Special 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.
Special Horses
Largest movements
- Receivables within one year -€11,269
no longer reported in 2025 (was €11,269)
- Cash -€803
down €803 (-99.5%), from €807 to €4
mainly Trade debts (-€12,700) and Tax, wage and social debts (-€5,404)
- Trade debts -€12,700
down €12,700 (-88.4%), from €14,365 to €1,665
- Profit (loss) carried forward +€7,067
up €7,067 (+9.7%), from -€72,526 to -€65,459
- Tax, wage and social debts -€5,404
down €5,404 (-93.2%), from €5,801 to €397
- Other debts -€1,039
down €1,039 (-2.0%), from €52,040 to €51,001
- Gross operating margin +€8,038
up €8,038, from -€554 to €7,484
- Other operating charges -€173
down €173 (-38.5%), from €449 to €276
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 | €12,079 | €4 | -€12,075 | -100.0% |
| Current assets | 29/58 | €12,079 | €4 | -€12,075 | -100.0% |
| Amounts receivable within one year | 40/41 | €11,269 | - | -€11,269 | |
| Trade receivables | 40 | €11,269 | - | -€11,269 | |
| Cash at bank and in hand | 54/58 | €807 | €4 | -€803 | -99.5% |
| Deferred charges and accrued income | 490/1 | €3 | - | -€3 | |
| Total equity and liabilities | 10/49 | €12,079 | €4 | -€12,075 | -100.0% |
| Equity | 10/15 | -€60,126 | -€53,059 | +€7,067 | +11.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,526 | -€65,459 | +€7,067 | +9.7% |
| Amounts payable | 17/49 | €72,205 | €53,063 | -€19,143 | -26.5% |
| Amounts payable within one year | 42/48 | €72,205 | €53,063 | -€19,143 | -26.5% |
| Trade debts | 44 | €14,365 | €1,665 | -€12,700 | -88.4% |
| Suppliers | 440/4 | €14,365 | €1,665 | -€12,700 | -88.4% |
| Taxes, remuneration and social security | 45 | €5,801 | €397 | -€5,404 | -93.2% |
| Taxes | 450/3 | €5,801 | €397 | -€5,404 | -93.2% |
| Other amounts payable | 47/48 | €52,040 | €51,001 | -€1,039 | -2.0% |
| Other operating charges | 640/8 | €449 | €276 | -€173 | -38.5% |
| Gross operating margin | 9900 | -€554 | €7,484 | +€8,038 | |
| Operating profit (loss) | 9901 | -€1,003 | €7,208 | +€8,211 | |
| Financial income | 75/76B | €4 | €31 | +€27 | +696% |
| Recurring financial income | 75 | €4 | €31 | +€27 | +696% |
| Financial charges | 65/66B | €135 | €171 | +€36 | +26.5% |
| Recurring financial charges | 65 | €135 | €171 | +€36 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,135 | €7,067 | +€8,202 | |
| Profit (loss) for the period | 9904 | -€1,135 | €7,067 | +€8,202 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,135 | €7,067 | +€8,202 |
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 27 October 2026 via checked.be.