NS SPORTHORSES: what changed
NS SPORTHORSES
Largest movements
- Stocks and contracts +€13,813
up €13,813 (+36.2%), from €38,188 to €52,000
- Receivables within one year +€9,409
up €9,409 (+17.0%), from €55,378 to €64,787
of which Other amounts receivable: +€8,707
- Cash +€5,272
up €5,272 (+60.0%), from €8,787 to €14,059
mainly Current portion of long-term debt (+€30,242) and Net result for the year (+€12,291)
- Tangible fixed assets -€4,000
down €4,000 (-34.3%), from €11,671 to €7,671
- Deferred charges and accrued income +€1,723
up €1,723 (+109%), from €1,576 to €3,299
- Debts after one year -€35,353
down €35,353 (-100%), from €35,353 to €0
- Current portion of long-term debt +€30,242
up €30,242 (+592%), from €5,110 to €35,353
- Reserves +€12,291
up €12,291 (+96.6%), from €12,717 to €25,007
- Tax, wage and social debts +€9,701
up €9,701 (+62.5%), from €15,520 to €25,221
of which Taxes: +€8,323
- Trade debts +€7,369
up €7,369 (+29.7%), from €24,811 to €32,180
- Gross operating margin +€24,191
up €24,191 (+90.5%), from €26,727 to €50,918
- Staff costs +€14,209
up €14,209 (+330%), from €4,307 to €18,516
- Other operating charges +€7,479
up €7,479 (+1,480%), from €505 to €7,984
- Financial charges +€1,122
up €1,122 (+29.5%), from €3,809 to €4,931
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,600 | €141,817 | +€26,216 | +22.7% |
| Fixed assets | 21/28 | €11,671 | €7,671 | -€4,000 | -34.3% |
| Tangible fixed assets | 22/27 | €11,671 | €7,671 | -€4,000 | -34.3% |
| Furniture and vehicles | 24 | €11,671 | €7,671 | -€4,000 | -34.3% |
| Current assets | 29/58 | €103,929 | €134,145 | +€30,216 | +29.1% |
| Stocks and contracts in progress | 3 | €38,188 | €52,000 | +€13,813 | +36.2% |
| Stocks | 30/36 | €38,188 | €52,000 | +€13,813 | +36.2% |
| Amounts receivable within one year | 40/41 | €55,378 | €64,787 | +€9,409 | +17.0% |
| Trade receivables | 40 | €54,608 | €55,309 | +€701 | +1.3% |
| Other amounts receivable | 41 | €771 | €9,478 | +€8,707 | +1,130% |
| Cash at bank and in hand | 54/58 | €8,787 | €14,059 | +€5,272 | +60.0% |
| Deferred charges and accrued income | 490/1 | €1,576 | €3,299 | +€1,723 | +109% |
| Total equity and liabilities | 10/49 | €115,600 | €141,817 | +€26,216 | +22.7% |
| Equity | 10/15 | €26,717 | €39,007 | +€12,291 | +46.0% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Reserves | 13 | €12,717 | €25,007 | +€12,291 | +96.6% |
| Distributable reserves | 133 | €12,717 | €25,007 | +€12,291 | +96.6% |
| Amounts payable | 17/49 | €88,884 | €102,809 | +€13,926 | +15.7% |
| Amounts payable after more than one year | 17 | €35,353 | €0 | -€35,353 | -100% |
| Financial debts | 170/4 | €35,353 | €0 | -€35,353 | -100% |
| Amounts payable within one year | 42/48 | €53,016 | €101,394 | +€48,378 | +91.3% |
| Current portion of amounts payable after more than one year | 42 | €5,110 | €35,353 | +€30,242 | +592% |
| Trade debts | 44 | €24,811 | €32,180 | +€7,369 | +29.7% |
| Suppliers | 440/4 | €24,811 | €32,180 | +€7,369 | +29.7% |
| Taxes, remuneration and social security | 45 | €15,520 | €25,221 | +€9,701 | +62.5% |
| Taxes | 450/3 | €10,288 | €18,611 | +€8,323 | +80.9% |
| Remuneration and social security | 454/9 | €5,232 | €6,610 | +€1,378 | +26.3% |
| Other amounts payable | 47/48 | €7,574 | €8,640 | +€1,066 | +14.1% |
| Accrued charges and deferred income | 492/3 | €515 | €1,415 | +€900 | +175% |
| Remuneration, social security and pensions | 62 | €4,307 | €18,516 | +€14,209 | +330% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,000 | €4,000 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €7,984 | +€7,479 | +1,480% |
| Gross operating margin | 9900 | €26,727 | €50,918 | +€24,191 | +90.5% |
| Operating profit (loss) | 9901 | €17,915 | €20,418 | +€2,503 | +14.0% |
| Financial income | 75/76B | €885 | €515 | -€370 | -41.8% |
| Recurring financial income | 75 | €885 | €515 | -€370 | -41.8% |
| Financial charges | 65/66B | €3,809 | €4,931 | +€1,122 | +29.5% |
| Recurring financial charges | 65 | €3,809 | €4,931 | +€1,122 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €14,991 | €16,002 | +€1,011 | +6.7% |
| Income taxes | 67/77 | €3,718 | €3,712 | -€6 | -0.2% |
| Profit (loss) for the period | 9904 | €11,274 | €12,291 | +€1,017 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,274 | €12,291 | +€1,017 | +9.0% |
Next steps
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 6 November 2026 via checked.be.