VDV 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.
VDV HORSES
Largest movements
- Cash -€356,824
down €356,824 (-73.5%), from €485,485 to €128,661
mainly Receivables within one year (-€122,796) and Other debts (-€118,429)
- Receivables within one year +€122,796
up €122,796 (+3,627%), from €3,386 to €126,182
of which Trade receivables: +€115,000
- Stocks and contracts -€55,187
down €55,187 (-34.7%), from €159,037 to €103,850
- Tangible fixed assets +€49,462
up €49,462 (+1,354%), from €3,653 to €53,115
- Other debts -€118,429
down €118,429 (-87.9%), from €134,674 to €16,245
- Reserves -€80,000
down €80,000 (-14.3%), from €560,705 to €480,705
- Profit (loss) carried forward -€49,612
down €49,612 (-79.3%), from -€62,600 to -€112,212
- Trade debts +€7,356
up €7,356 (+734%), from €1,003 to €8,359
- Gross operating margin -€140,491
down €140,491, from €96,710 to -€43,781
- Depreciation -€4,679
down €4,679 (-64.0%), from €7,306 to €2,627
- Other operating charges +€1,845
up €1,845 (+278%), from €663 to €2,508
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 | €654,948 | €413,340 | -€241,608 | -36.9% |
| Fixed assets | 21/28 | €3,653 | €53,115 | +€49,462 | +1,354% |
| Tangible fixed assets | 22/27 | €3,653 | €53,115 | +€49,462 | +1,354% |
| Furniture and vehicles | 24 | €3,653 | €53,115 | +€49,462 | +1,354% |
| Current assets | 29/58 | €651,295 | €360,225 | -€291,070 | -44.7% |
| Stocks and contracts in progress | 3 | €159,037 | €103,850 | -€55,187 | -34.7% |
| Stocks | 30/36 | €159,037 | €103,850 | -€55,187 | -34.7% |
| Amounts receivable within one year | 40/41 | €3,386 | €126,182 | +€122,796 | +3,627% |
| Trade receivables | 40 | - | €115,000 | +€115,000 | |
| Other amounts receivable | 41 | €3,386 | €11,182 | +€7,796 | +230% |
| Cash at bank and in hand | 54/58 | €485,485 | €128,661 | -€356,824 | -73.5% |
| Deferred charges and accrued income | 490/1 | €3,387 | €1,532 | -€1,854 | -54.8% |
| Total equity and liabilities | 10/49 | €654,948 | €413,340 | -€241,608 | -36.9% |
| Equity | 10/15 | €516,705 | €387,093 | -€129,612 | -25.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €560,705 | €480,705 | -€80,000 | -14.3% |
| Distributable reserves | 133 | €560,705 | €480,705 | -€80,000 | -14.3% |
| Profit (loss) carried forward | 14 | -€62,600 | -€112,212 | -€49,612 | -79.3% |
| Amounts payable | 17/49 | €138,243 | €26,247 | -€111,996 | -81.0% |
| Amounts payable within one year | 42/48 | €138,243 | €26,247 | -€111,996 | -81.0% |
| Trade debts | 44 | €1,003 | €8,359 | +€7,356 | +734% |
| Suppliers | 440/4 | €1,003 | €8,359 | +€7,356 | +734% |
| Taxes, remuneration and social security | 45 | €2,566 | €1,643 | -€923 | -36.0% |
| Taxes | 450/3 | €2,566 | €1,643 | -€923 | -36.0% |
| Other amounts payable | 47/48 | €134,674 | €16,245 | -€118,429 | -87.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,306 | €2,627 | -€4,679 | -64.0% |
| Other operating charges | 640/8 | €663 | €2,508 | +€1,845 | +278% |
| Gross operating margin | 9900 | €96,710 | -€43,781 | -€140,491 | |
| Operating profit (loss) | 9901 | €88,741 | -€48,915 | -€137,656 | |
| Financial income | 75/76B | €9 | €3 | -€6 | -64.7% |
| Recurring financial income | 75 | €9 | €3 | -€6 | -64.7% |
| Financial charges | 65/66B | €152 | €88 | -€64 | -42.1% |
| Recurring financial charges | 65 | €152 | €88 | -€64 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €88,598 | -€49,000 | -€137,598 | |
| Income taxes | 67/77 | €575 | €611 | +€36 | +6.3% |
| Profit (loss) for the period | 9904 | €88,023 | -€49,612 | -€137,634 | |
| Profit (loss) for the period to be appropriated | 9905 | €88,023 | -€49,612 | -€137,634 |
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 25 October 2026 via checked.be.