@golf: what changed
Two fiscal 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.
@golf
Largest movements
- Current investments -€595,988
down €595,988 (-66.5%), from €895,988 to €300,000
- Cash +€567,475
up €567,475 (+187.9%), from €301,968 to €869,443
mainly Current investments (+€595,988) and Net result for the year (+€248,874)
- Deferred charges and accrued income +€20,650
up €20,650, from €0 to €20,650
- Reserves -€194,812
down €194,812 (-19.0%), from €1.0m to €828,659
- Other debts +€166,808
new in 2025: €166,808
- Financial income +€20,227
up €20,227 (+104.6%), from €19,343 to €39,570
- Taxes +€6,798
up €6,798 (+6.2%), from €110,474 to €117,272
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.
Cash bridge derived
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 | €1,460,144 | €1,437,499 | -€22,645 | -1.6% |
| Fixed assets | 21/28 | €197,660 | €185,931 | -€11,730 | -5.9% |
| Intangible fixed assets | 21 | €5,370 | €3,629 | -€1,742 | -32.4% |
| Tangible fixed assets | 22/27 | €43,848 | €33,860 | -€9,988 | -22.8% |
| Plant, machinery and equipment | 23 | €30,984 | €25,099 | -€5,885 | -19.0% |
| Furniture and vehicles | 24 | €12,864 | €8,761 | -€4,103 | -31.9% |
| Financial fixed assets | 28 | €148,443 | €148,443 | = | 0.0% |
| Current assets | 29/58 | €1,262,483 | €1,251,568 | -€10,915 | -0.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €64,527 | €61,476 | -€3,051 | -4.7% |
| Trade receivables | 40 | €55,548 | €50,679 | -€4,869 | -8.8% |
| Other amounts receivable | 41 | €8,979 | €10,797 | +€1,818 | +20.2% |
| Current investments | 50/53 | €895,988 | €300,000 | -€595,988 | -66.5% |
| Cash at bank and in hand | 54/58 | €301,968 | €869,443 | +€567,475 | +187.9% |
| Deferred charges and accrued income | 490/1 | €0 | €20,650 | +€20,650 | |
| Total equity and liabilities | 10/49 | €1,460,144 | €1,437,499 | -€22,645 | -1.6% |
| Equity | 10/15 | €1,042,071 | €847,259 | -€194,812 | -18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,023,471 | €828,659 | -€194,812 | -19.0% |
| Distributable reserves | 133 | €1,023,471 | €828,659 | -€194,812 | -19.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €418,073 | €590,240 | +€172,167 | +41.2% |
| Amounts payable within one year | 42/48 | €82,202 | €249,743 | +€167,541 | +203.8% |
| Trade debts | 44 | €34,166 | €36,975 | +€2,810 | +8.2% |
| Suppliers | 440/4 | €34,166 | €36,975 | +€2,810 | +8.2% |
| Taxes, remuneration and social security | 45 | €48,037 | €45,960 | -€2,076 | -4.3% |
| Taxes | 450/3 | €48,037 | €45,960 | -€2,076 | -4.3% |
| Other amounts payable | 47/48 | - | €166,808 | +€166,808 | |
| Accrued charges and deferred income | 492/3 | €335,871 | €340,497 | +€4,626 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,849 | €13,657 | +€1,808 | +15.3% |
| Other operating charges | 640/8 | €1,171 | €1,206 | +€36 | +3.0% |
| Gross operating margin | 9900 | €340,513 | €341,751 | +€1,238 | +0.4% |
| Operating profit (loss) | 9901 | €327,493 | €326,888 | -€605 | -0.2% |
| Financial income | 75/76B | €19,343 | €39,570 | +€20,227 | +104.6% |
| Recurring financial income | 75 | €19,343 | €39,570 | +€20,227 | +104.6% |
| Financial charges | 65/66B | €253 | €312 | +€59 | +23.3% |
| Recurring financial charges | 65 | €253 | €312 | +€59 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €346,583 | €366,146 | +€19,563 | +5.6% |
| Income taxes | 67/77 | €110,474 | €117,272 | +€6,798 | +6.2% |
| Profit (loss) for the period | 9904 | €236,110 | €248,874 | +€12,765 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €236,110 | €248,874 | +€12,765 | +5.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.