GOLF 4000: 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.
GOLF 4000
Largest movements
- Stocks and contracts -€22,688
down €22,688 (-11.0%), from €206,965 to €184,277
- Intangible fixed assets -€13,888
down €13,888 (-18.8%), from €73,825 to €59,938
- Cash +€12,763
up €12,763 (+43.7%), from €29,196 to €41,959
mainly Stocks and contracts (+€22,688) and Depreciation (+€20,675)
- Receivables within one year +€9,478
up €9,478 (+367%), from €2,581 to €12,059
of which Trade receivables: +€9,561
- Debts after one year -€24,594
down €24,594 (-33.3%), from €73,861 to €49,268
- Profit (loss) carried forward +€9,136
up €9,136 (+9.8%), from €93,574 to €102,710
- Trade debts -€5,952
down €5,952 (-21.2%), from €28,028 to €22,076
- Other debts +€4,529
up €4,529 (+8.0%), from €56,940 to €61,469
- Gross operating margin +€14,946
up €14,946 (+36.7%), from €40,773 to €55,719
- Taxes +€5,155
up €5,155 (+183%), from €2,822 to €7,977
- Depreciation -€2,966
down €2,966 (-12.5%), from €23,641 to €20,675
- Financial income +€1,227
up €1,227 (+29.1%), from €4,210 to €5,437
- Other operating charges -€961
down €961 (-26.4%), from €3,646 to €2,684
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 | €336,029 | €318,020 | -€18,009 | -5.4% |
| Fixed assets | 21/28 | €94,083 | €78,393 | -€15,690 | -16.7% |
| Intangible fixed assets | 21 | €73,825 | €59,938 | -€13,888 | -18.8% |
| Tangible fixed assets | 22/27 | €20,258 | €18,455 | -€1,803 | -8.9% |
| Plant, machinery and equipment | 23 | €17,274 | €17,834 | +€560 | +3.2% |
| Furniture and vehicles | 24 | €2,983 | €621 | -€2,363 | -79.2% |
| Current assets | 29/58 | €241,946 | €239,627 | -€2,319 | -1.0% |
| Stocks and contracts in progress | 3 | €206,965 | €184,277 | -€22,688 | -11.0% |
| Stocks | 30/36 | €206,965 | €184,277 | -€22,688 | -11.0% |
| Amounts receivable within one year | 40/41 | €2,581 | €12,059 | +€9,478 | +367% |
| Trade receivables | 40 | €2,498 | €12,059 | +€9,561 | +383% |
| Other amounts receivable | 41 | €83 | - | -€83 | |
| Cash at bank and in hand | 54/58 | €29,196 | €41,959 | +€12,763 | +43.7% |
| Deferred charges and accrued income | 490/1 | €3,204 | €1,332 | -€1,872 | -58.4% |
| Total equity and liabilities | 10/49 | €336,029 | €318,020 | -€18,009 | -5.4% |
| Equity | 10/15 | €103,574 | €112,710 | +€9,136 | +8.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,574 | €102,710 | +€9,136 | +9.8% |
| Amounts payable | 17/49 | €232,455 | €205,309 | -€27,145 | -11.7% |
| Amounts payable after more than one year | 17 | €73,861 | €49,268 | -€24,594 | -33.3% |
| Financial debts | 170/4 | €73,861 | €49,268 | -€24,594 | -33.3% |
| Amounts payable within one year | 42/48 | €158,548 | €156,021 | -€2,527 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €24,276 | €24,594 | +€318 | +1.3% |
| Trade debts | 44 | €28,028 | €22,076 | -€5,952 | -21.2% |
| Suppliers | 440/4 | €28,028 | €22,076 | -€5,952 | -21.2% |
| Advances received on contracts in progress | 46 | €8,818 | €9,052 | +€234 | +2.7% |
| Taxes, remuneration and social security | 45 | €40,486 | €38,830 | -€1,656 | -4.1% |
| Taxes | 450/3 | €40,486 | €38,830 | -€1,656 | -4.1% |
| Other amounts payable | 47/48 | €56,940 | €61,469 | +€4,529 | +8.0% |
| Accrued charges and deferred income | 492/3 | €46 | €21 | -€25 | -53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,641 | €20,675 | -€2,966 | -12.5% |
| Other operating charges | 640/8 | €3,646 | €2,684 | -€961 | -26.4% |
| Gross operating margin | 9900 | €40,773 | €55,719 | +€14,946 | +36.7% |
| Operating profit (loss) | 9901 | €13,486 | €32,360 | +€18,874 | +140% |
| Financial income | 75/76B | €4,210 | €5,437 | +€1,227 | +29.1% |
| Recurring financial income | 75 | €4,210 | €5,437 | +€1,227 | +29.1% |
| Financial charges | 65/66B | €10,255 | €10,683 | +€429 | +4.2% |
| Recurring financial charges | 65 | €10,255 | €10,683 | +€429 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €7,442 | €27,113 | +€19,672 | +264% |
| Income taxes | 67/77 | €2,822 | €7,977 | +€5,155 | +183% |
| Profit (loss) for the period | 9904 | €4,619 | €19,136 | +€14,517 | +314% |
| Profit (loss) for the period to be appropriated | 9905 | €4,619 | €19,136 | +€14,517 | +314% |
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 25 October 2026 via checked.be.