De Gulden Spoor: what changed
What changed
De Gulden Spoor
filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €286,101+€1.3m
Equity
€3.3m
2024 · €1.8m+€1.5m
Cash
€2.9m
2024 · €1.1m+€1.8m
Balance sheet total
€3.4m
2024 · €2.9m+€501,178
Largest movements
Assets
- Cash +€1.8m
up €1.8m (+170%), from €1.1m to €2.9m
mainly Net result for the year (+€1.5m) and Investment in fixed assets (net) (+€1.3m)
- Tangible fixed assets -€1.3m
down €1.3m (-73.2%), from €1.8m to €484,835
Equity and liabilities
- Profit (loss) carried forward +€2.2m
up €2.2m (+409%), from €527,008 to €2.7m
- Reserves -€612,027
down €612,027 (-69.2%), from €884,620 to €272,594
of which Tax-exempt reserves: -€612,027
- Debts after one year -€576,120
no longer reported in 2025 (was €576,120)
- Provisions -€338,007
down €338,007 (-79.8%), from €423,772 to €85,765
- Current portion of long-term debt -€109,582
no longer reported in 2025 (was €109,582)
Income statement
- Gross operating margin +€1.5m
up €1.5m (+311%), from €474,723 to €1.9m
- Taxes +€609,836
up €609,836 (+563%), from €108,260 to €718,097
- Depreciation -€52,338
down €52,338 (-79.7%), from €65,671 to €13,333
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
€286,101
Gross operating margin
+€1.5m
Depreciation
+€52,338
Other operating charges
+€4,819
Financial income
+€19
Financial charges
+€8,464
Taxes
-€609,836
Deferred taxes and other
+€325,114
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.2m
Investment
+€1.3m
Financing
-€685,702
Cash 2024
€1.1m
From operations (derived)
+€1.2m
Net result for the year
+€1.5m
Depreciation
+€13,333
Receivables within one year
+€9,292
Smaller working-capital items
+€928
Provisions
-€338,007
Tax, wage and social debts
-€10,297
Other debts
-€6,075
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€1.3m
Financing
-€685,702
Debts after one year
-€576,120
Current portion of long-term debt
-€109,582
Cash 2025
€2.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,912,351 | €3,413,529 | +€501,178 | +17.2% |
| Fixed assets | 21/28 | €1,811,889 | €484,835 | -€1.3m | -73.2% |
| Tangible fixed assets | 22/27 | €1,811,889 | €484,835 | -€1.3m | -73.2% |
| Land and buildings | 22 | €1,811,889 | €484,835 | -€1.3m | -73.2% |
| Current assets | 29/58 | €1,100,461 | €2,928,693 | +€1.8m | +166% |
| Amounts receivable within one year | 40/41 | €18,144 | €8,852 | -€9,292 | -51.2% |
| Trade receivables | 40 | €1,405 | €209 | -€1,196 | -85.1% |
| Other amounts receivable | 41 | €16,740 | €8,643 | -€8,097 | -48.4% |
| Cash at bank and in hand | 54/58 | €1,079,866 | €2,919,322 | +€1.8m | +170% |
| Deferred charges and accrued income | 490/1 | €2,450 | €519 | -€1,931 | -78.8% |
| Total equity and liabilities | 10/49 | €2,912,351 | €3,413,529 | +€501,178 | +17.2% |
| Equity | 10/15 | €1,783,468 | €3,325,731 | +€1.5m | +86.5% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €884,620 | €272,594 | -€612,027 | -69.2% |
| Non-distributable reserves | 130/1 | €40,627 | €40,627 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,443 | €3,443 | = | 0.0% |
| Tax-exempt reserves | 132 | €768,423 | €156,397 | -€612,027 | -79.6% |
| Distributable reserves | 133 | €75,570 | €75,570 | = | 0.0% |
| Profit (loss) carried forward | 14 | €527,008 | €2,681,297 | +€2.2m | +409% |
| Provisions and deferred taxes | 16 | €423,772 | €85,765 | -€338,007 | -79.8% |
| Deferred taxes | 168 | €423,772 | €85,765 | -€338,007 | -79.8% |
| Amounts payable | 17/49 | €705,110 | €2,033 | -€703,078 | -99.7% |
| Amounts payable after more than one year | 17 | €576,120 | - | -€576,120 | |
| Financial debts | 170/4 | €576,120 | - | -€576,120 | |
| Amounts payable within one year | 42/48 | €127,303 | €2,033 | -€125,271 | -98.4% |
| Current portion of amounts payable after more than one year | 42 | €109,582 | - | -€109,582 | |
| Trade debts | 44 | €1,349 | €2,033 | +€683 | +50.6% |
| Suppliers | 440/4 | €1,349 | €2,033 | +€683 | +50.6% |
| Taxes, remuneration and social security | 45 | €10,297 | - | -€10,297 | |
| Taxes | 450/3 | €10,297 | - | -€10,297 | |
| Other amounts payable | 47/48 | €6,075 | - | -€6,075 | |
| Accrued charges and deferred income | 492/3 | €1,687 | - | -€1,687 | |
| Non-recurring operating income | 76A | €356,256 | €1,960,279 | +€1.6m | +450% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,671 | €13,333 | -€52,338 | -79.7% |
| Other operating charges | 640/8 | €11,494 | €6,675 | -€4,819 | -41.9% |
| Gross operating margin | 9900 | €474,723 | €1,949,966 | +€1.5m | +311% |
| Operating profit (loss) | 9901 | €397,558 | €1,929,959 | +€1.5m | +385% |
| Financial income | 75/76B | €1 | €20 | +€19 | +3,409% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +3,409% |
| Financial charges | 65/66B | €16,090 | €7,627 | -€8,464 | -52.6% |
| Recurring financial charges | 65 | €16,090 | €7,627 | -€8,464 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | €381,469 | €1,922,352 | +€1.5m | +404% |
| Transfer from deferred taxes | 780 | €12,893 | €338,007 | +€325,114 | +2,522% |
| Income taxes | 67/77 | €108,260 | €718,097 | +€609,836 | +563% |
| Profit (loss) for the period | 9904 | €286,101 | €1,542,263 | +€1.3m | +439% |
| Transfer from tax-exempt reserves | 789 | €38,679 | €612,027 | +€573,348 | +1,482% |
| Profit (loss) for the period to be appropriated | 9905 | €324,780 | €2,154,290 | +€1.8m | +563% |
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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 5 November 2026 via checked.be.