POELS EQUESTRIAN: what changed
POELS EQUESTRIAN
Largest movements
- Cash +€855,647
up €855,647 (+268%), from €319,432 to €1.2m
mainly Net result for the year (+€1.1m) and Depreciation (+€126,815)
- Tangible fixed assets +€140,097
up €140,097 (+29.4%), from €476,904 to €617,000
of which Other tangible fixed assets: +€102,973
- Receivables within one year +€42,238
up €42,238 (+30.1%), from €140,556 to €182,794
of which Trade receivables: +€83,421
- Reserves +€979,620
up €979,620 (+147%), from €665,609 to €1.6m
of which Distributable reserves: +€979,620
- Tax, wage and social debts +€107,838
up €107,838 (+1,943%), from €5,550 to €113,389
of which Taxes: +€108,356
- Debts after one year -€33,082
down €33,082 (-27.3%), from €121,385 to €88,303
- Other debts -€30,784
down €30,784 (-67.1%), from €45,894 to €15,110
- Trade debts +€26,046
up €26,046 (+132%), from €19,706 to €45,752
- Gross operating margin +€881,513
up €881,513 (+495%), from €178,062 to €1.1m
- Financial income +€511,646
up €511,646 (+1,557%), from €32,853 to €544,500
- Taxes +€301,229
up €301,229 (+1,262%), from €23,875 to €325,104
- Depreciation +€70,532
up €70,532 (+125%), from €56,283 to €126,815
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 | €958,710 | €1,995,113 | +€1.0m | +108% |
| Fixed assets | 21/28 | €495,318 | €635,414 | +€140,097 | +28.3% |
| Tangible fixed assets | 22/27 | €476,904 | €617,000 | +€140,097 | +29.4% |
| Plant, machinery and equipment | 23 | €143,507 | €201,723 | +€58,216 | +40.6% |
| Furniture and vehicles | 24 | €223,577 | €202,485 | -€21,092 | -9.4% |
| Other tangible fixed assets | 26 | €109,819 | €212,792 | +€102,973 | +93.8% |
| Financial fixed assets | 28 | €18,414 | €18,414 | = | 0.0% |
| Current assets | 29/58 | €463,393 | €1,359,699 | +€896,306 | +193% |
| Amounts receivable within one year | 40/41 | €140,556 | €182,794 | +€42,238 | +30.1% |
| Trade receivables | 40 | €71,533 | €154,954 | +€83,421 | +117% |
| Other amounts receivable | 41 | €69,023 | €27,839 | -€41,183 | -59.7% |
| Cash at bank and in hand | 54/58 | €319,432 | €1,175,078 | +€855,647 | +268% |
| Deferred charges and accrued income | 490/1 | €3,405 | €1,827 | -€1,578 | -46.3% |
| Total equity and liabilities | 10/49 | €958,710 | €1,995,113 | +€1.0m | +108% |
| Equity | 10/15 | €719,793 | €1,699,478 | +€979,685 | +136% |
| Contributions | 10/11 | €12,115 | €12,115 | = | 0.0% |
| Reserves | 13 | €665,609 | €1,645,229 | +€979,620 | +147% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €663,749 | €1,643,369 | +€979,620 | +148% |
| Profit (loss) carried forward | 14 | €42,070 | €42,134 | +€65 | +0.2% |
| Amounts payable | 17/49 | €238,917 | €295,635 | +€56,718 | +23.7% |
| Amounts payable after more than one year | 17 | €121,385 | €88,303 | -€33,082 | -27.3% |
| Financial debts | 170/4 | €121,385 | €88,303 | -€33,082 | -27.3% |
| Amounts payable within one year | 42/48 | €117,532 | €207,333 | +€89,800 | +76.4% |
| Current portion of amounts payable after more than one year | 42 | €46,382 | €33,082 | -€13,300 | -28.7% |
| Trade debts | 44 | €19,706 | €45,752 | +€26,046 | +132% |
| Suppliers | 440/4 | €19,706 | €45,752 | +€26,046 | +132% |
| Taxes, remuneration and social security | 45 | €5,550 | €113,389 | +€107,838 | +1,943% |
| Taxes | 450/3 | - | €108,356 | +€108,356 | |
| Remuneration and social security | 454/9 | €5,550 | €5,033 | -€518 | -9.3% |
| Other amounts payable | 47/48 | €45,894 | €15,110 | -€30,784 | -67.1% |
| Remuneration, social security and pensions | 62 | €33,263 | €42,832 | +€9,569 | +28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,283 | €126,815 | +€70,532 | +125% |
| Other operating charges | 640/8 | €4,017 | €7,242 | +€3,225 | +80.3% |
| Gross operating margin | 9900 | €178,062 | €1,059,574 | +€881,513 | +495% |
| Operating profit (loss) | 9901 | €84,499 | €882,686 | +€798,187 | +945% |
| Financial income | 75/76B | €32,853 | €544,500 | +€511,646 | +1,557% |
| Recurring financial income | 75 | €32,853 | €544,500 | +€511,646 | +1,557% |
| Financial charges | 65/66B | €3,130 | €5,149 | +€2,019 | +64.5% |
| Recurring financial charges | 65 | €3,130 | €5,149 | +€2,019 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | €114,222 | €1,422,036 | +€1.3m | +1,145% |
| Income taxes | 67/77 | €23,875 | €325,104 | +€301,229 | +1,262% |
| Profit (loss) for the period | 9904 | €90,348 | €1,096,932 | +€1.0m | +1,114% |
| Profit (loss) for the period to be appropriated | 9905 | €90,348 | €1,096,932 | +€1.0m | +1,114% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.