SDV-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.
SDV-Horses
Largest movements
- Receivables within one year -€45,080
down €45,080 (-16.7%), from €269,724 to €224,643
of which Other amounts receivable: -€28,836
- Cash +€25,341
up €25,341 (+73.7%), from €34,368 to €59,708
mainly Net result for the year (+€47,975) and Receivables within one year (+€45,080)
- Stocks and contracts +€14,124
up €14,124 (+13.9%), from €101,799 to €115,923
- Tangible fixed assets -€12,327
down €12,327 (-21.0%), from €58,595 to €46,268
of which Leasing and similar rights: -€17,894
- Reserves +€40,175
up €40,175 (+16.6%), from €241,342 to €281,517
of which Distributable reserves: +€40,175
- Trade debts -€21,748
down €21,748 (-16.8%), from €129,217 to €107,469
- Debts after one year -€16,744
down €16,744 (-70.4%), from €23,792 to €7,048
- Tax, wage and social debts -€14,627
down €14,627 (-45.5%), from €32,116 to €17,489
of which Taxes: -€18,913
- Other debts -€6,000
down €6,000 (-89.8%), from €6,680 to €680
- Gross operating margin +€35,410
up €35,410 (+54.8%), from €64,609 to €100,019
- Taxes +€11,054
up €11,054 (+135%), from €8,205 to €19,260
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.
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.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €468,251 | €449,547 | -€18,704 | -4.0% |
| Fixed assets | 21/28 | €58,675 | €46,348 | -€12,327 | -21.0% |
| Tangible fixed assets | 22/27 | €58,595 | €46,268 | -€12,327 | -21.0% |
| Plant, machinery and equipment | 23 | €6,728 | €4,133 | -€2,595 | -38.6% |
| Furniture and vehicles | 24 | €6,368 | €12,491 | +€6,123 | +96.1% |
| Leasing and similar rights | 25 | €43,686 | €25,792 | -€17,894 | -41.0% |
| Other tangible fixed assets | 26 | €1,813 | €3,852 | +€2,040 | +113% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €409,576 | €403,199 | -€6,377 | -1.6% |
| Stocks and contracts in progress | 3 | €101,799 | €115,923 | +€14,124 | +13.9% |
| Stocks | 30/36 | €101,799 | €115,923 | +€14,124 | +13.9% |
| Amounts receivable within one year | 40/41 | €269,724 | €224,643 | -€45,080 | -16.7% |
| Trade receivables | 40 | €206,748 | €190,504 | -€16,244 | -7.9% |
| Other amounts receivable | 41 | €62,976 | €34,139 | -€28,836 | -45.8% |
| Cash at bank and in hand | 54/58 | €34,368 | €59,708 | +€25,341 | +73.7% |
| Deferred charges and accrued income | 490/1 | €3,685 | €2,924 | -€761 | -20.6% |
| Total equity and liabilities | 10/49 | €468,251 | €449,547 | -€18,704 | -4.0% |
| Equity | 10/15 | €259,942 | €300,117 | +€40,175 | +15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €241,342 | €281,517 | +€40,175 | +16.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €241,342 | €281,517 | +€40,175 | +16.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €208,309 | €149,430 | -€58,879 | -28.3% |
| Amounts payable after more than one year | 17 | €23,792 | €7,048 | -€16,744 | -70.4% |
| Financial debts | 170/4 | €23,792 | €7,048 | -€16,744 | -70.4% |
| Amounts payable within one year | 42/48 | €184,517 | €142,382 | -€42,135 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €16,504 | €16,744 | +€239 | +1.5% |
| Trade debts | 44 | €129,217 | €107,469 | -€21,748 | -16.8% |
| Suppliers | 440/4 | €129,217 | €107,469 | -€21,748 | -16.8% |
| Taxes, remuneration and social security | 45 | €32,116 | €17,489 | -€14,627 | -45.5% |
| Taxes | 450/3 | €32,116 | €13,203 | -€18,913 | -58.9% |
| Remuneration and social security | 454/9 | - | €4,286 | +€4,286 | |
| Other amounts payable | 47/48 | €6,680 | €680 | -€6,000 | -89.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,749 | €25,689 | -€60 | -0.2% |
| Other operating charges | 640/8 | €6,977 | €7,792 | +€816 | +11.7% |
| Gross operating margin | 9900 | €64,609 | €100,019 | +€35,410 | +54.8% |
| Operating profit (loss) | 9901 | €31,883 | €66,538 | +€34,655 | +109% |
| Financial income | 75/76B | €2,236 | €1,522 | -€714 | -31.9% |
| Recurring financial income | 75 | €2,236 | €1,522 | -€714 | -31.9% |
| Financial charges | 65/66B | €1,057 | €825 | -€232 | -21.9% |
| Recurring financial charges | 65 | €1,057 | €825 | -€232 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €33,062 | €67,235 | +€34,172 | +103% |
| Income taxes | 67/77 | €8,205 | €19,260 | +€11,054 | +135% |
| Profit (loss) for the period | 9904 | €24,857 | €47,975 | +€23,118 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,857 | €47,975 | +€23,118 | +93.0% |
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 25 October 2026 via checked.be.