Golf Delta: 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 Delta
Largest movements
- Cash -€38,900
down €38,900 (-44.4%), from €87,535 to €48,635
mainly Net result for the year (-€25,772) and Tax, wage and social debts (-€19,747)
- Receivables within one year -€5,148
down €5,148 (-68.6%), from €7,505 to €2,358
of which Trade receivables: -€3,171
- Deferred charges and accrued income -€2,834
down €2,834 (-84.0%), from €3,375 to €541
- Profit (loss) carried forward -€25,772
down €25,772 (-80.9%), from €31,847 to €6,075
- Tax, wage and social debts -€19,747
down €19,747 (-60.6%), from €32,610 to €12,863
of which Taxes: -€19,667
- Financial charges +€58,332
up €58,332 (+3654.9%), from €1,596 to €59,928
of which Non-recurring financial charges: +€58,838
- Taxes -€8,956
down €8,956 (-98.4%), from €9,101 to €146
- Gross operating margin -€8,326
down €8,326 (-19.2%), from €43,323 to €34,997
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 | €98,903 | €52,799 | -€46,104 | -46.6% |
| Fixed assets | 21/28 | €487 | €1,265 | +€778 | +159.9% |
| Tangible fixed assets | 22/27 | €487 | €1,265 | +€778 | +159.9% |
| Furniture and vehicles | 24 | €487 | €1,265 | +€778 | +159.9% |
| Current assets | 29/58 | €98,416 | €51,534 | -€46,882 | -47.6% |
| Amounts receivable within one year | 40/41 | €7,505 | €2,358 | -€5,148 | -68.6% |
| Trade receivables | 40 | €3,171 | - | -€3,171 | |
| Other amounts receivable | 41 | €4,334 | €2,358 | -€1,976 | -45.6% |
| Cash at bank and in hand | 54/58 | €87,535 | €48,635 | -€38,900 | -44.4% |
| Deferred charges and accrued income | 490/1 | €3,375 | €541 | -€2,834 | -84.0% |
| Total equity and liabilities | 10/49 | €98,903 | €52,799 | -€46,104 | -46.6% |
| Equity | 10/15 | €65,571 | €39,799 | -€25,772 | -39.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €29,724 | €29,724 | = | 0.0% |
| Distributable reserves | 133 | €29,724 | €29,724 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,847 | €6,075 | -€25,772 | -80.9% |
| Amounts payable | 17/49 | €33,331 | €13,000 | -€20,331 | -61.0% |
| Amounts payable within one year | 42/48 | €33,331 | €13,000 | -€20,331 | -61.0% |
| Trade debts | 44 | €722 | €137 | -€585 | -81.0% |
| Suppliers | 440/4 | €722 | €137 | -€585 | -81.0% |
| Taxes, remuneration and social security | 45 | €32,610 | €12,863 | -€19,747 | -60.6% |
| Taxes | 450/3 | €32,530 | €12,863 | -€19,667 | -60.5% |
| Remuneration and social security | 454/9 | €80 | - | -€80 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €374 | €532 | +€158 | +42.2% |
| Other operating charges | 640/8 | €405 | €164 | -€240 | -59.4% |
| Gross operating margin | 9900 | €43,323 | €34,997 | -€8,326 | -19.2% |
| Operating profit (loss) | 9901 | €42,544 | €34,301 | -€8,243 | -19.4% |
| Financial charges | 65/66B | €1,596 | €59,928 | +€58,332 | +3654.9% |
| Recurring financial charges | 65 | €1,596 | €1,090 | -€506 | -31.7% |
| Non-recurring financial charges | 66B | - | €58,838 | +€58,838 | |
| Profit (loss) for the period before taxes | 9903 | €40,948 | -€25,626 | -€66,575 | |
| Income taxes | 67/77 | €9,101 | €146 | -€8,956 | -98.4% |
| Profit (loss) for the period | 9904 | €31,847 | -€25,772 | -€57,619 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,847 | -€25,772 | -€57,619 |
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 6 October 2026 via checked.be.