B STUD: 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
B STUD
NACE 01.430, Raising of horses and other equines
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€140,038
2024 · -€34,300-€105,738
Equity
€367,103
2024 · €19,541+€347,562
Cash
€3,003
2024 · €7,529-€4,526
Balance sheet total
€2.0m
2024 · €2.1m-€85,615
Largest movements
Assets
- Stocks and contracts -€101,500
down €101,500 (-60.8%), from €167,000 to €65,500
Equity and liabilities
- Contributions +€487,600
up €487,600 (+3932.3%), from €12,400 to €500,000
- Debts after one year -€387,718
down €387,718 (-19.2%), from €2.0m to €1.6m
- Profit (loss) carried forward -€136,947
down €136,947, from €2,190 to -€134,757
- Trade debts -€31,818
down €31,818 (-75.6%), from €42,075 to €10,257
Income statement
- Gross operating margin -€96,403
down €96,403, from €4,391 to -€92,012
- Depreciation +€14,354
up €14,354 (+54.1%), from €26,529 to €40,883
- Other operating charges +€1,119
up €1,119 (+25.3%), from €4,425 to €5,544
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
-€34,300
Gross operating margin
-€96,403
Depreciation
-€14,354
Other operating charges
-€1,119
Other operating items
+€6,427
Financial income
-€27
Financial charges
-€262
Result 2025
-€140,038
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
-€47,183
Investment
-€57,276
Financing
+€99,933
Cash 2024
€7,529
From operations (derived)
-€47,183
Net result for the year
-€140,038
Depreciation
+€40,883
Stocks and contracts
+€101,500
Receivables within one year
-€5,860
Deferred charges and accrued income
+€1,841
Trade debts
-€31,818
Tax, wage and social debts
+€1,146
Other debts
-€14,838
Investment (derived)
-€57,276
Investment in fixed assets (net)
-€57,276
Financing
+€99,933
Debts after one year
-€387,718
Current portion of long-term debt
+€51
Contributions, distributions and other
+€487,600
Cash 2025
€3,003
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,093,808 | €2,008,194 | -€85,615 | -4.1% |
| Fixed assets | 21/28 | €1,909,500 | €1,925,893 | +€16,393 | +0.9% |
| Tangible fixed assets | 22/27 | €1,909,500 | €1,925,893 | +€16,393 | +0.9% |
| Land and buildings | 22 | €1,853,310 | €1,888,560 | +€35,250 | +1.9% |
| Plant, machinery and equipment | 23 | €6,050 | €8,074 | +€2,024 | +33.5% |
| Furniture and vehicles | 24 | €50,139 | €29,258 | -€20,881 | -41.6% |
| Current assets | 29/58 | €184,309 | €82,301 | -€102,008 | -55.3% |
| Stocks and contracts in progress | 3 | €167,000 | €65,500 | -€101,500 | -60.8% |
| Stocks | 30/36 | €167,000 | €65,500 | -€101,500 | -60.8% |
| Amounts receivable within one year | 40/41 | €6,338 | €12,198 | +€5,860 | +92.5% |
| Trade receivables | 40 | €1,662 | €12,198 | +€10,536 | +633.9% |
| Other amounts receivable | 41 | €4,676 | - | -€4,676 | |
| Cash at bank and in hand | 54/58 | €7,529 | €3,003 | -€4,526 | -60.1% |
| Deferred charges and accrued income | 490/1 | €3,441 | €1,600 | -€1,841 | -53.5% |
| Total equity and liabilities | 10/49 | €2,093,808 | €2,008,194 | -€85,615 | -4.1% |
| Equity | 10/15 | €19,541 | €367,103 | +€347,562 | +1778.7% |
| Contributions | 10/11 | €12,400 | €500,000 | +€487,600 | +3932.3% |
| Reserves | 13 | €4,951 | €1,860 | -€3,091 | -62.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,091 | - | -€3,091 | |
| Profit (loss) carried forward | 14 | €2,190 | -€134,757 | -€136,947 | |
| Amounts payable | 17/49 | €2,074,268 | €1,641,091 | -€433,177 | -20.9% |
| Amounts payable after more than one year | 17 | €2,014,468 | €1,626,750 | -€387,718 | -19.2% |
| Financial debts | 170/4 | €2,014,468 | €1,626,750 | -€387,718 | -19.2% |
| Amounts payable within one year | 42/48 | €59,799 | €14,341 | -€45,458 | -76.0% |
| Current portion of amounts payable after more than one year | 42 | €2,886 | €2,938 | +€51 | +1.8% |
| Trade debts | 44 | €42,075 | €10,257 | -€31,818 | -75.6% |
| Suppliers | 440/4 | €42,075 | €10,257 | -€31,818 | -75.6% |
| Taxes, remuneration and social security | 45 | - | €1,146 | +€1,146 | |
| Taxes | 450/3 | - | €146 | +€146 | |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €14,838 | - | -€14,838 | |
| Non-recurring operating income | 76A | €2,975 | - | -€2,975 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,529 | €40,883 | +€14,354 | +54.1% |
| Other operating charges | 640/8 | €4,425 | €5,544 | +€1,119 | +25.3% |
| Non-recurring operating charges | 66A | €6,427 | - | -€6,427 | |
| Gross operating margin | 9900 | €4,391 | -€92,012 | -€96,403 | |
| Operating profit (loss) | 9901 | -€32,989 | -€138,439 | -€105,449 | -319.6% |
| Financial income | 75/76B | €66 | €39 | -€27 | -40.6% |
| Recurring financial income | 75 | €66 | €39 | -€27 | -40.6% |
| Financial charges | 65/66B | €1,376 | €1,638 | +€262 | +19.0% |
| Recurring financial charges | 65 | €1,376 | €1,638 | +€262 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | -€34,300 | -€140,038 | -€105,738 | -308.3% |
| Profit (loss) for the period | 9904 | -€34,300 | -€140,038 | -€105,738 | -308.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,300 | -€140,038 | -€105,738 | -308.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.