PVM 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.
PVM HORSES
Largest movements
- Cash -€37,833
down €37,833 (-74.3%), from €50,927 to €13,094
mainly Net result for the year (-€18,112) and Stocks and contracts (-€18,000)
- Stocks and contracts +€18,000
up €18,000 (+32.9%), from €54,750 to €72,750
- Profit (loss) carried forward -€18,112
down €18,112 (-17.5%), from -€103,229 to -€121,341
- Tax, wage and social debts -€6,462
down €6,462 (-100%), from €6,462 to €0
- Other debts +€5,850
up €5,850 (+3.3%), from €175,758 to €181,608
- Trade debts -€1,246
down €1,246 (-76.3%), from €1,632 to €387
- Gross operating margin -€41,339
down €41,339, from €30,301 to -€11,038
- Financial charges -€19,724
down €19,724 (-77.4%), from €25,493 to €5,768
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 | €108,704 | €88,872 | -€19,832 | -18.2% |
| Fixed assets | 21/28 | €2,160 | €1,685 | -€475 | -22.0% |
| Tangible fixed assets | 22/27 | €2,160 | €1,685 | -€475 | -22.0% |
| Plant, machinery and equipment | 23 | €2,160 | €1,685 | -€475 | -22.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €106,544 | €87,187 | -€19,357 | -18.2% |
| Stocks and contracts in progress | 3 | €54,750 | €72,750 | +€18,000 | +32.9% |
| Stocks | 30/36 | €54,750 | €72,750 | +€18,000 | +32.9% |
| Amounts receivable within one year | 40/41 | €89 | €853 | +€764 | +855% |
| Trade receivables | 40 | €89 | €75 | -€14 | -16.0% |
| Other amounts receivable | 41 | €0 | €778 | +€778 | |
| Cash at bank and in hand | 54/58 | €50,927 | €13,094 | -€37,833 | -74.3% |
| Deferred charges and accrued income | 490/1 | €778 | €490 | -€288 | -37.0% |
| Total equity and liabilities | 10/49 | €108,704 | €88,872 | -€19,832 | -18.2% |
| Equity | 10/15 | -€78,179 | -€96,291 | -€18,112 | -23.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €50 | €50 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,229 | -€121,341 | -€18,112 | -17.5% |
| Amounts payable | 17/49 | €186,883 | €185,163 | -€1,720 | -0.9% |
| Amounts payable within one year | 42/48 | €183,853 | €181,995 | -€1,858 | -1.0% |
| Trade debts | 44 | €1,632 | €387 | -€1,246 | -76.3% |
| Suppliers | 440/4 | €1,632 | €387 | -€1,246 | -76.3% |
| Taxes, remuneration and social security | 45 | €6,462 | €0 | -€6,462 | -100% |
| Taxes | 450/3 | €6,462 | €0 | -€6,462 | -100% |
| Other amounts payable | 47/48 | €175,758 | €181,608 | +€5,850 | +3.3% |
| Accrued charges and deferred income | 492/3 | €3,030 | €3,168 | +€138 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €475 | €475 | = | 0.0% |
| Other operating charges | 640/8 | €888 | €831 | -€58 | -6.5% |
| Gross operating margin | 9900 | €30,301 | -€11,038 | -€41,339 | |
| Operating profit (loss) | 9901 | €28,938 | -€12,343 | -€41,281 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €25,493 | €5,768 | -€19,724 | -77.4% |
| Recurring financial charges | 65 | €25,493 | €5,768 | -€19,724 | -77.4% |
| Profit (loss) for the period before taxes | 9903 | €3,445 | -€18,112 | -€21,557 | |
| Profit (loss) for the period | 9904 | €3,445 | -€18,112 | -€21,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,445 | -€18,112 | -€21,557 |
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 13 October 2026 via checked.be.