GOLDEN MILE: what changed
GOLDEN MILE
Largest movements
- Cash -€695,424
down €695,424 (-70.0%), from €992,769 to €297,346
mainly Contributions, distributions and other (-€13.0m) and Current investments (-€649,122)
- Current investments +€649,122
up €649,122 (+25.5%), from €2.5m to €3.2m
- Financial fixed assets +€361,937
up €361,937 (+4.8%), from €7.5m to €7.9m
- Reserves -€12.7m
down €12.7m (-96.7%), from €13.1m to €430,347
of which Distributable reserves: -€12.7m
- Other debts +€11.2m
new in 2025: €11.2m
- Tax, wage and social debts +€1.8m
new in 2025: €1.8m
- Financial income -€902,826
down €902,826 (-71.1%), from €1.3m to €367,714
- Financial charges +€40,246
up €40,246 (+8,556%), from €470 to €40,717
of which Non-recurring financial charges: +€21,463
- Gross operating margin -€1,575
down €1,575 (-40.7%), from -€3,868 to -€5,444
- Other operating charges -€144
down €144 (-10.7%), from €1,351 to €1,206
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,190,942 | €14,510,814 | +€319,872 | +2.3% |
| Fixed assets | 21/28 | €7,508,053 | €7,869,990 | +€361,937 | +4.8% |
| Financial fixed assets | 28 | €7,508,053 | €7,869,990 | +€361,937 | +4.8% |
| Current assets | 29/58 | €6,682,888 | €6,640,824 | -€42,065 | -0.6% |
| Amounts receivable within one year | 40/41 | €3,140,171 | €3,144,409 | +€4,237 | +0.1% |
| Other amounts receivable | 41 | €3,140,171 | €3,144,409 | +€4,237 | +0.1% |
| Current investments | 50/53 | €2,549,948 | €3,199,069 | +€649,122 | +25.5% |
| Cash at bank and in hand | 54/58 | €992,769 | €297,346 | -€695,424 | -70.0% |
| Total equity and liabilities | 10/49 | €14,190,942 | €14,510,814 | +€319,872 | +2.3% |
| Equity | 10/15 | €14,189,209 | €1,530,347 | -€12.7m | -89.2% |
| Contributions | 10/11 | €1,100,000 | €1,100,000 | = | 0.0% |
| Capital | 10 | €1,100,000 | €1,100,000 | = | 0.0% |
| Issued capital | 100 | €1,100,000 | €1,100,000 | = | 0.0% |
| Reserves | 13 | €13,089,209 | €430,347 | -€12.7m | -96.7% |
| Non-distributable reserves | 130/1 | €110,000 | €110,000 | = | 0.0% |
| Legal reserve | 130 | €110,000 | €110,000 | = | 0.0% |
| Distributable reserves | 133 | €12,979,209 | €320,347 | -€12.7m | -97.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,732 | €12,980,467 | +€13.0m | +749,311% |
| Amounts payable within one year | 42/48 | €1,262 | €12,980,467 | +€13.0m | +1,028,325% |
| Trade debts | 44 | €1,262 | €1,257 | -€5 | -0.4% |
| Suppliers | 440/4 | €1,262 | €1,257 | -€5 | -0.4% |
| Taxes, remuneration and social security | 45 | - | €1,752,193 | +€1.8m | |
| Taxes | 450/3 | - | €1,752,193 | +€1.8m | |
| Other amounts payable | 47/48 | - | €11,227,016 | +€11.2m | |
| Accrued charges and deferred income | 492/3 | €470 | - | -€470 | |
| Other operating charges | 640/8 | €1,351 | €1,206 | -€144 | -10.7% |
| Gross operating margin | 9900 | -€3,868 | -€5,444 | -€1,575 | -40.7% |
| Operating profit (loss) | 9901 | -€5,219 | -€6,650 | -€1,431 | -27.4% |
| Financial income | 75/76B | €1,270,539 | €367,714 | -€902,826 | -71.1% |
| Recurring financial income | 75 | €1,270,539 | €367,714 | -€902,826 | -71.1% |
| Financial charges | 65/66B | €470 | €40,717 | +€40,246 | +8,556% |
| Recurring financial charges | 65 | €470 | €19,254 | +€18,783 | +3,993% |
| Non-recurring financial charges | 66B | - | €21,463 | +€21,463 | |
| Profit (loss) for the period before taxes | 9903 | €1,264,850 | €320,347 | -€944,503 | -74.7% |
| Profit (loss) for the period | 9904 | €1,264,850 | €320,347 | -€944,503 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,264,850 | €320,347 | -€944,503 | -74.7% |
Next steps
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 5 November 2026 via checked.be.