't Gulden Spoor: 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.
't Gulden Spoor
Largest movements
- Receivables within one year +€67,640
up €67,640 (+172%), from €39,334 to €106,974
of which Other amounts receivable: +€79,372
- Cash -€35,312
down €35,312 (-37.3%), from €94,796 to €59,484
mainly Receivables within one year (-€67,640) and Debts after one year (-€60,941)
- Tangible fixed assets -€24,429
down €24,429 (-5.0%), from €488,009 to €463,579
of which Plant, machinery and equipment: -€32,529
- Debts after one year -€60,941
down €60,941 (-34.1%), from €178,896 to €117,954
of which Financial debts: -€60,941
- Profit (loss) carried forward +€45,616
up €45,616 (+60.6%), from -€75,329 to -€29,713
- Trade debts +€29,822
up €29,822 (+78.6%), from €37,957 to €67,779
- Staff costs +€48,000
new in 2025: €48,000
- Taxes +€17,013
up €17,013 (+11,004%), from €155 to €17,168
- Other operating charges -€14,570
down €14,570 (-47.6%), from €30,579 to €16,008
- Financial charges -€8,037
down €8,037 (-48.2%), from €16,677 to €8,640
- Gross operating margin -€7,640
down €7,640 (-4.2%), from €181,700 to €174,060
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 | €623,643 | €634,256 | +€10,614 | +1.7% |
| Fixed assets | 21/28 | €488,858 | €464,428 | -€24,429 | -5.0% |
| Tangible fixed assets | 22/27 | €488,009 | €463,579 | -€24,429 | -5.0% |
| Land and buildings | 22 | €369,486 | €369,486 | = | 0.0% |
| Plant, machinery and equipment | 23 | €110,595 | €78,066 | -€32,529 | -29.4% |
| Furniture and vehicles | 24 | €4,412 | €14,363 | +€9,951 | +226% |
| Leasing and similar rights | 25 | €3,515 | €1,664 | -€1,852 | -52.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €849 | €849 | = | 0.0% |
| Current assets | 29/58 | €134,785 | €169,828 | +€35,043 | +26.0% |
| Amounts receivable within one year | 40/41 | €39,334 | €106,974 | +€67,640 | +172% |
| Trade receivables | 40 | €11,732 | €0 | -€11,732 | -100% |
| Other amounts receivable | 41 | €27,602 | €106,974 | +€79,372 | +288% |
| Cash at bank and in hand | 54/58 | €94,796 | €59,484 | -€35,312 | -37.3% |
| Deferred charges and accrued income | 490/1 | €655 | €3,370 | +€2,715 | +414% |
| Total equity and liabilities | 10/49 | €623,643 | €634,256 | +€10,614 | +1.7% |
| Equity | 10/15 | €332,662 | €378,277 | +€45,616 | +13.7% |
| 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% |
| Revaluation surpluses | 12 | €247,867 | €247,867 | = | 0.0% |
| Reserves | 13 | €98,124 | €98,124 | = | 0.0% |
| Tax-exempt reserves | 132 | €90,514 | €90,514 | = | 0.0% |
| Distributable reserves | 133 | €7,610 | €7,610 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,329 | -€29,713 | +€45,616 | +60.6% |
| Amounts payable | 17/49 | €290,981 | €255,979 | -€35,002 | -12.0% |
| Amounts payable after more than one year | 17 | €178,896 | €117,954 | -€60,941 | -34.1% |
| Financial debts | 170/4 | €178,896 | €117,954 | -€60,941 | -34.1% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €112,085 | €138,024 | +€25,939 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €69,954 | €65,825 | -€4,129 | -5.9% |
| Trade debts | 44 | €37,957 | €67,779 | +€29,822 | +78.6% |
| Suppliers | 440/4 | €37,957 | €67,779 | +€29,822 | +78.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,175 | €4,421 | +€246 | +5.9% |
| Taxes | 450/3 | €4,175 | €4,421 | +€246 | +5.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €48,000 | +€48,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,797 | €38,636 | -€162 | -0.4% |
| Other operating charges | 640/8 | €30,579 | €16,008 | -€14,570 | -47.6% |
| Non-recurring operating charges | 66A | €2,609 | €0 | -€2,609 | -100% |
| Gross operating margin | 9900 | €181,700 | €174,060 | -€7,640 | -4.2% |
| Operating profit (loss) | 9901 | €109,716 | €71,416 | -€38,299 | -34.9% |
| Financial income | 75/76B | €855 | €7 | -€847 | -99.1% |
| Recurring financial income | 75 | €855 | €7 | -€847 | -99.1% |
| Financial charges | 65/66B | €16,677 | €8,640 | -€8,037 | -48.2% |
| Recurring financial charges | 65 | €16,677 | €8,640 | -€8,037 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €93,893 | €62,783 | -€31,110 | -33.1% |
| Income taxes | 67/77 | €155 | €17,168 | +€17,013 | +11,004% |
| Profit (loss) for the period | 9904 | €93,739 | €45,616 | -€48,123 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €93,739 | €45,616 | -€48,123 | -51.3% |
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 31 October 2026 via checked.be.