classic stud farm: 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.
classic stud farm
Largest movements
- Tangible fixed assets -€27,293
down €27,293 (-5.6%), from €484,640 to €457,346
of which Land and buildings: -€25,763
- Stocks and contracts +€16,559
up €16,559 (+80.4%), from €20,592 to €37,150
- Receivables within one year +€12,455
up €12,455 (+93.7%), from €13,299 to €25,755
of which Trade receivables: +€11,370
- Debts after one year +€44,763
up €44,763 (+5.7%), from €782,625 to €827,388
of which Financial debts: +€46,952
- Profit (loss) carried forward -€33,912
down €33,912 (-9.5%), from -€355,676 to -€389,587
- Trade debts -€11,168
down €11,168 (-21.7%), from €51,486 to €40,317
- Current portion of long-term debt +€8,957
up €8,957 (+46.5%), from €19,281 to €28,238
- Tax, wage and social debts -€7,203
down €7,203 (-48.3%), from €14,924 to €7,721
of which Taxes: -€6,023
- Gross operating margin +€20,578
up €20,578 (+148%), from €13,900 to €34,479
- Staff costs -€17,977
down €17,977 (-53.4%), from €33,641 to €15,664
- Depreciation -€10,419
down €10,419 (-23.1%), from €45,191 to €34,772
- Other operating charges +€2,701
up €2,701 (+52.5%), from €5,143 to €7,844
- Financial charges +€824
up €824 (+8.7%), from €9,490 to €10,315
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 | €522,016 | €522,727 | +€711 | +0.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €485,010 | €457,716 | -€27,293 | -5.6% |
| Tangible fixed assets | 22/27 | €484,640 | €457,346 | -€27,293 | -5.6% |
| Land and buildings | 22 | €438,069 | €412,306 | -€25,763 | -5.9% |
| Plant, machinery and equipment | 23 | €16,922 | €4,013 | -€12,909 | -76.3% |
| Furniture and vehicles | 24 | €14,356 | €8,256 | -€6,100 | -42.5% |
| Assets under construction and advance payments | 27 | €15,293 | €32,771 | +€17,478 | +114% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €37,006 | €65,011 | +€28,005 | +75.7% |
| Stocks and contracts in progress | 3 | €20,592 | €37,150 | +€16,559 | +80.4% |
| Stocks | 30/36 | €20,592 | €37,150 | +€16,559 | +80.4% |
| Amounts receivable within one year | 40/41 | €13,299 | €25,755 | +€12,455 | +93.7% |
| Trade receivables | 40 | €13,299 | €24,669 | +€11,370 | +85.5% |
| Other amounts receivable | 41 | - | €1,086 | +€1,086 | |
| Cash at bank and in hand | 54/58 | €2,170 | €974 | -€1,196 | -55.1% |
| Deferred charges and accrued income | 490/1 | €945 | €1,132 | +€187 | +19.8% |
| Total equity and liabilities | 10/49 | €522,016 | €522,727 | +€711 | +0.1% |
| Equity | 10/15 | -€348,176 | -€382,087 | -€33,912 | -9.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€355,676 | -€389,587 | -€33,912 | -9.5% |
| Amounts payable | 17/49 | €870,191 | €904,814 | +€34,623 | +4.0% |
| Amounts payable after more than one year | 17 | €782,625 | €827,388 | +€44,763 | +5.7% |
| Financial debts | 170/4 | €290,590 | €337,542 | +€46,952 | +16.2% |
| Other amounts payable | 178/9 | €492,034 | €489,846 | -€2,189 | -0.4% |
| Amounts payable within one year | 42/48 | €85,691 | €77,426 | -€8,265 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €19,281 | €28,238 | +€8,957 | +46.5% |
| Financial debts | 43 | - | €1,150 | +€1,150 | |
| Credit institutions | 430/8 | - | €1,150 | +€1,150 | |
| Trade debts | 44 | €51,486 | €40,317 | -€11,168 | -21.7% |
| Suppliers | 440/4 | €51,486 | €40,317 | -€11,168 | -21.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,924 | €7,721 | -€7,203 | -48.3% |
| Taxes | 450/3 | €7,556 | €1,533 | -€6,023 | -79.7% |
| Remuneration and social security | 454/9 | €7,368 | €6,188 | -€1,180 | -16.0% |
| Accrued charges and deferred income | 492/3 | €1,876 | €0 | -€1,876 | -100% |
| Remuneration, social security and pensions | 62 | €33,641 | €15,664 | -€17,977 | -53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,191 | €34,772 | -€10,419 | -23.1% |
| Other operating charges | 640/8 | €5,143 | €7,844 | +€2,701 | +52.5% |
| Gross operating margin | 9900 | €13,900 | €34,479 | +€20,578 | +148% |
| Operating profit (loss) | 9901 | -€70,075 | -€23,802 | +€46,273 | +66.0% |
| Financial income | 75/76B | €79 | €205 | +€126 | +160% |
| Recurring financial income | 75 | €79 | €205 | +€126 | +160% |
| Financial charges | 65/66B | €9,490 | €10,315 | +€824 | +8.7% |
| Recurring financial charges | 65 | €9,490 | €10,315 | +€824 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | -€79,487 | -€33,912 | +€45,575 | +57.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€79,487 | -€33,912 | +€45,575 | +57.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,487 | -€33,912 | +€45,575 | +57.3% |
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 15 October 2026 via checked.be.