CLOVER STABLES: 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.
CLOVER STABLES
Largest movements
- Receivables within one year -€94,250
down €94,250 (-74.7%), from €126,098 to €31,847
of which Other amounts receivable: -€81,405
- Tangible fixed assets +€60,625
up €60,625 (+25.5%), from €237,829 to €298,454
of which Plant, machinery and equipment: +€63,830
- Cash -€41,272
down €41,272 (-65.1%), from €63,412 to €22,140
mainly Investment in fixed assets (net) (-€98,374) and Net result for the year (-€33,892)
- Debts after one year -€24,249
down €24,249 (-14.2%), from €170,524 to €146,275
- Reserves -€23,062
down €23,062 (-11.9%), from €194,237 to €171,175
of which Tax-exempt reserves: -€23,062
- Other debts -€16,009
no longer reported in 2025 (was €16,009)
- Profit (loss) carried forward -€10,830
down €10,830 (-67.0%), from -€16,175 to -€27,005
- Trade debts +€8,121
up €8,121 (+170.7%), from €4,757 to €12,879
- Depreciation +€11,570
up €11,570 (+44.2%), from €26,179 to €37,749
- Financial charges +€4,062
up €4,062 (+178.0%), from €2,282 to €6,344
of which Financial charges: +€4,452
- Other operating charges -€3,814
down €3,814 (-39.6%), from €9,628 to €5,814
- Write-downs -€3,306
no longer reported in 2025 (was €3,306)
- Gross operating margin -€1,962
down €1,962 (-19.1%), from €10,290 to €8,328
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €477,529 | €404,744 | -€72,784 | -15.2% |
| Fixed assets | 21/28 | €237,964 | €298,589 | +€60,625 | +25.5% |
| Tangible fixed assets | 22/27 | €237,829 | €298,454 | +€60,625 | +25.5% |
| Land and buildings | 22 | €43,788 | €43,468 | -€320 | -0.7% |
| Plant, machinery and equipment | 23 | €168,369 | €232,198 | +€63,830 | +37.9% |
| Furniture and vehicles | 24 | €25,672 | €22,787 | -€2,885 | -11.2% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €239,565 | €106,156 | -€133,409 | -55.7% |
| Stocks and contracts in progress | 3 | €48,684 | €50,857 | +€2,173 | +4.5% |
| Stocks | 30/36 | €48,684 | €50,857 | +€2,173 | +4.5% |
| Amounts receivable within one year | 40/41 | €126,098 | €31,847 | -€94,250 | -74.7% |
| Trade receivables | 40 | €33,705 | €20,859 | -€12,846 | -38.1% |
| Other amounts receivable | 41 | €92,393 | €10,988 | -€81,405 | -88.1% |
| Cash at bank and in hand | 54/58 | €63,412 | €22,140 | -€41,272 | -65.1% |
| Deferred charges and accrued income | 490/1 | €1,371 | €1,312 | -€60 | -4.4% |
| Total equity and liabilities | 10/49 | €477,529 | €404,744 | -€72,784 | -15.2% |
| Equity | 10/15 | €199,599 | €165,707 | -€33,892 | -17.0% |
| Contributions | 10/11 | €21,537 | €21,537 | = | 0.0% |
| Reserves | 13 | €194,237 | €171,175 | -€23,062 | -11.9% |
| Non-distributable reserves | 130/1 | €2,154 | €2,154 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,154 | €2,154 | = | 0.0% |
| Tax-exempt reserves | 132 | €190,085 | €167,023 | -€23,062 | -12.1% |
| Distributable reserves | 133 | €1,999 | €1,999 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,175 | -€27,005 | -€10,830 | -67.0% |
| Provisions and deferred taxes | 16 | €63,322 | €55,635 | -€7,687 | -12.1% |
| Deferred taxes | 168 | €63,322 | €55,635 | -€7,687 | -12.1% |
| Amounts payable | 17/49 | €214,607 | €183,403 | -€31,205 | -14.5% |
| Amounts payable after more than one year | 17 | €170,524 | €146,275 | -€24,249 | -14.2% |
| Financial debts | 170/4 | €170,524 | €146,275 | -€24,249 | -14.2% |
| Amounts payable within one year | 42/48 | €44,083 | €37,128 | -€6,955 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €23,317 | €24,249 | +€932 | +4.0% |
| Trade debts | 44 | €4,757 | €12,879 | +€8,121 | +170.7% |
| Suppliers | 440/4 | €4,757 | €12,879 | +€8,121 | +170.7% |
| Other amounts payable | 47/48 | €16,009 | - | -€16,009 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,179 | €37,749 | +€11,570 | +44.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,306 | - | -€3,306 | |
| Other operating charges | 640/8 | €9,628 | €5,814 | -€3,814 | -39.6% |
| Non-recurring operating charges | 66A | €402 | - | -€402 | |
| Gross operating margin | 9900 | €10,290 | €8,328 | -€1,962 | -19.1% |
| Operating profit (loss) | 9901 | -€29,225 | -€35,235 | -€6,011 | -20.6% |
| Financial income | 75/76B | €200 | €0 | -€200 | -100.0% |
| Recurring financial income | 75 | €200 | €0 | -€200 | -100.0% |
| Financial charges | 65/66B | €2,282 | €6,344 | +€4,062 | +178.0% |
| Recurring financial charges | 65 | €1,892 | €6,344 | +€4,452 | +235.3% |
| Non-recurring financial charges | 66B | €390 | - | -€390 | |
| Profit (loss) for the period before taxes | 9903 | -€31,306 | -€41,580 | -€10,273 | -32.8% |
| Transfer from deferred taxes | 780 | €3,783 | €7,687 | +€3,904 | +103.2% |
| Profit (loss) for the period | 9904 | -€27,524 | -€33,892 | -€6,369 | -23.1% |
| Transfer from tax-exempt reserves | 789 | €11,349 | €23,062 | +€11,713 | +103.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,175 | -€10,830 | +€5,345 | +33.0% |
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 8 October 2026 via checked.be.