PÔLE DU CHEVAL: 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.
PÔLE DU CHEVAL
Largest movements
- Receivables within one year -€16,282
down €16,282 (-59.2%), from €27,493 to €11,211
of which Other amounts receivable: -€16,725
- Tangible fixed assets -€13,110
down €13,110 (-2.3%), from €569,712 to €556,602
of which Furniture and vehicles: -€10,782
- Profit (loss) carried forward -€123,881
down €123,881 (-12.2%), from -€1.0m to -€1.1m
- Other debts +€97,382
up €97,382 (+6.1%), from €1.6m to €1.7m
- Trade debts -€8,424
down €8,424 (-82.2%), from €10,243 to €1,819
- Taxes +€63,796
new in 2025: €63,796
- Gross operating margin +€43,553
up €43,553 (+68.9%), from -€63,226 to -€19,672
- Other operating charges +€25,828
up €25,828 (+2,545%), from €1,015 to €26,842
- Depreciation -€5,866
down €5,866 (-30.9%), from €18,976 to €13,110
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 | €605,822 | €569,101 | -€36,720 | -6.1% |
| Fixed assets | 21/28 | €569,712 | €556,602 | -€13,110 | -2.3% |
| Tangible fixed assets | 22/27 | €569,712 | €556,602 | -€13,110 | -2.3% |
| Plant, machinery and equipment | 23 | €11,076 | €8,748 | -€2,328 | -21.0% |
| Furniture and vehicles | 24 | €13,636 | €2,854 | -€10,782 | -79.1% |
| Other tangible fixed assets | 26 | €545,000 | €545,000 | = | 0.0% |
| Current assets | 29/58 | €36,110 | €12,500 | -€23,610 | -65.4% |
| Amounts receivable within one year | 40/41 | €27,493 | €11,211 | -€16,282 | -59.2% |
| Trade receivables | 40 | €7,708 | €8,151 | +€443 | +5.7% |
| Other amounts receivable | 41 | €19,785 | €3,060 | -€16,725 | -84.5% |
| Cash at bank and in hand | 54/58 | €7,263 | €1,289 | -€5,974 | -82.3% |
| Deferred charges and accrued income | 490/1 | €1,354 | - | -€1,354 | |
| Total equity and liabilities | 10/49 | €605,822 | €569,101 | -€36,720 | -6.1% |
| Equity | 10/15 | -€1,012,796 | -€1,136,677 | -€123,881 | -12.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,017,796 | -€1,141,677 | -€123,881 | -12.2% |
| Amounts payable | 17/49 | €1,618,618 | €1,705,778 | +€87,160 | +5.4% |
| Amounts payable within one year | 42/48 | €1,618,618 | €1,705,778 | +€87,160 | +5.4% |
| Trade debts | 44 | €10,243 | €1,819 | -€8,424 | -82.2% |
| Suppliers | 440/4 | €10,243 | €1,819 | -€8,424 | -82.2% |
| Taxes, remuneration and social security | 45 | €1,797 | - | -€1,797 | |
| Taxes | 450/3 | €1,797 | - | -€1,797 | |
| Other amounts payable | 47/48 | €1,606,578 | €1,703,959 | +€97,382 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,976 | €13,110 | -€5,866 | -30.9% |
| Other operating charges | 640/8 | €1,015 | €26,842 | +€25,828 | +2,545% |
| Non-recurring operating charges | 66A | - | €29 | +€29 | |
| Gross operating margin | 9900 | -€63,226 | -€19,672 | +€43,553 | +68.9% |
| Operating profit (loss) | 9901 | -€83,217 | -€59,654 | +€23,563 | +28.3% |
| Financial income | 75/76B | €39 | - | -€39 | |
| Recurring financial income | 75 | €39 | - | -€39 | |
| Financial charges | 65/66B | €571 | €431 | -€140 | -24.5% |
| Recurring financial charges | 65 | €571 | €431 | -€140 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | -€83,748 | -€60,085 | +€23,664 | +28.3% |
| Income taxes | 67/77 | - | €63,796 | +€63,796 | |
| Profit (loss) for the period | 9904 | -€83,748 | -€123,881 | -€40,132 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,748 | -€123,881 | -€40,132 | -47.9% |
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 19 October 2026 via checked.be.