MCP 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.
MCP Horses
Largest movements
- Tangible fixed assets -€48,712
down €48,712 (-4.1%), from €1.2m to €1.1m
of which Land and buildings: -€99,737
- Cash +€48,397
up €48,397 (+23.3%), from €207,555 to €255,951
mainly Depreciation (+€86,276) and Debts after one year (+€82,860)
- Receivables within one year +€32,746
up €32,746 (+24.2%), from €135,394 to €168,140
of which Trade receivables: +€33,044
- Stocks and contracts +€29,328
up €29,328 (+16.4%), from €178,338 to €207,667
- Other debts -€124,012
down €124,012 (-97.0%), from €127,845 to €3,833
- Debts after one year +€82,860
up €82,860 (+7.4%), from €1.1m to €1.2m
- Profit (loss) carried forward +€22,966
up €22,966 (+4.9%), from €472,009 to €494,974
- Accrued charges and deferred income +€21,928
up €21,928 (+250%), from €8,774 to €30,701
- Depreciation +€16,981
up €16,981 (+24.5%), from €69,295 to €86,276
- Gross operating margin +€10,575
up €10,575 (+5.7%), from €187,130 to €197,705
- Financial charges +€8,603
up €8,603 (+51.7%), from €16,633 to €25,236
- Other operating charges +€7,986
up €7,986 (+294%), from €2,720 to €10,706
- Write-downs +€6,000
up €6,000, from -€6,000 to €0
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 | €1,964,268 | €2,006,043 | +€41,775 | +2.1% |
| Fixed assets | 21/28 | €1,385,992 | €1,337,281 | -€48,712 | -3.5% |
| Tangible fixed assets | 22/27 | €1,177,742 | €1,129,031 | -€48,712 | -4.1% |
| Land and buildings | 22 | €1,131,651 | €1,031,914 | -€99,737 | -8.8% |
| Plant, machinery and equipment | 23 | €27,372 | €52,897 | +€25,524 | +93.2% |
| Furniture and vehicles | 24 | €2,613 | €9,146 | +€6,532 | +250% |
| Leasing and similar rights | 25 | €16,106 | €35,075 | +€18,969 | +118% |
| Financial fixed assets | 28 | €208,250 | €208,250 | = | 0.0% |
| Current assets | 29/58 | €578,276 | €668,762 | +€90,487 | +15.6% |
| Stocks and contracts in progress | 3 | €178,338 | €207,667 | +€29,328 | +16.4% |
| Stocks | 30/36 | €178,338 | €207,667 | +€29,328 | +16.4% |
| Amounts receivable within one year | 40/41 | €135,394 | €168,140 | +€32,746 | +24.2% |
| Trade receivables | 40 | €128,230 | €161,274 | +€33,044 | +25.8% |
| Other amounts receivable | 41 | €7,164 | €6,866 | -€298 | -4.2% |
| Cash at bank and in hand | 54/58 | €207,555 | €255,951 | +€48,397 | +23.3% |
| Deferred charges and accrued income | 490/1 | €56,988 | €37,004 | -€19,984 | -35.1% |
| Total equity and liabilities | 10/49 | €1,964,268 | €2,006,043 | +€41,775 | +2.1% |
| Equity | 10/15 | €486,269 | €509,234 | +€22,966 | +4.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €472,009 | €494,974 | +€22,966 | +4.9% |
| Amounts payable | 17/49 | €1,477,999 | €1,496,809 | +€18,810 | +1.3% |
| Amounts payable after more than one year | 17 | €1,126,639 | €1,209,499 | +€82,860 | +7.4% |
| Financial debts | 170/4 | €1,126,639 | €1,209,499 | +€82,860 | +7.4% |
| Amounts payable within one year | 42/48 | €342,587 | €256,609 | -€85,978 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €53,309 | €69,084 | +€15,775 | +29.6% |
| Trade debts | 44 | €138,230 | €153,237 | +€15,006 | +10.9% |
| Suppliers | 440/4 | €138,230 | €153,237 | +€15,006 | +10.9% |
| Taxes, remuneration and social security | 45 | €23,203 | €30,455 | +€7,252 | +31.3% |
| Taxes | 450/3 | €19,049 | €26,403 | +€7,354 | +38.6% |
| Remuneration and social security | 454/9 | €4,154 | €4,052 | -€102 | -2.5% |
| Other amounts payable | 47/48 | €127,845 | €3,833 | -€124,012 | -97.0% |
| Accrued charges and deferred income | 492/3 | €8,774 | €30,701 | +€21,928 | +250% |
| Non-recurring operating income | 76A | €39,917 | €0 | -€39,917 | -100.0% |
| Remuneration, social security and pensions | 62 | €44,479 | €41,532 | -€2,947 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,295 | €86,276 | +€16,981 | +24.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,000 | €0 | +€6,000 | |
| Other operating charges | 640/8 | €2,720 | €10,706 | +€7,986 | +294% |
| Gross operating margin | 9900 | €187,130 | €197,705 | +€10,575 | +5.7% |
| Operating profit (loss) | 9901 | €76,635 | €59,191 | -€17,444 | -22.8% |
| Financial income | 75/76B | €2,197 | €225 | -€1,972 | -89.8% |
| Recurring financial income | 75 | €2,197 | €225 | -€1,972 | -89.8% |
| Financial charges | 65/66B | €16,633 | €25,236 | +€8,603 | +51.7% |
| Recurring financial charges | 65 | €16,633 | €25,236 | +€8,603 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €62,198 | €34,179 | -€28,019 | -45.0% |
| Income taxes | 67/77 | €4,956 | €9,548 | +€4,592 | +92.7% |
| Profit (loss) for the period | 9904 | €57,243 | €24,632 | -€32,611 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,243 | €24,632 | -€32,611 | -57.0% |
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 29 October 2026 via checked.be.