STALLION EXPRESS: 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.
STALLION EXPRESS
Largest movements
- Receivables within one year +€34,228
up €34,228 (+160.3%), from €21,348 to €55,577
of which Trade receivables: +€37,695
- Tangible fixed assets +€3,565
up €3,565 (+2.6%), from €138,937 to €142,502
of which Furniture and vehicles: +€8,654
- Cash -€3,282
down €3,282 (-14.4%), from €22,868 to €19,586
mainly Receivables within one year (-€34,228) and Investment in fixed assets (net) (-€12,349)
- Trade debts +€25,784
up €25,784 (+269.7%), from €9,559 to €35,344
- Debts after one year -€12,037
down €12,037 (-22.1%), from €54,528 to €42,492
- Profit (loss) carried forward +€10,148
up €10,148 (+11.3%), from €89,796 to €99,944
- Other debts +€6,314
up €6,314 (+77.8%), from €8,117 to €14,431
- Tax, wage and social debts +€3,898
up €3,898 (+1559.0%), from €250 to €4,148
of which Taxes: +€3,398
- Gross operating margin +€8,606
up €8,606 (+48.1%), from €17,891 to €26,497
- Taxes +€2,791
up €2,791 (+221.0%), from €1,263 to €4,054
- Depreciation +€919
up €919 (+12.2%), from €7,515 to €8,434
- Financial charges -€357
down €357 (-14.2%), from €2,521 to €2,164
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 | €184,044 | €218,455 | +€34,411 | +18.7% |
| Fixed assets | 21/28 | €138,937 | €142,852 | +€3,915 | +2.8% |
| Tangible fixed assets | 22/27 | €138,937 | €142,502 | +€3,565 | +2.6% |
| Land and buildings | 22 | €138,219 | €133,130 | -€5,089 | -3.7% |
| Furniture and vehicles | 24 | €718 | €9,372 | +€8,654 | +1204.7% |
| Financial fixed assets | 28 | - | €350 | +€350 | |
| Current assets | 29/58 | €45,107 | €75,602 | +€30,496 | +67.6% |
| Amounts receivable within one year | 40/41 | €21,348 | €55,577 | +€34,228 | +160.3% |
| Trade receivables | 40 | €11,183 | €48,878 | +€37,695 | +337.1% |
| Other amounts receivable | 41 | €10,166 | €6,699 | -€3,467 | -34.1% |
| Cash at bank and in hand | 54/58 | €22,868 | €19,586 | -€3,282 | -14.4% |
| Deferred charges and accrued income | 490/1 | €891 | €440 | -€451 | -50.6% |
| Total equity and liabilities | 10/49 | €184,044 | €218,455 | +€34,411 | +18.7% |
| Equity | 10/15 | €97,856 | €108,004 | +€10,148 | +10.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,796 | €99,944 | +€10,148 | +11.3% |
| Amounts payable | 17/49 | €86,188 | €110,451 | +€24,263 | +28.2% |
| Amounts payable after more than one year | 17 | €54,528 | €42,492 | -€12,037 | -22.1% |
| Financial debts | 170/4 | €54,528 | €42,492 | -€12,037 | -22.1% |
| Amounts payable within one year | 42/48 | €31,651 | €67,959 | +€36,309 | +114.7% |
| Current portion of amounts payable after more than one year | 42 | €13,724 | €14,037 | +€313 | +2.3% |
| Trade debts | 44 | €9,559 | €35,344 | +€25,784 | +269.7% |
| Suppliers | 440/4 | €9,559 | €35,344 | +€25,784 | +269.7% |
| Taxes, remuneration and social security | 45 | €250 | €4,148 | +€3,898 | +1559.0% |
| Taxes | 450/3 | €250 | €3,648 | +€3,398 | +1359.0% |
| Remuneration and social security | 454/9 | - | €500 | +€500 | |
| Other amounts payable | 47/48 | €8,117 | €14,431 | +€6,314 | +77.8% |
| Accrued charges and deferred income | 492/3 | €9 | - | -€9 | |
| Non-recurring operating income | 76A | - | €3,423 | +€3,423 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,515 | €8,434 | +€919 | +12.2% |
| Other operating charges | 640/8 | €1,567 | €1,616 | +€49 | +3.1% |
| Non-recurring operating charges | 66A | €0 | €159 | +€158 | +75471.4% |
| Gross operating margin | 9900 | €17,891 | €26,497 | +€8,606 | +48.1% |
| Operating profit (loss) | 9901 | €8,809 | €16,289 | +€7,480 | +84.9% |
| Financial income | 75/76B | €27 | €78 | +€50 | +183.2% |
| Recurring financial income | 75 | €27 | €78 | +€50 | +183.2% |
| Financial charges | 65/66B | €2,521 | €2,164 | -€357 | -14.2% |
| Recurring financial charges | 65 | €2,521 | €2,164 | -€357 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €6,315 | €14,202 | +€7,887 | +124.9% |
| Income taxes | 67/77 | €1,263 | €4,054 | +€2,791 | +221.0% |
| Profit (loss) for the period | 9904 | €5,052 | €10,148 | +€5,096 | +100.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,052 | €10,148 | +€5,096 | +100.9% |
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 4 October 2026 via checked.be.