GOLD SWAN: what changed
What changed
GOLD SWAN
filed annual accounts (NBB)
Net result for the year
€65,735
2024 · -€9,607+€75,342
Equity
€953,089
2024 · €887,354+€65,735
Cash
€352,039
2024 · €157,628+€194,411
Balance sheet total
€1.8m
2024 · €1.8m+€61,026
Largest movements
Assets
- Cash +€194,411
up €194,411 (+123%), from €157,628 to €352,039
mainly Depreciation (+€131,040) and Net result for the year (+€65,735)
- Tangible fixed assets -€131,040
down €131,040 (-8.2%), from €1.6m to €1.5m
Equity and liabilities
- Profit (loss) carried forward +€83,992
up €83,992 (+8.3%), from -€1.0m to -€924,493
- Reserves -€18,257
down €18,257 (-2.5%), from €733,839 to €715,582
of which Tax-exempt reserves: -€18,257
Income statement
- Gross operating margin +€72,112
up €72,112 (+41.6%), from €173,234 to €245,346
- Financial charges -€3,175
down €3,175 (-9.7%), from €32,619 to €29,444
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
-€9,607
Gross operating margin
+€72,112
Other operating charges
-€1,000
Financial income
+€1,054
Financial charges
+€3,175
Result 2025
€65,735
raises the resultlowers the result
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
+€194,411
Investment
€0
Financing
€0
Cash 2024
€157,628
From operations (derived)
+€194,411
Net result for the year
+€65,735
Depreciation
+€131,040
Receivables within one year
-€5,656
Deferred charges and accrued income
+€8,000
Provisions
-€9,401
Trade debts
+€4,720
Accrued charges and deferred income
-€27
Cash 2025
€352,039
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,762,674 | €1,823,700 | +€61,026 | +3.5% |
| Fixed assets | 21/28 | €1,595,438 | €1,464,398 | -€131,040 | -8.2% |
| Tangible fixed assets | 22/27 | €1,595,438 | €1,464,398 | -€131,040 | -8.2% |
| Land and buildings | 22 | €1,595,438 | €1,464,398 | -€131,040 | -8.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €167,236 | €359,302 | +€192,066 | +115% |
| Amounts receivable within one year | 40/41 | €1,608 | €7,263 | +€5,656 | +352% |
| Trade receivables | 40 | - | €4,732 | +€4,732 | |
| Other amounts receivable | 41 | €1,608 | €2,532 | +€924 | +57.5% |
| Cash at bank and in hand | 54/58 | €157,628 | €352,039 | +€194,411 | +123% |
| Deferred charges and accrued income | 490/1 | €8,000 | €0 | -€8,000 | -100% |
| Total equity and liabilities | 10/49 | €1,762,674 | €1,823,700 | +€61,026 | +3.5% |
| Equity | 10/15 | €887,354 | €953,089 | +€65,735 | +7.4% |
| Contributions | 10/11 | €1,162,000 | €1,162,000 | = | 0.0% |
| Capital | 10 | €1,162,000 | €1,162,000 | = | 0.0% |
| Issued capital | 100 | €1,162,000 | €1,162,000 | = | 0.0% |
| Reserves | 13 | €733,839 | €715,582 | -€18,257 | -2.5% |
| Non-distributable reserves | 130/1 | €166,940 | €166,940 | = | 0.0% |
| Legal reserve | 130 | €116,200 | €116,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50,740 | €50,740 | = | 0.0% |
| Tax-exempt reserves | 132 | €133,200 | €114,943 | -€18,257 | -13.7% |
| Distributable reserves | 133 | €433,699 | €433,699 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,008,485 | -€924,493 | +€83,992 | +8.3% |
| Provisions and deferred taxes | 16 | €55,230 | €45,829 | -€9,401 | -17.0% |
| Deferred taxes | 168 | €55,230 | €45,829 | -€9,401 | -17.0% |
| Amounts payable | 17/49 | €820,090 | €824,782 | +€4,692 | +0.6% |
| Amounts payable after more than one year | 17 | €300,000 | €300,000 | = | 0.0% |
| Financial debts | 170/4 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €500,012 | €504,732 | +€4,720 | +0.9% |
| Trade debts | 44 | €12 | €4,732 | +€4,720 | +39,004% |
| Suppliers | 440/4 | €12 | €4,732 | +€4,720 | +39,004% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €500,000 | €500,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €20,078 | €20,050 | -€27 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,040 | €131,040 | = | 0.0% |
| Other operating charges | 640/8 | €30,608 | €31,608 | +€1,000 | +3.3% |
| Gross operating margin | 9900 | €173,234 | €245,346 | +€72,112 | +41.6% |
| Operating profit (loss) | 9901 | €11,586 | €82,698 | +€71,112 | +614% |
| Financial income | 75/76B | €2,026 | €3,080 | +€1,054 | +52.1% |
| Recurring financial income | 75 | €2,026 | €3,080 | +€1,054 | +52.1% |
| Financial charges | 65/66B | €32,619 | €29,444 | -€3,175 | -9.7% |
| Recurring financial charges | 65 | €32,619 | €29,444 | -€3,175 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,007 | €56,334 | +€75,342 | |
| Transfer from deferred taxes | 780 | €9,401 | €9,401 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€9,607 | €65,735 | +€75,342 | |
| Transfer from tax-exempt reserves | 789 | €18,257 | €18,257 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,650 | €83,992 | +€75,342 | +871% |
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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 6 November 2026 via checked.be.