Golden Race: what changed
Golden Race
Largest movements
- Receivables within one year -€77,795
down €77,795 (-86.5%), from €89,939 to €12,145
- Cash -€55,682
down €55,682 (-44.0%), from €126,536 to €70,854
mainly Trade debts (-€105,549) and Other debts (-€47,612)
- Deferred charges and accrued income +€5,144
up €5,144 (+236%), from €2,178 to €7,322
- Tangible fixed assets -€3,250
down €3,250 (-7.0%), from €46,321 to €43,072
of which Plant, machinery and equipment: -€8,156
- Trade debts -€105,549
down €105,549 (-95.7%), from €110,341 to €4,792
- Other debts -€47,612
down €47,612 (-86.2%), from €55,205 to €7,593
- Profit (loss) carried forward +€23,041
up €23,041 (+28.3%), from €81,375 to €104,416
- Tax, wage and social debts -€6,110
down €6,110 (-65.7%), from €9,305 to €3,195
- Accrued charges and deferred income +€5,000
new in 2025: €5,000
- Other operating charges -€12,362
down €12,362 (-30.1%), from €41,078 to €28,716
- Gross operating margin -€3,635
down €3,635 (-4.7%), from €77,361 to €73,726
- Depreciation -€2,817
down €2,817 (-19.3%), from €14,567 to €11,750
- Taxes +€1,891
up €1,891 (+29.3%), from €6,456 to €8,347
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 | €267,226 | €135,996 | -€131,230 | -49.1% |
| Fixed assets | 21/28 | €46,821 | €43,572 | -€3,250 | -6.9% |
| Tangible fixed assets | 22/27 | €46,321 | €43,072 | -€3,250 | -7.0% |
| Plant, machinery and equipment | 23 | €42,030 | €33,874 | -€8,156 | -19.4% |
| Furniture and vehicles | 24 | €4,291 | €9,197 | +€4,906 | +114% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €220,404 | €92,424 | -€127,980 | -58.1% |
| Stocks and contracts in progress | 3 | €1,751 | €2,103 | +€353 | +20.2% |
| Stocks | 30/36 | €1,751 | €2,103 | +€353 | +20.2% |
| Amounts receivable within one year | 40/41 | €89,939 | €12,145 | -€77,795 | -86.5% |
| Other amounts receivable | 41 | €89,939 | €12,145 | -€77,795 | -86.5% |
| Cash at bank and in hand | 54/58 | €126,536 | €70,854 | -€55,682 | -44.0% |
| Deferred charges and accrued income | 490/1 | €2,178 | €7,322 | +€5,144 | +236% |
| Total equity and liabilities | 10/49 | €267,226 | €135,996 | -€131,230 | -49.1% |
| Equity | 10/15 | €92,375 | €115,416 | +€23,041 | +24.9% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,375 | €104,416 | +€23,041 | +28.3% |
| Amounts payable | 17/49 | €174,851 | €20,580 | -€154,271 | -88.2% |
| Amounts payable within one year | 42/48 | €174,851 | €15,580 | -€159,271 | -91.1% |
| Trade debts | 44 | €110,341 | €4,792 | -€105,549 | -95.7% |
| Suppliers | 440/4 | €110,341 | €4,792 | -€105,549 | -95.7% |
| Taxes, remuneration and social security | 45 | €9,305 | €3,195 | -€6,110 | -65.7% |
| Taxes | 450/3 | €9,305 | €3,195 | -€6,110 | -65.7% |
| Other amounts payable | 47/48 | €55,205 | €7,593 | -€47,612 | -86.2% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,567 | €11,750 | -€2,817 | -19.3% |
| Other operating charges | 640/8 | €41,078 | €28,716 | -€12,362 | -30.1% |
| Gross operating margin | 9900 | €77,361 | €73,726 | -€3,635 | -4.7% |
| Operating profit (loss) | 9901 | €21,716 | €33,259 | +€11,543 | +53.2% |
| Financial charges | 65/66B | €1,568 | €1,871 | +€304 | +19.4% |
| Recurring financial charges | 65 | €1,568 | €1,871 | +€304 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €20,148 | €31,388 | +€11,240 | +55.8% |
| Income taxes | 67/77 | €6,456 | €8,347 | +€1,891 | +29.3% |
| Profit (loss) for the period | 9904 | €13,693 | €23,041 | +€9,349 | +68.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,693 | €23,041 | +€9,349 | +68.3% |
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.