VERSUS: what changed
Two fiscal 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.
What changed
VERSUS
NACE 01.430, Raising of horses and other equines
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4,417
2024 · -€31,150+€26,733
Equity
€979,339
2024 · €983,756-€4,417
Cash
€7,066
2024 · €4,755+€2,311
Balance sheet total
€1.6m
2024 · €1.7m-€8,539
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€16,715
down €16,715 (-3.3%), from €508,306 to €491,591
Income statement
- Depreciation -€30,789
down €30,789 (-27.2%), from €113,073 to €82,284
- Gross operating margin +€11,511
up €11,511 (+11.5%), from €99,976 to €111,487
- Taxes +€10,037
up €10,037 (+313.7%), from €3,200 to €13,237
- Financial charges +€9,417
up €9,417 (+132.8%), from €7,091 to €16,507
- Staff costs -€4,803
down €4,803 (-100.0%), from €4,803 to €0
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.
Result 2024
-€31,150
Gross operating margin
+€11,511
Staff costs
+€4,803
Depreciation
+€30,789
Other operating charges
-€928
Financial income
+€12
Financial charges
-€9,417
Taxes
-€10,037
Result 2025
-€4,417
Cash bridge derived
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.
From operations
+€78,310
Investment
-€67,953
Financing
-€8,046
Cash 2024
€4,755
From operations (derived)
+€78,310
Net result for the year
-€4,417
Depreciation
+€82,284
Stocks and contracts
-€6,000
Receivables within one year
+€1,001
Deferred charges and accrued income
+€1,517
Trade debts
+€5,922
Tax, wage and social debts
-€67
Other debts
-€1,270
Accrued charges and deferred income
-€661
Investment (derived)
-€67,953
Investment in fixed assets (net)
-€67,953
Financing
-€8,046
Debts after one year
-€16,715
Current portion of long-term debt
+€8,228
Short-term financial debts
+€442
Cash 2025
€7,066
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,653,880 | €1,645,341 | -€8,539 | -0.5% |
| Fixed assets | 21/28 | €1,599,439 | €1,585,108 | -€14,331 | -0.9% |
| Tangible fixed assets | 22/27 | €1,595,920 | €1,581,788 | -€14,131 | -0.9% |
| Land and buildings | 22 | €1,553,389 | €1,505,955 | -€47,434 | -3.1% |
| Plant, machinery and equipment | 23 | €7,821 | €5,127 | -€2,694 | -34.4% |
| Furniture and vehicles | 24 | €34,710 | €70,707 | +€35,997 | +103.7% |
| Financial fixed assets | 28 | €3,519 | €3,319 | -€200 | -5.7% |
| Current assets | 29/58 | €54,441 | €60,234 | +€5,793 | +10.6% |
| Stocks and contracts in progress | 3 | €41,100 | €47,100 | +€6,000 | +14.6% |
| Stocks | 30/36 | €41,100 | €47,100 | +€6,000 | +14.6% |
| Amounts receivable within one year | 40/41 | €4,103 | €3,101 | -€1,001 | -24.4% |
| Trade receivables | 40 | €61 | €0 | -€61 | -100.0% |
| Other amounts receivable | 41 | €4,042 | €3,101 | -€941 | -23.3% |
| Cash at bank and in hand | 54/58 | €4,755 | €7,066 | +€2,311 | +48.6% |
| Deferred charges and accrued income | 490/1 | €4,483 | €2,966 | -€1,517 | -33.8% |
| Total equity and liabilities | 10/49 | €1,653,880 | €1,645,341 | -€8,539 | -0.5% |
| Equity | 10/15 | €983,756 | €979,339 | -€4,417 | -0.4% |
| Contributions | 10/11 | €19,468 | €19,468 | = | 0.0% |
| Revaluation surpluses | 12 | €1,214,961 | €1,214,961 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€250,672 | -€255,090 | -€4,417 | -1.8% |
| Amounts payable | 17/49 | €670,124 | €666,002 | -€4,121 | -0.6% |
| Amounts payable after more than one year | 17 | €508,306 | €491,591 | -€16,715 | -3.3% |
| Financial debts | 170/4 | €508,306 | €491,591 | -€16,715 | -3.3% |
| Amounts payable within one year | 42/48 | €160,072 | €173,327 | +€13,255 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €74,628 | €82,855 | +€8,228 | +11.0% |
| Financial debts | 43 | - | €442 | +€442 | |
| Credit institutions | 430/8 | - | €442 | +€442 | |
| Trade debts | 44 | €7,271 | €13,193 | +€5,922 | +81.4% |
| Suppliers | 440/4 | €7,271 | €13,193 | +€5,922 | +81.4% |
| Taxes, remuneration and social security | 45 | €18,846 | €18,780 | -€67 | -0.4% |
| Taxes | 450/3 | €18,846 | €18,780 | -€67 | -0.4% |
| Other amounts payable | 47/48 | €59,327 | €58,057 | -€1,270 | -2.1% |
| Accrued charges and deferred income | 492/3 | €1,746 | €1,085 | -€661 | -37.9% |
| Remuneration, social security and pensions | 62 | €4,803 | €0 | -€4,803 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,073 | €82,284 | -€30,789 | -27.2% |
| Other operating charges | 640/8 | €2,966 | €3,894 | +€928 | +31.3% |
| Gross operating margin | 9900 | €99,976 | €111,487 | +€11,511 | +11.5% |
| Operating profit (loss) | 9901 | -€20,866 | €25,309 | +€46,174 | |
| Financial income | 75/76B | €6 | €18 | +€12 | +207.8% |
| Recurring financial income | 75 | €6 | €18 | +€12 | +207.8% |
| Financial charges | 65/66B | €7,091 | €16,507 | +€9,417 | +132.8% |
| Recurring financial charges | 65 | €7,091 | €16,507 | +€9,417 | +132.8% |
| Profit (loss) for the period before taxes | 9903 | -€27,950 | €8,820 | +€36,770 | |
| Income taxes | 67/77 | €3,200 | €13,237 | +€10,037 | +313.7% |
| Profit (loss) for the period | 9904 | -€31,150 | -€4,417 | +€26,733 | +85.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,150 | -€4,417 | +€26,733 | +85.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.