TOP HORSE: 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.
TOP HORSE
Largest movements
- Tangible fixed assets +€12,164
up €12,164 (+8.6%), from €141,441 to €153,606
of which Plant, machinery and equipment: +€8,818
- Receivables within one year -€11,854
down €11,854 (-83.9%), from €14,136 to €2,282
of which Trade receivables: -€12,220
- Profit (loss) carried forward -€11,225
down €11,225 (-2.6%), from -€431,158 to -€442,383
- Other debts +€10,121
up €10,121 (+2.8%), from €358,830 to €368,951
- Trade debts -€3,062
down €3,062 (-59.9%), from €5,114 to €2,052
- Accrued charges and deferred income +€2,423
up €2,423 (+1,923%), from €126 to €2,549
- Gross operating margin -€8,173
down €8,173 (-64.1%), from €12,751 to €4,577
- Depreciation +€1,325
up €1,325 (+17.2%), from €7,690 to €9,015
- Other operating charges +€795
up €795 (+13.8%), from €5,780 to €6,575
- Financial charges +€170
up €170 (+331%), from €51 to €222
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 | €175,953 | €174,304 | -€1,650 | -0.9% |
| Fixed assets | 21/28 | €141,941 | €154,106 | +€12,164 | +8.6% |
| Tangible fixed assets | 22/27 | €141,441 | €153,606 | +€12,164 | +8.6% |
| Land and buildings | 22 | €135,476 | €140,644 | +€5,168 | +3.8% |
| Plant, machinery and equipment | 23 | €2,814 | €11,632 | +€8,818 | +313% |
| Furniture and vehicles | 24 | €3,151 | €1,329 | -€1,822 | -57.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €34,012 | €20,198 | -€13,814 | -40.6% |
| Stocks and contracts in progress | 3 | €15,700 | €15,700 | = | 0.0% |
| Stocks | 30/36 | €15,700 | €15,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,136 | €2,282 | -€11,854 | -83.9% |
| Trade receivables | 40 | €14,136 | €1,916 | -€12,220 | -86.4% |
| Other amounts receivable | 41 | €0 | €366 | +€366 | |
| Cash at bank and in hand | 54/58 | €2,783 | €1,774 | -€1,009 | -36.3% |
| Deferred charges and accrued income | 490/1 | €1,393 | €443 | -€951 | -68.2% |
| Total equity and liabilities | 10/49 | €175,953 | €174,304 | -€1,650 | -0.9% |
| Equity | 10/15 | -€189,462 | -€200,688 | -€11,225 | -5.9% |
| Contributions | 10/11 | €241,696 | €241,696 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€431,158 | -€442,383 | -€11,225 | -2.6% |
| Amounts payable | 17/49 | €365,416 | €374,991 | +€9,576 | +2.6% |
| Amounts payable within one year | 42/48 | €365,290 | €372,442 | +€7,153 | +2.0% |
| Trade debts | 44 | €5,114 | €2,052 | -€3,062 | -59.9% |
| Suppliers | 440/4 | €5,114 | €2,052 | -€3,062 | -59.9% |
| Taxes, remuneration and social security | 45 | €1,346 | €1,439 | +€93 | +6.9% |
| Taxes | 450/3 | €1,346 | €1,439 | +€93 | +6.9% |
| Other amounts payable | 47/48 | €358,830 | €368,951 | +€10,121 | +2.8% |
| Accrued charges and deferred income | 492/3 | €126 | €2,549 | +€2,423 | +1,923% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,690 | €9,015 | +€1,325 | +17.2% |
| Other operating charges | 640/8 | €5,780 | €6,575 | +€795 | +13.8% |
| Gross operating margin | 9900 | €12,751 | €4,577 | -€8,173 | -64.1% |
| Operating profit (loss) | 9901 | -€719 | -€11,012 | -€10,293 | -1,431% |
| Financial income | 75/76B | €0 | €9 | +€9 | |
| Recurring financial income | 75 | €0 | €9 | +€9 | |
| Financial charges | 65/66B | €51 | €222 | +€170 | +331% |
| Recurring financial charges | 65 | €51 | €222 | +€170 | +331% |
| Profit (loss) for the period before taxes | 9903 | -€771 | -€11,225 | -€10,455 | -1,356% |
| Profit (loss) for the period | 9904 | -€771 | -€11,225 | -€10,455 | -1,356% |
| Profit (loss) for the period to be appropriated | 9905 | -€771 | -€11,225 | -€10,455 | -1,356% |
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 13 October 2026 via checked.be.