WDS 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.
WDS HORSES
Largest movements
- Tangible fixed assets -€25,580
down €25,580 (-4.5%), from €567,011 to €541,431
of which Leasing and similar rights: -€58,668
- Receivables within one year +€25,318
up €25,318 (+18.7%), from €135,255 to €160,573
of which Trade receivables: +€26,720
- Stocks and contracts -€9,902
down €9,902 (-3.6%), from €273,828 to €263,926
- Debts after one year -€47,852
down €47,852 (-11.0%), from €434,329 to €386,477
- Trade debts +€35,818
up €35,818 (+771%), from €4,646 to €40,463
- Depreciation -€10,849
down €10,849 (-8.6%), from €125,949 to €115,100
- Financial charges +€5,498
up €5,498 (+43.8%), from €12,560 to €18,058
- Gross operating margin -€2,188
down €2,188 (-1.6%), from €140,936 to €138,748
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 | €986,960 | €986,155 | -€805 | -0.1% |
| Fixed assets | 21/28 | €567,011 | €544,181 | -€22,830 | -4.0% |
| Tangible fixed assets | 22/27 | €567,011 | €541,431 | -€25,580 | -4.5% |
| Land and buildings | 22 | €324,568 | €376,785 | +€52,217 | +16.1% |
| Plant, machinery and equipment | 23 | €29,233 | €26,957 | -€2,276 | -7.8% |
| Furniture and vehicles | 24 | €35,482 | €22,030 | -€13,453 | -37.9% |
| Leasing and similar rights | 25 | €170,928 | €112,260 | -€58,668 | -34.3% |
| Other tangible fixed assets | 26 | €6,800 | €3,400 | -€3,400 | -50.0% |
| Financial fixed assets | 28 | - | €2,750 | +€2,750 | |
| Current assets | 29/58 | €419,949 | €441,974 | +€22,025 | +5.2% |
| Stocks and contracts in progress | 3 | €273,828 | €263,926 | -€9,902 | -3.6% |
| Stocks | 30/36 | €273,828 | €263,926 | -€9,902 | -3.6% |
| Amounts receivable within one year | 40/41 | €135,255 | €160,573 | +€25,318 | +18.7% |
| Trade receivables | 40 | €132,737 | €159,457 | +€26,720 | +20.1% |
| Other amounts receivable | 41 | €2,518 | €1,116 | -€1,402 | -55.7% |
| Cash at bank and in hand | 54/58 | €7,775 | €14,644 | +€6,869 | +88.4% |
| Deferred charges and accrued income | 490/1 | €3,091 | €2,831 | -€260 | -8.4% |
| Total equity and liabilities | 10/49 | €986,960 | €986,155 | -€805 | -0.1% |
| Equity | 10/15 | €107,763 | €109,783 | +€2,020 | +1.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,763 | €106,783 | +€2,020 | +1.9% |
| Amounts payable | 17/49 | €879,197 | €876,372 | -€2,825 | -0.3% |
| Amounts payable after more than one year | 17 | €434,329 | €386,477 | -€47,852 | -11.0% |
| Financial debts | 170/4 | €434,329 | €386,477 | -€47,852 | -11.0% |
| Amounts payable within one year | 42/48 | €444,868 | €489,895 | +€45,027 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €104,510 | €105,981 | +€1,471 | +1.4% |
| Trade debts | 44 | €4,646 | €40,463 | +€35,818 | +771% |
| Suppliers | 440/4 | €4,646 | €40,463 | +€35,818 | +771% |
| Advances received on contracts in progress | 46 | €12,500 | €12,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,949 | €3,589 | +€640 | +21.7% |
| Taxes | 450/3 | €1,349 | €1,989 | +€640 | +47.4% |
| Remuneration and social security | 454/9 | €1,600 | €1,600 | = | 0.0% |
| Other amounts payable | 47/48 | €320,263 | €327,362 | +€7,099 | +2.2% |
| Non-recurring operating income | 76A | €16,000 | €6,690 | -€9,310 | -58.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,949 | €115,100 | -€10,849 | -8.6% |
| Other operating charges | 640/8 | €1,352 | €2,086 | +€734 | +54.3% |
| Gross operating margin | 9900 | €140,936 | €138,748 | -€2,188 | -1.6% |
| Operating profit (loss) | 9901 | €13,635 | €21,562 | +€7,927 | +58.1% |
| Financial income | 75/76B | - | €23 | +€23 | |
| Recurring financial income | 75 | - | €23 | +€23 | |
| Financial charges | 65/66B | €12,560 | €18,058 | +€5,498 | +43.8% |
| Recurring financial charges | 65 | €12,560 | €18,058 | +€5,498 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €1,075 | €3,527 | +€2,452 | +228% |
| Income taxes | 67/77 | €192 | €674 | +€481 | +250% |
| Profit (loss) for the period | 9904 | €882 | €2,853 | +€1,971 | +223% |
| Profit (loss) for the period to be appropriated | 9905 | €882 | €2,853 | +€1,971 | +223% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.