PB EQUESTRIAN: what changed
Two fiscal 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.
PB EQUESTRIAN
Largest movements
- Tangible fixed assets -€118,528
down €118,528 (-17.2%), from €688,768 to €570,240
of which Furniture and vehicles: -€89,375
- Receivables within one year +€104,416
up €104,416 (+304.9%), from €34,241 to €138,657
of which Other amounts receivable: +€64,309
- Current investments +€69,776
up €69,776 (+11.2%), from €624,643 to €694,420
- Cash +€56,536
up €56,536 (+113.9%), from €49,637 to €106,173
mainly Depreciation (+€112,056) and Receivables after one year (+€50,000)
- Receivables after one year -€50,000
down €50,000 (-14.3%), from €350,000 to €300,000
- Advances received +€47,739
new in 2025: €47,739
- Financial income -€158,435
down €158,435 (-87.0%), from €182,099 to €23,664
- Gross operating margin +€78,217
up €78,217 (+88.7%), from €88,179 to €166,396
- Financial charges +€48,107
up €48,107 (+671.3%), from €7,166 to €55,273
of which Financial charges: +€46,679
- Other operating charges -€22,699
down €22,699 (-85.2%), from €26,638 to €3,939
- Depreciation -€10,451
down €10,451 (-8.5%), from €122,507 to €112,056
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.
Cash bridge derived
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 | €3,253,059 | €3,296,846 | +€43,787 | +1.3% |
| Fixed assets | 21/28 | €2,137,981 | €2,019,605 | -€118,375 | -5.5% |
| Tangible fixed assets | 22/27 | €688,768 | €570,240 | -€118,528 | -17.2% |
| Land and buildings | 22 | €382,628 | €355,310 | -€27,318 | -7.1% |
| Plant, machinery and equipment | 23 | €4,537 | €2,702 | -€1,835 | -40.4% |
| Furniture and vehicles | 24 | €301,603 | €212,228 | -€89,375 | -29.6% |
| Financial fixed assets | 28 | €1,449,213 | €1,449,365 | +€152 | 0.0% |
| Current assets | 29/58 | €1,115,078 | €1,277,241 | +€162,163 | +14.5% |
| Amounts receivable after more than one year | 29 | €350,000 | €300,000 | -€50,000 | -14.3% |
| Other amounts receivable | 291 | €350,000 | €300,000 | -€50,000 | -14.3% |
| Amounts receivable within one year | 40/41 | €34,241 | €138,657 | +€104,416 | +304.9% |
| Trade receivables | 40 | €33,513 | €73,619 | +€40,106 | +119.7% |
| Other amounts receivable | 41 | €729 | €65,038 | +€64,309 | +8825.2% |
| Current investments | 50/53 | €624,643 | €694,420 | +€69,776 | +11.2% |
| Cash at bank and in hand | 54/58 | €49,637 | €106,173 | +€56,536 | +113.9% |
| Deferred charges and accrued income | 490/1 | €56,556 | €37,991 | -€18,566 | -32.8% |
| Total equity and liabilities | 10/49 | €3,253,059 | €3,296,846 | +€43,787 | +1.3% |
| Equity | 10/15 | €3,189,656 | €3,200,510 | +€10,854 | +0.3% |
| Contributions | 10/11 | €52,058 | €52,058 | = | 0.0% |
| Reserves | 13 | €3,075,206 | €3,075,206 | = | 0.0% |
| Distributable reserves | 133 | €3,075,206 | €3,075,206 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,392 | €73,247 | +€10,854 | +17.4% |
| Amounts payable | 17/49 | €63,403 | €96,336 | +€32,933 | +51.9% |
| Amounts payable within one year | 42/48 | €62,975 | €96,336 | +€33,361 | +53.0% |
| Trade debts | 44 | €42,598 | €30,989 | -€11,609 | -27.3% |
| Suppliers | 440/4 | €42,598 | €30,989 | -€11,609 | -27.3% |
| Advances received on contracts in progress | 46 | - | €47,739 | +€47,739 | |
| Taxes, remuneration and social security | 45 | €20,359 | €17,608 | -€2,752 | -13.5% |
| Taxes | 450/3 | €17,878 | €16,577 | -€1,302 | -7.3% |
| Remuneration and social security | 454/9 | €2,481 | €1,031 | -€1,450 | -58.4% |
| Other amounts payable | 47/48 | €18 | €0 | -€18 | -100.0% |
| Accrued charges and deferred income | 492/3 | €428 | €0 | -€428 | -100.0% |
| Non-recurring operating income | 76A | €1,325 | €49,997 | +€48,672 | +3673.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,507 | €112,056 | -€10,451 | -8.5% |
| Other operating charges | 640/8 | €26,638 | €3,939 | -€22,699 | -85.2% |
| Gross operating margin | 9900 | €88,179 | €166,396 | +€78,217 | +88.7% |
| Operating profit (loss) | 9901 | -€60,966 | €50,400 | +€111,366 | |
| Financial income | 75/76B | €182,099 | €23,664 | -€158,435 | -87.0% |
| Recurring financial income | 75 | €182,099 | €23,664 | -€158,435 | -87.0% |
| Financial charges | 65/66B | €7,166 | €55,273 | +€48,107 | +671.3% |
| Recurring financial charges | 65 | €4,166 | €50,845 | +€46,679 | +1120.5% |
| Non-recurring financial charges | 66B | €3,000 | €4,428 | +€1,428 | +47.6% |
| Profit (loss) for the period before taxes | 9903 | €113,966 | €18,791 | -€95,175 | -83.5% |
| Income taxes | 67/77 | €10,621 | €7,936 | -€2,684 | -25.3% |
| Profit (loss) for the period | 9904 | €103,346 | €10,854 | -€92,491 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €103,346 | €10,854 | -€92,491 | -89.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.