H.D. STABLES: what changed
Two fiscal 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.
H.D. STABLES
Largest movements
- Stocks and contracts -€38,750
down €38,750 (-69.4%), from €55,800 to €17,050
- Cash +€5,664
up €5,664 (+19.3%), from €29,323 to €34,987
mainly Stocks and contracts (+€38,750) and Receivables within one year (+€5,287)
- Receivables within one year -€5,287
down €5,287 (-98.4%), from €5,375 to €88
of which Other amounts receivable: -€5,287
- Profit (loss) carried forward -€40,556
down €40,556 (-341.9%), from -€11,862 to -€52,418
- Trade debts +€2,184
up €2,184 (+50.2%), from €4,353 to €6,537
- Purchases and services +€38,620
up €38,620 (+2766.9%), from €1,396 to €40,016
- Gross operating margin -€38,619
down €38,619 (-2766.8%), from -€1,396 to -€40,015
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 | €90,498 | €52,125 | -€38,373 | -42.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Current assets | 29/58 | €90,498 | €52,125 | -€38,373 | -42.4% |
| Stocks and contracts in progress | 3 | €55,800 | €17,050 | -€38,750 | -69.4% |
| Stocks | 30/36 | €55,800 | €17,050 | -€38,750 | -69.4% |
| Amounts receivable within one year | 40/41 | €5,375 | €88 | -€5,287 | -98.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,375 | €88 | -€5,287 | -98.4% |
| Cash at bank and in hand | 54/58 | €29,323 | €34,987 | +€5,664 | +19.3% |
| Total equity and liabilities | 10/49 | €90,498 | €52,125 | -€38,373 | -42.4% |
| Equity | 10/15 | -€11,862 | -€52,418 | -€40,556 | -341.9% |
| Profit (loss) carried forward | 14 | -€11,862 | -€52,418 | -€40,556 | -341.9% |
| Amounts payable | 17/49 | €102,360 | €104,544 | +€2,184 | +2.1% |
| Amounts payable within one year | 42/48 | €102,360 | €104,544 | +€2,184 | +2.1% |
| Trade debts | 44 | €4,353 | €6,537 | +€2,184 | +50.2% |
| Suppliers | 440/4 | €4,353 | €6,537 | +€2,184 | +50.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €98,007 | €98,007 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | - | €1 | +€1 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,396 | €40,016 | +€38,620 | +2766.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165 | €0 | -€165 | -100.0% |
| Other operating charges | 640/8 | €487 | €500 | +€12 | +2.5% |
| Gross operating margin | 9900 | -€1,396 | -€40,015 | -€38,619 | -2766.8% |
| Operating profit (loss) | 9901 | -€2,048 | -€40,514 | -€38,466 | -1878.1% |
| Financial charges | 65/66B | €20 | €42 | +€22 | +110.0% |
| Recurring financial charges | 65 | €20 | €42 | +€22 | +110.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,068 | -€40,556 | -€38,488 | -1861.0% |
| Profit (loss) for the period | 9904 | -€2,068 | -€40,556 | -€38,488 | -1861.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,068 | -€40,556 | -€38,488 | -1861.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.