Hallundbaek 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.
Hallundbaek Stables
Largest movements
- Receivables within one year +€14.9m
up €14.9m (+4,753%), from €312,976 to €15.2m
of which Other amounts receivable: +€14.6m
- Cash +€5.0m
up €5.0m (+45,241%), from €11,088 to €5.0m
mainly Contributions, distributions and other (+€19.9m) and Other debts (+€370,590)
- Stocks and contracts +€471,500
up €471,500 (+2.3%), from €20.7m to €21.2m
- Contributions +€19.9m
up €19.9m (+19,900%), from €100,000 to €20.0m
- Trade debts -€461,997
down €461,997 (-61.0%), from €757,712 to €295,715
- Gross operating margin +€1.4m
up €1.4m, from -€1.2m to €209,473
- Taxes +€36,461
up €36,461 (+16,799%), from €217 to €36,678
- Financial income -€20,580
down €20,580 (-97.9%), from €21,014 to €434
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 | €21,106,506 | €41,472,383 | +€20.4m | +96.5% |
| Fixed assets | 21/28 | €44,691 | €45,091 | +€400 | +0.9% |
| Tangible fixed assets | 22/27 | €10,169 | €10,569 | +€400 | +3.9% |
| Plant, machinery and equipment | 23 | €1,220 | €4,581 | +€3,361 | +275% |
| Furniture and vehicles | 24 | €8,949 | €5,988 | -€2,961 | -33.1% |
| Financial fixed assets | 28 | €34,522 | €34,522 | = | 0.0% |
| Current assets | 29/58 | €21,061,815 | €41,427,292 | +€20.4m | +96.7% |
| Stocks and contracts in progress | 3 | €20,737,000 | €21,208,500 | +€471,500 | +2.3% |
| Stocks | 30/36 | €20,737,000 | €21,208,500 | +€471,500 | +2.3% |
| Amounts receivable within one year | 40/41 | €312,976 | €15,188,387 | +€14.9m | +4,753% |
| Trade receivables | 40 | €12,836 | €254,150 | +€241,314 | +1,880% |
| Other amounts receivable | 41 | €300,141 | €14,934,238 | +€14.6m | +4,876% |
| Cash at bank and in hand | 54/58 | €11,088 | €5,027,504 | +€5.0m | +45,241% |
| Deferred charges and accrued income | 490/1 | €750 | €2,901 | +€2,151 | +287% |
| Total equity and liabilities | 10/49 | €21,106,506 | €41,472,383 | +€20.4m | +96.5% |
| Equity | 10/15 | -€4,236,071 | €15,716,277 | +€20.0m | |
| Contributions | 10/11 | €100,000 | €20,000,000 | +€19.9m | +19,900% |
| Reserves | 13 | €6,092 | €6,092 | = | 0.0% |
| Non-distributable reserves | 130/1 | €71 | €71 | = | 0.0% |
| Reserves not available under the articles | 1311 | €71 | €71 | = | 0.0% |
| Distributable reserves | 133 | €6,022 | €6,022 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,342,163 | -€4,289,815 | +€52,348 | +1.2% |
| Amounts payable | 17/49 | €25,342,577 | €25,756,105 | +€413,529 | +1.6% |
| Amounts payable after more than one year | 17 | €23,489,215 | €23,789,215 | +€300,000 | +1.3% |
| Financial debts | 170/4 | €23,489,215 | €23,789,215 | +€300,000 | +1.3% |
| Amounts payable within one year | 42/48 | €1,853,362 | €1,760,529 | -€92,833 | -5.0% |
| Trade debts | 44 | €757,712 | €295,715 | -€461,997 | -61.0% |
| Suppliers | 440/4 | €757,712 | €295,715 | -€461,997 | -61.0% |
| Taxes, remuneration and social security | 45 | €15,118 | €13,691 | -€1,426 | -9.4% |
| Taxes | 450/3 | €2,190 | €4,067 | +€1,876 | +85.7% |
| Remuneration and social security | 454/9 | €12,927 | €9,625 | -€3,303 | -25.5% |
| Other amounts payable | 47/48 | €1,080,532 | €1,451,122 | +€370,590 | +34.3% |
| Accrued charges and deferred income | 492/3 | €0 | €206,362 | +€206,362 | |
| Non-recurring operating income | 76A | €4,421,017 | €17,600 | -€4.4m | -99.6% |
| Remuneration, social security and pensions | 62 | €101,084 | €92,625 | -€8,458 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,791 | €4,600 | -€191 | -4.0% |
| Other operating charges | 640/8 | €10,976 | €16,567 | +€5,591 | +50.9% |
| Gross operating margin | 9900 | -€1,181,365 | €209,473 | +€1.4m | |
| Operating profit (loss) | 9901 | -€1,298,215 | €95,680 | +€1.4m | |
| Financial income | 75/76B | €21,014 | €434 | -€20,580 | -97.9% |
| Recurring financial income | 75 | €21,014 | €434 | -€20,580 | -97.9% |
| Financial charges | 65/66B | €5,654 | €7,088 | +€1,434 | +25.4% |
| Recurring financial charges | 65 | €5,654 | €7,088 | +€1,434 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,282,856 | €89,026 | +€1.4m | |
| Income taxes | 67/77 | €217 | €36,678 | +€36,461 | +16,799% |
| Profit (loss) for the period | 9904 | -€1,283,073 | €52,348 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,283,073 | €52,348 | +€1.3m |
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 24 October 2026 via checked.be.