• krīḍiṣyamāṇaḥ — intending to play
  Desiderative future participle of √krīḍ — about-to-play, full of the desire to play. Kṛṣṇa enters Vraja-vana with krīḍā as His express intention. The verse names the mood that the rest of the chapter will unfold.
• bhagavān — the Supreme Personality of Godhead
  Title used precisely while He carries a flute and is surrounded by cows. The juxtaposition is the Bhāgavatam's signature — Bhagavān is most Bhagavān where He looks least like the standard image of Bhagavān.
• bala-saṁyutaḥ — accompanied by Balarāma
  Bala (Balarāma) + saṁyuta (joined with). Balarāma is Kṛṣṇa's first expansion, ādi-guru, mūla-saṅkarṣaṇa. Gauḍīyas note that no rasa-līlā unfolds without His presence as the elder brother who holds the frame.
• veṇum — His flute
  The veṇu is Kṛṣṇa's most signature instrument — a hollow bamboo through which His breath sweetens the worlds. The Gauḍīya line treats veṇu-nāda as the original kīrtana, the source-song from which all bhakti-music flows.
• go-dhanaiḥ — and the cows, who are their wealth
  Go (cow) + dhana (wealth). Vraja's economy is named in the synonyms themselves: cows are wealth. Lakṣmī-tattva in Vraja takes bovine form.

He enters the forest not as a yogī enters samādhi (alone, eyes shut) but as a flute-player enters a stage already full of His friends and His cows. The flute is not a signal to begin; it is the form bhakti takes when He walks.