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 -€42,526
down €42,526 (-18.2%), from €233,386 to €190,860
of which Plant, machinery and equipment: -€34,645
- Cash +€33,299
up €33,299 (+42.1%), from €79,104 to €112,402
mainly Depreciation (+€42,311) and Other debts (+€10,328)
- Receivables within one year -€3,917
down €3,917 (-90.5%), from €4,330 to €413
- Reserves -€18,751
down €18,751 (-11.5%), from €163,457 to €144,706
- Other debts +€10,328
up €10,328 (+26.7%), from €38,680 to €49,009
- Profit (loss) carried forward +€7,699
no longer reported in 2025 (was -€7,699)
- Debts after one year -€7,077
down €7,077 (-15.8%), from €44,890 to €37,813
- Tax, wage and social debts -€4,583
down €4,583 (-43.4%), from €10,564 to €5,981
of which Remuneration and social security: -€4,331
- Staff costs -€8,842
down €8,842 (-67.8%), from €13,049 to €4,207
- Depreciation -€5,140
down €5,140 (-10.8%), from €47,451 to €42,311
- Taxes -€2,083
down €2,083 (-56.7%), from €3,673 to €1,590
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 | €327,224 | €313,116 | -€14,108 | -4.3% |
| Fixed assets | 21/28 | €233,386 | €190,860 | -€42,526 | -18.2% |
| Tangible fixed assets | 22/27 | €233,386 | €190,860 | -€42,526 | -18.2% |
| Land and buildings | 22 | €126,245 | €119,494 | -€6,751 | -5.3% |
| Plant, machinery and equipment | 23 | €103,845 | €69,200 | -€34,645 | -33.4% |
| Furniture and vehicles | 24 | €3,296 | €2,166 | -€1,130 | -34.3% |
| Current assets | 29/58 | €93,838 | €122,256 | +€28,418 | +30.3% |
| Stocks and contracts in progress | 3 | €3,555 | €3,896 | +€342 | +9.6% |
| Stocks | 30/36 | €3,555 | €3,896 | +€342 | +9.6% |
| Amounts receivable within one year | 40/41 | €4,330 | €413 | -€3,917 | -90.5% |
| Other amounts receivable | 41 | €4,330 | €413 | -€3,917 | -90.5% |
| Cash at bank and in hand | 54/58 | €79,104 | €112,402 | +€33,299 | +42.1% |
| Deferred charges and accrued income | 490/1 | €6,850 | €5,545 | -€1,305 | -19.0% |
| Total equity and liabilities | 10/49 | €327,224 | €313,116 | -€14,108 | -4.3% |
| Equity | 10/15 | €217,258 | €206,206 | -€11,052 | -5.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €163,457 | €144,706 | -€18,751 | -11.5% |
| Distributable reserves | 133 | €163,457 | €144,706 | -€18,751 | -11.5% |
| Profit (loss) carried forward | 14 | -€7,699 | - | +€7,699 | |
| Amounts payable | 17/49 | €109,966 | €106,910 | -€3,056 | -2.8% |
| Amounts payable after more than one year | 17 | €44,890 | €37,813 | -€7,077 | -15.8% |
| Financial debts | 170/4 | €44,890 | €37,813 | -€7,077 | -15.8% |
| Amounts payable within one year | 42/48 | €64,614 | €68,327 | +€3,713 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €10,254 | €7,077 | -€3,178 | -31.0% |
| Trade debts | 44 | €5,116 | €6,261 | +€1,145 | +22.4% |
| Suppliers | 440/4 | €5,116 | €6,261 | +€1,145 | +22.4% |
| Taxes, remuneration and social security | 45 | €10,564 | €5,981 | -€4,583 | -43.4% |
| Taxes | 450/3 | €5,365 | €5,114 | -€251 | -4.7% |
| Remuneration and social security | 454/9 | €5,198 | €867 | -€4,331 | -83.3% |
| Other amounts payable | 47/48 | €38,680 | €49,009 | +€10,328 | +26.7% |
| Accrued charges and deferred income | 492/3 | €461 | €770 | +€308 | +66.8% |
| Remuneration, social security and pensions | 62 | €13,049 | €4,207 | -€8,842 | -67.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,451 | €42,311 | -€5,140 | -10.8% |
| Other operating charges | 640/8 | €12,189 | €12,637 | +€447 | +3.7% |
| Non-recurring operating charges | 66A | €254 | €215 | -€39 | -15.3% |
| Gross operating margin | 9900 | €73,982 | €73,598 | -€384 | -0.5% |
| Operating profit (loss) | 9901 | €1,039 | €14,228 | +€13,189 | +1,270% |
| Financial income | 75/76B | €31 | €3 | -€29 | -91.5% |
| Recurring financial income | 75 | €31 | €3 | -€29 | -91.5% |
| Financial charges | 65/66B | €3,746 | €3,379 | -€368 | -9.8% |
| Recurring financial charges | 65 | €3,746 | €3,379 | -€368 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,677 | €10,852 | +€13,528 | |
| Income taxes | 67/77 | €3,673 | €1,590 | -€2,083 | -56.7% |
| Profit (loss) for the period | 9904 | -€6,350 | €9,262 | +€15,612 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,350 | €9,262 | +€15,612 |
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 17 October 2026 via checked.be.