AS Trading: 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.
What changed
AS Trading
NACE 01.430, Raising of horses and other equines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€838,922
2024 · €5.3m-€4.4m
Equity
€7.3m
2024 · €6.5m+€838,922
Cash
€5.6m
2024 · €2.3m+€3.3m
Balance sheet total
€21.2m
2024 · €18.7m+€2.5m
Largest movements
Assets
- Current investments -€5.4m
down €5.4m (-100%), from €5.4m to €0
- Stocks and contracts +€4.8m
up €4.8m (+69.2%), from €7.0m to €11.8m
- Cash +€3.3m
up €3.3m (+142%), from €2.3m to €5.6m
mainly Current investments (+€5.4m) and Debts after one year (+€3.2m)
- Tangible fixed assets -€378,835
down €378,835 (-29.0%), from €1.3m to €927,662
of which Furniture and vehicles: -€409,372
Equity and liabilities
- Debts after one year +€3.2m
up €3.2m (+178%), from €1.8m to €5.0m
of which Financial debts: +€3.2m
- Short-term financial debts +€2.7m
up €2.7m (+7,209%), from €36,997 to €2.7m
of which Credit institutions: +€2.7m
- Tax, wage and social debts -€2.0m
down €2.0m (-93.3%), from €2.1m to €144,043
of which Taxes: -€2.1m
- Other debts -€1.1m
down €1.1m (-17.6%), from €6.4m to €5.2m
- Profit (loss) carried forward +€838,922
up €838,922 (+13.0%), from €6.5m to €7.3m
Income statement
- Turnover -€2.5m
down €2.5m (-13.3%), from €18.7m to €16.3m
- Services and other goods +€1.3m
up €1.3m (+40.3%), from €3.3m to €4.7m
- Goods and materials +€1.1m
up €1.1m (+14.5%), from €7.8m to €9.0m
of which Purchases: +€3.5m
- Taxes -€874,507
down €874,507 (-76.6%), from €1.1m to €267,168
- Staff costs +€394,411
up €394,411 (+60.3%), from €654,348 to €1.0m
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.
Result 2024
€5.3m
Turnover
-€2.5m
Other operating income
+€126,473
Goods and materials
-€1.1m
Services and other goods
-€1.3m
Staff costs
-€394,411
Depreciation
-€46,236
Write-downs
+€221,202
Other operating charges
-€6,092
Other operating items
-€104,565
Financial income
-€10,099
Financial charges
-€113,004
Taxes
+€874,507
Result 2025
€838,922
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€8.0m
Investment
+€5.5m
Financing
+€5.9m
Cash 2024
€2.3m
From operations (derived)
-€8.0m
Net result for the year
+€838,922
Depreciation
+€292,721
Stocks and contracts
-€4.8m
Receivables within one year
-€50,431
Deferred charges and accrued income
-€74,152
Trade debts
-€563,504
Tax, wage and social debts
-€2.0m
Advances received
-€607,852
Other debts
-€1.1m
Accrued charges and deferred income
+€47,214
Investment (derived)
+€5.5m
Investment in fixed assets (net)
+€74,219
Current investments
+€5.4m
Financing
+€5.9m
Debts after one year
+€3.2m
Current portion of long-term debt
+€3,095
Short-term financial debts
+€2.7m
Cash 2025
€5.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,733,472 | €21,194,746 | +€2.5m | +13.1% |
| Fixed assets | 21/28 | €1,319,732 | €952,792 | -€366,940 | -27.8% |
| Intangible fixed assets | 21 | - | €4,712 | +€4,712 | |
| Tangible fixed assets | 22/27 | €1,306,497 | €927,662 | -€378,835 | -29.0% |
| Plant, machinery and equipment | 23 | €138,152 | €162,285 | +€24,133 | +17.5% |
| Furniture and vehicles | 24 | €559,655 | €150,283 | -€409,372 | -73.1% |
| Leasing and similar rights | 25 | €315,884 | €233,055 | -€82,829 | -26.2% |
| Other tangible fixed assets | 26 | €292,806 | €382,039 | +€89,233 | +30.5% |
| Financial fixed assets | 28 | €13,235 | €20,418 | +€7,183 | +54.3% |
| Other financial fixed assets | 284/8 | €13,235 | €20,418 | +€7,183 | +54.3% |
| Shares | 284 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,235 | €10,418 | +€7,183 | +222% |
| Current assets | 29/58 | €17,413,741 | €20,241,954 | +€2.8m | +16.2% |
| Stocks and contracts in progress | 3 | €6,956,263 | €11,772,440 | +€4.8m | +69.2% |
| Stocks | 30/36 | €6,956,263 | €11,772,440 | +€4.8m | +69.2% |
| Goods purchased for resale | 34 | €6,956,263 | €11,772,440 | +€4.8m | +69.2% |
| Amounts receivable within one year | 40/41 | €2,596,104 | €2,646,535 | +€50,431 | +1.9% |
| Trade receivables | 40 | €610,172 | €438,926 | -€171,246 | -28.1% |
| Other amounts receivable | 41 | €1,985,932 | €2,207,609 | +€221,677 | +11.2% |
| Current investments | 50/53 | €5,418,813 | €0 | -€5.4m | -100% |
