SEVEN 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.
SEVEN HORSES
Largest movements
- Current investments +€18,550
up €18,550 (+25.1%), from €74,032 to €92,583
- Receivables within one year -€17,675
down €17,675 (-42.7%), from €41,403 to €23,728
of which Trade receivables: -€16,811
- Cash +€13,039
up €13,039 (+22.7%), from €57,319 to €70,358
mainly Net result for the year (+€46,243) and Receivables within one year (+€17,675)
- Tangible fixed assets -€4,067
down €4,067 (-3.4%), from €121,098 to €117,030
of which Land and buildings: -€3,915
- Reserves +€15,000
up €15,000 (+24.2%), from €61,860 to €76,860
of which Distributable reserves: +€15,000
- Profit (loss) carried forward +€13,243
up €13,243 (+11.5%), from €115,584 to €128,826
- Debts after one year -€7,815
down €7,815 (-12.6%), from €61,796 to €53,981
- Tax, wage and social debts -€4,592
down €4,592 (-20.7%), from €22,215 to €17,622
- Trade debts -€4,402
down €4,402 (-73.2%), from €6,017 to €1,615
of which Bills of exchange payable: -€5,042
- Gross operating margin -€1,630
down €1,630 (-2.4%), from €68,658 to €67,027
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 | €303,732 | €312,870 | +€9,138 | +3.0% |
| Fixed assets | 21/28 | €121,098 | €117,030 | -€4,067 | -3.4% |
| Tangible fixed assets | 22/27 | €121,098 | €117,030 | -€4,067 | -3.4% |
| Land and buildings | 22 | €117,595 | €113,680 | -€3,915 | -3.3% |
| Furniture and vehicles | 24 | €2,483 | €2,330 | -€152 | -6.1% |
| Other tangible fixed assets | 26 | €1,020 | €1,020 | = | 0.0% |
| Current assets | 29/58 | €182,634 | €195,839 | +€13,205 | +7.2% |
| Stocks and contracts in progress | 3 | €5,609 | €5,609 | = | 0.0% |
| Stocks | 30/36 | €5,609 | €5,609 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,403 | €23,728 | -€17,675 | -42.7% |
| Trade receivables | 40 | €35,980 | €19,169 | -€16,811 | -46.7% |
| Other amounts receivable | 41 | €5,423 | €4,559 | -€864 | -15.9% |
| Current investments | 50/53 | €74,032 | €92,583 | +€18,550 | +25.1% |
| Cash at bank and in hand | 54/58 | €57,319 | €70,358 | +€13,039 | +22.7% |
| Deferred charges and accrued income | 490/1 | €4,271 | €3,562 | -€709 | -16.6% |
| Total equity and liabilities | 10/49 | €303,732 | €312,870 | +€9,138 | +3.0% |
| Equity | 10/15 | €183,644 | €211,886 | +€28,243 | +15.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,860 | €76,860 | +€15,000 | +24.2% |
| 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 | €60,000 | €75,000 | +€15,000 | +25.0% |
| Profit (loss) carried forward | 14 | €115,584 | €128,826 | +€13,243 | +11.5% |
| Amounts payable | 17/49 | €120,088 | €100,983 | -€19,105 | -15.9% |
| Amounts payable after more than one year | 17 | €61,796 | €53,981 | -€7,815 | -12.6% |
| Financial debts | 170/4 | €61,796 | €53,981 | -€7,815 | -12.6% |
| Amounts payable within one year | 42/48 | €57,825 | €47,003 | -€10,822 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €9,593 | €9,766 | +€173 | +1.8% |
| Trade debts | 44 | €6,017 | €1,615 | -€4,402 | -73.2% |
| Suppliers | 440/4 | €975 | €1,615 | +€640 | +65.6% |
| Bills of exchange payable | 441 | €5,042 | - | -€5,042 | |
| Taxes, remuneration and social security | 45 | €22,215 | €17,622 | -€4,592 | -20.7% |
| Taxes | 450/3 | €22,215 | €17,622 | -€4,592 | -20.7% |
| Other amounts payable | 47/48 | €20,000 | €18,000 | -€2,000 | -10.0% |
| Accrued charges and deferred income | 492/3 | €468 | - | -€468 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,807 | €5,390 | -€417 | -7.2% |
| Other operating charges | 640/8 | €1,990 | €2,623 | +€634 | +31.8% |
| Gross operating margin | 9900 | €68,658 | €67,027 | -€1,630 | -2.4% |
| Operating profit (loss) | 9901 | €60,861 | €59,014 | -€1,847 | -3.0% |
| Financial income | 75/76B | €4,468 | €4,751 | +€282 | +6.3% |
| Recurring financial income | 75 | €4,468 | €4,751 | +€282 | +6.3% |
| Financial charges | 65/66B | €2,785 | €2,713 | -€72 | -2.6% |
| Recurring financial charges | 65 | €2,785 | €2,713 | -€72 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €62,544 | €61,052 | -€1,492 | -2.4% |
| Income taxes | 67/77 | €15,351 | €14,809 | -€542 | -3.5% |
| Profit (loss) for the period | 9904 | €47,193 | €46,243 | -€950 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,193 | €46,243 | -€950 | -2.0% |
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 28 October 2026 via checked.be.