GOLF DU HARAS: 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 DU HARAS
Largest movements
- Tangible fixed assets -€255,099
down €255,099 (-23.7%), from €1.1m to €820,757
of which Land and buildings: -€266,202
- Intangible fixed assets -€62,793
no longer reported in 2025 (was €62,793)
- Cash +€43,614
up €43,614 (+61.4%), from €71,087 to €114,701
mainly Investment in fixed assets (net) (+€224,149) and Net result for the year (+€114,617)
- Receivables within one year +€23,807
up €23,807 (+54.5%), from €43,679 to €67,486
- Debts after one year -€231,844
down €231,844 (-15.0%), from €1.5m to €1.3m
- Investment grants -€168,330
down €168,330 (-41.4%), from €406,539 to €238,209
- Profit (loss) carried forward +€114,617
up €114,617 (+9.9%), from -€1.2m to -€1.0m
- Short-term financial debts +€65,492
up €65,492 (+52.5%), from €124,855 to €190,348
- Current portion of long-term debt -€62,416
no longer reported in 2025 (was €62,416)
- Financial income +€130,888
up €130,888 (+349%), from €37,517 to €168,404
- Depreciation -€38,244
down €38,244 (-31.5%), from €121,404 to €83,160
- Gross operating margin +€4,348
up €4,348 (+3.1%), from €139,923 to €144,271
- Financial charges +€3,035
up €3,035 (+6.7%), from €45,447 to €48,482
- Staff costs +€2,474
up €2,474 (+5.6%), from €44,290 to €46,764
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 | €1,293,130 | €1,062,275 | -€230,855 | -17.9% |
| Formation expenses | 20 | €8,675 | €8,008 | -€667 | -7.7% |
| Fixed assets | 21/28 | €1,138,830 | €832,188 | -€306,642 | -26.9% |
| Intangible fixed assets | 21 | €62,793 | - | -€62,793 | |
| Tangible fixed assets | 22/27 | €1,075,856 | €820,757 | -€255,099 | -23.7% |
| Land and buildings | 22 | €1,052,607 | €786,405 | -€266,202 | -25.3% |
| Plant, machinery and equipment | 23 | €20,255 | €18,652 | -€1,604 | -7.9% |
| Furniture and vehicles | 24 | €2,994 | €6,449 | +€3,456 | +115% |
| Other tangible fixed assets | 26 | - | €9,250 | +€9,250 | |
| Financial fixed assets | 28 | €182 | €11,432 | +€11,250 | +6,198% |
| Current assets | 29/58 | €145,624 | €222,078 | +€76,454 | +52.5% |
| Stocks and contracts in progress | 3 | €18,286 | €18,518 | +€232 | +1.3% |
| Stocks | 30/36 | €18,286 | €18,518 | +€232 | +1.3% |
| Amounts receivable within one year | 40/41 | €43,679 | €67,486 | +€23,807 | +54.5% |
| Trade receivables | 40 | €43,679 | €67,486 | +€23,807 | +54.5% |
| Cash at bank and in hand | 54/58 | €71,087 | €114,701 | +€43,614 | +61.4% |
| Deferred charges and accrued income | 490/1 | €12,573 | €21,374 | +€8,801 | +70.0% |
| Total equity and liabilities | 10/49 | €1,293,130 | €1,062,275 | -€230,855 | -17.9% |
| Equity | 10/15 | -€754,074 | -€807,787 | -€53,713 | -7.1% |
| Profit (loss) carried forward | 14 | -€1,160,613 | -€1,045,996 | +€114,617 | +9.9% |
| Investment grants | 15 | €406,539 | €238,209 | -€168,330 | -41.4% |
| Amounts payable | 17/49 | €2,047,204 | €1,870,062 | -€177,142 | -8.7% |
| Amounts payable after more than one year | 17 | €1,548,403 | €1,316,559 | -€231,844 | -15.0% |
| Financial debts | 170/4 | €1,548,403 | €1,316,559 | -€231,844 | -15.0% |
| Amounts payable within one year | 42/48 | €304,290 | €305,003 | +€713 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €62,416 | - | -€62,416 | |
| Financial debts | 43 | €124,855 | €190,348 | +€65,492 | +52.5% |
| Other loans | 439 | €124,855 | €190,348 | +€65,492 | +52.5% |
| Trade debts | 44 | €45,785 | €34,481 | -€11,304 | -24.7% |
| Suppliers | 440/4 | €45,785 | €34,481 | -€11,304 | -24.7% |
| Taxes, remuneration and social security | 45 | €71,033 | €79,974 | +€8,941 | +12.6% |
| Taxes | 450/3 | €64,769 | €73,801 | +€9,032 | +13.9% |
| Remuneration and social security | 454/9 | €6,265 | €6,174 | -€91 | -1.5% |
| Accrued charges and deferred income | 492/3 | €194,511 | €248,501 | +€53,989 | +27.8% |
| Remuneration, social security and pensions | 62 | €44,290 | €46,764 | +€2,474 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,404 | €83,160 | -€38,244 | -31.5% |
| Other operating charges | 640/8 | €17,463 | €19,654 | +€2,191 | +12.5% |
| Gross operating margin | 9900 | €139,923 | €144,271 | +€4,348 | +3.1% |
| Operating profit (loss) | 9901 | -€43,233 | -€5,306 | +€37,928 | +87.7% |
| Financial income | 75/76B | €37,517 | €168,404 | +€130,888 | +349% |
| Recurring financial income | 75 | €37,517 | €168,404 | +€130,888 | +349% |
| Financial charges | 65/66B | €45,447 | €48,482 | +€3,035 | +6.7% |
| Recurring financial charges | 65 | €45,447 | €48,482 | +€3,035 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | -€51,164 | €114,617 | +€165,780 | |
| Profit (loss) for the period | 9904 | -€51,164 | €114,617 | +€165,780 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,164 | €114,617 | +€165,780 |
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 28 October 2026 via checked.be.