G&D Stables: what changed
What changed
G&D Stables
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€21,516
2024 · €5,178-€26,693
Equity
-€3,413
2024 · €18,102-€21,516
Cash
€67,915
2024 · €28,837+€39,078
Balance sheet total
€568,523
2024 · €675,268-€106,745
Largest movements
Assets
- Tangible fixed assets -€85,179
down €85,179 (-16.1%), from €528,949 to €443,771
of which Furniture and vehicles: -€79,814
- Receivables within one year -€60,406
down €60,406 (-52.0%), from €116,139 to €55,733
of which Other amounts receivable: -€84,702
- Cash +€39,078
up €39,078 (+136%), from €28,837 to €67,915
mainly Depreciation (+€86,562) and Receivables within one year (+€60,406)
Equity and liabilities
- Debts after one year -€87,111
down €87,111 (-13.3%), from €655,405 to €568,295
- Profit (loss) carried forward -€21,516
down €21,516 (-53.4%), from -€40,298 to -€61,813
Income statement
- Gross operating margin -€20,231
down €20,231 (-23.4%), from €86,449 to €66,219
- Depreciation +€8,923
up €8,923 (+11.5%), from €77,639 to €86,562
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€5,178
Gross operating margin
-€20,231
Depreciation
-€8,923
Other operating charges
+€510
Other operating items
+€2,000
Financial income
-€3
Financial charges
-€64
Taxes
+€18
Result 2025
-€21,516
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€127,572
Investment
-€1,383
Financing
-€87,111
Cash 2024
€28,837
From operations (derived)
+€127,572
Net result for the year
-€21,516
Depreciation
+€86,562
Receivables within one year
+€60,406
Deferred charges and accrued income
+€238
Trade debts
+€200
Tax, wage and social debts
+€1,682
Investment (derived)
-€1,383
Investment in fixed assets (net)
-€1,383
Financing
-€87,111
Debts after one year
-€87,111
Cash 2025
€67,915
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €675,268 | €568,523 | -€106,745 | -15.8% |
| Fixed assets | 21/28 | €528,949 | €443,771 | -€85,179 | -16.1% |
| Tangible fixed assets | 22/27 | €528,949 | €443,771 | -€85,179 | -16.1% |
| Land and buildings | 22 | €390 | €0 | -€390 | -100% |
| Plant, machinery and equipment | 23 | €8,915 | €3,941 | -€4,974 | -55.8% |
| Furniture and vehicles | 24 | €519,644 | €439,829 | -€79,814 | -15.4% |
| Current assets | 29/58 | €146,319 | €124,752 | -€21,566 | -14.7% |
| Amounts receivable within one year | 40/41 | €116,139 | €55,733 | -€60,406 | -52.0% |
| Trade receivables | 40 | €31,334 | €55,630 | +€24,296 | +77.5% |
| Other amounts receivable | 41 | €84,805 | €103 | -€84,702 | -99.9% |
| Cash at bank and in hand | 54/58 | €28,837 | €67,915 | +€39,078 | +136% |
| Deferred charges and accrued income | 490/1 | €1,343 | €1,104 | -€238 | -17.7% |
| Total equity and liabilities | 10/49 | €675,268 | €568,523 | -€106,745 | -15.8% |
| Equity | 10/15 | €18,102 | -€3,413 | -€21,516 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €52,200 | €52,200 | = | 0.0% |
| Distributable reserves | 133 | €52,200 | €52,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,298 | -€61,813 | -€21,516 | -53.4% |
| Amounts payable | 17/49 | €657,165 | €571,936 | -€85,229 | -13.0% |
| Amounts payable after more than one year | 17 | €655,405 | €568,295 | -€87,111 | -13.3% |
| Financial debts | 170/4 | €655,405 | €568,295 | -€87,111 | -13.3% |
| Amounts payable within one year | 42/48 | €1,760 | €3,641 | +€1,881 | +107% |
| Trade debts | 44 | €1,546 | €1,745 | +€200 | +12.9% |
| Suppliers | 440/4 | €1,546 | €1,745 | +€200 | +12.9% |
| Taxes, remuneration and social security | 45 | €215 | €1,896 | +€1,682 | +784% |
| Taxes | 450/3 | €215 | €1,896 | +€1,682 | +784% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €20,000 | €0 | -€20,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,639 | €86,562 | +€8,923 | +11.5% |
| Other operating charges | 640/8 | €1,421 | €912 | -€510 | -35.9% |
| Non-recurring operating charges | 66A | €2,000 | €0 | -€2,000 | -100% |
| Gross operating margin | 9900 | €86,449 | €66,219 | -€20,231 | -23.4% |
| Operating profit (loss) | 9901 | €5,390 | -€21,255 | -€26,644 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | - | €64 | +€64 | |
| Recurring financial charges | 65 | - | €64 | +€64 | |
| Profit (loss) for the period before taxes | 9903 | €5,393 | -€21,319 | -€26,712 | |
| Income taxes | 67/77 | €215 | €196 | -€18 | -8.5% |
| Profit (loss) for the period | 9904 | €5,178 | -€21,516 | -€26,693 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,178 | -€21,516 | -€26,693 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.