ZOUTE STABLES: 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
ZOUTE STABLES
NACE 01.430, Raising of horses and other equines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€101,523
2024 · -€78,875-€22,649
Equity
€1.4m
2024 · €1.6m-€101,523
Cash
€1,170
2024 · €4,465-€3,295
Balance sheet total
€2.1m
2024 · €2.2m-€104,145
Largest movements
Assets
- Formation expenses -€78,042
down €78,042 (-33.4%), from €233,667 to €155,625
Equity and liabilities
- Profit (loss) carried forward -€93,824
down €93,824 (-181%), from -€51,821 to -€145,645
Income statement
- Gross operating margin -€35,599
down €35,599 (-74.0%), from €48,135 to €12,536
- Depreciation -€6,909
down €6,909 (-5.9%), from €117,242 to €110,333
- Taxes -€6,098
no longer reported in 2025 (was €6,098)
- Other operating charges +€1,159
up €1,159 (+19.9%), from €5,816 to €6,975
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
-€78,875
Gross operating margin
-€35,599
Depreciation
+€6,909
Other operating charges
-€1,159
Other operating items
+€1,000
Financial income
-€22
Financial charges
+€125
Taxes
+€6,098
Result 2025
-€101,523
raises the resultlowers the resultnot broken down further in the accounts
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
+€26,318
Investment
-€29,613
Financing
€0
Cash 2024
€4,465
From operations (derived)
+€26,318
Net result for the year
-€101,523
Depreciation
+€110,333
Stocks and contracts
+€17,079
Receivables within one year
+€3,051
Provisions
-€3,964
Trade debts
-€1,983
Advances received
+€636
Other debts
+€2,690
Investment (derived)
-€29,613
Investment in fixed assets (net)
-€29,613
Cash 2025
€1,170
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,219,755 | €2,115,610 | -€104,145 | -4.7% |
| Formation expenses | 20 | €233,667 | €155,625 | -€78,042 | -33.4% |
| Fixed assets | 21/28 | €1,935,100 | €1,932,422 | -€2,678 | -0.1% |
| Tangible fixed assets | 22/27 | €1,935,100 | €1,932,422 | -€2,678 | -0.1% |
| Land and buildings | 22 | €1,902,408 | €1,905,023 | +€2,616 | +0.1% |
| Plant, machinery and equipment | 23 | €23,238 | €19,701 | -€3,537 | -15.2% |
| Furniture and vehicles | 24 | €9,455 | €7,698 | -€1,757 | -18.6% |
| Current assets | 29/58 | €50,988 | €27,563 | -€23,425 | -45.9% |
| Stocks and contracts in progress | 3 | €41,829 | €24,750 | -€17,079 | -40.8% |
| Stocks | 30/36 | €41,829 | €24,750 | -€17,079 | -40.8% |
| Amounts receivable within one year | 40/41 | €4,694 | €1,643 | -€3,051 | -65.0% |
| Trade receivables | 40 | €296 | - | -€296 | |
| Other amounts receivable | 41 | €4,398 | €1,643 | -€2,755 | -62.6% |
| Cash at bank and in hand | 54/58 | €4,465 | €1,170 | -€3,295 | -73.8% |
| Total equity and liabilities | 10/49 | €2,219,755 | €2,115,610 | -€104,145 | -4.7% |
| Equity | 10/15 | €1,550,585 | €1,449,062 | -€101,523 | -6.5% |
| Contributions | 10/11 | €1,004,937 | €1,004,937 | = | 0.0% |
| Capital | 10 | €1,004,937 | €1,004,937 | = | 0.0% |
| Issued capital | 100 | €1,004,937 | €1,004,937 | = | 0.0% |
| Revaluation surpluses | 12 | €539,531 | €535,703 | -€3,827 | -0.7% |
| Reserves | 13 | €57,937 | €54,066 | -€3,871 | -6.7% |
| Non-distributable reserves | 130/1 | €4,267 | €4,267 | = | 0.0% |
| Legal reserve | 130 | €4,267 | €4,267 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,398 | €7,699 | -€7,699 | -50.0% |
| Distributable reserves | 133 | €38,273 | €42,100 | +€3,827 | +10.0% |
| Profit (loss) carried forward | 14 | -€51,821 | -€145,645 | -€93,824 | -181% |
| Provisions and deferred taxes | 16 | €7,929 | €3,964 | -€3,964 | -50.0% |
| Deferred taxes | 168 | €7,929 | €3,964 | -€3,964 | -50.0% |
| Amounts payable | 17/49 | €661,242 | €662,585 | +€1,342 | +0.2% |
| Amounts payable after more than one year | 17 | €388,000 | €388,000 | = | 0.0% |
| Financial debts | 170/4 | €388,000 | €388,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €273,242 | €274,585 | +€1,342 | +0.5% |
| Trade debts | 44 | €37,416 | €35,433 | -€1,983 | -5.3% |
| Suppliers | 440/4 | €37,416 | €35,433 | -€1,983 | -5.3% |
| Advances received on contracts in progress | 46 | - | €636 | +€636 | |
| Other amounts payable | 47/48 | €235,826 | €238,516 | +€2,690 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,242 | €110,333 | -€6,909 | -5.9% |
| Other operating charges | 640/8 | €5,816 | €6,975 | +€1,159 | +19.9% |
| Non-recurring operating charges | 66A | €1,000 | - | -€1,000 | |
| Gross operating margin | 9900 | €48,135 | €12,536 | -€35,599 | -74.0% |
| Operating profit (loss) | 9901 | -€75,924 | -€104,772 | -€28,849 | -38.0% |
| Financial income | 75/76B | €26 | €3 | -€22 | -87.5% |
| Recurring financial income | 75 | €26 | €3 | -€22 | -87.5% |
| Financial charges | 65/66B | €843 | €718 | -€125 | -14.8% |
| Recurring financial charges | 65 | €843 | €718 | -€125 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | -€76,741 | -€105,487 | -€28,746 | -37.5% |
| Transfer from deferred taxes | 780 | €3,964 | €3,964 | = | 0.0% |
| Income taxes | 67/77 | €6,098 | - | -€6,098 | |
| Profit (loss) for the period | 9904 | -€78,875 | -€101,523 | -€22,649 | -28.7% |
| Transfer from tax-exempt reserves | 789 | €7,699 | €7,699 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,176 | -€93,824 | -€22,649 | -31.8% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.