C.M.A. STABLES: 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.
C.M.A. STABLES
Largest movements
- Tangible fixed assets -€76,644
down €76,644 (-8.4%), from €911,186 to €834,543
of which Land and buildings: -€66,211
- Profit (loss) carried forward -€92,779
down €92,779 (-10.2%), from -€907,433 to -€1.0m
- Financial charges +€241,749
up €241,749, from -€241,534 to €215
- Gross operating margin -€12,864
down €12,864, from €3,881 to -€8,983
- Depreciation -€1,049
down €1,049 (-1.3%), from €77,693 to €76,644
- Other operating charges +€477
up €477 (+7.4%), from €6,460 to €6,937
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 | €919,775 | €839,262 | -€80,513 | -8.8% |
| Fixed assets | 21/28 | €911,186 | €834,543 | -€76,644 | -8.4% |
| Tangible fixed assets | 22/27 | €911,186 | €834,543 | -€76,644 | -8.4% |
| Land and buildings | 22 | €873,679 | €807,469 | -€66,211 | -7.6% |
| Plant, machinery and equipment | 23 | €37,507 | €27,074 | -€10,433 | -27.8% |
| Current assets | 29/58 | €8,589 | €4,720 | -€3,869 | -45.0% |
| Amounts receivable within one year | 40/41 | €1,596 | €1,349 | -€247 | -15.5% |
| Trade receivables | 40 | - | €1,032 | +€1,032 | |
| Other amounts receivable | 41 | €1,596 | €317 | -€1,279 | -80.1% |
| Cash at bank and in hand | 54/58 | €4,728 | €592 | -€4,136 | -87.5% |
| Deferred charges and accrued income | 490/1 | €2,265 | €2,779 | +€514 | +22.7% |
| Total equity and liabilities | 10/49 | €919,775 | €839,262 | -€80,513 | -8.8% |
| Equity | 10/15 | -€207,433 | -€300,211 | -€92,779 | -44.7% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€907,433 | -€1,000,211 | -€92,779 | -10.2% |
| Amounts payable | 17/49 | €1,127,208 | €1,139,474 | +€12,266 | +1.1% |
| Amounts payable within one year | 42/48 | €1,127,208 | €1,139,474 | +€12,266 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €1,084,327 | €1,088,227 | +€3,900 | +0.4% |
| Trade debts | 44 | €4,178 | €6,679 | +€2,501 | +59.9% |
| Suppliers | 440/4 | €4,178 | €6,679 | +€2,501 | +59.9% |
| Taxes, remuneration and social security | 45 | €259 | €1,643 | +€1,385 | +535% |
| Taxes | 450/3 | €259 | €1,643 | +€1,385 | +535% |
| Other amounts payable | 47/48 | €38,444 | €42,924 | +€4,480 | +11.7% |
| Remuneration, social security and pensions | 62 | €16 | - | -€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,693 | €76,644 | -€1,049 | -1.3% |
| Other operating charges | 640/8 | €6,460 | €6,937 | +€477 | +7.4% |
| Gross operating margin | 9900 | €3,881 | -€8,983 | -€12,864 | |
| Operating profit (loss) | 9901 | -€80,288 | -€92,564 | -€12,276 | -15.3% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | -€241,534 | €215 | +€241,749 | |
| Recurring financial charges | 65 | -€241,534 | €215 | +€241,749 | |
| Profit (loss) for the period before taxes | 9903 | €161,253 | -€92,779 | -€254,031 | |
| Profit (loss) for the period | 9904 | €161,253 | -€92,779 | -€254,031 | |
| Profit (loss) for the period to be appropriated | 9905 | €161,253 | -€92,779 | -€254,031 |
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 26 October 2026 via checked.be.