EXCLUSIVE 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.
EXCLUSIVE STABLES
Largest movements
- Tangible fixed assets +€2.6m
up €2.6m (+109%), from €2.4m to €5.0m
of which Other tangible fixed assets: +€2.5m
- Receivables within one year -€536,001
down €536,001 (-88.3%), from €607,154 to €71,153
of which Trade receivables: -€423,321
- Financial fixed assets +€495,000
up €495,000 (+199%), from €249,198 to €744,198
- Cash +€94,931
up €94,931 (+120%), from €79,297 to €174,227
mainly Other debts (+€4.5m) and Debts after one year (+€1.7m)
- Other debts +€4.5m
up €4.5m (+110%), from €4.1m to €8.6m
- Profit (loss) carried forward -€2.7m
down €2.7m (-270%), from -€1.0m to -€3.8m
- Debts after one year +€1.7m
new in 2026: €1.7m
- Trade debts -€620,744
down €620,744 (-98.0%), from €633,186 to €12,442
- Advances received -€112,000
down €112,000 (-100%), from €112,000 to €0
- Gross operating margin -€1.4m
down €1.4m (-350%), from -€397,996 to -€1.8m
- Depreciation +€385,219
up €385,219 (+154%), from €250,167 to €635,386
- Staff costs +€118,533
up €118,533 (+68.7%), from €172,557 to €291,090
- Financial charges +€20,185
up €20,185 (+8,145%), from €248 to €20,433
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,913,577 | €6,617,450 | +€2.7m | +69.1% |
| Fixed assets | 21/28 | €2,621,225 | €5,704,464 | +€3.1m | +118% |
| Tangible fixed assets | 22/27 | €2,372,027 | €4,960,266 | +€2.6m | +109% |
| Land and buildings | 22 | €156,086 | €0 | -€156,086 | -100% |
| Plant, machinery and equipment | 23 | €349,911 | €478,135 | +€128,224 | +36.6% |
| Furniture and vehicles | 24 | €26,783 | €125,508 | +€98,725 | +369% |
| Other tangible fixed assets | 26 | €1,839,247 | €4,356,623 | +€2.5m | +137% |
| Financial fixed assets | 28 | €249,198 | €744,198 | +€495,000 | +199% |
| Current assets | 29/58 | €1,292,352 | €912,986 | -€379,366 | -29.4% |
| Amounts receivable after more than one year | 29 | €370,000 | €375,563 | +€5,563 | +1.5% |
| Other amounts receivable | 291 | €370,000 | €375,563 | +€5,563 | +1.5% |
| Stocks and contracts in progress | 3 | €214,131 | €218,835 | +€4,704 | +2.2% |
| Stocks | 30/36 | €214,131 | €218,835 | +€4,704 | +2.2% |
| Amounts receivable within one year | 40/41 | €607,154 | €71,153 | -€536,001 | -88.3% |
| Trade receivables | 40 | €447,376 | €24,055 | -€423,321 | -94.6% |
| Other amounts receivable | 41 | €159,778 | €47,099 | -€112,680 | -70.5% |
| Cash at bank and in hand | 54/58 | €79,297 | €174,227 | +€94,931 | +120% |
| Deferred charges and accrued income | 490/1 | €21,770 | €73,207 | +€51,437 | +236% |
| Total equity and liabilities | 10/49 | €3,913,577 | €6,617,450 | +€2.7m | +69.1% |
| Equity | 10/15 | -€970,045 | -€3,719,147 | -€2.7m | -283% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,020,045 | -€3,769,147 | -€2.7m | -270% |
| Amounts payable | 17/49 | €4,883,622 | €10,336,597 | +€5.5m | +112% |
| Amounts payable after more than one year | 17 | - | €1,702,000 | +€1.7m | |
| Financial debts | 170/4 | - | €1,702,000 | +€1.7m | |
| Amounts payable within one year | 42/48 | €4,883,622 | €8,634,597 | +€3.8m | +76.8% |
| Trade debts | 44 | €633,186 | €12,442 | -€620,744 | -98.0% |
| Suppliers | 440/4 | €633,186 | €12,442 | -€620,744 | -98.0% |
| Advances received on contracts in progress | 46 | €112,000 | €0 | -€112,000 | -100% |
| Taxes, remuneration and social security | 45 | €50,216 | €46,919 | -€3,297 | -6.6% |
| Taxes | 450/3 | €19,393 | €3,203 | -€16,190 | -83.5% |
| Remuneration and social security | 454/9 | €30,824 | €43,717 | +€12,893 | +41.8% |
| Other amounts payable | 47/48 | €4,088,219 | €8,575,236 | +€4.5m | +110% |
| Non-recurring operating income | 76A | €125,457 | €0 | -€125,457 | -100% |
| Remuneration, social security and pensions | 62 | €172,557 | €291,090 | +€118,533 | +68.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,167 | €635,386 | +€385,219 | +154% |
| Other operating charges | 640/8 | €8,508 | €14,919 | +€6,411 | +75.4% |
| Non-recurring operating charges | 66A | €27,384 | €0 | -€27,384 | -100% |
| Gross operating margin | 9900 | -€397,996 | -€1,792,694 | -€1.4m | -350% |
| Operating profit (loss) | 9901 | -€856,612 | -€2,734,089 | -€1.9m | -219% |
| Financial income | 75/76B | €18,535 | €5,563 | -€12,972 | -70.0% |
| Recurring financial income | 75 | €61 | €5,563 | +€5,502 | +9,071% |
| Non-recurring financial income | 76B | €18,474 | €0 | -€18,474 | -100% |
| Financial charges | 65/66B | €248 | €20,433 | +€20,185 | +8,145% |
| Recurring financial charges | 65 | €248 | €20,433 | +€20,185 | +8,145% |
| Profit (loss) for the period before taxes | 9903 | -€838,325 | -€2,748,959 | -€1.9m | -228% |
| Income taxes | 67/77 | €161 | €143 | -€17 | -10.7% |
| Profit (loss) for the period | 9904 | -€838,485 | -€2,749,102 | -€1.9m | -228% |
| Profit (loss) for the period to be appropriated | 9905 | -€838,485 | -€2,749,102 | -€1.9m | -228% |
Source: filed annual accounts (NBB), financial years ended 31 May 2025 and 31 May 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.