YACELO: 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
YACELO
NACE 01.430, Raising of horses and other equines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8,778
2024 · -€310,265+€301,487
Equity
€12.5m
2024 · €12.5m-€8,778
Cash
€7,154
2024 · €8,002-€849
Balance sheet total
€14.4m
2024 · €13.8m+€551,846
Largest movements
Assets
- Financial fixed assets +€320,000
up €320,000 (+18.4%), from €1.7m to €2.1m
- Receivables within one year +€197,376
up €197,376 (+2.9%), from €6.9m to €7.1m
of which Other amounts receivable: +€469,736
Equity and liabilities
- Other debts +€321,392
up €321,392 (+136%), from €237,158 to €558,550
- Current portion of long-term debt +€200,213
up €200,213 (+49.4%), from €404,909 to €605,122
Income statement
- Financial income +€653,241
up €653,241 (+452%), from €144,666 to €797,907
- Gross operating margin -€227,026
down €227,026 (-96.3%), from -€235,864 to -€462,890
- Taxes +€76,727
up €76,727, from -€9,019 to €67,708
- Staff costs +€50,878
up €50,878 (+47.4%), from €107,297 to €158,175
- Financial charges -€12,925
down €12,925 (-19.3%), from €66,853 to €53,928
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
-€310,265
Gross operating margin
-€227,026
Staff costs
-€50,878
Depreciation
-€501
Other operating charges
-€9,547
Financial income
+€653,241
Financial charges
+€12,925
Taxes
-€76,727
Result 2025
-€8,778
raises the resultlowers the result
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
+€163,327
Investment
-€364,174
Financing
+€199,998
Cash 2024
€8,002
From operations (derived)
+€163,327
Net result for the year
-€8,778
Depreciation
+€42,626
Receivables after one year
-€42,628
Stocks and contracts
-€8,450
Receivables within one year
-€197,376
Deferred charges and accrued income
+€17,307
Provisions
-€15,910
Trade debts
+€43,558
Tax, wage and social debts
+€11,585
Other debts
+€321,392
Investment (derived)
-€364,174
Investment in fixed assets (net)
-€374,198
Current investments
+€10,024
Financing
+€199,998
Debts after one year
-€5,122
Current portion of long-term debt
+€200,213
Short-term financial debts
+€4,907
Cash 2025
€7,154
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,841,996 | €14,393,842 | +€551,846 | +4.0% |
| Fixed assets | 21/28 | €3,409,758 | €3,741,330 | +€331,572 | +9.7% |
| Tangible fixed assets | 22/27 | €1,675,107 | €1,686,679 | +€11,572 | +0.7% |
| Land and buildings | 22 | €1,478,441 | €1,474,871 | -€3,570 | -0.2% |
| Plant, machinery and equipment | 23 | €100,555 | €80,812 | -€19,743 | -19.6% |
| Furniture and vehicles | 24 | €13,577 | €51,102 | +€37,524 | +276% |
| Leasing and similar rights | 25 | €82,533 | €79,894 | -€2,639 | -3.2% |
| Financial fixed assets | 28 | €1,734,651 | €2,054,651 | +€320,000 | +18.4% |
| Current assets | 29/58 | €10,432,238 | €10,652,512 | +€220,274 | +2.1% |
| Amounts receivable after more than one year | 29 | €1,200,442 | €1,243,070 | +€42,628 | +3.6% |
| Other amounts receivable | 291 | €1,200,442 | €1,243,070 | +€42,628 | +3.6% |
| Stocks and contracts in progress | 3 | €2,170,615 | €2,179,065 | +€8,450 | +0.4% |
| Stocks | 30/36 | €2,170,615 | €2,179,065 | +€8,450 | +0.4% |
| Amounts receivable within one year | 40/41 | €6,878,918 | €7,076,294 | +€197,376 | +2.9% |
