V-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.
V-Horses
Largest movements
- Tangible fixed assets -€617,786
down €617,786 (-99.5%), from €621,091 to €3,305
of which Land and buildings: -€621,091
- Receivables within one year +€52,837
new in 2025: €52,837
of which Other amounts receivable: +€32,019
- Deferred charges and accrued income -€7,390
no longer reported in 2025 (was €7,390)
- Debts after one year -€449,177
no longer reported in 2025 (was €449,177)
- Profit (loss) carried forward +€306,826
up €306,826 (+59.0%), from -€519,672 to -€212,846
- Other debts -€263,326
no longer reported in 2025 (was €263,326)
- Short-term financial debts -€79,534
no longer reported in 2025 (was €79,534)
- Current portion of long-term debt -€56,983
no longer reported in 2025 (was €56,983)
- Gross operating margin +€318,296
up €318,296, from -€10,464 to €307,832
- Depreciation -€29,104
down €29,104 (-98.7%), from €29,485 to €380
- Financial charges -€19,810
no longer reported in 2025 (was €19,810)
- Staff costs -€19,343
down €19,343 (-98.5%), from €19,634 to €291
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 | €631,004 | €56,356 | -€574,648 | -91.1% |
| Fixed assets | 21/28 | €621,301 | €3,515 | -€617,786 | -99.4% |
| Tangible fixed assets | 22/27 | €621,091 | €3,305 | -€617,786 | -99.5% |
| Land and buildings | 22 | €621,091 | €0 | -€621,091 | -100% |
| Plant, machinery and equipment | 23 | - | €3,305 | +€3,305 | |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €9,703 | €52,841 | +€43,138 | +445% |
| Stocks and contracts in progress | 3 | €2,273 | €0 | -€2,273 | -100% |
| Stocks | 30/36 | €2,273 | €0 | -€2,273 | -100% |
| Amounts receivable within one year | 40/41 | - | €52,837 | +€52,837 | |
| Trade receivables | 40 | - | €20,818 | +€20,818 | |
| Other amounts receivable | 41 | - | €32,019 | +€32,019 | |
| Cash at bank and in hand | 54/58 | €40 | €4 | -€36 | -89.9% |
| Deferred charges and accrued income | 490/1 | €7,390 | - | -€7,390 | |
| Total equity and liabilities | 10/49 | €631,004 | €56,356 | -€574,648 | -91.1% |
| Equity | 10/15 | -€269,672 | €37,154 | +€306,826 | |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€519,672 | -€212,846 | +€306,826 | +59.0% |
| Amounts payable | 17/49 | €900,676 | €19,202 | -€881,474 | -97.9% |
| Amounts payable after more than one year | 17 | €449,177 | - | -€449,177 | |
| Financial debts | 170/4 | €449,177 | - | -€449,177 | |
| Amounts payable within one year | 42/48 | €443,694 | €19,202 | -€424,492 | -95.7% |
| Current portion of amounts payable after more than one year | 42 | €56,983 | - | -€56,983 | |
| Financial debts | 43 | €79,534 | - | -€79,534 | |
| Credit institutions | 430/8 | €79,534 | - | -€79,534 | |
| Trade debts | 44 | €34,619 | €19,202 | -€15,417 | -44.5% |
| Suppliers | 440/4 | €34,619 | €19,202 | -€15,417 | -44.5% |
| Taxes, remuneration and social security | 45 | €9,232 | - | -€9,232 | |
| Taxes | 450/3 | €9,232 | - | -€9,232 | |
| Other amounts payable | 47/48 | €263,326 | - | -€263,326 | |
| Accrued charges and deferred income | 492/3 | €7,805 | - | -€7,805 | |
| Non-recurring operating income | 76A | - | €328,909 | +€328,909 | |
| Remuneration, social security and pensions | 62 | €19,634 | €291 | -€19,343 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,485 | €380 | -€29,104 | -98.7% |
| Other operating charges | 640/8 | €270 | €335 | +€65 | +24.1% |
| Gross operating margin | 9900 | -€10,464 | €307,832 | +€318,296 | |
| Operating profit (loss) | 9901 | -€59,852 | €306,826 | +€366,679 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €19,810 | - | -€19,810 | |
| Recurring financial charges | 65 | €19,810 | - | -€19,810 | |
| Profit (loss) for the period before taxes | 9903 | -€79,662 | €306,826 | +€386,488 | |
| Profit (loss) for the period | 9904 | -€79,662 | €306,826 | +€386,488 | |
| Profit (loss) for the period to be appropriated | 9905 | -€79,662 | €306,826 | +€386,488 |
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.