GOLF MANAGEMENT: 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.
What changed
GOLF MANAGEMENT
NACE 93.110, Operation of sports facilities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€101,586
2024 · €118,163-€16,576
Equity
€734,689
2024 · €718,488+€16,201
Cash
€229,180
2024 · €226,205+€2,976
Balance sheet total
€1.9m
2024 · €1.7m+€152,839
Largest movements
Assets
- Receivables within one year +€215,737
up €215,737 (+285%), from €75,782 to €291,520
of which Trade receivables: +€180,064
- Tangible fixed assets -€72,368
down €72,368 (-5.3%), from €1.4m to €1.3m
of which Plant, machinery and equipment: -€77,488
Equity and liabilities
- Advances received +€131,800
up €131,800 (+630%), from €20,932 to €152,732
- Accrued charges and deferred income +€59,802
up €59,802 (+56.4%), from €106,014 to €165,816
- Debts after one year -€24,610
down €24,610 (-4.8%), from €511,921 to €487,311
- Reserves +€21,586
up €21,586 (+3.9%), from €554,167 to €575,753
of which Distributable reserves: +€21,586
Income statement
- Staff costs +€16,909
up €16,909 (+15.1%), from €112,005 to €128,914
- Taxes -€5,136
down €5,136 (-13.2%), from €39,054 to €33,918
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.
Result 2024
€118,163
Gross operating margin
-€3,223
Staff costs
-€16,909
Depreciation
-€592
Other operating charges
-€1,015
Financial income
+€1,136
Financial charges
-€1,110
Taxes
+€5,136
Result 2025
€101,586
raises the resultlowers the result
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.
From operations
+€181,870
Investment
-€54,344
Financing
-€124,550
Cash 2024
€226,205
From operations (derived)
+€181,870
Net result for the year
+€101,586
Depreciation
+€127,678
Stocks and contracts
-€8,112
Receivables within one year
-€215,737
Deferred charges and accrued income
+€652
Provisions
-€1,795
Trade debts
+€4,861
Tax, wage and social debts
-€18,865
Advances received
+€131,800
Accrued charges and deferred income
+€59,802
Investment (derived)
-€54,344
Investment in fixed assets (net)
-€54,344
Financing
-€124,550
Debts after one year
-€24,610
Current portion of long-term debt
-€14,555
Contributions, distributions and other
-€85,385
Cash 2025
€229,180
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,740,329 | €1,893,167 | +€152,839 | +8.8% |
| Fixed assets | 21/28 | €1,378,220 | €1,304,886 | -€73,334 | -5.3% |
| Intangible fixed assets | 21 | €1,932 | €966 | -€966 | -50.0% |
| Tangible fixed assets | 22/27 | €1,372,291 | €1,299,923 | -€72,368 | -5.3% |
| Land and buildings | 22 | €1,113,365 | €1,123,820 | +€10,455 | +0.9% |
| Plant, machinery and equipment | 23 | €251,780 | €174,293 | -€77,488 | -30.8% |
| Furniture and vehicles | 24 | €7,146 | €1,810 | -€5,336 | -74.7% |
| Financial fixed assets | 28 | €3,997 | €3,997 | = | 0.0% |
| Current assets | 29/58 | €362,109 | €588,281 | +€226,173 | +62.5% |
| Stocks and contracts in progress | 3 | €54,496 | €62,608 | +€8,112 | +14.9% |
| Stocks | 30/36 | €54,496 | €62,608 | +€8,112 | +14.9% |
| Amounts receivable within one year | 40/41 | €75,782 | €291,520 | +€215,737 | +285% |
| Trade receivables | 40 | €33,799 | €213,864 | +€180,064 | +533% |
| Other amounts receivable | 41 | €41,983 | €77,656 | +€35,673 | +85.0% |
| Cash at bank and in hand | 54/58 | €226,205 | €229,180 | +€2,976 | +1.3% |
| Deferred charges and accrued income | 490/1 | €5,626 | €4,974 | -€652 | -11.6% |
| Total equity and liabilities | 10/49 | €1,740,329 | €1,893,167 | +€152,839 | +8.8% |
| Equity | 10/15 | €718,488 | €734,689 | +€16,201 | +2.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €554,167 | €575,753 | +€21,586 | +3.9% |
| Non-distributable reserves | 130/1 | €15,500 | €15,500 | = | 0.0% |
| Legal reserve | 130 | €15,500 | €15,500 | = | 0.0% |
| Distributable reserves | 133 | €538,667 | €560,253 | +€21,586 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €102,321 | €96,936 | -€5,385 | -5.3% |
| Provisions and deferred taxes | 16 | €34,107 | €32,312 | -€1,795 | -5.3% |
| Deferred taxes | 168 | €34,107 | €32,312 | -€1,795 | -5.3% |
| Amounts payable | 17/49 | €987,733 | €1,126,166 | +€138,433 | +14.0% |
| Amounts payable after more than one year | 17 | €511,921 | €487,311 | -€24,610 | -4.8% |
| Financial debts | 170/4 | €511,921 | €487,311 | -€24,610 | -4.8% |
| Amounts payable within one year | 42/48 | €369,798 | €473,038 | +€103,240 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €101,136 | €86,580 | -€14,555 | -14.4% |
| Trade debts | 44 | €109,769 | €114,630 | +€4,861 | +4.4% |
| Suppliers | 440/4 | €109,769 | €114,630 | +€4,861 | +4.4% |
| Advances received on contracts in progress | 46 | €20,932 | €152,732 | +€131,800 | +630% |
| Taxes, remuneration and social security | 45 | €57,961 | €39,096 | -€18,865 | -32.5% |
| Taxes | 450/3 | €37,104 | €17,398 | -€19,706 | -53.1% |
| Remuneration and social security | 454/9 | €20,857 | €21,698 | +€841 | +4.0% |
| Other amounts payable | 47/48 | €80,000 | €80,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €106,014 | €165,816 | +€59,802 | +56.4% |
| Remuneration, social security and pensions | 62 | €112,005 | €128,914 | +€16,909 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,087 | €127,678 | +€592 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,927 | €4,941 | +€1,015 | +25.8% |
| Gross operating margin | 9900 | €412,946 | €409,723 | -€3,223 | -0.8% |
| Operating profit (loss) | 9901 | €169,928 | €148,190 | -€21,738 | -12.8% |
| Financial income | 75/76B | €6,540 | €7,676 | +€1,136 | +17.4% |
| Recurring financial income | 75 | €6,540 | €7,676 | +€1,136 | +17.4% |
| Financial charges | 65/66B | €21,046 | €22,157 | +€1,110 | +5.3% |
| Recurring financial charges | 65 | €21,046 | €22,157 | +€1,110 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €155,422 | €133,709 | -€21,712 | -14.0% |
| Transfer from deferred taxes | 780 | €1,795 | €1,795 | = | 0.0% |
| Income taxes | 67/77 | €39,054 | €33,918 | -€5,136 | -13.2% |
| Profit (loss) for the period | 9904 | €118,163 | €101,586 | -€16,576 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,163 | €101,586 | -€16,576 | -14.0% |
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 22 October 2026 via checked.be.