Philippe LHOTE: 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.
What changed
Philippe LHOTE
NACE 93.127, Equestrian clubs
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€172,833
2023 · -€14,383-€158,450
Equity
€185,942
2023 · €358,775-€172,833
Cash
€16,988
2023 · €26,904-€9,916
Balance sheet total
€1.7m
2023 · €1.8m-€155,173
Largest movements
Assets
- Tangible fixed assets -€91,132
down €91,132 (-5.8%), from €1.6m to €1.5m
of which Plant, machinery and equipment: -€99,733
- Receivables within one year -€38,472
down €38,472 (-36.9%), from €104,289 to €65,817
of which Trade receivables: -€38,360
Equity and liabilities
- Profit (loss) carried forward -€172,833
down €172,833 (-52.2%), from €331,275 to €158,442
- Other debts -€158,632
down €158,632 (-90.2%), from €175,863 to €17,232
- Debts after one year +€144,760
up €144,760 (+12.5%), from €1.2m to €1.3m
- Short-term financial debts +€45,000
new in 2024: €45,000
- Accrued charges and deferred income -€20,829
down €20,829 (-94.5%), from €22,039 to €1,210
Income statement
- Gross operating margin -€119,802
down €119,802 (-70.3%), from €170,496 to €50,694
- Taxes +€50,200
new in 2024: €50,200
- Depreciation -€12,597
down €12,597 (-8.8%), from €143,124 to €130,527
From the 2023 result to the 2024 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.
Result 2023
-€14,383
Gross operating margin
-€119,802
Staff costs
+€87
Depreciation
+€12,597
Other operating charges
-€149
Financial income
+€0
Financial charges
-€985
Taxes
-€50,200
Result 2024
-€172,833
raises the resultlowers the result
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€147,331
Investment
-€39,395
Financing
+€176,810
Cash 2023
€26,904
From operations (derived)
-€147,331
Net result for the year
-€172,833
Depreciation
+€130,527
Stocks and contracts
-€365
Receivables within one year
+€38,472
Deferred charges and accrued income
+€16,019
Trade debts
+€15,130
Tax, wage and social debts
+€5,181
Other debts
-€158,632
Accrued charges and deferred income
-€20,829
Investment (derived)
-€39,395
Investment in fixed assets (net)
-€39,395
Financing
+€176,810
Debts after one year
+€144,760
Current portion of long-term debt
-€12,951
Short-term financial debts
+€45,000
Cash 2024
€16,988
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,819,785 | €1,664,612 | -€155,173 | -8.5% |
| Fixed assets | 21/28 | €1,582,211 | €1,491,079 | -€91,132 | -5.8% |
| Tangible fixed assets | 22/27 | €1,582,211 | €1,491,079 | -€91,132 | -5.8% |
| Plant, machinery and equipment | 23 | €1,517,358 | €1,417,626 | -€99,733 | -6.6% |
| Furniture and vehicles | 24 | €48,752 | €32,003 | -€16,749 | -34.4% |
| Other tangible fixed assets | 26 | €16,100 | €41,450 | +€25,350 | +157% |
| Current assets | 29/58 | €237,575 | €173,533 | -€64,041 | -27.0% |
| Stocks and contracts in progress | 3 | €75,418 | €75,783 | +€365 | +0.5% |
| Stocks | 30/36 | €75,418 | €75,783 | +€365 | +0.5% |
| Amounts receivable within one year | 40/41 | €104,289 | €65,817 | -€38,472 | -36.9% |
| Trade receivables | 40 | €103,318 | €64,958 | -€38,360 | -37.1% |
| Other amounts receivable | 41 | €971 | €859 | -€112 | -11.6% |
| Cash at bank and in hand | 54/58 | €26,904 | €16,988 | -€9,916 | -36.9% |
| Deferred charges and accrued income | 490/1 | €30,965 | €14,946 | -€16,019 | -51.7% |
| Total equity and liabilities | 10/49 | €1,819,785 | €1,664,612 | -€155,173 | -8.5% |
| Equity | 10/15 | €358,775 | €185,942 | -€172,833 | -48.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €331,275 | €158,442 | -€172,833 | -52.2% |
| Amounts payable | 17/49 | €1,461,010 | €1,478,670 | +€17,660 | +1.2% |
| Amounts payable after more than one year | 17 | €1,158,747 | €1,303,507 | +€144,760 | +12.5% |
| Financial debts | 170/4 | €1,158,747 | €1,303,507 | +€144,760 | +12.5% |
| Amounts payable within one year | 42/48 | €280,225 | €173,953 | -€106,272 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €89,186 | €76,236 | -€12,951 | -14.5% |
| Financial debts | 43 | - | €45,000 | +€45,000 | |
| Credit institutions | 430/8 | - | €45,000 | +€45,000 | |
| Trade debts | 44 | €6,075 | €21,205 | +€15,130 | +249% |
| Suppliers | 440/4 | €6,075 | €21,205 | +€15,130 | +249% |
| Taxes, remuneration and social security | 45 | €9,100 | €14,281 | +€5,181 | +56.9% |
| Taxes | 450/3 | €9,100 | €14,281 | +€5,181 | +56.9% |
| Other amounts payable | 47/48 | €175,863 | €17,232 | -€158,632 | -90.2% |
| Accrued charges and deferred income | 492/3 | €22,039 | €1,210 | -€20,829 | -94.5% |
| Remuneration, social security and pensions | 62 | €87 | €0 | -€87 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,124 | €130,527 | -€12,597 | -8.8% |
| Other operating charges | 640/8 | €8,008 | €8,157 | +€149 | +1.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €170,496 | €50,694 | -€119,802 | -70.3% |
| Operating profit (loss) | 9901 | €19,276 | -€87,990 | -€107,266 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +68.8% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +68.8% |
| Financial charges | 65/66B | €33,659 | €34,644 | +€985 | +2.9% |
| Recurring financial charges | 65 | €33,659 | €34,644 | +€985 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | -€14,383 | -€122,634 | -€108,251 | -753% |
| Income taxes | 67/77 | - | €50,200 | +€50,200 | |
| Profit (loss) for the period | 9904 | -€14,383 | -€172,833 | -€158,450 | -1,102% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,383 | -€172,833 | -€158,450 | -1,102% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.