SG Reining 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.
SG Reining Horses
Largest movements
- Tangible fixed assets -€1.2m
no longer reported in 2025 (was €1.2m)
of which Land and buildings: -€1.2m
- Receivables after one year +€977,861
new in 2025: €977,861
- Receivables within one year +€351,034
up €351,034 (+103%), from €339,723 to €690,757
- Profit (loss) carried forward +€329,193
up €329,193 (+54.3%), from -€606,125 to -€276,932
- Reserves -€59,645
down €59,645 (-11.3%), from €529,712 to €470,066
of which Tax-exempt reserves: -€59,645
- Advances received -€49,356
no longer reported in 2025 (was €49,356)
- Other debts -€40,000
no longer reported in 2025 (was €40,000)
- Provisions -€30,713
no longer reported in 2025 (was €30,713)
- Gross operating margin -€1.4m
down €1.4m (-86.0%), from €1.6m to €228,578
- Financial charges -€349,158
down €349,158 (-99.7%), from €350,132 to €974
of which Financial charges: -€224,158
- Depreciation -€52,121
no longer reported in 2025 (was €52,121)
- Taxes -€17,363
no longer reported in 2025 (was €17,363)
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 | €1,581,536 | €1,734,703 | +€153,167 | +9.7% |
| Fixed assets | 21/28 | €1,178,104 | €321 | -€1.2m | -100.0% |
| Tangible fixed assets | 22/27 | €1,178,104 | - | -€1.2m | |
| Land and buildings | 22 | €1,175,997 | - | -€1.2m | |
| Furniture and vehicles | 24 | €2,107 | - | -€2,107 | |
| Financial fixed assets | 28 | - | €321 | +€321 | |
| Current assets | 29/58 | €403,432 | €1,734,382 | +€1.3m | +330% |
| Amounts receivable after more than one year | 29 | - | €977,861 | +€977,861 | |
| Other amounts receivable | 291 | - | €977,861 | +€977,861 | |
| Amounts receivable within one year | 40/41 | €339,723 | €690,757 | +€351,034 | +103% |
| Other amounts receivable | 41 | €339,723 | €690,757 | +€351,034 | +103% |
| Cash at bank and in hand | 54/58 | €25,066 | €25,615 | +€548 | +2.2% |
| Deferred charges and accrued income | 490/1 | €38,643 | €40,150 | +€1,507 | +3.9% |
| Total equity and liabilities | 10/49 | €1,581,536 | €1,734,703 | +€153,167 | +9.7% |
| Equity | 10/15 | €1,361,187 | €1,630,734 | +€269,547 | +19.8% |
| Contributions | 10/11 | €1,437,600 | €1,437,600 | = | 0.0% |
| Reserves | 13 | €529,712 | €470,066 | -€59,645 | -11.3% |
| Non-distributable reserves | 130/1 | €143,760 | €143,760 | = | 0.0% |
| Reserves not available under the articles | 1311 | €143,760 | €143,760 | = | 0.0% |
| Tax-exempt reserves | 132 | €59,645 | - | -€59,645 | |
| Distributable reserves | 133 | €326,306 | €326,306 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€606,125 | -€276,932 | +€329,193 | +54.3% |
| Provisions and deferred taxes | 16 | €30,713 | - | -€30,713 | |
| Deferred taxes | 168 | €30,713 | - | -€30,713 | |
| Amounts payable | 17/49 | €189,636 | €103,969 | -€85,667 | -45.2% |
| Amounts payable within one year | 42/48 | €107,665 | €23,454 | -€84,211 | -78.2% |
| Trade debts | 44 | €868 | €4,163 | +€3,295 | +380% |
| Suppliers | 440/4 | €868 | €4,163 | +€3,295 | +380% |
| Advances received on contracts in progress | 46 | €49,356 | - | -€49,356 | |
| Taxes, remuneration and social security | 45 | €17,442 | €19,291 | +€1,850 | +10.6% |
| Taxes | 450/3 | €17,442 | €19,291 | +€1,850 | +10.6% |
| Other amounts payable | 47/48 | €40,000 | - | -€40,000 | |
| Accrued charges and deferred income | 492/3 | €81,971 | €80,515 | -€1,456 | -1.8% |
| Non-recurring operating income | 76A | €1,675,525 | €285,021 | -€1.4m | -83.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,121 | - | -€52,121 | |
| Other operating charges | 640/8 | €16,680 | €1,159 | -€15,521 | -93.1% |
| Non-recurring operating charges | 66A | €3,671 | - | -€3,671 | |
| Gross operating margin | 9900 | €1,631,826 | €228,578 | -€1.4m | -86.0% |
| Operating profit (loss) | 9901 | €1,559,354 | €227,419 | -€1.3m | -85.4% |
| Financial income | 75/76B | - | €12,390 | +€12,390 | |
| Recurring financial income | 75 | - | €12,390 | +€12,390 | |
| Financial charges | 65/66B | €350,132 | €974 | -€349,158 | -99.7% |
| Recurring financial charges | 65 | €225,132 | €974 | -€224,158 | -99.6% |
| Non-recurring financial charges | 66B | €125,000 | - | -€125,000 | |
| Profit (loss) for the period before taxes | 9903 | €1,209,222 | €238,835 | -€970,388 | -80.2% |
| Transfer from deferred taxes | 780 | €1,316 | €30,713 | +€29,396 | +2,233% |
| Income taxes | 67/77 | €17,363 | - | -€17,363 | |
| Profit (loss) for the period | 9904 | €1,193,176 | €269,547 | -€923,628 | -77.4% |
| Transfer from tax-exempt reserves | 789 | €2,556 | €59,645 | +€57,089 | +2,233% |
| Profit (loss) for the period to be appropriated | 9905 | €1,195,732 | €329,193 | -€866,539 | -72.5% |
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 25 October 2026 via checked.be.