VM Sporthorses: 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.
VM Sporthorses
Largest movements
- Cash +€50,099
up €50,099 (+29.7%), from €168,679 to €218,778
mainly Other debts (+€89,798) and Stocks and contracts (+€46,050)
- Stocks and contracts -€46,050
down €46,050 (-21.2%), from €217,650 to €171,600
- Receivables within one year -€21,386
down €21,386 (-29.0%), from €73,785 to €52,399
of which Other amounts receivable: -€21,046
- Deferred charges and accrued income -€18,897
down €18,897 (-83.8%), from €22,558 to €3,661
- Tangible fixed assets -€11,574
down €11,574 (-34.5%), from €33,548 to €21,975
of which Leasing and similar rights: -€10,080
- Reserves -€103,573
down €103,573 (-26.0%), from €398,757 to €295,184
- Other debts +€89,798
up €89,798 (+4,830%), from €1,859 to €91,657
- Trade debts -€16,210
down €16,210 (-76.5%), from €21,176 to €4,966
- Debts after one year -€10,186
down €10,186 (-56.4%), from €18,064 to €7,878
- Tax, wage and social debts -€7,990
down €7,990 (-30.1%), from €26,531 to €18,541
of which Taxes: -€7,699
- Depreciation -€10,827
down €10,827 (-44.1%), from €24,545 to €13,718
- Taxes +€5,465
up €5,465 (+165%), from €3,306 to €8,771
- Gross operating margin +€5,322
up €5,322 (+7.6%), from €70,240 to €75,562
- Other operating charges +€1,271
up €1,271 (+42.2%), from €3,009 to €4,280
- Staff costs +€1,077
up €1,077 (+3.2%), from €33,410 to €34,488
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 | €516,220 | €468,413 | -€47,807 | -9.3% |
| Fixed assets | 21/28 | €33,548 | €21,975 | -€11,574 | -34.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €33,548 | €21,975 | -€11,574 | -34.5% |
| Plant, machinery and equipment | 23 | €5,297 | €2,684 | -€2,612 | -49.3% |
| Furniture and vehicles | 24 | - | €1,119 | +€1,119 | |
| Leasing and similar rights | 25 | €28,252 | €18,172 | -€10,080 | -35.7% |
| Current assets | 29/58 | €482,672 | €446,438 | -€36,234 | -7.5% |
| Stocks and contracts in progress | 3 | €217,650 | €171,600 | -€46,050 | -21.2% |
| Stocks | 30/36 | €217,650 | €171,600 | -€46,050 | -21.2% |
| Amounts receivable within one year | 40/41 | €73,785 | €52,399 | -€21,386 | -29.0% |
| Trade receivables | 40 | €30,519 | €30,179 | -€340 | -1.1% |
| Other amounts receivable | 41 | €43,266 | €22,220 | -€21,046 | -48.6% |
| Cash at bank and in hand | 54/58 | €168,679 | €218,778 | +€50,099 | +29.7% |
| Deferred charges and accrued income | 490/1 | €22,558 | €3,661 | -€18,897 | -83.8% |
| Total equity and liabilities | 10/49 | €516,220 | €468,413 | -€47,807 | -9.3% |
| Equity | 10/15 | €438,757 | €335,184 | -€103,573 | -23.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €398,757 | €295,184 | -€103,573 | -26.0% |
| Distributable reserves | 133 | €398,757 | €295,184 | -€103,573 | -26.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €77,463 | €133,229 | +€55,766 | +72.0% |
| Amounts payable after more than one year | 17 | €18,064 | €7,878 | -€10,186 | -56.4% |
| Financial debts | 170/4 | €18,064 | €7,878 | -€10,186 | -56.4% |
| Amounts payable within one year | 42/48 | €59,399 | €125,350 | +€65,951 | +111% |
| Current portion of amounts payable after more than one year | 42 | €9,833 | €10,186 | +€353 | +3.6% |
| Trade debts | 44 | €21,176 | €4,966 | -€16,210 | -76.5% |
| Suppliers | 440/4 | €21,176 | €4,966 | -€16,210 | -76.5% |
| Taxes, remuneration and social security | 45 | €26,531 | €18,541 | -€7,990 | -30.1% |
| Taxes | 450/3 | €23,801 | €16,102 | -€7,699 | -32.3% |
| Remuneration and social security | 454/9 | €2,730 | €2,439 | -€291 | -10.7% |
| Other amounts payable | 47/48 | €1,859 | €91,657 | +€89,798 | +4,830% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €33,410 | €34,488 | +€1,077 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,545 | €13,718 | -€10,827 | -44.1% |
| Other operating charges | 640/8 | €3,009 | €4,280 | +€1,271 | +42.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €70,240 | €75,562 | +€5,322 | +7.6% |
| Operating profit (loss) | 9901 | €9,276 | €23,077 | +€13,801 | +149% |
| Financial income | 75/76B | €835 | €220 | -€615 | -73.6% |
| Recurring financial income | 75 | €835 | €220 | -€615 | -73.6% |
| Financial charges | 65/66B | €1,940 | €1,099 | -€841 | -43.4% |
| Recurring financial charges | 65 | €1,940 | €1,099 | -€841 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €8,171 | €22,198 | +€14,027 | +172% |
| Income taxes | 67/77 | €3,306 | €8,771 | +€5,465 | +165% |
| Profit (loss) for the period | 9904 | €4,865 | €13,427 | +€8,562 | +176% |
| Profit (loss) for the period to be appropriated | 9905 | €4,865 | €13,427 | +€8,562 | +176% |
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 22 October 2026 via checked.be.