410 | -64.1% |
| Suppliers | 440/4 | €100,526 | €36,116 | -€64,410 | -64.1% |
| Taxes, remuneration and social security | 45 | €4,126 | €946 | -€3,180 | -77.1% |
| Taxes | 450/3 | €3,611 | €946 | -€2,665 | -73.8% |
| Remuneration and social security | 454/9 | €515 | - | -€515 | |
| Other amounts payable | 47/48 | €419,025 | €126,274 | -€292,752 | -69.9% |
| Non-recurring operating income | 76A | - | €84,114 | +€84,114 | |
| Remuneration, social security and pensions | 62 | €9,232 | - | -€9,232 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,561 | €13,800 | -€80,761 | -85.4% |
| Other operating charges | 640/8 | €10,748 | €15,998 | +€5,249 | +48.8% |
| Gross operating margin | 9900 | -€39,249 | €164,997 | +€204,247 | |
| Operating profit (loss) | 9901 | -€153,790 | €135,200 | +€288,990 | |
| Financial charges | 65/66B | €11,923 | €12,964 | +€1,040 | +8.7% |
| Recurring financial charges | 65 | €11,923 | €12,964 | +€1,040 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | -€165,714 | €122,236 | +€287,950 | |
| Income taxes | 67/77 | €40,386 | - | -€40,386 | |
| Profit (loss) for the period | 9904 | -€206,100 | €122,236 | +€328,336 | |
| Profit (loss) for the period to be appropriated | 9905 | -€206,100 | €122,236 | +€328,336 |
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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 7 November 2026 via checked.be.