GOLD 50: 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.
GOLD 50
Largest movements
- Stocks and contracts +€119,586
up €119,586 (+68.6%), from €174,306 to €293,893
- Receivables within one year +€92,826
up €92,826 (+2,195%), from €4,230 to €97,055
of which Trade receivables: +€92,741
- Tangible fixed assets -€34,512
down €34,512 (-25.4%), from €135,689 to €101,177
of which Land and buildings: -€20,754
- Cash -€33,617
down €33,617 (-16.9%), from €198,349 to €164,732
mainly Stocks and contracts (-€119,586) and Receivables within one year (-€92,826)
- Deferred charges and accrued income +€8,605
up €8,605 (+1,330%), from €647 to €9,252
- Trade debts +€123,124
up €123,124 (+386%), from €31,882 to €155,006
- Reserves +€32,876
up €32,876 (+20.4%), from €161,322 to €194,197
of which Distributable reserves: +€32,876
- Tax, wage and social debts +€16,427
up €16,427 (+27.9%), from €58,963 to €75,390
of which Taxes: +€14,437
- Debts after one year -€14,933
down €14,933 (-17.6%), from €84,622 to €69,688
- Staff costs +€20,895
up €20,895 (+40.6%), from €51,415 to €72,310
- Gross operating margin +€16,554
up €16,554 (+10.6%), from €155,514 to €172,068
- Financial charges -€2,150
down €2,150 (-31.9%), from €6,737 to €4,587
- Taxes -€1,890
down €1,890 (-9.5%), from €19,851 to €17,961
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €513,222 | €666,109 | +€152,888 | +29.8% |
| Fixed assets | 21/28 | €135,689 | €101,177 | -€34,512 | -25.4% |
| Tangible fixed assets | 22/27 | €135,689 | €101,177 | -€34,512 | -25.4% |
| Land and buildings | 22 | €92,156 | €71,402 | -€20,754 | -22.5% |
| Plant, machinery and equipment | 23 | - | €2,893 | +€2,893 | |
| Furniture and vehicles | 24 | €43,534 | €26,882 | -€16,651 | -38.2% |
| Current assets | 29/58 | €377,532 | €564,932 | +€187,400 | +49.6% |
| Stocks and contracts in progress | 3 | €174,306 | €293,893 | +€119,586 | +68.6% |
| Stocks | 30/36 | €174,306 | €293,893 | +€119,586 | +68.6% |
| Amounts receivable within one year | 40/41 | €4,230 | €97,055 | +€92,826 | +2,195% |
| Trade receivables | 40 | €3,443 | €96,184 | +€92,741 | +2,694% |
| Other amounts receivable | 41 | €787 | €871 | +€84 | +10.7% |
| Cash at bank and in hand | 54/58 | €198,349 | €164,732 | -€33,617 | -16.9% |
| Deferred charges and accrued income | 490/1 | €647 | €9,252 | +€8,605 | +1,330% |
| Total equity and liabilities | 10/49 | €513,222 | €666,109 | +€152,888 | +29.8% |
| Equity | 10/15 | €257,626 | €290,502 | +€32,876 | +12.8% |
| Contributions | 10/11 | €65,987 | €65,987 | = | 0.0% |
| Reserves | 13 | €161,322 | €194,197 | +€32,876 | +20.4% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €156,322 | €189,197 | +€32,876 | +21.0% |
| Profit (loss) carried forward | 14 | €30,318 | €30,318 | = | 0.0% |
| Amounts payable | 17/49 | €255,596 | €375,608 | +€120,012 | +47.0% |
| Amounts payable after more than one year | 17 | €84,622 | €69,688 | -€14,933 | -17.6% |
| Financial debts | 170/4 | €84,622 | €69,688 | -€14,933 | -17.6% |
| Amounts payable within one year | 42/48 | €170,974 | €305,919 | +€134,945 | +78.9% |
| Current portion of amounts payable after more than one year | 42 | €14,933 | €14,933 | = | 0.0% |
| Trade debts | 44 | €31,882 | €155,006 | +€123,124 | +386% |
| Suppliers | 440/4 | €31,882 | €155,006 | +€123,124 | +386% |
| Taxes, remuneration and social security | 45 | €58,963 | €75,390 | +€16,427 | +27.9% |
| Taxes | 450/3 | €50,168 | €64,606 | +€14,437 | +28.8% |
| Remuneration and social security | 454/9 | €8,795 | €10,784 | +€1,989 | +22.6% |
| Other amounts payable | 47/48 | €65,195 | €60,590 | -€4,605 | -7.1% |
| Remuneration, social security and pensions | 62 | €51,415 | €72,310 | +€20,895 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,325 | €40,780 | +€455 | +1.1% |
| Other operating charges | 640/8 | €2,666 | €2,499 | -€168 | -6.3% |
| Non-recurring operating charges | 66A | - | €1,084 | +€1,084 | |
| Gross operating margin | 9900 | €155,514 | €172,068 | +€16,554 | +10.6% |
| Operating profit (loss) | 9901 | €61,107 | €55,395 | -€5,712 | -9.3% |
| Financial income | 75/76B | €1 | €28 | +€27 | +2,058% |
| Recurring financial income | 75 | €1 | €28 | +€27 | +2,058% |
| Financial charges | 65/66B | €6,737 | €4,587 | -€2,150 | -31.9% |
| Recurring financial charges | 65 | €6,737 | €4,587 | -€2,150 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €54,371 | €50,837 | -€3,535 | -6.5% |
| Income taxes | 67/77 | €19,851 | €17,961 | -€1,890 | -9.5% |
| Profit (loss) for the period | 9904 | €34,521 | €32,876 | -€1,645 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,521 | €32,876 | -€1,645 | -4.8% |
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 20 October 2026 via checked.be.