CSL Equestrian Services: 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.
CSL Equestrian Services
Largest movements
- Stocks and contracts +€47,250
up €47,250 (+64.9%), from €72,800 to €120,050
- Receivables within one year -€26,195
down €26,195 (-98.0%), from €26,733 to €538
of which Trade receivables: -€25,421
- Cash -€17,540
down €17,540 (-42.7%), from €41,037 to €23,497
mainly Stocks and contracts (-€47,250) and Investment in fixed assets (net) (-€10,848)
- Reserves +€16,158
up €16,158 (+38.5%), from €41,945 to €58,104
- Profit (loss) carried forward -€15,960
down €15,960 (-98.8%), from €16,158 to €199
- Trade debts -€5,702
down €5,702 (-50.0%), from €11,399 to €5,697
- Gross operating margin -€15,556
down €15,556 (-50.6%), from €30,713 to €15,158
- Depreciation +€520
up €520 (+3.9%), from €13,420 to €13,940
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 | €374,055 | €373,879 | -€176 | 0.0% |
| Fixed assets | 21/28 | €232,886 | €229,795 | -€3,092 | -1.3% |
| Tangible fixed assets | 22/27 | €232,886 | €229,795 | -€3,092 | -1.3% |
| Land and buildings | 22 | €231,184 | €226,084 | -€5,101 | -2.2% |
| Plant, machinery and equipment | 23 | €1,702 | €3,711 | +€2,009 | +118.0% |
| Current assets | 29/58 | €141,169 | €144,085 | +€2,916 | +2.1% |
| Stocks and contracts in progress | 3 | €72,800 | €120,050 | +€47,250 | +64.9% |
| Stocks | 30/36 | €72,800 | €120,050 | +€47,250 | +64.9% |
| Amounts receivable within one year | 40/41 | €26,733 | €538 | -€26,195 | -98.0% |
| Trade receivables | 40 | €25,959 | €538 | -€25,421 | -97.9% |
| Other amounts receivable | 41 | €775 | - | -€775 | |
| Cash at bank and in hand | 54/58 | €41,037 | €23,497 | -€17,540 | -42.7% |
| Deferred charges and accrued income | 490/1 | €599 | - | -€599 | |
| Total equity and liabilities | 10/49 | €374,055 | €373,879 | -€176 | 0.0% |
| Equity | 10/15 | €62,104 | €62,303 | +€199 | +0.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €41,945 | €58,104 | +€16,158 | +38.5% |
| Distributable reserves | 133 | €41,945 | €58,104 | +€16,158 | +38.5% |
| Profit (loss) carried forward | 14 | €16,158 | €199 | -€15,960 | -98.8% |
| Amounts payable | 17/49 | €311,951 | €311,577 | -€374 | -0.1% |
| Amounts payable within one year | 42/48 | €311,951 | €311,577 | -€374 | -0.1% |
| Trade debts | 44 | €11,399 | €5,697 | -€5,702 | -50.0% |
| Suppliers | 440/4 | €11,399 | €5,697 | -€5,702 | -50.0% |
| Taxes, remuneration and social security | 45 | €150 | €2,344 | +€2,195 | +1466.8% |
| Taxes | 450/3 | €150 | €2,344 | +€2,195 | +1466.8% |
| Other amounts payable | 47/48 | €300,402 | €303,535 | +€3,133 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,420 | €13,940 | +€520 | +3.9% |
| Other operating charges | 640/8 | €823 | €858 | +€35 | +4.3% |
| Gross operating margin | 9900 | €30,713 | €15,158 | -€15,556 | -50.6% |
| Operating profit (loss) | 9901 | €16,471 | €360 | -€16,111 | -97.8% |
| Financial charges | 65/66B | €163 | €161 | -€2 | -0.9% |
| Recurring financial charges | 65 | €163 | €161 | -€2 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €16,308 | €199 | -€16,109 | -98.8% |
| Income taxes | 67/77 | €150 | - | -€150 | |
| Profit (loss) for the period | 9904 | €16,158 | €199 | -€15,960 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,158 | €199 | -€15,960 | -98.8% |
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 12 October 2026 via checked.be.