VDB-C HORSES: what changed
What changed
VDB-C HORSES
NACE 01.430, Raising of horses and other equines
filed annual accounts (NBB)
Net result for the year
€4,400
2024 · €58,622-€54,223
Equity
€124,408
2024 · €120,008+€4,400
Cash
€28,555
2024 · €36,264-€7,709
Balance sheet total
€622,077
2024 · €651,338-€29,261
Largest movements
Assets
- Tangible fixed assets -€38,045
down €38,045 (-6.8%), from €559,044 to €520,999
of which Land and buildings: -€38,616
- Stocks and contracts +€17,050
up €17,050 (+43.9%), from €38,875 to €55,925
- Cash -€7,709
down €7,709 (-21.3%), from €36,264 to €28,555
mainly Other debts (-€22,892) and Investment in fixed assets (net) (-€22,687)
Equity and liabilities
- Other debts -€22,892
down €22,892 (-15.6%), from €146,988 to €124,096
- Trade debts -€11,500
down €11,500 (-24.2%), from €47,422 to €35,923
- Accrued charges and deferred income -€8,653
down €8,653 (-95.4%), from €9,069 to €417
Income statement
- Gross operating margin -€60,741
down €60,741 (-45.2%), from €134,286 to €73,546
- Taxes -€7,972
down €7,972 (-86.3%), from €9,236 to €1,264
- Depreciation +€5,882
up €5,882 (+10.7%), from €54,850 to €60,732
- Financial charges -€3,618
down €3,618 (-52.8%), from €6,851 to €3,233
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€58,622
Gross operating margin
-€60,741
Staff costs
+€1,142
Depreciation
-€5,882
Other operating charges
-€279
Financial income
-€52
Financial charges
+€3,618
Taxes
+€7,972
Result 2025
€4,400
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€8,547
Investment
-€22,687
Financing
+€6,431
Cash 2024
€36,264
From operations (derived)
+€8,547
Net result for the year
+€4,400
Depreciation
+€60,732
Stocks and contracts
-€17,050
Receivables within one year
+€1,784
Deferred charges and accrued income
-€1,227
Trade debts
-€11,500
Tax, wage and social debts
+€2,953
Other debts
-€22,892
Accrued charges and deferred income
-€8,653
Investment (derived)
-€22,687
Investment in fixed assets (net)
-€22,687
Financing
+€6,431
Debts after one year
+€6,094
Current portion of long-term debt
+€337
Cash 2025
€28,555
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €651,338 | €622,077 | -€29,261 | -4.5% |
| Fixed assets | 21/28 | €559,397 | €521,352 | -€38,045 | -6.8% |
| Tangible fixed assets | 22/27 | €559,044 | €520,999 | -€38,045 | -6.8% |
| Land and buildings | 22 | €415,176 | €376,560 | -€38,616 | -9.3% |
| Plant, machinery and equipment | 23 | €8,245 | €7,711 | -€534 | -6.5% |
| Furniture and vehicles | 24 | €135,624 | €136,729 | +€1,105 | +0.8% |
| Financial fixed assets | 28 | €353 | €353 | = | 0.0% |
| Current assets | 29/58 | €91,941 | €100,725 | +€8,784 | +9.6% |
| Stocks and contracts in progress | 3 | €38,875 | €55,925 | +€17,050 | +43.9% |
| Stocks | 30/36 | €38,875 | €55,925 | +€17,050 | +43.9% |
| Amounts receivable within one year | 40/41 | €13,517 | €11,733 | -€1,784 | -13.2% |
| Trade receivables | 40 | €11,903 | €7,043 | -€4,861 | -40.8% |
| Other amounts receivable | 41 | €1,613 | €4,690 | +€3,077 | +191% |
| Cash at bank and in hand | 54/58 | €36,264 | €28,555 | -€7,709 | -21.3% |
| Deferred charges and accrued income | 490/1 | €3,285 | €4,512 | +€1,227 | +37.3% |
| Total equity and liabilities | 10/49 | €651,338 | €622,077 | -€29,261 | -4.5% |
| Equity | 10/15 | €120,008 | €124,408 | +€4,400 | +3.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €70,008 | €74,408 | +€4,400 | +6.3% |
| Distributable reserves | 133 | €70,008 | €74,408 | +€4,400 | +6.3% |
| Amounts payable | 17/49 | €531,330 | €497,669 | -€33,661 | -6.3% |
| Amounts payable after more than one year | 17 | €304,807 | €310,900 | +€6,094 | +2.0% |
| Financial debts | 170/4 | €254,807 | €210,900 | -€43,906 | -17.2% |
| Other amounts payable | 178/9 | €50,000 | €100,000 | +€50,000 | +100% |
| Amounts payable within one year | 42/48 | €217,454 | €186,353 | -€31,102 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €13,319 | €13,656 | +€337 | +2.5% |
| Trade debts | 44 | €47,422 | €35,923 | -€11,500 | -24.2% |
| Suppliers | 440/4 | €47,422 | €35,923 | -€11,500 | -24.2% |
| Taxes, remuneration and social security | 45 | €9,725 | €12,677 | +€2,953 | +30.4% |
| Taxes | 450/3 | €736 | €8,727 | +€7,990 | +1,085% |
| Remuneration and social security | 454/9 | €8,988 | €3,951 | -€5,037 | -56.0% |
| Other amounts payable | 47/48 | €146,988 | €124,096 | -€22,892 | -15.6% |
| Accrued charges and deferred income | 492/3 | €9,069 | €417 | -€8,653 | -95.4% |
| Remuneration, social security and pensions | 62 | €1,446 | €304 | -€1,142 | -79.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,850 | €60,732 | +€5,882 | +10.7% |
| Other operating charges | 640/8 | €3,761 | €4,040 | +€279 | +7.4% |
| Gross operating margin | 9900 | €134,286 | €73,546 | -€60,741 | -45.2% |
| Operating profit (loss) | 9901 | €74,230 | €8,470 | -€65,760 | -88.6% |
| Financial income | 75/76B | €479 | €427 | -€52 | -10.9% |
| Recurring financial income | 75 | €479 | €427 | -€52 | -10.9% |
| Financial charges | 65/66B | €6,851 | €3,233 | -€3,618 | -52.8% |
| Recurring financial charges | 65 | €6,851 | €3,233 | -€3,618 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | €67,858 | €5,664 | -€62,194 | -91.7% |
| Income taxes | 67/77 | €9,236 | €1,264 | -€7,972 | -86.3% |
| Profit (loss) for the period | 9904 | €58,622 | €4,400 | -€54,223 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,622 | €4,400 | -€54,223 | -92.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.