B.S.I.: what changed
Two fiscal 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
B.S.I.
NACE 01.430, Raising of horses and other equines
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€483,385
2024 · -€330,431-€152,954
Equity
€12.5m
2024 · €13.0m-€483,385
Cash
€536,981
2024 · €294,762+€242,219
Balance sheet total
€14.0m
2024 · €16.3m-€2.3m
Largest movements
Assets
- Current investments -€2.3m
down €2.3m (-34.8%), from €6.5m to €4.2m
- Cash +€242,219
up €242,219 (+82.2%), from €294,762 to €536,981
mainly Current investments (+€2.3m) and Depreciation (+€298,785)
Equity and liabilities
- Debts after one year -€1.8m
down €1.8m (-61.1%), from €3.0m to €1.2m
- Profit (loss) carried forward -€483,385
down €483,385 (-4.9%), from €9.9m to €9.4m
Income statement
- Gross operating margin -€194,947
down €194,947 (-223.2%), from -€87,333 to -€282,280
- Financial income -€85,373
down €85,373 (-16.2%), from €528,389 to €443,017
- Depreciation -€48,545
down €48,545 (-14.0%), from €347,330 to €298,785
- Staff costs -€42,378
down €42,378 (-26.1%), from €162,283 to €119,905
- Other operating charges -€34,009
down €34,009 (-51.2%), from €66,448 to €32,440
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
-€330,431
Gross operating margin
-€194,947
Staff costs
+€42,378
Depreciation
+€48,545
Other operating charges
+€34,009
Other operating items
-€14,255
Financial income
-€85,373
Financial charges
+€16,898
Taxes
-€209
Result 2025
-€483,385
Cash bridge derived
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
-€10,848
Investment
+€2.1m
Financing
-€1.8m
Cash 2024
€294,762
From operations (derived)
-€10,848
Net result for the year
-€483,385
Depreciation
+€298,785
Smaller working-capital items
-€1,205
Receivables within one year
+€161,503
Deferred charges and accrued income
+€14,858
Trade debts
+€40,270
Tax, wage and social debts
-€34,405
Accrued charges and deferred income
-€7,269
Investment (derived)
+€2.1m
Investment in fixed assets (net)
-€181,920
Current investments
+€2.3m
Financing
-€1.8m
Debts after one year
-€1.8m
Short-term financial debts
+€984
Cash 2025
€536,981
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,269,839 | €13,953,451 | -€2.3m | -14.2% |
| Fixed assets | 21/28 | €8,555,090 | €8,438,226 | -€116,865 | -1.4% |
| Tangible fixed assets | 22/27 | €5,389,986 | €5,273,121 | -€116,865 | -2.2% |
| Land and buildings | 22 | €5,165,411 | €5,001,269 | -€164,142 | -3.2% |
| Plant, machinery and equipment | 23 | €28,082 | €23,549 | -€4,534 | -16.1% |
| Furniture and vehicles | 24 | €196,493 | €248,303 | +€51,811 | +26.4% |
| Financial fixed assets | 28 | €3,165,105 | €3,165,105 | = | 0.0% |
| Current assets | 29/58 | €7,714,749 | €5,515,226 | -€2.2m | -28.5% |
| Stocks and contracts in progress | 3 | €482,614 | €486,236 | +€3,621 | +0.8% |
| Stocks | 30/36 | €482,614 | €486,236 | +€3,621 | +0.8% |
| Amounts receivable within one year | 40/41 | €382,675 | €221,172 | -€161,503 | -42.2% |
| Trade receivables | 40 | €39,841 | €64,310 | +€24,469 | +61.4% |
| Other amounts receivable | 41 | €342,833 | €156,861 | -€185,972 | -54.2% |
| Current investments | 50/53 | €6,517,987 | €4,248,984 | -€2.3m | -34.8% |
| Cash at bank and in hand | 54/58 | €294,762 | €536,981 | +€242,219 | +82.2% |
| Deferred charges and accrued income | 490/1 | €36,711 | €21,853 | -€14,858 | -40.5% |
| Total equity and liabilities | 10/49 | €16,269,839 | €13,953,451 | -€2.3m | -14.2% |
| Equity | 10/15 | €13,005,380 | €12,521,995 | -€483,385 | -3.7% |
| Contributions | 10/11 | €2,364,904 | €2,364,904 | = | 0.0% |
| Reserves | 13 | €756,616 | €756,616 | = | 0.0% |
| Non-distributable reserves | 130/1 | €56,732 | €56,732 | = | 0.0% |
| Reserves not available under the articles | 1311 | €56,732 | €56,732 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,668 | €46,668 | = | 0.0% |
| Distributable reserves | 133 | €653,215 | €653,215 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,883,860 | €9,400,475 | -€483,385 | -4.9% |
| Amounts payable | 17/49 | €3,264,459 | €1,431,456 | -€1.8m | -56.2% |
| Amounts payable after more than one year | 17 | €3,005,000 | €1,170,000 | -€1.8m | -61.1% |
| Financial debts | 170/4 | €3,005,000 | €1,170,000 | -€1.8m | -61.1% |
| Amounts payable within one year | 42/48 | €131,779 | €141,045 | +€9,266 | +7.0% |
| Financial debts | 43 | €1,949 | €2,933 | +€984 | +50.5% |
| Credit institutions | 430/8 | €1,949 | €2,933 | +€984 | +50.5% |
| Trade debts | 44 | €31,390 | €71,660 | +€40,270 | +128.3% |
| Suppliers | 440/4 | €31,390 | €71,660 | +€40,270 | +128.3% |
| Taxes, remuneration and social security | 45 | €94,940 | €60,535 | -€34,405 | -36.2% |
| Taxes | 450/3 | €92,180 | €52,991 | -€39,190 | -42.5% |
| Remuneration and social security | 454/9 | €2,760 | €7,545 | +€4,784 | +173.3% |
| Other amounts payable | 47/48 | €3,500 | €5,917 | +€2,417 | +69.0% |
| Accrued charges and deferred income | 492/3 | €127,680 | €120,411 | -€7,269 | -5.7% |
| Remuneration, social security and pensions | 62 | €162,283 | €119,905 | -€42,378 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347,330 | €298,785 | -€48,545 | -14.0% |
| Other operating charges | 640/8 | €66,448 | €32,440 | -€34,009 | -51.2% |
| Non-recurring operating charges | 66A | - | €14,255 | +€14,255 | |
| Gross operating margin | 9900 | -€87,333 | -€282,280 | -€194,947 | -223.2% |
| Operating profit (loss) | 9901 | -€663,394 | -€747,664 | -€84,270 | -12.7% |
| Financial income | 75/76B | €528,389 | €443,017 | -€85,373 | -16.2% |
| Recurring financial income | 75 | €528,389 | €443,017 | -€85,373 | -16.2% |
| Financial charges | 65/66B | €195,224 | €178,326 | -€16,898 | -8.7% |
| Recurring financial charges | 65 | €195,224 | €178,326 | -€16,898 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€330,228 | -€482,973 | -€152,745 | -46.3% |
| Income taxes | 67/77 | €202 | €412 | +€209 | +103.3% |
| Profit (loss) for the period | 9904 | -€330,431 | -€483,385 | -€152,954 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€330,431 | -€483,385 | -€152,954 | -46.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.