GOLF DIRECT: 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 DIRECT
Largest movements
- Receivables within one year +€100,042
up €100,042 (+33.8%), from €295,929 to €395,971
of which Trade receivables: +€61,126
- Cash +€10,480
up €10,480 (+51.1%), from €20,528 to €31,008
mainly Net result for the year (+€88,092) and Trade debts (+€53,423)
- Reserves +€88,000
up €88,000 (+383%), from €23,000 to €111,000
- Trade debts +€53,423
up €53,423 (+115%), from €46,307 to €99,731
- Accrued charges and deferred income -€39,600
no longer reported in 2025 (was €39,600)
- Current portion of long-term debt +€7,683
up €7,683 (+15.9%), from €48,315 to €55,998
- Debts after one year -€6,325
no longer reported in 2025 (was €6,325)
- Staff costs -€23,954
no longer reported in 2025 (was €23,954)
- Taxes +€22,760
new in 2025: €22,760
- Gross operating margin -€18,633
down €18,633 (-13.2%), from €141,546 to €122,912
- Depreciation +€3,341
up €3,341 (+202%), from €1,656 to €4,998
- Other operating charges -€2,452
down €2,452 (-56.7%), from €4,322 to €1,870
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 | €432,094 | €532,622 | +€100,528 | +23.3% |
| Fixed assets | 21/28 | €30,637 | €20,643 | -€9,994 | -32.6% |
| Intangible fixed assets | 21 | €22,781 | €17,921 | -€4,860 | -21.3% |
| Tangible fixed assets | 22/27 | €275 | €138 | -€138 | -50.0% |
| Plant, machinery and equipment | 23 | €275 | €138 | -€138 | -50.0% |
| Financial fixed assets | 28 | €7,581 | €2,584 | -€4,997 | -65.9% |
| Current assets | 29/58 | €401,457 | €511,979 | +€110,522 | +27.5% |
| Amounts receivable after more than one year | 29 | €85,000 | €85,000 | = | 0.0% |
| Other amounts receivable | 291 | €85,000 | €85,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €295,929 | €395,971 | +€100,042 | +33.8% |
| Trade receivables | 40 | €295,929 | €357,056 | +€61,126 | +20.7% |
| Other amounts receivable | 41 | - | €38,915 | +€38,915 | |
| Cash at bank and in hand | 54/58 | €20,528 | €31,008 | +€10,480 | +51.1% |
| Total equity and liabilities | 10/49 | €432,094 | €532,622 | +€100,528 | +23.3% |
| Equity | 10/15 | €287,333 | €375,425 | +€88,092 | +30.7% |
| Contributions | 10/11 | €212,000 | €212,000 | = | 0.0% |
| Capital | 10 | €212,000 | €212,000 | = | 0.0% |
| Issued capital | 100 | €212,000 | €212,000 | = | 0.0% |
| Reserves | 13 | €23,000 | €111,000 | +€88,000 | +383% |
| Distributable reserves | 133 | €23,000 | €111,000 | +€88,000 | +383% |
| Profit (loss) carried forward | 14 | €52,333 | €52,425 | +€92 | +0.2% |
| Amounts payable | 17/49 | €144,761 | €157,197 | +€12,435 | +8.6% |
| Amounts payable after more than one year | 17 | €6,325 | - | -€6,325 | |
| Financial debts | 170/4 | €6,325 | - | -€6,325 | |
| Amounts payable within one year | 42/48 | €98,836 | €157,197 | +€58,360 | +59.0% |
| Current portion of amounts payable after more than one year | 42 | €48,315 | €55,998 | +€7,683 | +15.9% |
| Trade debts | 44 | €46,307 | €99,731 | +€53,423 | +115% |
| Suppliers | 440/4 | €46,307 | €99,731 | +€53,423 | +115% |
| Taxes, remuneration and social security | 45 | €729 | €1,468 | +€739 | +101% |
| Taxes | 450/3 | €729 | €1,468 | +€739 | +101% |
| Other amounts payable | 47/48 | €3,485 | - | -€3,485 | |
| Accrued charges and deferred income | 492/3 | €39,600 | - | -€39,600 | |
| Remuneration, social security and pensions | 62 | €23,954 | - | -€23,954 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,656 | €4,998 | +€3,341 | +202% |
| Other operating charges | 640/8 | €4,322 | €1,870 | -€2,452 | -56.7% |
| Gross operating margin | 9900 | €141,546 | €122,912 | -€18,633 | -13.2% |
| Operating profit (loss) | 9901 | €111,613 | €116,045 | +€4,432 | +4.0% |
| Financial income | 75/76B | €2,415 | €2,673 | +€259 | +10.7% |
| Recurring financial income | 75 | €2,415 | €2,673 | +€259 | +10.7% |
| Financial charges | 65/66B | €7,233 | €7,866 | +€633 | +8.8% |
| Recurring financial charges | 65 | €7,233 | €7,866 | +€633 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €106,795 | €110,852 | +€4,057 | +3.8% |
| Income taxes | 67/77 | - | €22,760 | +€22,760 | |
| Profit (loss) for the period | 9904 | €106,795 | €88,092 | -€18,703 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €106,795 | €88,092 | -€18,703 | -17.5% |
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 19 October 2026 via checked.be.