SUNHORSE: 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.
SUNHORSE
Largest movements
- Tangible fixed assets -€9,734
down €9,734 (-20.0%), from €48,571 to €38,837
- Receivables within one year -€9,575
down €9,575 (-85.5%), from €11,197 to €1,623
of which Other amounts receivable: -€9,239
- Cash -€5,707
no longer reported in 2025 (was €5,707)
mainly Other debts (-€14,300) and Debts after one year (-€7,214)
- Other debts -€14,300
no longer reported in 2025 (was €14,300)
- Debts after one year -€7,214
down €7,214 (-31.9%), from €22,582 to €15,368
- Profit (loss) carried forward -€4,317
down €4,317, from €11 to -€4,306
- Trade debts +€2,202
up €2,202 (+262116.7%), from €1 to €2,203
- Short-term financial debts +€2,023
new in 2025: €2,023
- Gross operating margin -€34,237
down €34,237 (-71.1%), from €48,127 to €13,890
- Taxes -€2,944
down €2,944 (-84.3%), from €3,491 to €546
- Financial charges -€1,038
down €1,038 (-24.0%), from €4,334 to €3,295
- Depreciation +€825
up €825 (+6.9%), from €12,037 to €12,863
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 | €73,426 | €48,560 | -€24,866 | -33.9% |
| Fixed assets | 21/28 | €50,649 | €40,915 | -€9,734 | -19.2% |
| Tangible fixed assets | 22/27 | €48,571 | €38,837 | -€9,734 | -20.0% |
| Plant, machinery and equipment | 23 | €13,869 | €11,131 | -€2,738 | -19.7% |
| Furniture and vehicles | 24 | €9,621 | €5,632 | -€3,989 | -41.5% |
| Other tangible fixed assets | 26 | €25,081 | €22,074 | -€3,007 | -12.0% |
| Financial fixed assets | 28 | €2,078 | €2,078 | = | 0.0% |
| Current assets | 29/58 | €22,777 | €7,645 | -€15,132 | -66.4% |
| Stocks and contracts in progress | 3 | €3,166 | €2,995 | -€171 | -5.4% |
| Stocks | 30/36 | €3,166 | €2,995 | -€171 | -5.4% |
| Amounts receivable within one year | 40/41 | €11,197 | €1,623 | -€9,575 | -85.5% |
| Trade receivables | 40 | €575 | €240 | -€335 | -58.2% |
| Other amounts receivable | 41 | €10,622 | €1,382 | -€9,239 | -87.0% |
| Cash at bank and in hand | 54/58 | €5,707 | - | -€5,707 | |
| Deferred charges and accrued income | 490/1 | €2,707 | €3,028 | +€321 | +11.9% |
| Total equity and liabilities | 10/49 | €73,426 | €48,560 | -€24,866 | -33.9% |
| Equity | 10/15 | €24,123 | €19,806 | -€4,317 | -17.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €5,562 | €5,562 | = | 0.0% |
| Distributable reserves | 133 | €5,562 | €5,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11 | -€4,306 | -€4,317 | |
| Amounts payable | 17/49 | €49,303 | €28,754 | -€20,549 | -41.7% |
| Amounts payable after more than one year | 17 | €22,582 | €15,368 | -€7,214 | -31.9% |
| Financial debts | 170/4 | €22,582 | €15,368 | -€7,214 | -31.9% |
| Amounts payable within one year | 42/48 | €26,721 | €13,386 | -€13,334 | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €8,929 | €7,214 | -€1,715 | -19.2% |
| Financial debts | 43 | - | €2,023 | +€2,023 | |
| Credit institutions | 430/8 | - | €2,023 | +€2,023 | |
| Trade debts | 44 | €1 | €2,203 | +€2,202 | +262116.7% |
| Suppliers | 440/4 | €1 | €2,203 | +€2,202 | +262116.7% |
| Taxes, remuneration and social security | 45 | €3,491 | €1,947 | -€1,544 | -44.2% |
| Taxes | 450/3 | €3,491 | €1,947 | -€1,544 | -44.2% |
| Other amounts payable | 47/48 | €14,300 | - | -€14,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,037 | €12,863 | +€825 | +6.9% |
| Other operating charges | 640/8 | €1,778 | €1,504 | -€273 | -15.4% |
| Gross operating margin | 9900 | €48,127 | €13,890 | -€34,237 | -71.1% |
| Operating profit (loss) | 9901 | €34,312 | -€477 | -€34,789 | |
| Financial income | 75/76B | €22 | €1 | -€21 | -95.1% |
| Recurring financial income | 75 | €22 | €1 | -€21 | -95.1% |
| Financial charges | 65/66B | €4,334 | €3,295 | -€1,038 | -24.0% |
| Recurring financial charges | 65 | €4,334 | €3,295 | -€1,038 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €30,000 | -€3,771 | -€33,771 | |
| Income taxes | 67/77 | €3,491 | €546 | -€2,944 | -84.3% |
| Profit (loss) for the period | 9904 | €26,509 | -€4,317 | -€30,827 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,509 | -€4,317 | -€30,827 |
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 10 October 2026 via checked.be.