WinHorses: 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.
WinHorses
Largest movements
- Current investments +€1.5m
up €1.5m, from €0 to €1.5m
- Receivables within one year -€124,816
down €124,816 (-75.3%), from €165,783 to €40,967
of which Trade receivables: -€107,865
- Cash +€36,474
up €36,474 (+81.5%), from €44,753 to €81,227
mainly Net result for the year (+€1.5m) and Other debts (+€133,387)
- Stocks and contracts +€29,128
up €29,128 (+6.1%), from €476,622 to €505,750
- Reserves +€1.4m
up €1.4m (+161%), from €886,489 to €2.3m
of which Distributable reserves: +€1.4m
- Other debts +€133,387
up €133,387 (+453%), from €29,437 to €162,824
- Advances received -€67,158
down €67,158 (-84.7%), from €79,330 to €12,172
- Trade debts -€64,394
down €64,394 (-58.6%), from €109,837 to €45,443
- Gross operating margin +€1.8m
up €1.8m (+973%), from €188,305 to €2.0m
- Taxes +€458,710
up €458,710 (+2,263%), from €20,267 to €478,977
- Depreciation +€28,941
up €28,941 (+40.9%), from €70,721 to €99,662
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 | €1,368,315 | €2,796,037 | +€1.4m | +104% |
| Fixed assets | 21/28 | €678,922 | €663,154 | -€15,768 | -2.3% |
| Tangible fixed assets | 22/27 | €678,922 | €663,154 | -€15,768 | -2.3% |
| Land and buildings | 22 | €401,659 | €428,513 | +€26,854 | +6.7% |
| Plant, machinery and equipment | 23 | €21,659 | €12,997 | -€8,662 | -40.0% |
| Furniture and vehicles | 24 | €255,604 | €221,644 | -€33,960 | -13.3% |
| Current assets | 29/58 | €689,393 | €2,132,883 | +€1.4m | +209% |
| Stocks and contracts in progress | 3 | €476,622 | €505,750 | +€29,128 | +6.1% |
| Stocks | 30/36 | €476,622 | €505,750 | +€29,128 | +6.1% |
| Amounts receivable within one year | 40/41 | €165,783 | €40,967 | -€124,816 | -75.3% |
| Trade receivables | 40 | €143,647 | €35,782 | -€107,865 | -75.1% |
| Other amounts receivable | 41 | €22,135 | €5,185 | -€16,951 | -76.6% |
| Current investments | 50/53 | €0 | €1,502,669 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €44,753 | €81,227 | +€36,474 | +81.5% |
| Deferred charges and accrued income | 490/1 | €2,235 | €2,270 | +€35 | +1.6% |
| Total equity and liabilities | 10/49 | €1,368,315 | €2,796,037 | +€1.4m | +104% |
| Equity | 10/15 | €887,489 | €2,317,069 | +€1.4m | +161% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €886,489 | €2,316,069 | +€1.4m | +161% |
| Tax-exempt reserves | 132 | €67,100 | €59,965 | -€7,135 | -10.6% |
| Distributable reserves | 133 | €819,389 | €2,256,105 | +€1.4m | +175% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €7,400 | €5,616 | -€1,784 | -24.1% |
| Deferred taxes | 168 | €7,400 | €5,616 | -€1,784 | -24.1% |
| Amounts payable | 17/49 | €473,425 | €473,351 | -€74 | 0.0% |
| Amounts payable after more than one year | 17 | €228,271 | €211,270 | -€17,002 | -7.4% |
| Financial debts | 170/4 | €228,271 | €211,270 | -€17,002 | -7.4% |
| Amounts payable within one year | 42/48 | €244,767 | €262,081 | +€17,315 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €16,774 | €17,002 | +€228 | +1.4% |
| Trade debts | 44 | €109,837 | €45,443 | -€64,394 | -58.6% |
| Suppliers | 440/4 | €109,837 | €45,443 | -€64,394 | -58.6% |
| Advances received on contracts in progress | 46 | €79,330 | €12,172 | -€67,158 | -84.7% |
| Taxes, remuneration and social security | 45 | €9,388 | €24,641 | +€15,253 | +162% |
| Taxes | 450/3 | €9,388 | €24,641 | +€15,253 | +162% |
| Other amounts payable | 47/48 | €29,437 | €162,824 | +€133,387 | +453% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,721 | €99,662 | +€28,941 | +40.9% |
| Other operating charges | 640/8 | €3,940 | €4,797 | +€857 | +21.8% |
| Non-recurring operating charges | 66A | - | €3,755 | +€3,755 | |
| Gross operating margin | 9900 | €188,305 | €2,020,769 | +€1.8m | +973% |
| Operating profit (loss) | 9901 | €113,644 | €1,912,556 | +€1.8m | +1,583% |
| Financial income | 75/76B | €6,223 | €23,304 | +€17,081 | +274% |
| Recurring financial income | 75 | €6,223 | €23,304 | +€17,081 | +274% |
| Financial charges | 65/66B | €7,850 | €4,086 | -€3,764 | -47.9% |
| Recurring financial charges | 65 | €7,850 | €4,086 | -€3,764 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €112,017 | €1,931,773 | +€1.8m | +1,625% |
| Transfer from deferred taxes | 780 | - | €1,784 | +€1,784 | |
| Transfer to deferred taxes | 680 | €7,400 | €0 | -€7,400 | -100% |
| Income taxes | 67/77 | €20,267 | €478,977 | +€458,710 | +2,263% |
| Profit (loss) for the period | 9904 | €84,350 | €1,454,580 | +€1.4m | +1,624% |
| Transfer from tax-exempt reserves | 789 | - | €7,135 | +€7,135 | |
| Transfer to tax-exempt reserves | 689 | €29,600 | €0 | -€29,600 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €54,750 | €1,461,715 | +€1.4m | +2,570% |
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 19 October 2026 via checked.be.