TORO 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.
TORO HORSES
Largest movements
- Receivables within one year +€90,722
up €90,722 (+77.9%), from €116,463 to €207,184
of which Other amounts receivable: +€76,457
- Stocks and contracts -€86,250
down €86,250 (-43.8%), from €196,750 to €110,500
- Cash +€56,037
up €56,037 (+139%), from €40,214 to €96,251
mainly Net result for the year (+€124,672) and Stocks and contracts (+€86,250)
- Profit (loss) carried forward +€124,672
up €124,672 (+226%), from €55,122 to €179,794
- Trade debts -€47,015
down €47,015 (-70.0%), from €67,203 to €20,188
- Short-term financial debts -€20,000
down €20,000 (-21.7%), from €92,044 to €72,044
of which Other loans: -€65,000
- Gross operating margin +€212,951
up €212,951 (+13,244%), from €1,608 to €214,559
- Taxes +€30,590
up €30,590 (+5,791%), from €528 to €31,118
- Staff costs +€13,040
up €13,040 (+29.7%), from €43,941 to €56,981
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 | €359,749 | €420,301 | +€60,552 | +16.8% |
| Fixed assets | 21/28 | €4,742 | €4,728 | -€13 | -0.3% |
| Tangible fixed assets | 22/27 | €4,607 | €4,593 | -€13 | -0.3% |
| Plant, machinery and equipment | 23 | €3,235 | €1,801 | -€1,435 | -44.3% |
| Furniture and vehicles | 24 | €1,371 | €2,792 | +€1,421 | +104% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €355,007 | €415,573 | +€60,566 | +17.1% |
| Stocks and contracts in progress | 3 | €196,750 | €110,500 | -€86,250 | -43.8% |
| Stocks | 30/36 | €196,750 | €110,500 | -€86,250 | -43.8% |
| Amounts receivable within one year | 40/41 | €116,463 | €207,184 | +€90,722 | +77.9% |
| Trade receivables | 40 | €11,359 | €25,624 | +€14,265 | +126% |
| Other amounts receivable | 41 | €105,103 | €181,560 | +€76,457 | +72.7% |
| Cash at bank and in hand | 54/58 | €40,214 | €96,251 | +€56,037 | +139% |
| Deferred charges and accrued income | 490/1 | €1,580 | €1,637 | +€57 | +3.6% |
| Total equity and liabilities | 10/49 | €359,749 | €420,301 | +€60,552 | +16.8% |
| Equity | 10/15 | €191,354 | €316,027 | +€124,672 | +65.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €123,833 | €123,833 | = | 0.0% |
| Distributable reserves | 133 | €123,833 | €123,833 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,122 | €179,794 | +€124,672 | +226% |
| Amounts payable | 17/49 | €168,394 | €104,275 | -€64,120 | -38.1% |
| Amounts payable within one year | 42/48 | €168,394 | €104,275 | -€64,120 | -38.1% |
| Financial debts | 43 | €92,044 | €72,044 | -€20,000 | -21.7% |
| Credit institutions | 430/8 | €0 | €45,000 | +€45,000 | |
| Other loans | 439 | €92,044 | €27,044 | -€65,000 | -70.6% |
| Trade debts | 44 | €67,203 | €20,188 | -€47,015 | -70.0% |
| Suppliers | 440/4 | €67,203 | €20,188 | -€47,015 | -70.0% |
| Taxes, remuneration and social security | 45 | €9,148 | €12,043 | +€2,895 | +31.6% |
| Taxes | 450/3 | €4,198 | €4,174 | -€24 | -0.6% |
| Remuneration and social security | 454/9 | €4,950 | €7,869 | +€2,919 | +59.0% |
| Remuneration, social security and pensions | 62 | €43,941 | €56,981 | +€13,040 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,467 | €1,674 | +€207 | +14.1% |
| Other operating charges | 640/8 | €5,880 | €5,488 | -€391 | -6.7% |
| Gross operating margin | 9900 | €1,608 | €214,559 | +€212,951 | +13,244% |
| Operating profit (loss) | 9901 | -€49,680 | €150,415 | +€200,095 | |
| Financial income | 75/76B | €5,867 | €7,141 | +€1,273 | +21.7% |
| Recurring financial income | 75 | €5,867 | €7,141 | +€1,273 | +21.7% |
| Financial charges | 65/66B | €2,423 | €1,766 | -€657 | -27.1% |
| Recurring financial charges | 65 | €2,423 | €1,766 | -€657 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | -€46,235 | €155,790 | +€202,025 | |
| Income taxes | 67/77 | €528 | €31,118 | +€30,590 | +5,791% |
| Profit (loss) for the period | 9904 | -€46,763 | €124,672 | +€171,436 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,763 | €124,672 | +€171,436 |
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 23 October 2026 via checked.be.