Stud 111: 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
Stud 111
NACE 01.430, Raising of horses and other equines
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€395,356
2024 · -€54,711-€340,645
Equity
€5.3m
2024 · €5.7m-€395,356
Cash
€35,314
2024 · €128,312-€92,998
Balance sheet total
€7.6m
2024 · €7.4m+€194,676
Largest movements
Assets
- Stocks and contracts +€365,052
up €365,052 (+6.6%), from €5.5m to €5.9m
- Cash -€92,998
down €92,998 (-72.5%), from €128,312 to €35,314
mainly Net result for the year (-€395,356) and Stocks and contracts (-€365,052)
Equity and liabilities
- Debts after one year +€409,880
up €409,880 (+36.3%), from €1.1m to €1.5m
- Profit (loss) carried forward -€395,356
down €395,356 (-34.3%), from -€1.2m to -€1.5m
- Other debts +€386,118
up €386,118 (+15444.7%), from €2,500 to €388,618
- Trade debts -€148,582
down €148,582 (-36.9%), from €402,759 to €254,178
Income statement
- Gross operating margin -€345,277
down €345,277 (-64.2%), from €538,226 to €192,950
- Financial income +€26,265
up €26,265 (+1238.6%), from €2,121 to €28,386
- Depreciation +€23,493
up €23,493 (+12.4%), from €189,942 to €213,435
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
-€54,711
Gross operating margin
-€345,277
Staff costs
-€907
Depreciation
-€23,493
Other operating charges
+€114
Other operating items
+€2,898
Financial income
+€26,265
Financial charges
-€245
Result 2025
-€395,356
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.
From operations
-€321,007
Investment
-€181,872
Financing
+€409,880
Cash 2024
€128,312
From operations (derived)
-€321,007
Net result for the year
-€395,356
Depreciation
+€213,435
Stocks and contracts
-€365,052
Receivables within one year
+€54,335
Deferred charges and accrued income
-€8,521
Trade debts
-€148,582
Tax, wage and social debts
+€2,246
Other debts
+€386,118
Accrued charges and deferred income
-€59,630
Investment (derived)
-€181,872
Investment in fixed assets (net)
-€181,872
Financing
+€409,880
Debts after one year
+€409,880
Cash 2025
€35,314
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,388,066 | €7,582,742 | +€194,676 | +2.6% |
| Fixed assets | 21/28 | €1,350,701 | €1,319,138 | -€31,563 | -2.3% |
| Intangible fixed assets | 21 | €11,993 | €9,543 | -€2,450 | -20.4% |
| Tangible fixed assets | 22/27 | €1,338,707 | €1,309,594 | -€29,113 | -2.2% |
| Land and buildings | 22 | €879,242 | €908,448 | +€29,206 | +3.3% |
| Plant, machinery and equipment | 23 | €137,428 | €118,026 | -€19,401 | -14.1% |
| Furniture and vehicles | 24 | €322,038 | €283,120 | -€38,918 | -12.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €6,037,365 | €6,263,604 | +€226,239 | +3.7% |
| Stocks and contracts in progress | 3 | €5,540,280 | €5,905,332 | +€365,052 | +6.6% |
| Stocks | 30/36 | €5,540,280 | €5,905,332 | +€365,052 | +6.6% |
| Amounts receivable within one year | 40/41 | €340,627 | €286,292 | -€54,335 | -16.0% |
| Trade receivables | 40 | €297,785 | €251,428 | -€46,358 | -15.6% |
| Other amounts receivable | 41 | €42,842 | €34,864 | -€7,978 | -18.6% |
| Cash at bank and in hand | 54/58 | €128,312 | €35,314 | -€92,998 | -72.5% |
| Deferred charges and accrued income | 490/1 | €28,146 | €36,666 | +€8,521 | +30.3% |
| Total equity and liabilities | 10/49 | €7,388,066 | €7,582,742 | +€194,676 | +2.6% |
| Equity | 10/15 | €5,706,467 | €5,311,110 | -€395,356 | -6.9% |
| Contributions | 10/11 | €6,850,000 | €6,850,000 | = | 0.0% |
| Capital | 10 | €6,850,000 | €6,850,000 | = | 0.0% |
| Issued capital | 100 | €6,850,000 | €6,850,000 | = | 0.0% |
| Reserves | 13 | €7,941 | €7,941 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,226 | €6,226 | = | 0.0% |
| Legal reserve | 130 | €6,226 | €6,226 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,716 | €1,716 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,151,475 | -€1,546,831 | -€395,356 | -34.3% |
| Amounts payable | 17/49 | €1,681,600 | €2,271,632 | +€590,032 | +35.1% |
| Amounts payable after more than one year | 17 | €1,127,914 | €1,537,795 | +€409,880 | +36.3% |
| Financial debts | 170/4 | €1,127,914 | €1,537,795 | +€409,880 | +36.3% |
| Amounts payable within one year | 42/48 | €475,442 | €715,224 | +€239,782 | +50.4% |
| Current portion of amounts payable after more than one year | 42 | €42,500 | €42,500 | = | 0.0% |
| Trade debts | 44 | €402,759 | €254,178 | -€148,582 | -36.9% |
| Suppliers | 440/4 | €402,759 | €254,178 | -€148,582 | -36.9% |
| Taxes, remuneration and social security | 45 | €27,682 | €29,928 | +€2,246 | +8.1% |
| Taxes | 450/3 | €288 | €2,060 | +€1,772 | +614.7% |
| Remuneration and social security | 454/9 | €27,394 | €27,868 | +€474 | +1.7% |
| Other amounts payable | 47/48 | €2,500 | €388,618 | +€386,118 | +15444.7% |
| Accrued charges and deferred income | 492/3 | €78,244 | €18,613 | -€59,630 | -76.2% |
| Non-recurring operating income | 76A | €398,906 | €0 | -€398,906 | -100.0% |
| Remuneration, social security and pensions | 62 | €360,421 | €361,329 | +€907 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,942 | €213,435 | +€23,493 | +12.4% |
| Other operating charges | 640/8 | €6,820 | €6,706 | -€114 | -1.7% |
| Non-recurring operating charges | 66A | €2,898 | €0 | -€2,898 | -100.0% |
| Gross operating margin | 9900 | €538,226 | €192,950 | -€345,277 | -64.2% |
| Operating profit (loss) | 9901 | -€21,855 | -€388,520 | -€366,665 | -1677.7% |
| Financial income | 75/76B | €2,121 | €28,386 | +€26,265 | +1238.6% |
| Recurring financial income | 75 | €2,121 | €28,386 | +€26,265 | +1238.6% |
| Financial charges | 65/66B | €34,977 | €35,222 | +€245 | +0.7% |
| Recurring financial charges | 65 | €34,977 | €35,222 | +€245 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€54,711 | -€395,356 | -€340,645 | -622.6% |
| Profit (loss) for the period | 9904 | -€54,711 | -€395,356 | -€340,645 | -622.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,711 | -€395,356 | -€340,645 | -622.6% |
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 10 October 2026 via checked.be.