Hilltop 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.
Hilltop Stables
Largest movements
- Stocks and contracts +€255,115
up €255,115 (+90.4%), from €282,178 to €537,293
- Tangible fixed assets +€78,099
up €78,099 (+10.8%), from €725,827 to €803,926
of which Plant, machinery and equipment: +€56,027
- Receivables within one year -€16,828
down €16,828 (-47.3%), from €35,585 to €18,757
of which Trade receivables: -€20,111
- Other debts +€560,209
up €560,209 (+55.5%), from €1.0m to €1.6m
- Profit (loss) carried forward -€286,453
down €286,453 (-160%), from -€179,114 to -€465,567
- Trade debts +€38,972
up €38,972 (+146%), from €26,605 to €65,577
- Gross operating margin -€123,103
down €123,103 (-250%), from -€49,305 to -€172,408
- Staff costs +€47,173
up €47,173 (+572%), from €8,243 to €55,417
- Depreciation +€25,893
up €25,893 (+77.2%), from €33,539 to €59,432
- Financial income +€3,349
up €3,349 (+167,444%), from €2 to €3,351
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 | €1,062,033 | €1,373,970 | +€311,937 | +29.4% |
| Fixed assets | 21/28 | €742,494 | €812,260 | +€69,766 | +9.4% |
| Intangible fixed assets | 21 | €16,667 | €8,333 | -€8,333 | -50.0% |
| Tangible fixed assets | 22/27 | €725,827 | €803,926 | +€78,099 | +10.8% |
| Land and buildings | 22 | €687,027 | €700,785 | +€13,759 | +2.0% |
| Plant, machinery and equipment | 23 | €22,912 | €78,939 | +€56,027 | +245% |
| Furniture and vehicles | 24 | €15,888 | €24,202 | +€8,314 | +52.3% |
| Current assets | 29/58 | €319,539 | €561,710 | +€242,171 | +75.8% |
| Stocks and contracts in progress | 3 | €282,178 | €537,293 | +€255,115 | +90.4% |
| Stocks | 30/36 | €282,178 | €537,293 | +€255,115 | +90.4% |
| Amounts receivable within one year | 40/41 | €35,585 | €18,757 | -€16,828 | -47.3% |
| Trade receivables | 40 | €27,977 | €7,866 | -€20,111 | -71.9% |
| Other amounts receivable | 41 | €7,607 | €10,891 | +€3,283 | +43.2% |
| Cash at bank and in hand | 54/58 | €1,760 | €1,663 | -€97 | -5.5% |
| Deferred charges and accrued income | 490/1 | €16 | €3,997 | +€3,981 | +24,424% |
| Total equity and liabilities | 10/49 | €1,062,033 | €1,373,970 | +€311,937 | +29.4% |
| Equity | 10/15 | €9,546 | -€276,907 | -€286,453 | |
| Contributions | 10/11 | €188,660 | €188,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€179,114 | -€465,567 | -€286,453 | -160% |
| Amounts payable | 17/49 | €1,052,487 | €1,650,877 | +€598,390 | +56.9% |
| Amounts payable after more than one year | 17 | €11,267 | €8,036 | -€3,231 | -28.7% |
| Financial debts | 170/4 | €11,267 | €8,036 | -€3,231 | -28.7% |
| Amounts payable within one year | 42/48 | €1,041,220 | €1,642,841 | +€601,621 | +57.8% |
| Current portion of amounts payable after more than one year | 42 | €3,070 | €3,231 | +€160 | +5.2% |
| Trade debts | 44 | €26,605 | €65,577 | +€38,972 | +146% |
| Suppliers | 440/4 | €26,605 | €65,577 | +€38,972 | +146% |
| Taxes, remuneration and social security | 45 | €2,155 | €4,434 | +€2,278 | +106% |
| Taxes | 450/3 | - | €9 | +€9 | |
| Remuneration and social security | 454/9 | €2,155 | €4,425 | +€2,269 | +105% |
| Other amounts payable | 47/48 | €1,009,390 | €1,569,599 | +€560,209 | +55.5% |
| Non-recurring operating income | 76A | - | €38 | +€38 | |
| Remuneration, social security and pensions | 62 | €8,243 | €55,417 | +€47,173 | +572% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,539 | €59,432 | +€25,893 | +77.2% |
| Other operating charges | 640/8 | €961 | €1,494 | +€533 | +55.5% |
| Gross operating margin | 9900 | -€49,305 | -€172,408 | -€123,103 | -250% |
| Operating profit (loss) | 9901 | -€92,048 | -€288,750 | -€196,703 | -214% |
| Financial income | 75/76B | €2 | €3,351 | +€3,349 | +167,444% |
| Recurring financial income | 75 | €2 | €3,351 | +€3,349 | +167,444% |
| Financial charges | 65/66B | €794 | €1,053 | +€259 | +32.7% |
| Recurring financial charges | 65 | €794 | €1,053 | +€259 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | -€92,839 | -€286,453 | -€193,613 | -209% |
| Profit (loss) for the period | 9904 | -€92,839 | -€286,453 | -€193,613 | -209% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,839 | -€286,453 | -€193,613 | -209% |
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 21 October 2026 via checked.be.