STAL AEGTEN: 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
STAL AEGTEN
NACE 01.430, Raising of horses and other equines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€24,987
2024 · €1,146+€23,841
Equity
€693,059
2024 · €672,375+€20,683
Cash
-
2024 · €0
Balance sheet total
€2.1m
2024 · €2.1m+€61,038
Largest movements
Assets
- Receivables within one year +€49,752
up €49,752 (+21.1%), from €235,761 to €285,513
of which Trade receivables: +€41,018
- Stocks and contracts +€25,838
up €25,838 (+11.0%), from €234,900 to €260,738
Equity and liabilities
- Advances received +€52,420
up €52,420, from €0 to €52,420
- Trade debts +€52,068
up €52,068 (+61.6%), from €84,550 to €136,618
- Short-term financial debts -€50,573
down €50,573 (-59.8%), from €84,555 to €33,982
- Debts after one year -€50,101
down €50,101 (-4.6%), from €1.1m to €1.0m
- Reserves +€24,987
up €24,987 (+13.9%), from €179,345 to €204,332
of which Distributable reserves: +€15,483
Income statement
- Purchases and services -€40,320
down €40,320 (-8.1%), from €500,609 to €460,289
- Turnover -€33,756
down €33,756 (-5.2%), from €650,192 to €616,436
- Gross operating margin +€20,555
up €20,555 (+12.5%), from €164,909 to €185,464
- Financial charges -€13,229
down €13,229 (-23.2%), from €56,975 to €43,746
- Depreciation -€12,996
down €12,996 (-12.8%), from €101,615 to €88,619
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
€1,146
Gross operating margin
+€20,555
Staff costs
-€4,678
Depreciation
+€12,996
Write-downs
-€6,022
Other operating charges
-€7,293
Other operating items
+€1,343
Financial income
+€529
Financial charges
+€13,229
Taxes
-€3,650
Deferred taxes and other
-€3,168
Result 2025
€24,987
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
+€162,743
Investment
-€72,309
Financing
-€90,434
Cash 2024
€0
From operations (derived)
+€162,743
Net result for the year
+€24,987
Depreciation
+€88,619
Stocks and contracts
-€25,838
Receivables within one year
-€49,752
Deferred charges and accrued income
-€1,759
Provisions
+€2,942
Trade debts
+€52,068
Tax, wage and social debts
+€18,010
Advances received
+€52,420
Other debts
-€1,924
Accrued charges and deferred income
+€2,968
Investment (derived)
-€72,309
Investment in fixed assets (net)
-€72,309
Financing
-€90,434
Debts after one year
-€50,101
Current portion of long-term debt
+€14,543
Short-term financial debts
-€50,573
Contributions, distributions and other
-€4,303
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,060,965 | €2,122,003 | +€61,038 | +3.0% |
| Fixed assets | 21/28 | €1,588,896 | €1,572,586 | -€16,311 | -1.0% |
| Tangible fixed assets | 22/27 | €1,587,578 | €1,571,268 | -€16,311 | -1.0% |
| Land and buildings | 22 | €1,516,092 | €1,453,875 | -€62,217 | -4.1% |
| Plant, machinery and equipment | 23 | €38,532 | €26,861 | -€11,671 | -30.3% |
| Furniture and vehicles | 24 | €32,954 | €21,937 | -€11,017 | -33.4% |
| Leasing and similar rights | 25 | - | €68,594 | +€68,594 | |
| Financial fixed assets | 28 | €1,318 | €1,318 | = | 0.0% |
| Current assets | 29/58 | €472,069 | €549,417 | +€77,348 | +16.4% |
| Stocks and contracts in progress | 3 | €234,900 | €260,738 | +€25,838 | +11.0% |
| Stocks | 30/36 | €234,900 | €260,738 | +€25,838 | +11.0% |
| Amounts receivable within one year | 40/41 | €235,761 | €285,513 | +€49,752 | +21.1% |
| Trade receivables | 40 | €234,518 | €275,536 | +€41,018 | +17.5% |
| Other amounts receivable | 41 | €1,244 | €9,977 | +€8,734 | +702% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €1,407 | €3,166 | +€1,759 | +125% |
