CT 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.
CT Stables
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+2,362%), from €60,256 to €1.5m
of which Land and buildings: +€1.2m
- Stocks and contracts +€111,000
up €111,000 (+16.9%), from €655,000 to €766,000
- Receivables within one year +€76,805
up €76,805 (+480%), from €15,992 to €92,796
of which Trade receivables: +€73,795
- Other debts +€899,850
up €899,850 (+600%), from €150,000 to €1.0m
- Trade debts +€803,449
up €803,449 (+128%), from €628,130 to €1.4m
- Profit (loss) carried forward -€259,900
down €259,900 (-880%), from -€29,540 to -€289,440
- Contributions +€150,000
new in 2025: €150,000
- Gross operating margin -€132,319
down €132,319 (-1,458%), from -€9,074 to -€141,393
- Staff costs +€79,515
up €79,515 (+430%), from €18,474 to €97,989
- Depreciation +€18,452
up €18,452 (+1,177%), from €1,567 to €20,019
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 | €752,979 | €2,352,090 | +€1.6m | +212% |
| Fixed assets | 21/28 | €60,256 | €1,483,356 | +€1.4m | +2,362% |
| Tangible fixed assets | 22/27 | €60,256 | €1,483,356 | +€1.4m | +2,362% |
| Land and buildings | 22 | €39,602 | €1,191,027 | +€1.2m | +2,908% |
| Plant, machinery and equipment | 23 | - | €167,932 | +€167,932 | |
| Furniture and vehicles | 24 | €20,654 | €124,398 | +€103,743 | +502% |
| Current assets | 29/58 | €692,723 | €868,734 | +€176,011 | +25.4% |
| Stocks and contracts in progress | 3 | €655,000 | €766,000 | +€111,000 | +16.9% |
| Stocks | 30/36 | €655,000 | €766,000 | +€111,000 | +16.9% |
| Amounts receivable within one year | 40/41 | €15,992 | €92,796 | +€76,805 | +480% |
| Trade receivables | 40 | €14,636 | €88,430 | +€73,795 | +504% |
| Other amounts receivable | 41 | €1,356 | €4,366 | +€3,010 | +222% |
| Cash at bank and in hand | 54/58 | €20,372 | €5,147 | -€15,225 | -74.7% |
| Deferred charges and accrued income | 490/1 | €1,359 | €4,791 | +€3,432 | +253% |
| Total equity and liabilities | 10/49 | €752,979 | €2,352,090 | +€1.6m | +212% |
| Equity | 10/15 | -€29,540 | -€139,440 | -€109,900 | -372% |
| Contributions | 10/11 | - | €150,000 | +€150,000 | |
| Profit (loss) carried forward | 14 | -€29,540 | -€289,440 | -€259,900 | -880% |
| Amounts payable | 17/49 | €782,518 | €2,491,529 | +€1.7m | +218% |
| Amounts payable within one year | 42/48 | €782,518 | €2,491,529 | +€1.7m | +218% |
| Trade debts | 44 | €628,130 | €1,431,579 | +€803,449 | +128% |
| Suppliers | 440/4 | €628,130 | €1,431,579 | +€803,449 | +128% |
| Taxes, remuneration and social security | 45 | €4,388 | €10,100 | +€5,712 | +130% |
| Taxes | 450/3 | - | €0 | +€0 | |
| Remuneration and social security | 454/9 | €4,388 | €10,100 | +€5,712 | +130% |
| Other amounts payable | 47/48 | €150,000 | €1,049,850 | +€899,850 | +600% |
| Remuneration, social security and pensions | 62 | €18,474 | €97,989 | +€79,515 | +430% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,567 | €20,019 | +€18,452 | +1,177% |
| Other operating charges | 640/8 | €387 | €225 | -€163 | -42.0% |
| Gross operating margin | 9900 | -€9,074 | -€141,393 | -€132,319 | -1,458% |
| Operating profit (loss) | 9901 | -€29,502 | -€259,626 | -€230,124 | -780% |
| Financial charges | 65/66B | €38 | €274 | +€236 | +630% |
| Recurring financial charges | 65 | €38 | €274 | +€236 | +630% |
| Profit (loss) for the period before taxes | 9903 | -€29,540 | -€259,900 | -€230,360 | -780% |
| Profit (loss) for the period | 9904 | -€29,540 | -€259,900 | -€230,360 | -780% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,540 | -€259,900 | -€230,360 | -780% |
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 14 October 2026 via checked.be.