MR 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.
MR HORSES
Largest movements
- Receivables within one year -€103,735
down €103,735 (-64.6%), from €160,583 to €56,848
of which Trade receivables: -€96,419
- Stocks and contracts +€90,600
up €90,600 (+159%), from €56,900 to €147,500
- Tangible fixed assets -€32,462
down €32,462 (-20.2%), from €160,961 to €128,498
of which Furniture and vehicles: -€27,075
- Cash -€7,101
down €7,101 (-55.0%), from €12,909 to €5,808
mainly Trade debts (-€90,739) and Stocks and contracts (-€90,600)
- Trade debts -€90,739
down €90,739 (-79.0%), from €114,931 to €24,192
- Other debts +€23,267
up €23,267 (+9.5%), from €244,538 to €267,805
- Profit (loss) carried forward +€20,107
up €20,107 (+11.9%), from -€169,123 to -€149,016
- Current portion of long-term debt -€12,666
down €12,666 (-100%), from €12,666 to €0
- Tax, wage and social debts +€7,333
up €7,333 (+159%), from €4,619 to €11,952
of which Taxes: +€9,333
- Gross operating margin -€30,175
down €30,175 (-31.9%), from €94,633 to €64,458
- Financial income -€7,388
down €7,388 (-100.0%), from €7,389 to €1
of which Non-recurring financial income: -€7,389
- Financial charges -€3,061
down €3,061 (-67.6%), from €4,529 to €1,467
- Other operating charges -€2,026
down €2,026 (-52.0%), from €3,899 to €1,873
- Depreciation +€1,313
up €1,313 (+3.4%), from €38,308 to €39,622
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 | €391,352 | €338,654 | -€52,698 | -13.5% |
| Fixed assets | 21/28 | €160,961 | €128,498 | -€32,462 | -20.2% |
| Tangible fixed assets | 22/27 | €160,961 | €128,498 | -€32,462 | -20.2% |
| Furniture and vehicles | 24 | €144,603 | €117,528 | -€27,075 | -18.7% |
| Leasing and similar rights | 25 | €4,182 | €0 | -€4,182 | -100% |
| Other tangible fixed assets | 26 | €12,176 | €10,970 | -€1,206 | -9.9% |
| Current assets | 29/58 | €230,391 | €210,156 | -€20,236 | -8.8% |
| Stocks and contracts in progress | 3 | €56,900 | €147,500 | +€90,600 | +159% |
| Stocks | 30/36 | €56,900 | €147,500 | +€90,600 | +159% |
| Amounts receivable within one year | 40/41 | €160,583 | €56,848 | -€103,735 | -64.6% |
| Trade receivables | 40 | €150,955 | €54,536 | -€96,419 | -63.9% |
| Other amounts receivable | 41 | €9,628 | €2,312 | -€7,315 | -76.0% |
| Cash at bank and in hand | 54/58 | €12,909 | €5,808 | -€7,101 | -55.0% |
| Total equity and liabilities | 10/49 | €391,352 | €338,654 | -€52,698 | -13.5% |
| Equity | 10/15 | €12,624 | €32,731 | +€20,107 | +159% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €169,347 | €169,347 | = | 0.0% |
| Distributable reserves | 133 | €169,347 | €169,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€169,123 | -€149,016 | +€20,107 | +11.9% |
| Amounts payable | 17/49 | €378,728 | €305,923 | -€72,805 | -19.2% |
| Amounts payable within one year | 42/48 | €378,728 | €305,923 | -€72,805 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €12,666 | €0 | -€12,666 | -100% |
| Trade debts | 44 | €114,931 | €24,192 | -€90,739 | -79.0% |
| Suppliers | 440/4 | €114,931 | €24,192 | -€90,739 | -79.0% |
| Advances received on contracts in progress | 46 | €1,975 | €1,975 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,619 | €11,952 | +€7,333 | +159% |
| Taxes | 450/3 | €2,619 | €11,952 | +€9,333 | +356% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €244,538 | €267,805 | +€23,267 | +9.5% |
| Non-recurring operating income | 76A | - | €5,972 | +€5,972 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,308 | €39,622 | +€1,313 | +3.4% |
| Other operating charges | 640/8 | €3,899 | €1,873 | -€2,026 | -52.0% |
| Gross operating margin | 9900 | €94,633 | €64,458 | -€30,175 | -31.9% |
| Operating profit (loss) | 9901 | €52,425 | €22,964 | -€29,461 | -56.2% |
| Financial income | 75/76B | €7,389 | €1 | -€7,388 | -100.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,014% |
| Non-recurring financial income | 76B | €7,389 | €0 | -€7,389 | -100% |
| Financial charges | 65/66B | €4,529 | €1,467 | -€3,061 | -67.6% |
| Recurring financial charges | 65 | €4,529 | €1,467 | -€3,061 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €55,286 | €21,497 | -€33,789 | -61.1% |
| Income taxes | 67/77 | €873 | €1,390 | +€517 | +59.2% |
| Profit (loss) for the period | 9904 | €54,412 | €20,107 | -€34,305 | -63.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,412 | €20,107 | -€34,305 | -63.0% |
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 24 October 2026 via checked.be.