| Total equity and liabilities | 10/49 | €2,060,965 | €2,122,003 | +€61,038 | +3.0% |
| Equity | 10/15 | €672,375 | €693,059 | +€20,683 | +3.1% |
| Contributions | 10/11 | €440,390 | €440,390 | = | 0.0% |
| Reserves | 13 | €179,345 | €204,332 | +€24,987 | +13.9% |
| Non-distributable reserves | 130/1 | €7,187 | €7,187 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,187 | €7,187 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,226 | €15,730 | +€9,504 | +153% |
| Distributable reserves | 133 | €165,931 | €181,414 | +€15,483 | +9.3% |
| Profit (loss) carried forward | 14 | €627 | €627 | = | 0.0% |
| Investment grants | 15 | €52,013 | €47,710 | -€4,303 | -8.3% |
| Provisions and deferred taxes | 16 | €2,738 | €5,679 | +€2,942 | +107% |
| Deferred taxes | 168 | €2,738 | €5,679 | +€2,942 | +107% |
| Amounts payable | 17/49 | €1,385,852 | €1,423,265 | +€37,413 | +2.7% |
| Amounts payable after more than one year | 17 | €1,081,850 | €1,031,750 | -€50,101 | -4.6% |
| Financial debts | 170/4 | €1,081,850 | €1,031,750 | -€50,101 | -4.6% |
| Amounts payable within one year | 42/48 | €301,238 | €385,784 | +€84,545 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €104,780 | €119,323 | +€14,543 | +13.9% |
| Financial debts | 43 | €84,555 | €33,982 | -€50,573 | -59.8% |
| Credit institutions | 430/8 | €84,555 | €33,982 | -€50,573 | -59.8% |
| Trade debts | 44 | €84,550 | €136,618 | +€52,068 | +61.6% |
| Suppliers | 440/4 | €84,550 | €136,618 | +€52,068 | +61.6% |
| Advances received on contracts in progress | 46 | €0 | €52,420 | +€52,420 | |
| Taxes, remuneration and social security | 45 | €6,553 | €24,564 | +€18,010 | +275% |
| Taxes | 450/3 | €6,553 | €23,903 | +€17,350 | +265% |
| Remuneration and social security | 454/9 | - | €660 | +€660 | |
| Other amounts payable | 47/48 | €20,799 | €18,876 | -€1,924 | -9.2% |
| Accrued charges and deferred income | 492/3 | €2,763 | €5,731 | +€2,968 | +107% |
| Turnover | 70 | €650,192 | €616,436 | -€33,756 | -5.2% |
| Non-recurring operating income | 76A | €0 | €13,784 | +€13,784 | |
| Goods, raw materials, services and sundry goods | 60/61 | €500,609 | €460,289 | -€40,320 | -8.1% |
| Remuneration, social security and pensions | 62 | - | €4,678 | +€4,678 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,615 | €88,619 | -€12,996 | -12.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €6,022 | +€6,022 | |
| Other operating charges | 640/8 | €8,797 | €16,090 | +€7,293 | +82.9% |
| Non-recurring operating charges | 66A | €1,343 | €0 | -€1,343 | -100% |
| Gross operating margin | 9900 | €164,909 | €185,464 | +€20,555 | +12.5% |
| Operating profit (loss) | 9901 | €53,154 | €70,055 | +€16,901 | +31.8% |
| Financial income | 75/76B | €5,165 | €5,694 | +€529 | +10.2% |
| Recurring financial income | 75 | €5,165 | €5,694 | +€529 | +10.2% |
| Financial charges | 65/66B | €56,975 | €43,746 | -€13,229 | -23.2% |
| Recurring financial charges | 65 | €56,975 | €43,746 | -€13,229 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €1,343 | €32,003 | +€30,659 | +2,282% |
| Transfer from deferred taxes | 780 | €226 | €323 | +€97 | +42.7% |
| Transfer to deferred taxes | 680 | - | €3,265 | +€3,265 | |
| Income taxes | 67/77 | €424 | €4,074 | +€3,650 | +861% |
| Profit (loss) for the period | 9904 | €1,146 | €24,987 | +€23,841 | +2,081% |
| Transfer from tax-exempt reserves | 789 | - | €290 | +€290 | |
| Transfer to tax-exempt reserves | 689 | - | €9,794 | +€9,794 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,146 | €15,483 | +€14,337 | +1,251% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.