STM Horses: what changed
What changed
STM Horses
NACE 46.240, Wholesale trade
filed annual accounts (NBB)
Net result for the year
-€80,451
2024 · -€459,796+€379,345
Equity
-€1.1m
2024 · -€1.1m-€27,451
Cash
€366
2024 · €0+€366
Balance sheet total
€783,061
2024 · €991,639-€208,577
Largest movements
Assets
- Stocks and contracts -€184,850
down €184,850 (-20.9%), from €882,800 to €697,950
- Tangible fixed assets -€20,623
down €20,623 (-20.7%), from €99,548 to €78,925
of which Furniture and vehicles: -€12,932
Equity and liabilities
- Other debts -€134,470
down €134,470 (-16.9%), from €796,386 to €661,916
- Profit (loss) carried forward -€80,451
down €80,451 (-7.2%), from -€1.1m to -€1.2m
- Reserves +€53,000
new in 2025: €53,000
- Short-term financial debts -€42,253
no longer reported in 2025 (was €42,253)
- Tax, wage and social debts +€23,374
up €23,374 (+724%), from €3,231 to €26,605
of which Taxes: +€14,253
Income statement
- Gross operating margin +€371,742
up €371,742 (+88.8%), from -€418,798 to -€47,056
- Staff costs -€10,839
down €10,839 (-78.4%), from €13,820 to €2,981
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€459,796
Gross operating margin
+€371,742
Staff costs
+€10,839
Depreciation
-€30
Other operating charges
+€306
Financial charges
-€3,059
Taxes
-€452
Result 2025
-€80,451
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€4,546
Investment
-€4,000
Financing
-€180
Cash 2024
€0
From operations (derived)
+€4,546
Net result for the year
-€80,451
Depreciation
+€24,623
Stocks and contracts
+€184,850
Receivables within one year
+€4,120
Deferred charges and accrued income
-€649
Trade debts
-€12,851
Tax, wage and social debts
+€23,374
Advances received
-€4,000
Other debts
-€134,470
Investment (derived)
-€4,000
Investment in fixed assets (net)
-€4,000
Financing
-€180
Debts after one year
-€7,317
Current portion of long-term debt
-€3,610
Short-term financial debts
-€42,253
Contributions, distributions and other
+€53,000
Cash 2025
€366
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €991,639 | €783,061 | -€208,577 | -21.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €99,548 | €78,925 | -€20,623 | -20.7% |
| Tangible fixed assets | 22/27 | €99,548 | €78,925 | -€20,623 | -20.7% |
| Land and buildings | 22 | €62,947 | €55,146 | -€7,801 | -12.4% |
| Plant, machinery and equipment | 23 | €7,828 | €7,939 | +€111 | +1.4% |
| Furniture and vehicles | 24 | €28,772 | €15,840 | -€12,932 | -44.9% |
| Current assets | 29/58 | €892,091 | €704,136 | -€187,955 | -21.1% |
| Stocks and contracts in progress | 3 | €882,800 | €697,950 | -€184,850 | -20.9% |
| Stocks | 30/36 | €882,800 | €697,950 | -€184,850 | -20.9% |
| Amounts receivable within one year | 40/41 | €9,291 | €5,171 | -€4,120 | -44.3% |
| Trade receivables | 40 | €0 | €5,171 | +€5,171 | |
| Other amounts receivable | 41 | €9,291 | €0 | -€9,291 | -100% |
| Cash at bank and in hand | 54/58 | €0 | €366 | +€366 | |
| Deferred charges and accrued income | 490/1 | - | €649 | +€649 | |
| Total equity and liabilities | 10/49 | €991,639 | €783,061 | -€208,577 | -21.0% |
| Equity | 10/15 | -€1,055,971 | -€1,083,422 | -€27,451 | -2.6% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | - | €53,000 | +€53,000 | |
| Distributable reserves | 133 | - | €53,000 | +€53,000 | |
| Profit (loss) carried forward | 14 | -€1,124,571 | -€1,205,022 | -€80,451 | -7.2% |
| Amounts payable | 17/49 | €2,047,610 | €1,866,484 | -€181,126 | -8.8% |
| Amounts payable after more than one year | 17 | €1,107,317 | €1,100,000 | -€7,317 | -0.7% |
| Financial debts | 170/4 | €1,107,317 | €1,100,000 | -€7,317 | -0.7% |
| Amounts payable within one year | 42/48 | €940,293 | €766,484 | -€173,809 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €10,927 | €7,317 | -€3,610 | -33.0% |
| Financial debts | 43 | €42,253 | - | -€42,253 | |
| Credit institutions | 430/8 | €42,253 | - | -€42,253 | |
| Trade debts | 44 | €83,496 | €70,645 | -€12,851 | -15.4% |
| Suppliers | 440/4 | €83,496 | €70,645 | -€12,851 | -15.4% |
| Advances received on contracts in progress | 46 | €4,000 | - | -€4,000 | |
| Taxes, remuneration and social security | 45 | €3,231 | €26,605 | +€23,374 | +724% |
| Taxes | 450/3 | - | €14,253 | +€14,253 | |
| Remuneration and social security | 454/9 | €3,231 | €12,352 | +€9,121 | +282% |
| Other amounts payable | 47/48 | €796,386 | €661,916 | -€134,470 | -16.9% |
| Non-recurring operating income | 76A | - | €23,479 | +€23,479 | |
| Remuneration, social security and pensions | 62 | €13,820 | €2,981 | -€10,839 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,592 | €24,623 | +€30 | +0.1% |
| Other operating charges | 640/8 | €2,121 | €1,815 | -€306 | -14.4% |
| Gross operating margin | 9900 | -€418,798 | -€47,056 | +€371,742 | +88.8% |
| Operating profit (loss) | 9901 | -€459,331 | -€76,474 | +€382,857 | +83.4% |
| Financial charges | 65/66B | €466 | €3,525 | +€3,059 | +657% |
| Recurring financial charges | 65 | €466 | €3,525 | +€3,059 | +657% |
| Profit (loss) for the period before taxes | 9903 | -€459,796 | -€79,999 | +€379,797 | +82.6% |
| Income taxes | 67/77 | - | €452 | +€452 | |
| Profit (loss) for the period | 9904 | -€459,796 | -€80,451 | +€379,345 | +82.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€459,796 | -€80,451 | +€379,345 | +82.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.