The 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.
The Horses
Largest movements
- Receivables within one year +€9,514
up €9,514 (+33.4%), from €28,524 to €38,038
of which Trade receivables: +€9,514
- Cash +€7,090
up €7,090 (+40.7%), from €17,423 to €24,512
mainly Net result for the year (+€12,950) and Depreciation (+€10,549)
- Tangible fixed assets -€2,666
down €2,666 (-6.4%), from €41,347 to €38,681
of which Land and buildings: -€2,499
- Stocks and contracts +€1,462
up €1,462 (+20.2%), from €7,250 to €8,712
- Profit (loss) carried forward +€12,950
up €12,950, from -€5,857 to €7,093
- Trade debts +€6,333
up €6,333 (+551%), from €1,149 to €7,482
- Current portion of long-term debt -€4,700
down €4,700 (-100%), from €4,700 to €0
- Tax, wage and social debts +€1,552
up €1,552 (+24.5%), from €6,325 to €7,877
of which Taxes: +€1,423
- Gross operating margin +€7,998
up €7,998 (+20.2%), from €39,540 to €47,538
- Financial charges -€6,828
down €6,828 (-97.2%), from €7,026 to €198
- Taxes +€3,567
up €3,567 (+1,189%), from €300 to €3,867
- Depreciation -€808
down €808 (-7.1%), from €11,357 to €10,549
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 | €99,232 | €115,003 | +€15,772 | +15.9% |
| Fixed assets | 21/28 | €41,347 | €38,681 | -€2,666 | -6.4% |
| Tangible fixed assets | 22/27 | €41,347 | €38,681 | -€2,666 | -6.4% |
| Land and buildings | 22 | €31,547 | €29,049 | -€2,499 | -7.9% |
| Plant, machinery and equipment | 23 | €261 | €0 | -€261 | -100% |
| Furniture and vehicles | 24 | €9,539 | €9,633 | +€93 | +1.0% |
| Current assets | 29/58 | €57,884 | €76,322 | +€18,438 | +31.9% |
| Stocks and contracts in progress | 3 | €7,250 | €8,712 | +€1,462 | +20.2% |
| Stocks | 30/36 | €7,250 | €8,712 | +€1,462 | +20.2% |
| Amounts receivable within one year | 40/41 | €28,524 | €38,038 | +€9,514 | +33.4% |
| Trade receivables | 40 | €28,524 | €38,038 | +€9,514 | +33.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €17,423 | €24,512 | +€7,090 | +40.7% |
| Deferred charges and accrued income | 490/1 | €4,688 | €5,060 | +€372 | +7.9% |
| Total equity and liabilities | 10/49 | €99,232 | €115,003 | +€15,772 | +15.9% |
| Equity | 10/15 | €14,603 | €27,553 | +€12,950 | +88.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,857 | €7,093 | +€12,950 | |
| Amounts payable | 17/49 | €84,628 | €87,450 | +€2,822 | +3.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €84,628 | €87,450 | +€2,822 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €4,700 | €0 | -€4,700 | -100% |
| Trade debts | 44 | €1,149 | €7,482 | +€6,333 | +551% |
| Suppliers | 440/4 | €1,149 | €7,482 | +€6,333 | +551% |
| Taxes, remuneration and social security | 45 | €6,325 | €7,877 | +€1,552 | +24.5% |
| Taxes | 450/3 | €2,711 | €4,134 | +€1,423 | +52.5% |
| Remuneration and social security | 454/9 | €3,613 | €3,743 | +€129 | +3.6% |
| Other amounts payable | 47/48 | €72,454 | €72,091 | -€363 | -0.5% |
| Non-recurring operating income | 76A | €5,168 | €0 | -€5,168 | -100% |
| Remuneration, social security and pensions | 62 | €16,421 | €16,214 | -€207 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,357 | €10,549 | -€808 | -7.1% |
| Other operating charges | 640/8 | €4,597 | €4,147 | -€451 | -9.8% |
| Gross operating margin | 9900 | €39,540 | €47,538 | +€7,998 | +20.2% |
| Operating profit (loss) | 9901 | €7,165 | €16,629 | +€9,464 | +132% |
| Financial income | 75/76B | €418 | €386 | -€31 | -7.5% |
| Recurring financial income | 75 | €418 | €386 | -€31 | -7.5% |
| Financial charges | 65/66B | €7,026 | €198 | -€6,828 | -97.2% |
| Recurring financial charges | 65 | €7,026 | €198 | -€6,828 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | €557 | €16,817 | +€16,260 | +2,920% |
| Income taxes | 67/77 | €300 | €3,867 | +€3,567 | +1,189% |
| Profit (loss) for the period | 9904 | €257 | €12,950 | +€12,693 | +4,945% |
| Profit (loss) for the period to be appropriated | 9905 | €257 | €12,950 | +€12,693 | +4,945% |
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 21 October 2026 via checked.be.