Topline 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.
Topline Horses
Largest movements
- Stocks and contracts -€60,000
down €60,000 (-50.0%), from €120,001 to €60,001
- Receivables within one year +€11,385
up €11,385 (+289%), from €3,934 to €15,318
of which Trade receivables: +€11,982
- Tangible fixed assets -€10,630
down €10,630 (-26.7%), from €39,774 to €29,143
of which Furniture and vehicles: -€8,707
- Cash -€4,885
down €4,885 (-65.7%), from €7,436 to €2,551
mainly Net result for the year (-€77,654) and Receivables within one year (-€11,385)
- Profit (loss) carried forward -€77,654
down €77,654 (-20.5%), from -€378,681 to -€456,335
- Other debts +€16,781
up €16,781 (+13.3%), from €125,776 to €142,557
- Debts after one year -€4,983
down €4,983 (-31.4%), from €15,857 to €10,874
- Gross operating margin -€75,528
down €75,528, from €9,727 to -€65,802
- Other operating charges -€1,024
down €1,024 (-67.6%), from €1,515 to €490
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 | €173,021 | €108,665 | -€64,356 | -37.2% |
| Fixed assets | 21/28 | €39,774 | €29,143 | -€10,630 | -26.7% |
| Tangible fixed assets | 22/27 | €39,774 | €29,143 | -€10,630 | -26.7% |
| Plant, machinery and equipment | 23 | €4,447 | €2,524 | -€1,924 | -43.3% |
| Furniture and vehicles | 24 | €35,326 | €26,620 | -€8,707 | -24.6% |
| Current assets | 29/58 | €133,248 | €79,522 | -€53,726 | -40.3% |
| Stocks and contracts in progress | 3 | €120,001 | €60,001 | -€60,000 | -50.0% |
| Stocks | 30/36 | €120,001 | €60,001 | -€60,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €3,934 | €15,318 | +€11,385 | +289% |
| Trade receivables | 40 | €3,018 | €15,000 | +€11,982 | +397% |
| Other amounts receivable | 41 | €916 | €318 | -€597 | -65.2% |
| Cash at bank and in hand | 54/58 | €7,436 | €2,551 | -€4,885 | -65.7% |
| Deferred charges and accrued income | 490/1 | €1,877 | €1,652 | -€225 | -12.0% |
| Total equity and liabilities | 10/49 | €173,021 | €108,665 | -€64,356 | -37.2% |
| Equity | 10/15 | €26,619 | -€51,035 | -€77,654 | |
| Contributions | 10/11 | €405,300 | €405,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€378,681 | -€456,335 | -€77,654 | -20.5% |
| Amounts payable | 17/49 | €146,402 | €159,700 | +€13,298 | +9.1% |
| Amounts payable after more than one year | 17 | €15,857 | €10,874 | -€4,983 | -31.4% |
| Financial debts | 170/4 | €15,857 | €10,874 | -€4,983 | -31.4% |
| Amounts payable within one year | 42/48 | €130,546 | €148,827 | +€18,281 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €4,438 | €4,983 | +€545 | +12.3% |
| Trade debts | 44 | - | €923 | +€923 | |
| Suppliers | 440/4 | - | €923 | +€923 | |
| Taxes, remuneration and social security | 45 | €331 | €363 | +€32 | +9.8% |
| Taxes | 450/3 | €331 | €363 | +€32 | +9.8% |
| Other amounts payable | 47/48 | €125,776 | €142,557 | +€16,781 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,731 | €10,630 | -€100 | -0.9% |
| Other operating charges | 640/8 | €1,515 | €490 | -€1,024 | -67.6% |
| Gross operating margin | 9900 | €9,727 | -€65,802 | -€75,528 | |
| Operating profit (loss) | 9901 | -€2,518 | -€76,922 | -€74,404 | -2,954% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €979 | €672 | -€308 | -31.4% |
| Recurring financial charges | 65 | €979 | €672 | -€308 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,497 | -€77,594 | -€74,097 | -2,119% |
| Income taxes | 67/77 | €52 | €60 | +€8 | +16.0% |
| Profit (loss) for the period | 9904 | -€3,549 | -€77,654 | -€74,105 | -2,088% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,549 | -€77,654 | -€74,105 | -2,088% |
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 29 October 2026 via checked.be.