De Golf: 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.
De Golf
Largest movements
- Tangible fixed assets -€40,548
down €40,548 (-7.4%), from €548,965 to €508,417
of which Land and buildings: -€51,914
- Receivables within one year -€11,606
down €11,606 (-90.4%), from €12,839 to €1,233
of which Trade receivables: -€11,672
- Debts after one year -€99,343
down €99,343 (-27.8%), from €356,769 to €257,426
- Reserves +€56,364
up €56,364 (+714%), from €7,895 to €64,259
of which Distributable reserves: +€56,364
- Other debts -€44,234
down €44,234 (-26.3%), from €168,268 to €124,034
- Tax, wage and social debts +€40,704
up €40,704 (+91.3%), from €44,594 to €85,298
of which Remuneration and social security: +€23,792
- Trade debts -€15,828
down €15,828 (-30.6%), from €51,707 to €35,879
- Gross operating margin +€338,559
up €338,559 (+157%), from €215,000 to €553,559
- Staff costs +€222,253
up €222,253 (+151%), from €147,385 to €369,639
- Depreciation +€25,197
up €25,197 (+55.6%), from €45,304 to €70,501
- Taxes +€25,151
up €25,151 (+3,588%), from €701 to €25,852
- Other operating charges +€10,470
up €10,470 (+129%), from €8,116 to €18,585
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €758,367 | €698,103 | -€60,264 | -7.9% |
| Fixed assets | 21/28 | €549,065 | €508,517 | -€40,548 | -7.4% |
| Tangible fixed assets | 22/27 | €548,965 | €508,417 | -€40,548 | -7.4% |
| Land and buildings | 22 | €525,772 | €473,858 | -€51,914 | -9.9% |
| Plant, machinery and equipment | 23 | €10,634 | €29,148 | +€18,514 | +174% |
| Furniture and vehicles | 24 | €765 | €497 | -€268 | -35.0% |
| Leasing and similar rights | 25 | €11,794 | €4,914 | -€6,880 | -58.3% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €209,302 | €189,586 | -€19,716 | -9.4% |
| Stocks and contracts in progress | 3 | €11,379 | €9,253 | -€2,126 | -18.7% |
| Stocks | 30/36 | €11,379 | €9,253 | -€2,126 | -18.7% |
| Amounts receivable within one year | 40/41 | €12,839 | €1,233 | -€11,606 | -90.4% |
| Trade receivables | 40 | €11,762 | €91 | -€11,672 | -99.2% |
| Other amounts receivable | 41 | €1,076 | €1,142 | +€66 | +6.1% |
| Cash at bank and in hand | 54/58 | €184,147 | €176,998 | -€7,149 | -3.9% |
| Deferred charges and accrued income | 490/1 | €937 | €2,102 | +€1,165 | +124% |
| Total equity and liabilities | 10/49 | €758,367 | €698,103 | -€60,264 | -7.9% |
| Equity | 10/15 | €72,895 | €129,259 | +€56,364 | +77.3% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €7,895 | €64,259 | +€56,364 | +714% |
| Tax-exempt reserves | 132 | €551 | €551 | = | 0.0% |
| Distributable reserves | 133 | €7,345 | €63,709 | +€56,364 | +767% |
| Amounts payable | 17/49 | €685,472 | €568,844 | -€116,628 | -17.0% |
| Amounts payable after more than one year | 17 | €356,769 | €257,426 | -€99,343 | -27.8% |
| Financial debts | 170/4 | €356,769 | €257,426 | -€99,343 | -27.8% |
| Amounts payable within one year | 42/48 | €328,703 | €311,418 | -€17,285 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €55,387 | €57,090 | +€1,703 | +3.1% |
| Trade debts | 44 | €51,707 | €35,879 | -€15,828 | -30.6% |
| Suppliers | 440/4 | €51,707 | €35,879 | -€15,828 | -30.6% |
| Advances received on contracts in progress | 46 | €8,747 | €9,117 | +€370 | +4.2% |
| Taxes, remuneration and social security | 45 | €44,594 | €85,298 | +€40,704 | +91.3% |
| Taxes | 450/3 | €33,609 | €50,521 | +€16,912 | +50.3% |
| Remuneration and social security | 454/9 | €10,985 | €34,777 | +€23,792 | +217% |
| Other amounts payable | 47/48 | €168,268 | €124,034 | -€44,234 | -26.3% |
| Non-recurring operating income | 76A | - | €3,209 | +€3,209 | |
| Remuneration, social security and pensions | 62 | €147,385 | €369,639 | +€222,253 | +151% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,304 | €70,501 | +€25,197 | +55.6% |
| Other operating charges | 640/8 | €8,116 | €18,585 | +€10,470 | +129% |
| Non-recurring operating charges | 66A | €141 | €1,954 | +€1,813 | +1,284% |
| Gross operating margin | 9900 | €215,000 | €553,559 | +€338,559 | +157% |
| Operating profit (loss) | 9901 | €14,055 | €92,880 | +€78,825 | +561% |
| Financial income | 75/76B | €4,037 | €6,164 | +€2,127 | +52.7% |
| Recurring financial income | 75 | €55 | €533 | +€478 | +873% |
| Non-recurring financial income | 76B | €3,983 | €5,631 | +€1,649 | +41.4% |
| Financial charges | 65/66B | €11,485 | €16,828 | +€5,343 | +46.5% |
| Recurring financial charges | 65 | €11,485 | €16,828 | +€5,343 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | €6,607 | €82,216 | +€75,609 | +1,144% |
| Income taxes | 67/77 | €701 | €25,852 | +€25,151 | +3,588% |
| Profit (loss) for the period | 9904 | €5,906 | €56,364 | +€50,458 | +854% |
| Transfer to tax-exempt reserves | 689 | €92 | - | -€92 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,814 | €56,364 | +€50,550 | +869% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.