| Trade receivables | 40 | €557,443 | €285,083 | -€272,360 | -48.9% |
| Other amounts receivable | 41 | €6,321,475 | €6,791,211 | +€469,736 | +7.4% |
| Current investments | 50/53 | €151,020 | €140,996 | -€10,024 | -6.6% |
| Cash at bank and in hand | 54/58 | €8,002 | €7,154 | -€849 | -10.6% |
| Deferred charges and accrued income | 490/1 | €23,241 | €5,934 | -€17,307 | -74.5% |
| Total equity and liabilities | 10/49 | €13,841,996 | €14,393,842 | +€551,846 | +4.0% |
| Equity | 10/15 | €12,512,243 | €12,503,465 | -€8,778 | -0.1% |
| Contributions | 10/11 | €9,167,794 | €9,167,794 | = | 0.0% |
| Capital | 10 | €9,167,794 | €9,167,794 | = | 0.0% |
| Issued capital | 100 | €9,167,794 | €9,167,794 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,338,248 | €3,329,471 | -€8,778 | -0.3% |
| Provisions and deferred taxes | 16 | €400,850 | €384,940 | -€15,910 | -4.0% |
| Provisions for liabilities and charges | 160/5 | €400,850 | €384,940 | -€15,910 | -4.0% |
| Environmental obligations | 163 | €400,850 | €384,940 | -€15,910 | -4.0% |
| Amounts payable | 17/49 | €928,904 | €1,505,437 | +€576,533 | +62.1% |
| Amounts payable after more than one year | 17 | €19,406 | €14,283 | -€5,122 | -26.4% |
| Financial debts | 170/4 | €19,406 | €14,283 | -€5,122 | -26.4% |
| Amounts payable within one year | 42/48 | €909,319 | €1,490,974 | +€581,655 | +64.0% |
| Current portion of amounts payable after more than one year | 42 | €404,909 | €605,122 | +€200,213 | +49.4% |
| Financial debts | 43 | €18,282 | €23,189 | +€4,907 | +26.8% |
| Credit institutions | 430/8 | €18,282 | €23,189 | +€4,907 | +26.8% |
| Trade debts | 44 | €235,349 | €278,907 | +€43,558 | +18.5% |
| Suppliers | 440/4 | €235,349 | €278,907 | +€43,558 | +18.5% |
| Taxes, remuneration and social security | 45 | €13,621 | €25,206 | +€11,585 | +85.1% |
| Taxes | 450/3 | €1,218 | €1,213 | -€5 | -0.4% |
| Remuneration and social security | 454/9 | €12,403 | €23,993 | +€11,590 | +93.4% |
| Other amounts payable | 47/48 | €237,158 | €558,550 | +€321,392 | +136% |
| Accrued charges and deferred income | 492/3 | €180 | €180 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €107,297 | €158,175 | +€50,878 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,125 | €42,626 | +€501 | +1.2% |
| Other operating charges | 640/8 | €11,810 | €21,357 | +€9,547 | +80.8% |
| Gross operating margin | 9900 | -€235,864 | -€462,890 | -€227,026 | -96.3% |
| Operating profit (loss) | 9901 | -€397,097 | -€685,049 | -€287,952 | -72.5% |
| Financial income | 75/76B | €144,666 | €797,907 | +€653,241 | +452% |
| Recurring financial income | 75 | €144,666 | €797,907 | +€653,241 | +452% |
| Financial charges | 65/66B | €66,853 | €53,928 | -€12,925 | -19.3% |
| Recurring financial charges | 65 | €66,853 | €53,928 | -€12,925 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | -€319,283 | €58,930 | +€378,213 | |
| Income taxes | 67/77 | -€9,019 | €67,708 | +€76,727 | |
| Profit (loss) for the period | 9904 | -€310,265 | -€8,778 | +€301,487 | +97.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€310,265 | -€8,778 | +€301,487 | +97.2% |
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 15 October 2026 via checked.be.