VG 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.
VG Horses
Largest movements
- Stocks and contracts -€18,750
down €18,750 (-100%), from €18,750 to €0
- Cash -€8,803
down €8,803 (-64.8%), from €13,583 to €4,780
mainly Net result for the year (-€22,836) and Receivables within one year (-€7,925)
- Receivables within one year +€7,925
up €7,925 (+211%), from €3,754 to €11,679
of which Trade receivables: +€6,000
- Reserves -€22,836
down €22,836 (-77.9%), from €29,329 to €6,493
- Tax, wage and social debts +€6,087
up €6,087 (+1,285%), from €474 to €6,560
- Accrued charges and deferred income -€1,500
down €1,500 (-100%), from €1,500 to €0
- Trade debts -€1,375
down €1,375 (-77.2%), from €1,781 to €406
- Gross operating margin -€5,191
down €5,191 (-32.3%), from -€16,091 to -€21,281
- Financial charges +€395
up €395 (+68.6%), from €576 to €971
- Other operating charges -€370
down €370 (-50.2%), from €736 to €366
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 | €36,087 | €16,459 | -€19,629 | -54.4% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €36,087 | €16,459 | -€19,629 | -54.4% |
| Stocks and contracts in progress | 3 | €18,750 | €0 | -€18,750 | -100% |
| Stocks | 30/36 | €18,750 | €0 | -€18,750 | -100% |
| Amounts receivable within one year | 40/41 | €3,754 | €11,679 | +€7,925 | +211% |
| Trade receivables | 40 | €0 | €6,000 | +€6,000 | |
| Other amounts receivable | 41 | €3,754 | €5,679 | +€1,925 | +51.3% |
| Cash at bank and in hand | 54/58 | €13,583 | €4,780 | -€8,803 | -64.8% |
| Total equity and liabilities | 10/49 | €36,087 | €16,459 | -€19,629 | -54.4% |
| Equity | 10/15 | €32,329 | €9,493 | -€22,836 | -70.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €29,329 | €6,493 | -€22,836 | -77.9% |
| Distributable reserves | 133 | €29,329 | €6,493 | -€22,836 | -77.9% |
| Amounts payable | 17/49 | €3,759 | €6,966 | +€3,207 | +85.3% |
| Amounts payable within one year | 42/48 | €2,259 | €6,966 | +€4,707 | +208% |
| Trade debts | 44 | €1,781 | €406 | -€1,375 | -77.2% |
| Suppliers | 440/4 | €1,781 | €406 | -€1,375 | -77.2% |
| Taxes, remuneration and social security | 45 | €474 | €6,560 | +€6,087 | +1,285% |
| Taxes | 450/3 | €474 | €6,560 | +€6,087 | +1,285% |
| Other amounts payable | 47/48 | €4 | €0 | -€4 | -100% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100% |
| Non-recurring operating income | 76A | - | €482 | +€482 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169 | €0 | -€169 | -100% |
| Other operating charges | 640/8 | €736 | €366 | -€370 | -50.2% |
| Gross operating margin | 9900 | -€16,091 | -€21,281 | -€5,191 | -32.3% |
| Operating profit (loss) | 9901 | -€16,995 | -€21,647 | -€4,652 | -27.4% |
| Financial charges | 65/66B | €576 | €971 | +€395 | +68.6% |
| Recurring financial charges | 65 | €576 | €971 | +€395 | +68.6% |
| Profit (loss) for the period before taxes | 9903 | -€17,571 | -€22,619 | -€5,047 | -28.7% |
| Income taxes | 67/77 | €239 | €217 | -€22 | -9.1% |
| Profit (loss) for the period | 9904 | -€17,810 | -€22,836 | -€5,026 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,810 | -€22,836 | -€5,026 | -28.2% |
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 23 October 2026 via checked.be.