OCEAN HORSE: 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.
OCEAN HORSE
Largest movements
- Tangible fixed assets +€217,953
up €217,953 (+33.5%), from €650,772 to €868,725
- Receivables within one year +€34,549
up €34,549 (+71.0%), from €48,636 to €83,185
of which Trade receivables: +€35,057
- Cash +€13,745
up €13,745 (+212%), from €6,498 to €20,242
mainly Debts after one year (+€208,516) and Other debts (+€51,912)
- Debts after one year +€208,516
up €208,516 (+48.7%), from €428,409 to €636,924
- Other debts +€51,912
up €51,912 (+53.9%), from €96,286 to €148,198
- Gross operating margin +€70,869
up €70,869 (+203%), from €34,948 to €105,817
- Other operating charges +€62,369
up €62,369 (+2,330%), from €2,677 to €65,046
- Staff costs +€6,136
new in 2025: €6,136
- Depreciation -€4,847
down €4,847 (-24.4%), from €19,838 to €14,991
- Taxes +€2,781
up €2,781 (+259%), from €1,075 to €3,856
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 | €706,905 | €980,152 | +€273,247 | +38.7% |
| Fixed assets | 21/28 | €651,772 | €869,725 | +€217,953 | +33.4% |
| Tangible fixed assets | 22/27 | €650,772 | €868,725 | +€217,953 | +33.5% |
| Land and buildings | 22 | €650,772 | €868,725 | +€217,953 | +33.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €55,134 | €110,427 | +€55,294 | +100% |
| Amounts receivable within one year | 40/41 | €48,636 | €83,185 | +€34,549 | +71.0% |
| Trade receivables | 40 | €48,128 | €83,185 | +€35,057 | +72.8% |
| Other amounts receivable | 41 | €508 | €0 | -€508 | -100% |
| Cash at bank and in hand | 54/58 | €6,498 | €20,242 | +€13,745 | +212% |
| Deferred charges and accrued income | 490/1 | - | €7,000 | +€7,000 | |
| Total equity and liabilities | 10/49 | €706,905 | €980,152 | +€273,247 | +38.7% |
| Equity | 10/15 | €130,430 | €137,034 | +€6,604 | +5.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €124,230 | €130,834 | +€6,604 | +5.3% |
| Distributable reserves | 133 | €124,230 | €130,834 | +€6,604 | +5.3% |
| Amounts payable | 17/49 | €576,476 | €843,119 | +€266,643 | +46.3% |
| Amounts payable after more than one year | 17 | €428,409 | €636,924 | +€208,516 | +48.7% |
| Financial debts | 170/4 | €428,409 | €636,924 | +€208,516 | +48.7% |
| Amounts payable within one year | 42/48 | €146,375 | €205,310 | +€58,934 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €26,333 | €32,375 | +€6,042 | +22.9% |
| Trade debts | 44 | €10,956 | €13,815 | +€2,859 | +26.1% |
| Suppliers | 440/4 | €10,956 | €13,815 | +€2,859 | +26.1% |
| Taxes, remuneration and social security | 45 | €12,800 | €10,921 | -€1,879 | -14.7% |
| Taxes | 450/3 | €12,800 | €10,008 | -€2,792 | -21.8% |
| Remuneration and social security | 454/9 | - | €913 | +€913 | |
| Other amounts payable | 47/48 | €96,286 | €148,198 | +€51,912 | +53.9% |
| Accrued charges and deferred income | 492/3 | €1,692 | €885 | -€807 | -47.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €6,136 | +€6,136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,838 | €14,991 | -€4,847 | -24.4% |
| Other operating charges | 640/8 | €2,677 | €65,046 | +€62,369 | +2,330% |
| Gross operating margin | 9900 | €34,948 | €105,817 | +€70,869 | +203% |
| Operating profit (loss) | 9901 | €12,433 | €19,644 | +€7,211 | +58.0% |
| Financial charges | 65/66B | €8,748 | €9,184 | +€436 | +5.0% |
| Recurring financial charges | 65 | €8,748 | €9,184 | +€436 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €3,685 | €10,460 | +€6,775 | +184% |
| Income taxes | 67/77 | €1,075 | €3,856 | +€2,781 | +259% |
| Profit (loss) for the period | 9904 | €2,610 | €6,604 | +€3,994 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €2,610 | €6,604 | +€3,994 | +153% |
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 20 October 2026 via checked.be.