| Other investments | 51/53 | €5,418,813 | €0 | -€5.4m | -100% |
| Cash at bank and in hand | 54/58 | €2,328,160 | €5,634,427 | +€3.3m | +142% |
| Deferred charges and accrued income | 490/1 | €114,400 | €188,552 | +€74,152 | +64.8% |
| Total equity and liabilities | 10/49 | €18,733,472 | €21,194,746 | +€2.5m | +13.1% |
| Equity | 10/15 | €6,471,654 | €7,310,576 | +€838,922 | +13.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,468,654 | €7,307,576 | +€838,922 | +13.0% |
| Amounts payable | 17/49 | €12,261,818 | €13,884,170 | +€1.6m | +13.2% |
| Amounts payable after more than one year | 17 | €1,793,994 | €4,985,545 | +€3.2m | +178% |
| Financial debts | 170/4 | €1,793,994 | €4,984,634 | +€3.2m | +178% |
| Subordinated loans | 170 | €1,588,487 | €4,565,170 | +€3.0m | +187% |
| Leasing and similar obligations | 172 | €205,507 | €133,638 | -€71,868 | -35.0% |
| Other loans | 174 | - | €285,826 | +€285,826 | |
| Advances received on contracts in progress | 176 | - | €911 | +€911 | |
| Amounts payable within one year | 42/48 | €10,461,154 | €8,844,739 | -€1.6m | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €68,773 | €71,868 | +€3,095 | +4.5% |
| Financial debts | 43 | €36,997 | €2,704,255 | +€2.7m | +7,209% |
| Credit institutions | 430/8 | €36,997 | €2,697,159 | +€2.7m | +7,190% |
| Other loans | 439 | - | €7,096 | +€7,096 | |
| Trade debts | 44 | €1,255,953 | €692,450 | -€563,504 | -44.9% |
| Suppliers | 440/4 | €1,255,953 | €692,450 | -€563,504 | -44.9% |
| Advances received on contracts in progress | 46 | €607,852 | €0 | -€607,852 | -100% |
| Taxes, remuneration and social security | 45 | €2,139,673 | €144,043 | -€2.0m | -93.3% |
| Taxes | 450/3 | €2,063,553 | €11,580 | -€2.1m | -99.4% |
| Remuneration and social security | 454/9 | €76,120 | €132,463 | +€56,344 | +74.0% |
| Other amounts payable | 47/48 | €6,351,906 | €5,232,123 | -€1.1m | -17.6% |
| Accrued charges and deferred income | 492/3 | €6,671 | €53,885 | +€47,214 | +708% |
| Operating income | 70/76A | €18,790,623 | €16,432,488 | -€2.4m | -12.5% |
| Turnover | 70 | €18,737,088 | €16,252,764 | -€2.5m | -13.3% |
| Other operating income | 74 | €53,251 | €179,724 | +€126,473 | +238% |
| Non-recurring operating income | 76A | €284 | €0 | -€284 | -100% |
| Operating charges | 60/66A | €12,329,232 | €15,137,076 | +€2.8m | +22.8% |
| Goods for resale, raw materials and consumables | 60 | €7,839,544 | €8,976,266 | +€1.1m | +14.5% |
| Purchases | 600/8 | €10,251,045 | €13,792,442 | +€3.5m | +34.5% |
| Change in stocks: decrease (increase) | 609 | -€2,411,501 | -€4,816,177 | -€2.4m | -99.7% |
| Services and other goods | 61 | €3,324,549 | €4,665,854 | +€1.3m | +40.3% |
| Remuneration, social security and pensions | 62 | €654,348 | €1,048,760 | +€394,411 | +60.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246,485 | €292,721 | +€46,236 | +18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €221,202 | €0 | -€221,202 | -100% |
| Other operating charges | 640/8 | €43,103 | €49,195 | +€6,092 | +14.1% |
| Non-recurring operating charges | 66A | - | €104,281 | +€104,281 | |
| Operating profit (loss) | 9901 | €6,461,391 | €1,295,412 | -€5.2m | -80.0% |
| Financial income | 75/76B | €61,971 | €51,872 | -€10,099 | -16.3% |
| Recurring financial income | 75 | €61,971 | €51,872 | -€10,099 | -16.3% |
| Income from current assets | 751 | €49,111 | €27,430 | -€21,681 | -44.1% |
| Other financial income | 752/9 | €12,860 | €24,442 | +€11,582 | +90.1% |
| Financial charges | 65/66B | €128,189 | €241,194 | +€113,004 | +88.2% |
| Recurring financial charges | 65 | €128,189 | €241,194 | +€113,004 | +88.2% |
| Debt charges | 650 | €14,329 | €97,124 | +€82,795 | +578% |
| Other financial charges | 652/9 | €113,861 | €144,070 | +€30,209 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €6,395,173 | €1,106,090 | -€5.3m | -82.7% |
| Income taxes | 67/77 | €1,141,675 | €267,168 | -€874,507 | -76.6% |
| Taxes | 670/3 | €1,141,675 | €267,168 | -€874,507 | -76.6% |
| Profit (loss) for the period | 9904 | €5,253,498 | €838,922 | -€4.4m | -84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,253,498 | €838,922 | -€4.4m | -84.0% |
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 14 October 2026 via checked.be.