GS 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.
GS Stables
Largest movements
- Receivables within one year -€76,590
down €76,590 (-72.0%), from €106,391 to €29,801
of which Trade receivables: -€54,238
- Stocks and contracts +€39,505
up €39,505 (+20.1%), from €196,650 to €236,155
- Other debts +€62,732
up €62,732 (+86.4%), from €72,605 to €135,337
- Reserves -€52,398
down €52,398 (-21.6%), from €242,684 to €190,286
- Advances received -€45,000
no longer reported in 2025 (was €45,000)
- Short-term financial debts +€30,000
up €30,000 (+200%), from €15,000 to €45,000
- Profit (loss) carried forward -€19,470
down €19,470 (-8.8%), from €220,533 to €201,063
- Gross operating margin -€75,100
down €75,100 (-68.0%), from €110,419 to €35,319
- Staff costs -€34,623
down €34,623 (-51.3%), from €67,474 to €32,851
- Other operating charges +€5,090
up €5,090 (+562%), from €906 to €5,996
- Taxes -€3,885
down €3,885 (-77.7%), from €5,000 to €1,115
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 | €698,229 | €649,221 | -€49,009 | -7.0% |
| Fixed assets | 21/28 | €381,641 | €376,596 | -€5,045 | -1.3% |
| Tangible fixed assets | 22/27 | €40,447 | €35,402 | -€5,045 | -12.5% |
| Plant, machinery and equipment | 23 | €15,861 | €7,302 | -€8,559 | -54.0% |
| Furniture and vehicles | 24 | €5,261 | - | -€5,261 | |
| Other tangible fixed assets | 26 | €19,325 | €28,100 | +€8,775 | +45.4% |
| Financial fixed assets | 28 | €341,193 | €341,193 | = | 0.0% |
| Current assets | 29/58 | €316,589 | €272,625 | -€43,963 | -13.9% |
| Stocks and contracts in progress | 3 | €196,650 | €236,155 | +€39,505 | +20.1% |
| Stocks | 30/36 | €196,650 | €236,155 | +€39,505 | +20.1% |
| Amounts receivable within one year | 40/41 | €106,391 | €29,801 | -€76,590 | -72.0% |
| Trade receivables | 40 | €70,308 | €16,070 | -€54,238 | -77.1% |
| Other amounts receivable | 41 | €36,083 | €13,731 | -€22,352 | -61.9% |
| Current investments | 50/53 | €2,988 | - | -€2,988 | |
| Cash at bank and in hand | 54/58 | - | €1,335 | +€1,335 | |
| Deferred charges and accrued income | 490/1 | €10,559 | €5,335 | -€5,225 | -49.5% |
| Total equity and liabilities | 10/49 | €698,229 | €649,221 | -€49,009 | -7.0% |
| Equity | 10/15 | €475,616 | €403,749 | -€71,867 | -15.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €242,684 | €190,286 | -€52,398 | -21.6% |
| Distributable reserves | 133 | €242,684 | €190,286 | -€52,398 | -21.6% |
| Profit (loss) carried forward | 14 | €220,533 | €201,063 | -€19,470 | -8.8% |
| Amounts payable | 17/49 | €222,613 | €245,472 | +€22,859 | +10.3% |
| Amounts payable within one year | 42/48 | €217,007 | €244,866 | +€27,860 | +12.8% |
| Financial debts | 43 | €15,000 | €45,000 | +€30,000 | +200% |
| Credit institutions | 430/8 | €15,000 | €45,000 | +€30,000 | +200% |
| Trade debts | 44 | €66,191 | €58,198 | -€7,993 | -12.1% |
| Suppliers | 440/4 | €66,191 | €58,198 | -€7,993 | -12.1% |
| Advances received on contracts in progress | 46 | €45,000 | - | -€45,000 | |
| Taxes, remuneration and social security | 45 | €18,210 | €6,331 | -€11,879 | -65.2% |
| Taxes | 450/3 | €6,373 | - | -€6,373 | |
| Remuneration and social security | 454/9 | €11,837 | €6,331 | -€5,506 | -46.5% |
| Other amounts payable | 47/48 | €72,605 | €135,337 | +€62,732 | +86.4% |
| Accrued charges and deferred income | 492/3 | €5,606 | €606 | -€5,001 | -89.2% |
| Remuneration, social security and pensions | 62 | €67,474 | €32,851 | -€34,623 | -51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,669 | €11,984 | +€315 | +2.7% |
| Other operating charges | 640/8 | €906 | €5,996 | +€5,090 | +562% |
| Gross operating margin | 9900 | €110,419 | €35,319 | -€75,100 | -68.0% |
| Operating profit (loss) | 9901 | €30,369 | -€15,512 | -€45,881 | |
| Financial income | 75/76B | €964 | €348 | -€616 | -63.9% |
| Recurring financial income | 75 | €815 | €348 | -€467 | -57.3% |
| Non-recurring financial income | 76B | €149 | - | -€149 | |
| Financial charges | 65/66B | €2,116 | €3,190 | +€1,075 | +50.8% |
| Recurring financial charges | 65 | €2,495 | €3,190 | +€696 | +27.9% |
| Non-recurring financial charges | 66B | -€379 | - | +€379 | |
| Profit (loss) for the period before taxes | 9903 | €29,218 | -€18,355 | -€47,572 | |
| Income taxes | 67/77 | €5,000 | €1,115 | -€3,885 | -77.7% |
| Profit (loss) for the period | 9904 | €24,218 | -€19,470 | -€43,687 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,218 | -€19,470 | -€43,687 |
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 15 October 2026 via checked.be.