Racing Management: what changed
Two fiscal 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.
Racing Management
Largest movements
- Cash +€46,702
up €46,702 (+31.7%), from €147,122 to €193,824
mainly Net result for the year (+€94,119) and Tax, wage and social debts (+€24,206)
- Tangible fixed assets -€40,703
down €40,703 (-12.6%), from €323,418 to €282,715
of which Furniture and vehicles: -€31,223
- Receivables within one year +€33,595
up €33,595 (+37.4%), from €89,797 to €123,392
of which Trade receivables: +€60,500
- Current investments +€23,453
up €23,453 (+4.9%), from €477,995 to €501,448
- Reserves +€75,072
up €75,072 (+13.3%), from €565,395 to €640,467
- Debts after one year -€45,339
down €45,339 (-10.7%), from €425,010 to €379,671
of which Other amounts payable: -€36,065
- Tax, wage and social debts +€24,206
up €24,206 (+130.8%), from €18,510 to €42,716
- Financial income -€23,961
down €23,961 (-69.9%), from €34,256 to €10,295
of which Non-recurring financial income: -€29,871
- Other operating charges -€14,517
down €14,517 (-85.7%), from €16,939 to €2,422
- Financial charges -€14,095
down €14,095 (-33.6%), from €41,921 to €27,825
- Gross operating margin -€8,688
down €8,688 (-4.3%), from €203,859 to €195,171
- Depreciation -€5,789
down €5,789 (-19.3%), from €29,951 to €24,162
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.
Cash bridge derived
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 | €1,040,315 | €1,102,694 | +€62,379 | +6.0% |
| Fixed assets | 21/28 | €323,423 | €282,720 | -€40,703 | -12.6% |
| Tangible fixed assets | 22/27 | €323,418 | €282,715 | -€40,703 | -12.6% |
| Land and buildings | 22 | €262,337 | €254,706 | -€7,630 | -2.9% |
| Furniture and vehicles | 24 | €58,389 | €27,167 | -€31,223 | -53.5% |
| Other tangible fixed assets | 26 | €2,692 | €842 | -€1,850 | -68.7% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €716,893 | €819,975 | +€103,082 | +14.4% |
| Amounts receivable within one year | 40/41 | €89,797 | €123,392 | +€33,595 | +37.4% |
| Trade receivables | 40 | €20,520 | €81,020 | +€60,500 | +294.8% |
| Other amounts receivable | 41 | €69,277 | €42,372 | -€26,905 | -38.8% |
| Current investments | 50/53 | €477,995 | €501,448 | +€23,453 | +4.9% |
| Cash at bank and in hand | 54/58 | €147,122 | €193,824 | +€46,702 | +31.7% |
| Deferred charges and accrued income | 490/1 | €1,979 | €1,310 | -€669 | -33.8% |
| Total equity and liabilities | 10/49 | €1,040,315 | €1,102,694 | +€62,379 | +6.0% |
| Equity | 10/15 | €585,395 | €660,467 | +€75,072 | +12.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €565,395 | €640,467 | +€75,072 | +13.3% |
| Distributable reserves | 133 | €565,395 | €640,467 | +€75,072 | +13.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €454,920 | €442,227 | -€12,693 | -2.8% |
| Amounts payable after more than one year | 17 | €425,010 | €379,671 | -€45,339 | -10.7% |
| Financial debts | 170/4 | €75,121 | €65,847 | -€9,274 | -12.3% |
| Other amounts payable | 178/9 | €349,889 | €313,824 | -€36,065 | -10.3% |
| Amounts payable within one year | 42/48 | €29,910 | €62,556 | +€32,646 | +109.1% |
| Current portion of amounts payable after more than one year | 42 | €8,884 | €9,274 | +€390 | +4.4% |
| Financial debts | 43 | €1,066 | €515 | -€550 | -51.6% |
| Credit institutions | 430/8 | €1,066 | €515 | -€550 | -51.6% |
| Trade debts | 44 | €1,450 | €10,051 | +€8,600 | +593.0% |
| Suppliers | 440/4 | €1,450 | €10,051 | +€8,600 | +593.0% |
| Taxes, remuneration and social security | 45 | €18,510 | €42,716 | +€24,206 | +130.8% |
| Taxes | 450/3 | €18,510 | €42,716 | +€24,206 | +130.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,951 | €24,162 | -€5,789 | -19.3% |
| Other operating charges | 640/8 | €16,939 | €2,422 | -€14,517 | -85.7% |
| Non-recurring operating charges | 66A | €0 | €11,946 | +€11,946 | |
| Gross operating margin | 9900 | €203,859 | €195,171 | -€8,688 | -4.3% |
| Operating profit (loss) | 9901 | €156,969 | €156,641 | -€328 | -0.2% |
| Financial income | 75/76B | €34,256 | €10,295 | -€23,961 | -69.9% |
| Recurring financial income | 75 | €4,385 | €10,295 | +€5,910 | +134.8% |
| Non-recurring financial income | 76B | €29,871 | €0 | -€29,871 | -100.0% |
| Financial charges | 65/66B | €41,921 | €27,825 | -€14,095 | -33.6% |
| Recurring financial charges | 65 | €41,921 | €27,825 | -€14,095 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €149,305 | €139,111 | -€10,194 | -6.8% |
| Income taxes | 67/77 | €49,829 | €44,992 | -€4,837 | -9.7% |
| Profit (loss) for the period | 9904 | €99,475 | €94,119 | -€5,357 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €99,475 | €94,119 | -€5,357 | -5.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.