VK 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.
VK Horses
Largest movements
- Tangible fixed assets -€21,579
down €21,579 (-8.0%), from €268,202 to €246,623
of which Furniture and vehicles: -€16,237
- Cash -€20,114
down €20,114 (-76.8%), from €26,194 to €6,080
mainly Net result for the year (-€45,620) and Debts after one year (-€18,735)
- Stocks and contracts -€13,676
down €13,676 (-28.4%), from €48,079 to €34,404
- Reserves -€45,620
down €45,620 (-16.0%), from €284,313 to €238,693
- Debts after one year -€18,735
down €18,735 (-62.5%), from €29,988 to €11,253
- Gross operating margin -€159,939
down €159,939, from €142,261 to -€17,678
- Taxes -€18,472
down €18,472 (-98.7%), from €18,712 to €240
- Depreciation -€14,587
down €14,587 (-38.8%), from €37,567 to €22,980
- Other operating charges -€2,642
down €2,642 (-51.6%), from €5,118 to €2,475
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 | €360,139 | €301,715 | -€58,424 | -16.2% |
| Fixed assets | 21/28 | €268,202 | €246,623 | -€21,579 | -8.0% |
| Tangible fixed assets | 22/27 | €268,202 | €246,623 | -€21,579 | -8.0% |
| Land and buildings | 22 | €183,893 | €183,893 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,993 | €5,205 | -€1,788 | -25.6% |
| Furniture and vehicles | 24 | €62,729 | €46,491 | -€16,237 | -25.9% |
| Other tangible fixed assets | 26 | €14,588 | €11,034 | -€3,554 | -24.4% |
| Current assets | 29/58 | €91,937 | €55,091 | -€36,845 | -40.1% |
| Stocks and contracts in progress | 3 | €48,079 | €34,404 | -€13,676 | -28.4% |
| Stocks | 30/36 | €48,079 | €34,404 | -€13,676 | -28.4% |
| Amounts receivable within one year | 40/41 | €15,533 | €13,577 | -€1,956 | -12.6% |
| Trade receivables | 40 | €7,110 | €11,782 | +€4,672 | +65.7% |
| Other amounts receivable | 41 | €8,423 | €1,795 | -€6,628 | -78.7% |
| Cash at bank and in hand | 54/58 | €26,194 | €6,080 | -€20,114 | -76.8% |
| Deferred charges and accrued income | 490/1 | €2,130 | €1,031 | -€1,100 | -51.6% |
| Total equity and liabilities | 10/49 | €360,139 | €301,715 | -€58,424 | -16.2% |
| Equity | 10/15 | €285,513 | €239,893 | -€45,620 | -16.0% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €284,313 | €238,693 | -€45,620 | -16.0% |
| Distributable reserves | 133 | €284,313 | €238,693 | -€45,620 | -16.0% |
| Amounts payable | 17/49 | €74,626 | €61,822 | -€12,804 | -17.2% |
| Amounts payable after more than one year | 17 | €29,988 | €11,253 | -€18,735 | -62.5% |
| Financial debts | 170/4 | €29,988 | €11,253 | -€18,735 | -62.5% |
| Amounts payable within one year | 42/48 | €44,442 | €50,569 | +€6,127 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €18,056 | €18,735 | +€680 | +3.8% |
| Trade debts | 44 | €10,159 | €10,713 | +€554 | +5.5% |
| Suppliers | 440/4 | €10,159 | €10,713 | +€554 | +5.5% |
| Taxes, remuneration and social security | 45 | €28 | €1,777 | +€1,748 | +6,143% |
| Taxes | 450/3 | €28 | €1,777 | +€1,748 | +6,143% |
| Other amounts payable | 47/48 | €16,199 | €19,344 | +€3,145 | +19.4% |
| Accrued charges and deferred income | 492/3 | €197 | €0 | -€196 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,567 | €22,980 | -€14,587 | -38.8% |
| Other operating charges | 640/8 | €5,118 | €2,475 | -€2,642 | -51.6% |
| Gross operating margin | 9900 | €142,261 | -€17,678 | -€159,939 | |
| Operating profit (loss) | 9901 | €99,577 | -€43,133 | -€142,709 | |
| Financial income | 75/76B | €45 | €54 | +€10 | +22.2% |
| Recurring financial income | 75 | €45 | €54 | +€10 | +22.2% |
| Financial charges | 65/66B | €1,732 | €2,301 | +€570 | +32.9% |
| Recurring financial charges | 65 | €1,732 | €2,301 | +€570 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €97,890 | -€45,380 | -€143,269 | |
| Income taxes | 67/77 | €18,712 | €240 | -€18,472 | -98.7% |
| Profit (loss) for the period | 9904 | €79,178 | -€45,620 | -€124,798 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,178 | -€45,620 | -€124,798 |
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 31 October 2026 via checked.be.