Gold King: 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 King
Largest movements
- Receivables within one year +€25,470
up €25,470 (+155%), from €16,462 to €41,932
of which Trade receivables: +€36,664
- Stocks and contracts +€21,493
up €21,493 (+66.9%), from €32,119 to €53,612
- Cash -€4,104
down €4,104 (-7.6%), from €53,860 to €49,756
mainly Receivables within one year (-€25,470) and Stocks and contracts (-€21,493)
- Tangible fixed assets -€3,815
down €3,815 (-7.2%), from €52,785 to €48,970
of which Plant, machinery and equipment: -€3,130
- Deferred charges and accrued income +€3,500
new in 2025: €3,500
- Profit (loss) carried forward +€28,879
up €28,879 (+28.1%), from €102,620 to €131,500
- Trade debts +€11,483
up €11,483 (+57.5%), from €19,968 to €31,451
- Tax, wage and social debts +€2,549
up €2,549 (+23.3%), from €10,956 to €13,505
- Gross operating margin +€15,374
up €15,374 (+41.6%), from €36,924 to €52,298
- Depreciation +€3,145
up €3,145 (+42.9%), from €7,336 to €10,481
- Financial charges +€2,699
up €2,699 (+243%), from €1,110 to €3,809
- Taxes +€2,108
up €2,108 (+33.9%), from €6,215 to €8,322
- Other operating charges -€645
down €645 (-36.8%), from €1,752 to €1,107
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 | €160,226 | €202,769 | +€42,543 | +26.6% |
| Fixed assets | 21/28 | €57,785 | €53,970 | -€3,815 | -6.6% |
| Tangible fixed assets | 22/27 | €52,785 | €48,970 | -€3,815 | -7.2% |
| Plant, machinery and equipment | 23 | €12,823 | €9,693 | -€3,130 | -24.4% |
| Furniture and vehicles | 24 | €12,759 | €15,034 | +€2,275 | +17.8% |
| Other tangible fixed assets | 26 | €27,203 | €24,243 | -€2,960 | -10.9% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €102,441 | €148,799 | +€46,358 | +45.3% |
| Stocks and contracts in progress | 3 | €32,119 | €53,612 | +€21,493 | +66.9% |
| Stocks | 30/36 | €32,119 | €53,612 | +€21,493 | +66.9% |
| Amounts receivable within one year | 40/41 | €16,462 | €41,932 | +€25,470 | +155% |
| Trade receivables | 40 | €4,760 | €41,424 | +€36,664 | +770% |
| Other amounts receivable | 41 | €11,702 | €509 | -€11,194 | -95.7% |
| Cash at bank and in hand | 54/58 | €53,860 | €49,756 | -€4,104 | -7.6% |
| Deferred charges and accrued income | 490/1 | - | €3,500 | +€3,500 | |
| Total equity and liabilities | 10/49 | €160,226 | €202,769 | +€42,543 | +26.6% |
| Equity | 10/15 | €123,080 | €151,960 | +€28,879 | +23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,620 | €131,500 | +€28,879 | +28.1% |
| Amounts payable | 17/49 | €37,145 | €50,809 | +€13,664 | +36.8% |
| Amounts payable within one year | 42/48 | €37,145 | €50,809 | +€13,664 | +36.8% |
| Trade debts | 44 | €19,968 | €31,451 | +€11,483 | +57.5% |
| Suppliers | 440/4 | €19,968 | €31,451 | +€11,483 | +57.5% |
| Taxes, remuneration and social security | 45 | €10,956 | €13,505 | +€2,549 | +23.3% |
| Taxes | 450/3 | €10,956 | €13,505 | +€2,549 | +23.3% |
| Other amounts payable | 47/48 | €6,221 | €5,853 | -€368 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,336 | €10,481 | +€3,145 | +42.9% |
| Other operating charges | 640/8 | €1,752 | €1,107 | -€645 | -36.8% |
| Gross operating margin | 9900 | €36,924 | €52,298 | +€15,374 | +41.6% |
| Operating profit (loss) | 9901 | €27,836 | €40,709 | +€12,874 | +46.2% |
| Financial income | 75/76B | €382 | €302 | -€80 | -21.0% |
| Recurring financial income | 75 | €382 | €302 | -€80 | -21.0% |
| Financial charges | 65/66B | €1,110 | €3,809 | +€2,699 | +243% |
| Recurring financial charges | 65 | €1,110 | €3,809 | +€2,699 | +243% |
| Profit (loss) for the period before taxes | 9903 | €27,107 | €37,202 | +€10,094 | +37.2% |
| Income taxes | 67/77 | €6,215 | €8,322 | +€2,108 | +33.9% |
| Profit (loss) for the period | 9904 | €20,893 | €28,879 | +€7,986 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,893 | €28,879 | +€7,986 | +38.2% |
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 20 October 2026 via checked.be.