WR-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.
WR-HORSES
Largest movements
- Stocks and contracts -€58,638
down €58,638 (-22.8%), from €256,622 to €197,984
of which Stocks: -€38,738
- Receivables after one year -€47,668
down €47,668 (-100%), from €47,668 to €0
- Tangible fixed assets -€20,787
down €20,787 (-98.1%), from €21,196 to €409
of which Furniture and vehicles: -€11,709
- Receivables within one year -€3,646
down €3,646 (-76.0%), from €4,799 to €1,153
of which Trade receivables: -€3,646
- Profit (loss) carried forward -€102,724
down €102,724 (-12.6%), from -€812,382 to -€915,105
- Other debts -€13,193
down €13,193 (-1.8%), from €715,672 to €702,479
- Tax, wage and social debts -€6,994
down €6,994 (-79.4%), from €8,812 to €1,818
- Trade debts -€6,690
down €6,690 (-39.3%), from €17,040 to €10,350
- Advances received -€4,598
down €4,598 (-67.5%), from €6,807 to €2,210
- Gross operating margin -€30,301
down €30,301 (-655%), from -€4,624 to -€34,925
- Depreciation -€13,109
down €13,109 (-68.4%), from €19,152 to €6,042
- Financial income -€1,615
down €1,615 (-100%), from €1,615 to €0
- Other operating charges -€1,588
down €1,588 (-49.0%), from €3,241 to €1,653
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €335,500 | €201,301 | -€134,199 | -40.0% |
| Fixed assets | 21/28 | €21,196 | €409 | -€20,787 | -98.1% |
| Tangible fixed assets | 22/27 | €21,196 | €409 | -€20,787 | -98.1% |
| Plant, machinery and equipment | 23 | €9,487 | €409 | -€9,078 | -95.7% |
| Furniture and vehicles | 24 | €11,709 | €0 | -€11,709 | -100% |
| Current assets | 29/58 | €314,304 | €200,892 | -€113,412 | -36.1% |
| Amounts receivable after more than one year | 29 | €47,668 | €0 | -€47,668 | -100% |
| Other amounts receivable | 291 | €47,668 | €0 | -€47,668 | -100% |
| Stocks and contracts in progress | 3 | €256,622 | €197,984 | -€58,638 | -22.8% |
| Stocks | 30/36 | €86,622 | €47,884 | -€38,738 | -44.7% |
| Contracts in progress | 37 | €170,000 | €150,100 | -€19,900 | -11.7% |
| Amounts receivable within one year | 40/41 | €4,799 | €1,153 | -€3,646 | -76.0% |
| Trade receivables | 40 | €4,799 | €1,153 | -€3,646 | -76.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,425 | €1,558 | -€1,866 | -54.5% |
| Deferred charges and accrued income | 490/1 | €1,791 | €197 | -€1,594 | -89.0% |
| Total equity and liabilities | 10/49 | €335,500 | €201,301 | -€134,199 | -40.0% |
| Equity | 10/15 | -€412,832 | -€515,555 | -€102,724 | -24.9% |
| Contributions | 10/11 | €399,550 | €399,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€812,382 | -€915,105 | -€102,724 | -12.6% |
| Amounts payable | 17/49 | €748,331 | €716,857 | -€31,475 | -4.2% |
| Amounts payable within one year | 42/48 | €748,331 | €716,857 | -€31,475 | -4.2% |
| Trade debts | 44 | €17,040 | €10,350 | -€6,690 | -39.3% |
| Suppliers | 440/4 | €17,040 | €10,350 | -€6,690 | -39.3% |
| Advances received on contracts in progress | 46 | €6,807 | €2,210 | -€4,598 | -67.5% |
| Taxes, remuneration and social security | 45 | €8,812 | €1,818 | -€6,994 | -79.4% |
| Taxes | 450/3 | €8,812 | €1,818 | -€6,994 | -79.4% |
| Other amounts payable | 47/48 | €715,672 | €702,479 | -€13,193 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,152 | €6,042 | -€13,109 | -68.4% |
| Other operating charges | 640/8 | €3,241 | €1,653 | -€1,588 | -49.0% |
| Gross operating margin | 9900 | -€4,624 | -€34,925 | -€30,301 | -655% |
| Operating profit (loss) | 9901 | -€27,016 | -€42,620 | -€15,604 | -57.8% |
| Financial income | 75/76B | €1,615 | €0 | -€1,615 | -100% |
| Recurring financial income | 75 | €1,615 | €0 | -€1,615 | -100% |
| Financial charges | 65/66B | €611 | €848 | +€237 | +38.9% |
| Recurring financial charges | 65 | €611 | €848 | +€237 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | -€26,012 | -€43,468 | -€17,456 | -67.1% |
| Profit (loss) for the period | 9904 | -€26,012 | -€43,468 | -€17,456 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,012 | -€43,468 | -€17,456 | -67.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.