golf diffusion: 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 diffusion
Largest movements
- Cash +€67,988
up €67,988 (+31.7%), from €214,533 to €282,521
mainly Net result for the year (+€112,122) and Other debts (+€60,000)
- Receivables within one year +€55,003
up €55,003 (+60.9%), from €90,386 to €145,389
of which Trade receivables: +€32,575
- Stocks and contracts +€54,539
up €54,539 (+10.3%), from €527,755 to €582,294
- Tangible fixed assets -€32,431
down €32,431 (-38.4%), from €84,409 to €51,978
of which Other tangible fixed assets: -€29,846
- Deferred charges and accrued income +€15,908
up €15,908 (+60.0%), from €26,498 to €42,406
- Other debts +€60,000
new in 2026: €60,000
- Provisions +€47,007
new in 2026: €47,007
- Trade debts +€25,923
up €25,923 (+9.4%), from €277,191 to €303,114
- Tax, wage and social debts +€25,139
up €25,139 (+46.4%), from €54,215 to €79,354
of which Taxes: +€25,212
- Gross operating margin +€114,836
up €114,836 (+30.1%), from €381,843 to €496,679
- Provisions +€47,007
new in 2026: €47,007
- Staff costs +€32,380
up €32,380 (+13.8%), from €234,021 to €266,401
- Taxes +€12,406
up €12,406 (+43.3%), from €28,670 to €41,076
- Write-downs -€10,462
down €10,462, from €6,535 to -€3,927
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €948,831 | €1,110,588 | +€161,757 | +17.0% |
| Fixed assets | 21/28 | €89,659 | €57,978 | -€31,681 | -35.3% |
| Intangible fixed assets | 21 | - | €750 | +€750 | |
| Tangible fixed assets | 22/27 | €84,409 | €51,978 | -€32,431 | -38.4% |
| Plant, machinery and equipment | 23 | €23,883 | €21,298 | -€2,585 | -10.8% |
| Other tangible fixed assets | 26 | €60,526 | €30,680 | -€29,846 | -49.3% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €859,172 | €1,052,610 | +€193,438 | +22.5% |
| Stocks and contracts in progress | 3 | €527,755 | €582,294 | +€54,539 | +10.3% |
| Stocks | 30/36 | €527,755 | €582,294 | +€54,539 | +10.3% |
| Amounts receivable within one year | 40/41 | €90,386 | €145,389 | +€55,003 | +60.9% |
| Trade receivables | 40 | €90,356 | €122,931 | +€32,575 | +36.1% |
| Other amounts receivable | 41 | €30 | €22,458 | +€22,428 | +74760.0% |
| Cash at bank and in hand | 54/58 | €214,533 | €282,521 | +€67,988 | +31.7% |
| Deferred charges and accrued income | 490/1 | €26,498 | €42,406 | +€15,908 | +60.0% |
| Total equity and liabilities | 10/49 | €948,831 | €1,110,588 | +€161,757 | +17.0% |
| Equity | 10/15 | €607,078 | €609,200 | +€2,122 | +0.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €586,668 | €588,790 | +€2,122 | +0.4% |
| Provisions and deferred taxes | 16 | - | €47,007 | +€47,007 | |
| Provisions for liabilities and charges | 160/5 | - | €47,007 | +€47,007 | |
| Other liabilities and charges | 164/5 | - | €47,007 | +€47,007 | |
| Amounts payable | 17/49 | €341,753 | €454,381 | +€112,628 | +33.0% |
| Amounts payable within one year | 42/48 | €331,406 | €442,468 | +€111,062 | +33.5% |
| Trade debts | 44 | €277,191 | €303,114 | +€25,923 | +9.4% |
| Suppliers | 440/4 | €277,191 | €303,114 | +€25,923 | +9.4% |
| Taxes, remuneration and social security | 45 | €54,215 | €79,354 | +€25,139 | +46.4% |
| Taxes | 450/3 | €19,822 | €45,034 | +€25,212 | +127.2% |
| Remuneration and social security | 454/9 | €34,393 | €34,320 | -€73 | -0.2% |
| Other amounts payable | 47/48 | - | €60,000 | +€60,000 | |
| Accrued charges and deferred income | 492/3 | €10,347 | €11,913 | +€1,566 | +15.1% |
| Remuneration, social security and pensions | 62 | €234,021 | €266,401 | +€32,380 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,155 | €32,800 | +€645 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,535 | -€3,927 | -€10,462 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €47,007 | +€47,007 | |
| Other operating charges | 640/8 | €8,404 | €9,081 | +€677 | +8.1% |
| Gross operating margin | 9900 | €381,843 | €496,679 | +€114,836 | +30.1% |
| Operating profit (loss) | 9901 | €100,728 | €145,317 | +€44,589 | +44.3% |
| Financial income | 75/76B | €15,843 | €19,759 | +€3,916 | +24.7% |
| Recurring financial income | 75 | €15,843 | €19,759 | +€3,916 | +24.7% |
| Financial charges | 65/66B | €9,564 | €11,878 | +€2,314 | +24.2% |
| Recurring financial charges | 65 | €9,564 | €11,878 | +€2,314 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €107,007 | €153,198 | +€46,191 | +43.2% |
| Income taxes | 67/77 | €28,670 | €41,076 | +€12,406 | +43.3% |
| Profit (loss) for the period | 9904 | €78,337 | €112,122 | +€33,785 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,337 | €112,122 | +€33,785 | +43.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.