Golden Hour: 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 Hour
Largest movements
- Cash -€2,670
down €2,670 (-31.5%), from €8,470 to €5,800
mainly Net result for the year (-€4,799) and Tax, wage and social debts (-€799)
- Tangible fixed assets -€1,637
down €1,637 (-49.0%), from €3,338 to €1,701
of which Plant, machinery and equipment: -€937
- Receivables within one year +€623
new in 2025: €623
of which Trade receivables: +€424
- Reserves -€4,799
down €4,799 (-59.3%), from €8,099 to €3,300
- Other debts +€1,267
up €1,267 (+59.6%), from €2,127 to €3,394
- Tax, wage and social debts -€799
no longer reported in 2025 (was €799)
- Accrued charges and deferred income +€420
new in 2025: €420
- Trade debts +€228
up €228 (+33.3%), from €683 to €911
- Gross operating margin +€9,806
up €9,806 (+79.5%), from -€12,339 to -€2,533
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 | €11,808 | €8,125 | -€3,683 | -31.2% |
| Fixed assets | 21/28 | €3,338 | €1,701 | -€1,637 | -49.0% |
| Tangible fixed assets | 22/27 | €3,338 | €1,701 | -€1,637 | -49.0% |
| Plant, machinery and equipment | 23 | €937 | - | -€937 | |
| Furniture and vehicles | 24 | €2,401 | €1,701 | -€700 | -29.2% |
| Current assets | 29/58 | €8,470 | €6,424 | -€2,046 | -24.2% |
| Amounts receivable within one year | 40/41 | - | €623 | +€623 | |
| Trade receivables | 40 | - | €424 | +€424 | |
| Other amounts receivable | 41 | - | €200 | +€200 | |
| Cash at bank and in hand | 54/58 | €8,470 | €5,800 | -€2,670 | -31.5% |
| Total equity and liabilities | 10/49 | €11,808 | €8,125 | -€3,683 | -31.2% |
| Equity | 10/15 | €8,199 | €3,400 | -€4,799 | -58.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €8,099 | €3,300 | -€4,799 | -59.3% |
| Distributable reserves | 133 | €8,099 | €3,300 | -€4,799 | -59.3% |
| Amounts payable | 17/49 | €3,609 | €4,725 | +€1,116 | +30.9% |
| Amounts payable within one year | 42/48 | €3,609 | €4,305 | +€696 | +19.3% |
| Trade debts | 44 | €683 | €911 | +€228 | +33.3% |
| Suppliers | 440/4 | €683 | €911 | +€228 | +33.3% |
| Taxes, remuneration and social security | 45 | €799 | - | -€799 | |
| Taxes | 450/3 | €799 | - | -€799 | |
| Other amounts payable | 47/48 | €2,127 | €3,394 | +€1,267 | +59.6% |
| Accrued charges and deferred income | 492/3 | - | €420 | +€420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667 | €1,637 | -€31 | -1.9% |
| Other operating charges | 640/8 | €528 | €564 | +€37 | +6.9% |
| Gross operating margin | 9900 | -€12,339 | -€2,533 | +€9,806 | +79.5% |
| Operating profit (loss) | 9901 | -€14,534 | -€4,734 | +€9,801 | +67.4% |
| Financial charges | 65/66B | €73 | €65 | -€8 | -11.0% |
| Recurring financial charges | 65 | €73 | €65 | -€8 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,608 | -€4,799 | +€9,809 | +67.1% |
| Profit (loss) for the period | 9904 | -€14,608 | -€4,799 | +€9,809 | +67.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,608 | -€4,799 | +€9,809 | +67.1% |
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 30 October 2026 via checked.be.