NN 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.
NN Horses
Largest movements
- Receivables within one year +€87,875
up €87,875 (+157%), from €56,031 to €143,905
of which Other amounts receivable: +€57,173
- Stocks and contracts +€33,905
up €33,905 (+11.1%), from €306,469 to €340,375
- Tangible fixed assets -€15,821
down €15,821 (-59.9%), from €26,426 to €10,605
of which Furniture and vehicles: -€12,944
- Cash +€6,032
up €6,032, from €0 to €6,032
mainly Trade debts (+€104,379) and Short-term financial debts (+€64,105)
- Trade debts +€104,379
up €104,379 (+92.4%), from €112,954 to €217,334
- Short-term financial debts +€64,105
up €64,105 (+179%), from €35,895 to €100,000
- Other debts -€32,346
down €32,346 (-100%), from €32,346 to €0
- Tax, wage and social debts -€16,131
down €16,131 (-74.7%), from €21,586 to €5,455
- Gross operating margin -€36,252
down €36,252 (-56.0%), from €64,724 to €28,472
- Taxes -€3,159
down €3,159 (-83.5%), from €3,782 to €623
- Financial charges +€2,678
up €2,678 (+42.9%), from €6,243 to €8,921
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 | €389,787 | €501,269 | +€111,482 | +28.6% |
| Fixed assets | 21/28 | €26,426 | €10,605 | -€15,821 | -59.9% |
| Tangible fixed assets | 22/27 | €26,426 | €10,605 | -€15,821 | -59.9% |
| Plant, machinery and equipment | 23 | €7,960 | €5,082 | -€2,877 | -36.1% |
| Furniture and vehicles | 24 | €18,466 | €5,522 | -€12,944 | -70.1% |
| Current assets | 29/58 | €363,361 | €490,664 | +€127,303 | +35.0% |
| Stocks and contracts in progress | 3 | €306,469 | €340,375 | +€33,905 | +11.1% |
| Stocks | 30/36 | €306,469 | €340,375 | +€33,905 | +11.1% |
| Amounts receivable within one year | 40/41 | €56,031 | €143,905 | +€87,875 | +157% |
| Trade receivables | 40 | €56,031 | €86,732 | +€30,702 | +54.8% |
| Other amounts receivable | 41 | €0 | €57,173 | +€57,173 | |
| Cash at bank and in hand | 54/58 | €0 | €6,032 | +€6,032 | |
| Deferred charges and accrued income | 490/1 | €861 | €352 | -€509 | -59.1% |
| Total equity and liabilities | 10/49 | €389,787 | €501,269 | +€111,482 | +28.6% |
| Equity | 10/15 | €175,188 | €174,505 | -€683 | -0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €170,188 | €169,505 | -€683 | -0.4% |
| Distributable reserves | 133 | €170,188 | €169,505 | -€683 | -0.4% |
| Amounts payable | 17/49 | €214,599 | €326,764 | +€112,165 | +52.3% |
| Amounts payable after more than one year | 17 | €3,975 | €0 | -€3,975 | -100% |
| Financial debts | 170/4 | €3,975 | €0 | -€3,975 | -100% |
| Amounts payable within one year | 42/48 | €210,041 | €326,764 | +€116,723 | +55.6% |
| Current portion of amounts payable after more than one year | 42 | €7,259 | €3,975 | -€3,284 | -45.2% |
| Financial debts | 43 | €35,895 | €100,000 | +€64,105 | +179% |
| Credit institutions | 430/8 | €35,895 | €100,000 | +€64,105 | +179% |
| Trade debts | 44 | €112,954 | €217,334 | +€104,379 | +92.4% |
| Suppliers | 440/4 | €112,954 | €217,334 | +€104,379 | +92.4% |
| Taxes, remuneration and social security | 45 | €21,586 | €5,455 | -€16,131 | -74.7% |
| Taxes | 450/3 | €21,586 | €5,455 | -€16,131 | -74.7% |
| Other amounts payable | 47/48 | €32,346 | €0 | -€32,346 | -100% |
| Accrued charges and deferred income | 492/3 | €583 | €0 | -€583 | -100% |
| Non-recurring operating income | 76A | €0 | €605 | +€605 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,675 | €15,821 | +€146 | +0.9% |
| Other operating charges | 640/8 | €1,788 | €1,789 | +€1 | 0.0% |
| Non-recurring operating charges | 66A | €25,000 | €2,000 | -€23,000 | -92.0% |
| Gross operating margin | 9900 | €64,724 | €28,472 | -€36,252 | -56.0% |
| Operating profit (loss) | 9901 | €22,260 | €8,861 | -€13,399 | -60.2% |
| Financial income | 75/76B | €228 | €0 | -€228 | -100.0% |
| Recurring financial income | 75 | €228 | €0 | -€228 | -100.0% |
| Financial charges | 65/66B | €6,243 | €8,921 | +€2,678 | +42.9% |
| Recurring financial charges | 65 | €6,243 | €8,921 | +€2,678 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €16,244 | -€60 | -€16,304 | |
| Income taxes | 67/77 | €3,782 | €623 | -€3,159 | -83.5% |
| Profit (loss) for the period | 9904 | €12,462 | -€683 | -€13,145 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,462 | -€683 | -€13,145 |
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.