V-Sporthorses: 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-Sporthorses
Largest movements
- Stocks and contracts +€36,999
up €36,999 (+39.3%), from €94,204 to €131,203
- Receivables within one year +€14,568
up €14,568 (+16.1%), from €90,495 to €105,063
of which Trade receivables: +€23,385
- Tangible fixed assets -€7,412
down €7,412 (-13.9%), from €53,194 to €45,782
- Other debts +€28,375
up €28,375 (+52.6%), from €53,983 to €82,358
- Trade debts +€9,418
up €9,418 (+4.6%), from €205,996 to €215,414
- Gross operating margin -€38,865
down €38,865 (-48.0%), from €80,941 to €42,076
- Staff costs -€6,866
down €6,866 (-18.3%), from €37,420 to €30,554
- Other operating charges -€1,403
down €1,403 (-44.1%), from €3,185 to €1,782
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 | €263,006 | €304,820 | +€41,814 | +15.9% |
| Fixed assets | 21/28 | €53,194 | €45,782 | -€7,412 | -13.9% |
| Tangible fixed assets | 22/27 | €53,194 | €45,782 | -€7,412 | -13.9% |
| Plant, machinery and equipment | 23 | €53,194 | €45,782 | -€7,412 | -13.9% |
| Current assets | 29/58 | €209,812 | €259,038 | +€49,226 | +23.5% |
| Stocks and contracts in progress | 3 | €94,204 | €131,203 | +€36,999 | +39.3% |
| Stocks | 30/36 | €94,204 | €131,203 | +€36,999 | +39.3% |
| Amounts receivable within one year | 40/41 | €90,495 | €105,063 | +€14,568 | +16.1% |
| Trade receivables | 40 | €75,909 | €99,294 | +€23,385 | +30.8% |
| Other amounts receivable | 41 | €14,586 | €5,769 | -€8,817 | -60.4% |
| Cash at bank and in hand | 54/58 | €25,112 | €22,772 | -€2,341 | -9.3% |
| Total equity and liabilities | 10/49 | €263,006 | €304,820 | +€41,814 | +15.9% |
| Equity | 10/15 | -€3,663 | -€1,602 | +€2,061 | +56.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,663 | -€6,602 | +€2,061 | +23.8% |
| Amounts payable | 17/49 | €266,669 | €306,422 | +€39,753 | +14.9% |
| Amounts payable within one year | 42/48 | €266,669 | €306,422 | +€39,753 | +14.9% |
| Trade debts | 44 | €205,996 | €215,414 | +€9,418 | +4.6% |
| Suppliers | 440/4 | €205,996 | €215,414 | +€9,418 | +4.6% |
| Taxes, remuneration and social security | 45 | €6,690 | €8,650 | +€1,960 | +29.3% |
| Remuneration and social security | 454/9 | €6,690 | €8,650 | +€1,960 | +29.3% |
| Other amounts payable | 47/48 | €53,983 | €82,358 | +€28,375 | +52.6% |
| Remuneration, social security and pensions | 62 | €37,420 | €30,554 | -€6,866 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,656 | €7,412 | +€757 | +11.4% |
| Other operating charges | 640/8 | €3,185 | €1,782 | -€1,403 | -44.1% |
| Gross operating margin | 9900 | €80,941 | €42,076 | -€38,865 | -48.0% |
| Operating profit (loss) | 9901 | €33,681 | €2,328 | -€31,353 | -93.1% |
| Financial income | 75/76B | €34 | €1 | -€33 | -97.0% |
| Recurring financial income | 75 | €34 | €1 | -€33 | -97.0% |
| Financial charges | 65/66B | €652 | €268 | -€384 | -58.9% |
| Recurring financial charges | 65 | €652 | €268 | -€384 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €33,063 | €2,061 | -€31,002 | -93.8% |
| Profit (loss) for the period | 9904 | €33,063 | €2,061 | -€31,002 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,063 | €2,061 | -€31,002 | -93.8% |
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 26 October 2026 via checked.be.