GOLDEN CUP: 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.
GOLDEN CUP
Largest movements
- Cash -€198,607
down €198,607 (-29.6%), from €671,641 to €473,034
mainly Contributions, distributions and other (-€360,000) and Short-term financial debts (-€150,000)
- Stocks and contracts -€183,543
down €183,543 (-55.0%), from €333,633 to €150,089
- Receivables within one year +€25,710
up €25,710 (+10.2%), from €252,973 to €278,683
of which Other amounts receivable: +€28,203
- Tangible fixed assets +€22,897
up €22,897 (+6.4%), from €359,134 to €382,032
of which Other tangible fixed assets: +€29,144
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Trade debts -€128,484
down €128,484 (-63.6%), from €202,080 to €73,596
- Other debts -€74,422
down €74,422 (-14.6%), from €511,235 to €436,813
- Current portion of long-term debt +€18,449
up €18,449 (+17.5%), from €105,651 to €124,100
- Staff costs +€111,603
up €111,603 (+29.6%), from €377,605 to €489,208
- Taxes -€36,036
down €36,036 (-20.5%), from €175,925 to €139,890
- Depreciation +€21,219
up €21,219 (+44.9%), from €47,287 to €68,506
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 | €1,732,317 | €1,400,828 | -€331,489 | -19.1% |
| Fixed assets | 21/28 | €452,059 | €465,063 | +€13,004 | +2.9% |
| Intangible fixed assets | 21 | €76,740 | €66,846 | -€9,893 | -12.9% |
| Tangible fixed assets | 22/27 | €359,134 | €382,032 | +€22,897 | +6.4% |
| Land and buildings | 22 | €13,650 | €8,364 | -€5,286 | -38.7% |
| Plant, machinery and equipment | 23 | €4,355 | €1,570 | -€2,785 | -63.9% |
| Furniture and vehicles | 24 | €36,001 | €37,825 | +€1,824 | +5.1% |
| Other tangible fixed assets | 26 | €305,128 | €334,272 | +€29,144 | +9.6% |
| Financial fixed assets | 28 | €16,185 | €16,185 | = | 0.0% |
| Current assets | 29/58 | €1,280,258 | €935,765 | -€344,493 | -26.9% |
| Stocks and contracts in progress | 3 | €333,633 | €150,089 | -€183,543 | -55.0% |
| Stocks | 30/36 | €333,633 | €150,089 | -€183,543 | -55.0% |
| Amounts receivable within one year | 40/41 | €252,973 | €278,683 | +€25,710 | +10.2% |
| Trade receivables | 40 | €174,557 | €172,063 | -€2,493 | -1.4% |
| Other amounts receivable | 41 | €78,416 | €106,620 | +€28,203 | +36.0% |
| Cash at bank and in hand | 54/58 | €671,641 | €473,034 | -€198,607 | -29.6% |
| Deferred charges and accrued income | 490/1 | €22,011 | €33,959 | +€11,947 | +54.3% |
| Total equity and liabilities | 10/49 | €1,732,317 | €1,400,828 | -€331,489 | -19.1% |
| Equity | 10/15 | €441,405 | €443,919 | +€2,513 | +0.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €11,700 | €11,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,500 | €5,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €367,705 | €370,219 | +€2,513 | +0.7% |
| Amounts payable | 17/49 | €1,290,912 | €956,909 | -€334,002 | -25.9% |
| Amounts payable after more than one year | 17 | €162,397 | €175,142 | +€12,745 | +7.8% |
| Financial debts | 170/4 | €162,397 | €175,142 | +€12,745 | +7.8% |
| Amounts payable within one year | 42/48 | €1,128,515 | €781,767 | -€346,747 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €105,651 | €124,100 | +€18,449 | +17.5% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €202,080 | €73,596 | -€128,484 | -63.6% |
| Suppliers | 440/4 | €202,080 | €73,596 | -€128,484 | -63.6% |
| Taxes, remuneration and social security | 45 | €159,549 | €147,258 | -€12,290 | -7.7% |
| Taxes | 450/3 | €124,395 | €91,011 | -€33,385 | -26.8% |
| Remuneration and social security | 454/9 | €35,153 | €56,248 | +€21,094 | +60.0% |
| Other amounts payable | 47/48 | €511,235 | €436,813 | -€74,422 | -14.6% |
| Remuneration, social security and pensions | 62 | €377,605 | €489,208 | +€111,603 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,287 | €68,506 | +€21,219 | +44.9% |
| Other operating charges | 640/8 | €26,688 | €30,147 | +€3,459 | +13.0% |
| Gross operating margin | 9900 | €1,137,149 | €1,128,987 | -€8,162 | -0.7% |
| Operating profit (loss) | 9901 | €685,569 | €541,125 | -€144,443 | -21.1% |
| Financial income | 75/76B | €457 | €426 | -€31 | -6.7% |
| Recurring financial income | 75 | €457 | €426 | -€31 | -6.7% |
| Financial charges | 65/66B | €36,261 | €39,148 | +€2,887 | +8.0% |
| Recurring financial charges | 65 | €36,261 | €39,148 | +€2,887 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €649,764 | €502,403 | -€147,361 | -22.7% |
| Income taxes | 67/77 | €175,925 | €139,890 | -€36,036 | -20.5% |
| Profit (loss) for the period | 9904 | €473,839 | €362,513 | -€111,326 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €473,839 | €362,513 | -€111,326 | -23.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.