MT Quarter 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.
MT Quarter Horses
Largest movements
- Stocks and contracts -€28,000
down €28,000 (-23.2%), from €120,600 to €92,600
- Tangible fixed assets +€15,899
up €15,899 (+324%), from €4,905 to €20,804
of which Other tangible fixed assets: +€15,689
- Receivables within one year -€8,581
down €8,581 (-88.3%), from €9,717 to €1,136
of which Trade receivables: -€5,957
- Intangible fixed assets +€3,592
new in 2025: €3,592
- Profit (loss) carried forward -€25,397
down €25,397 (-10,620%), from -€239 to -€25,636
- Other debts +€15,632
up €15,632 (+12.6%), from €124,317 to €139,949
- Advances received -€4,980
down €4,980 (-100%), from €4,980 to €0
- Gross operating margin -€26,291
down €26,291, from €4,072 to -€22,220
- Depreciation +€1,171
up €1,171 (+83.5%), from €1,403 to €2,574
- Other operating charges -€370
down €370 (-41.6%), from €890 to €520
- Taxes -€250
down €250 (-100%), from €250 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 | €135,908 | €119,344 | -€16,564 | -12.2% |
| Fixed assets | 21/28 | €4,905 | €24,396 | +€19,491 | +397% |
| Intangible fixed assets | 21 | - | €3,592 | +€3,592 | |
| Tangible fixed assets | 22/27 | €4,905 | €20,804 | +€15,899 | +324% |
| Plant, machinery and equipment | 23 | €4,905 | €5,115 | +€210 | +4.3% |
| Other tangible fixed assets | 26 | - | €15,689 | +€15,689 | |
| Current assets | 29/58 | €131,004 | €94,948 | -€36,055 | -27.5% |
| Stocks and contracts in progress | 3 | €120,600 | €92,600 | -€28,000 | -23.2% |
| Stocks | 30/36 | €120,600 | €92,600 | -€28,000 | -23.2% |
| Amounts receivable within one year | 40/41 | €9,717 | €1,136 | -€8,581 | -88.3% |
| Trade receivables | 40 | €5,957 | €0 | -€5,957 | -100% |
| Other amounts receivable | 41 | €3,761 | €1,136 | -€2,625 | -69.8% |
| Cash at bank and in hand | 54/58 | €428 | €946 | +€518 | +121% |
| Deferred charges and accrued income | 490/1 | €258 | €266 | +€8 | +3.0% |
| Total equity and liabilities | 10/49 | €135,908 | €119,344 | -€16,564 | -12.2% |
| Equity | 10/15 | €2,761 | -€22,636 | -€25,397 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€239 | -€25,636 | -€25,397 | -10,620% |
| Amounts payable | 17/49 | €133,147 | €141,980 | +€8,833 | +6.6% |
| Amounts payable within one year | 42/48 | €133,147 | €141,980 | +€8,833 | +6.6% |
| Trade debts | 44 | €3,100 | €1,962 | -€1,138 | -36.7% |
| Suppliers | 440/4 | €3,100 | €1,962 | -€1,138 | -36.7% |
| Advances received on contracts in progress | 46 | €4,980 | €0 | -€4,980 | -100% |
| Taxes, remuneration and social security | 45 | €750 | €69 | -€681 | -90.8% |
| Taxes | 450/3 | €750 | €69 | -€681 | -90.8% |
| Other amounts payable | 47/48 | €124,317 | €139,949 | +€15,632 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,403 | €2,574 | +€1,171 | +83.5% |
| Other operating charges | 640/8 | €890 | €520 | -€370 | -41.6% |
| Gross operating margin | 9900 | €4,072 | -€22,220 | -€26,291 | |
| Operating profit (loss) | 9901 | €1,779 | -€25,314 | -€27,093 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €102 | €83 | -€19 | -18.5% |
| Recurring financial charges | 65 | €102 | €83 | -€19 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €1,677 | -€25,397 | -€27,074 | |
| Income taxes | 67/77 | €250 | €0 | -€250 | -100% |
| Profit (loss) for the period | 9904 | €1,427 | -€25,397 | -€26,824 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,427 | -€25,397 | -€26,824 |
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 21 October 2026 via checked.be.