PGA 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.
PGA Horses
Largest movements
- Stocks and contracts +€14,400
up €14,400 (+720%), from €2,000 to €16,400
- Cash +€5,063
up €5,063 (+654%), from €774 to €5,837
mainly Net result for the year (+€16,464) and Trade debts (+€1,885)
- Receivables within one year -€916
down €916 (-100%), from €916 to €0
of which Other amounts receivable: -€916
- Deferred charges and accrued income -€353
down €353 (-56.4%), from €626 to €273
- Profit (loss) carried forward +€16,464
up €16,464 (+32.4%), from -€50,736 to -€34,272
- Trade debts +€1,885
up €1,885 (+51.5%), from €3,660 to €5,545
- Other debts -€1,009
down €1,009 (-2.0%), from €49,574 to €48,565
- Tax, wage and social debts +€684
up €684, from €0 to €684
- Gross operating margin +€54,859
up €54,859, from -€36,005 to €18,854
- Depreciation -€11,036
down €11,036 (-98.5%), from €11,205 to €169
- Financial charges -€1,299
down €1,299 (-93.2%), from €1,394 to €95
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 | €4,997 | €23,021 | +€18,024 | +361% |
| Fixed assets | 21/28 | €681 | €511 | -€169 | -24.9% |
| Tangible fixed assets | 22/27 | €681 | €511 | -€169 | -24.9% |
| Plant, machinery and equipment | 23 | €681 | €511 | -€169 | -24.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €4,317 | €22,510 | +€18,193 | +421% |
| Stocks and contracts in progress | 3 | €2,000 | €16,400 | +€14,400 | +720% |
| Stocks | 30/36 | €2,000 | €16,400 | +€14,400 | +720% |
| Amounts receivable within one year | 40/41 | €916 | €0 | -€916 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €916 | €0 | -€916 | -100% |
| Cash at bank and in hand | 54/58 | €774 | €5,837 | +€5,063 | +654% |
| Deferred charges and accrued income | 490/1 | €626 | €273 | -€353 | -56.4% |
| Total equity and liabilities | 10/49 | €4,997 | €23,021 | +€18,024 | +361% |
| Equity | 10/15 | -€48,236 | -€31,772 | +€16,464 | +34.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€50,736 | -€34,272 | +€16,464 | +32.4% |
| Amounts payable | 17/49 | €53,234 | €54,793 | +€1,560 | +2.9% |
| Amounts payable within one year | 42/48 | €53,234 | €54,793 | +€1,560 | +2.9% |
| Trade debts | 44 | €3,660 | €5,545 | +€1,885 | +51.5% |
| Suppliers | 440/4 | €3,660 | €5,545 | +€1,885 | +51.5% |
| Taxes, remuneration and social security | 45 | €0 | €684 | +€684 | |
| Taxes | 450/3 | €0 | €684 | +€684 | |
| Other amounts payable | 47/48 | €49,574 | €48,565 | -€1,009 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,205 | €169 | -€11,036 | -98.5% |
| Other operating charges | 640/8 | €2,292 | €2,126 | -€166 | -7.2% |
| Gross operating margin | 9900 | -€36,005 | €18,854 | +€54,859 | |
| Operating profit (loss) | 9901 | -€49,502 | €16,559 | +€66,061 | |
| Financial income | 75/76B | €22 | €0 | -€22 | -99.9% |
| Recurring financial income | 75 | €22 | €0 | -€22 | -99.9% |
| Financial charges | 65/66B | €1,394 | €95 | -€1,299 | -93.2% |
| Recurring financial charges | 65 | €1,394 | €95 | -€1,299 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | -€50,874 | €16,464 | +€67,338 | |
| Profit (loss) for the period | 9904 | -€50,874 | €16,464 | +€67,338 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,874 | €16,464 | +€67,338 |
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.