T & L: 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.
What changed
T & L
NACE 01.430, Raising of horses and other equines
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€148,956
2024 · €133,902+€15,054
Equity
€3.7m
2024 · €3.6m+€148,956
Cash
€37,790
2024 · €37,612+€178
Balance sheet total
€6.1m
2024 · €6.3m-€125,781
Largest movements
Assets
- Stocks and contracts -€342,575
down €342,575 (-7.6%), from €4.5m to €4.2m
- Receivables within one year +€228,843
up €228,843 (+18.2%), from €1.3m to €1.5m
of which Trade receivables: +€165,056
Equity and liabilities
- Short-term financial debts -€665,339
down €665,339 (-55.1%), from €1.2m to €542,589
- Trade debts +€547,257
up €547,257 (+349.6%), from €156,536 to €703,792
- Debts after one year -€287,358
down €287,358 (-33.7%), from €853,177 to €565,819
- Other debts +€165,266
up €165,266 (+71.1%), from €232,588 to €397,854
- Profit (loss) carried forward +€148,956
up €148,956 (+9.5%), from €1.6m to €1.7m
Income statement
- Gross operating margin +€39,603
up €39,603 (+8.3%), from €479,774 to €519,377
- Depreciation -€35,614
down €35,614 (-37.5%), from €95,040 to €59,426
- Financial income -€28,667
down €28,667 (-47.5%), from €60,372 to €31,706
- Financial charges +€22,433
up €22,433 (+27.5%), from €81,474 to €103,908
- Taxes +€7,825
up €7,825 (+17.4%), from €45,023 to €52,849
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
€133,902
Gross operating margin
+€39,603
Staff costs
-€1,657
Depreciation
+€35,614
Other operating charges
+€419
Financial income
-€28,667
Financial charges
-€22,433
Taxes
-€7,825
Result 2025
€148,956
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
+€995,596
Investment
-€19,478
Financing
-€975,939
Cash 2024
€37,612
From operations (derived)
+€995,596
Net result for the year
+€148,956
Depreciation
+€59,426
Stocks and contracts
+€342,575
Receivables within one year
-€228,843
Deferred charges and accrued income
-€27,721
Trade debts
+€547,257
Tax, wage and social debts
-€11,369
Other debts
+€165,266
Accrued charges and deferred income
+€49
Investment (derived)
-€19,478
Investment in fixed assets (net)
-€19,478
Financing
-€975,939
Debts after one year
-€287,358
Current portion of long-term debt
-€23,242
Short-term financial debts
-€665,339
Cash 2025
€37,790
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,270,877 | €6,145,096 | -€125,781 | -2.0% |
| Fixed assets | 21/28 | €322,889 | €282,941 | -€39,948 | -12.4% |
| Tangible fixed assets | 22/27 | €322,639 | €282,691 | -€39,948 | -12.4% |
| Land and buildings | 22 | €282,497 | €244,077 | -€38,420 | -13.6% |
| Plant, machinery and equipment | 23 | €32,466 | €28,890 | -€3,575 | -11.0% |
| Furniture and vehicles | 24 | €7,677 | €9,723 | +€2,047 | +26.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €5,947,988 | €5,862,154 | -€85,833 | -1.4% |
| Stocks and contracts in progress | 3 | €4,531,175 | €4,188,600 | -€342,575 | -7.6% |
| Stocks | 30/36 | €4,531,175 | €4,188,600 | -€342,575 | -7.6% |
| Amounts receivable within one year | 40/41 | €1,260,599 | €1,489,441 | +€228,843 | +18.2% |
| Trade receivables | 40 | €126,976 | €292,031 | +€165,056 | +130.0% |
| Other amounts receivable | 41 | €1,133,623 | €1,197,410 | +€63,787 | +5.6% |
| Cash at bank and in hand | 54/58 | €37,612 | €37,790 | +€178 | +0.5% |
| Deferred charges and accrued income | 490/1 | €118,602 | €146,323 | +€27,721 | +23.4% |
| Total equity and liabilities | 10/49 | €6,270,877 | €6,145,096 | -€125,781 | -2.0% |
| Equity | 10/15 | €3,575,182 | €3,724,138 | +€148,956 | +4.2% |
| Contributions | 10/11 | €1,187,000 | €1,187,000 | = | 0.0% |
| Capital | 10 | €1,187,000 | €1,187,000 | = | 0.0% |
| Issued capital | 100 | €1,187,000 | €1,187,000 | = | 0.0% |
| Reserves | 13 | €826,700 | €826,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €118,700 | €118,700 | = | 0.0% |
| Legal reserve | 130 | €118,700 | €118,700 | = | 0.0% |
| Distributable reserves | 133 | €708,000 | €708,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,561,482 | €1,710,438 | +€148,956 | +9.5% |
| Amounts payable | 17/49 | €2,695,694 | €2,420,957 | -€274,737 | -10.2% |
| Amounts payable after more than one year | 17 | €853,177 | €565,819 | -€287,358 | -33.7% |
| Financial debts | 170/4 | €853,177 | €565,819 | -€287,358 | -33.7% |
| Amounts payable within one year | 42/48 | €1,840,184 | €1,852,757 | +€12,572 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €210,600 | €187,358 | -€23,242 | -11.0% |
| Financial debts | 43 | €1,207,927 | €542,589 | -€665,339 | -55.1% |
| Credit institutions | 430/8 | €1,207,927 | €542,589 | -€665,339 | -55.1% |
| Trade debts | 44 | €156,536 | €703,792 | +€547,257 | +349.6% |
| Suppliers | 440/4 | €156,536 | €703,792 | +€547,257 | +349.6% |
| Taxes, remuneration and social security | 45 | €32,532 | €21,164 | -€11,369 | -34.9% |
| Taxes | 450/3 | €20,263 | €4,443 | -€15,819 | -78.1% |
| Remuneration and social security | 454/9 | €12,270 | €16,720 | +€4,451 | +36.3% |
| Other amounts payable | 47/48 | €232,588 | €397,854 | +€165,266 | +71.1% |
| Accrued charges and deferred income | 492/3 | €2,333 | €2,382 | +€49 | +2.1% |
| Remuneration, social security and pensions | 62 | €176,177 | €177,834 | +€1,657 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,040 | €59,426 | -€35,614 | -37.5% |
| Other operating charges | 640/8 | €8,529 | €8,110 | -€419 | -4.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €479,774 | €519,377 | +€39,603 | +8.3% |
| Operating profit (loss) | 9901 | €200,027 | €274,007 | +€73,979 | +37.0% |
| Financial income | 75/76B | €60,372 | €31,706 | -€28,667 | -47.5% |
| Recurring financial income | 75 | €60,372 | €31,706 | -€28,667 | -47.5% |
| Financial charges | 65/66B | €81,474 | €103,908 | +€22,433 | +27.5% |
| Recurring financial charges | 65 | €81,474 | €103,908 | +€22,433 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €178,925 | €201,804 | +€22,879 | +12.8% |
| Income taxes | 67/77 | €45,023 | €52,849 | +€7,825 | +17.4% |
| Profit (loss) for the period | 9904 | €133,902 | €148,956 | +€15,054 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €133,902 | €148,956 | +€15,054 | +11.2% |
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.