LSF 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.
What changed
LSF STABLES
NACE 01.430, Raising of horses and other equines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€62,492
2024 · -€168,810+€106,318
Equity
€175,569
2024 · €238,061-€62,492
Cash
€46,478
2024 · €50,951-€4,473
Balance sheet total
€1.1m
2024 · €1.2m-€58,568
Largest movements
Assets
- Tangible fixed assets -€107,507
down €107,507 (-31.7%), from €339,670 to €232,164
of which Furniture and vehicles: -€74,652
- Receivables within one year +€42,311
up €42,311 (+190%), from €22,223 to €64,534
of which Trade receivables: +€31,698
- Stocks and contracts +€15,000
up €15,000 (+1.9%), from €777,000 to €792,000
Equity and liabilities
- Profit (loss) carried forward -€62,492
down €62,492 (-9.9%), from -€630,331 to -€692,823
Income statement
- Gross operating margin +€88,506
up €88,506 (+4,636%), from €1,909 to €90,415
- Staff costs -€11,412
down €11,412 (-21.2%), from €53,804 to €42,392
- Depreciation -€8,718
down €8,718 (-7.7%), from €113,217 to €104,498
- Other operating charges +€2,376
up €2,376 (+73.8%), from €3,222 to €5,598
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.
Result 2024
-€168,810
Gross operating margin
+€88,506
Staff costs
+€11,412
Depreciation
+€8,718
Other operating charges
-€2,376
Other operating items
-€508
Financial income
+€466
Financial charges
+€33
Taxes
+€67
Result 2025
-€62,492
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€5,464
Investment
+€3,008
Financing
-€2,017
Cash 2024
€50,951
From operations (derived)
-€5,464
Net result for the year
-€62,492
Depreciation
+€104,498
Stocks and contracts
-€15,000
Receivables within one year
-€42,311
Deferred charges and accrued income
+€3,899
Trade debts
+€4,729
Tax, wage and social debts
-€5,978
Other debts
+€7,190
Investment (derived)
+€3,008
Investment in fixed assets (net)
+€3,008
Financing
-€2,017
Debts after one year
-€2,014
Short-term financial debts
-€3
Cash 2025
€46,478
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,199,373 | €1,140,806 | -€58,568 | -4.9% |
| Fixed assets | 21/28 | €340,070 | €232,563 | -€107,507 | -31.6% |
| Tangible fixed assets | 22/27 | €339,670 | €232,164 | -€107,507 | -31.7% |
| Land and buildings | 22 | €78,126 | €53,182 | -€24,944 | -31.9% |
| Plant, machinery and equipment | 23 | €15,840 | €9,064 | -€6,776 | -42.8% |
| Furniture and vehicles | 24 | €235,184 | €160,531 | -€74,652 | -31.7% |
| Other tangible fixed assets | 26 | €10,520 | €9,386 | -€1,134 | -10.8% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €859,304 | €908,243 | +€48,939 | +5.7% |
| Stocks and contracts in progress | 3 | €777,000 | €792,000 | +€15,000 | +1.9% |
| Stocks | 30/36 | €777,000 | €792,000 | +€15,000 | +1.9% |
| Amounts receivable within one year | 40/41 | €22,223 | €64,534 | +€42,311 | +190% |
| Trade receivables | 40 | €20,561 | €52,259 | +€31,698 | +154% |
| Other amounts receivable | 41 | €1,662 | €12,275 | +€10,612 | +638% |
| Cash at bank and in hand | 54/58 | €50,951 | €46,478 | -€4,473 | -8.8% |
| Deferred charges and accrued income | 490/1 | €9,129 | €5,230 | -€3,899 | -42.7% |
| Total equity and liabilities | 10/49 | €1,199,373 | €1,140,806 | -€58,568 | -4.9% |
| Equity | 10/15 | €238,061 | €175,569 | -€62,492 | -26.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €806,392 | €806,392 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €400,875 | €400,875 | = | 0.0% |
| Distributable reserves | 133 | €399,317 | €399,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€630,331 | -€692,823 | -€62,492 | -9.9% |
| Amounts payable | 17/49 | €961,312 | €965,236 | +€3,924 | +0.4% |
| Amounts payable after more than one year | 17 | €930,749 | €928,735 | -€2,014 | -0.2% |
| Other amounts payable | 178/9 | €930,749 | €928,735 | -€2,014 | -0.2% |
| Amounts payable within one year | 42/48 | €30,563 | €36,501 | +€5,938 | +19.4% |
| Financial debts | 43 | €1,822 | €1,819 | -€3 | -0.2% |
| Credit institutions | 430/8 | €1,822 | €1,819 | -€3 | -0.2% |
| Trade debts | 44 | €3,472 | €8,201 | +€4,729 | +136% |
| Suppliers | 440/4 | €3,472 | €8,201 | +€4,729 | +136% |
| Taxes, remuneration and social security | 45 | €20,121 | €14,143 | -€5,978 | -29.7% |
| Taxes | 450/3 | €5,635 | €7,609 | +€1,974 | +35.0% |
| Remuneration and social security | 454/9 | €14,486 | €6,534 | -€7,952 | -54.9% |
| Other amounts payable | 47/48 | €5,148 | €12,339 | +€7,190 | +140% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €53,804 | €42,392 | -€11,412 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,217 | €104,498 | -€8,718 | -7.7% |
| Other operating charges | 640/8 | €3,222 | €5,598 | +€2,376 | +73.8% |
| Non-recurring operating charges | 66A | - | €508 | +€508 | |
| Gross operating margin | 9900 | €1,909 | €90,415 | +€88,506 | +4,636% |
| Operating profit (loss) | 9901 | -€168,334 | -€62,582 | +€105,752 | +62.8% |
| Financial income | 75/76B | €181 | €647 | +€466 | +257% |
| Recurring financial income | 75 | €181 | €647 | +€466 | +257% |
| Financial charges | 65/66B | €243 | €210 | -€33 | -13.6% |
| Recurring financial charges | 65 | €243 | €210 | -€33 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | -€168,396 | -€62,145 | +€106,251 | +63.1% |
| Income taxes | 67/77 | €414 | €347 | -€67 | -16.3% |
| Profit (loss) for the period | 9904 | -€168,810 | -€62,492 | +€106,318 | +63.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€168,810 | -€62,492 | +€106,318 | +63.0% |
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 14 October 2026 via checked.be.