GOLF STREAM INTERNATIONAL: what changed
GOLF STREAM INTERNATIONAL
Largest movements
- Receivables within one year +€17,961
up €17,961 (+26.3%), from €68,301 to €86,262
of which Other amounts receivable: +€14,793
- Cash +€12,884
up €12,884 (+14.0%), from €92,193 to €105,077
mainly Net result for the year (+€31,456) and Tax, wage and social debts (+€11,503)
- Tangible fixed assets -€5,363
down €5,363 (-19.5%), from €27,551 to €22,188
of which Plant, machinery and equipment: -€5,942
- Reserves +€31,456
up €31,456 (+18.0%), from €175,195 to €206,651
of which Distributable reserves: +€31,456
- Trade debts -€20,102
down €20,102 (-22.4%), from €89,823 to €69,721
- Tax, wage and social debts +€11,503
up €11,503 (+34.1%), from €33,744 to €45,247
- Other debts -€5,949
down €5,949 (-100%), from €5,949 to €0
- Advances received +€4,073
up €4,073 (+18.2%), from €22,374 to €26,447
- Gross operating margin +€9,974
up €9,974 (+24.0%), from €41,610 to €51,584
- Other operating charges +€3,486
up €3,486 (+531%), from €656 to €4,143
- Depreciation +€2,977
up €2,977 (+42.9%), from €6,938 to €9,915
- Financial income +€2,566
up €2,566 (+46.0%), from €5,581 to €8,147
- Taxes +€1,920
up €1,920 (+18.0%), from €10,691 to €12,610
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €357,947 | €383,053 | +€25,106 | +7.0% |
| Fixed assets | 21/28 | €33,610 | €28,246 | -€5,363 | -16.0% |
| Tangible fixed assets | 22/27 | €27,551 | €22,188 | -€5,363 | -19.5% |
| Plant, machinery and equipment | 23 | €23,913 | €17,971 | -€5,942 | -24.8% |
| Furniture and vehicles | 24 | €3,044 | €2,986 | -€58 | -1.9% |
| Other tangible fixed assets | 26 | €595 | €1,231 | +€636 | +107% |
| Financial fixed assets | 28 | €6,059 | €6,059 | = | 0.0% |
| Current assets | 29/58 | €324,338 | €354,807 | +€30,469 | +9.4% |
| Stocks and contracts in progress | 3 | €157,494 | €156,301 | -€1,193 | -0.8% |
| Stocks | 30/36 | €157,494 | €156,301 | -€1,193 | -0.8% |
| Amounts receivable within one year | 40/41 | €68,301 | €86,262 | +€17,961 | +26.3% |
| Trade receivables | 40 | €951 | €4,119 | +€3,168 | +333% |
| Other amounts receivable | 41 | €67,350 | €82,143 | +€14,793 | +22.0% |
| Cash at bank and in hand | 54/58 | €92,193 | €105,077 | +€12,884 | +14.0% |
| Deferred charges and accrued income | 490/1 | €6,350 | €7,167 | +€818 | +12.9% |
| Total equity and liabilities | 10/49 | €357,947 | €383,053 | +€25,106 | +7.0% |
| Equity | 10/15 | €195,196 | €226,652 | +€31,456 | +16.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €175,195 | €206,651 | +€31,456 | +18.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €173,195 | €204,651 | +€31,456 | +18.2% |
| Profit (loss) carried forward | 14 | €1 | €1 | = | 0.0% |
| Amounts payable | 17/49 | €162,752 | €156,401 | -€6,350 | -3.9% |
| Amounts payable after more than one year | 17 | €5,719 | €8,913 | +€3,195 | +55.9% |
| Financial debts | 170/4 | €1,719 | €4,913 | +€3,195 | +186% |
| Other amounts payable | 178/9 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €156,989 | €147,488 | -€9,501 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €5,099 | €6,073 | +€974 | +19.1% |
| Trade debts | 44 | €89,823 | €69,721 | -€20,102 | -22.4% |
| Suppliers | 440/4 | €89,823 | €69,721 | -€20,102 | -22.4% |
| Advances received on contracts in progress | 46 | €22,374 | €26,447 | +€4,073 | +18.2% |
| Taxes, remuneration and social security | 45 | €33,744 | €45,247 | +€11,503 | +34.1% |
| Taxes | 450/3 | €33,744 | €45,247 | +€11,503 | +34.1% |
| Other amounts payable | 47/48 | €5,949 | €0 | -€5,949 | -100% |
| Accrued charges and deferred income | 492/3 | €44 | €0 | -€44 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,938 | €9,915 | +€2,977 | +42.9% |
| Other operating charges | 640/8 | €656 | €4,143 | +€3,486 | +531% |
| Gross operating margin | 9900 | €41,610 | €51,584 | +€9,974 | +24.0% |
| Operating profit (loss) | 9901 | €34,016 | €37,526 | +€3,511 | +10.3% |
| Financial income | 75/76B | €5,581 | €8,147 | +€2,566 | +46.0% |
| Recurring financial income | 75 | €5,581 | €8,147 | +€2,566 | +46.0% |
| Financial charges | 65/66B | €1,705 | €1,607 | -€98 | -5.8% |
| Recurring financial charges | 65 | €1,705 | €1,607 | -€98 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €37,891 | €44,067 | +€6,175 | +16.3% |
| Income taxes | 67/77 | €10,691 | €12,610 | +€1,920 | +18.0% |
| Profit (loss) for the period | 9904 | €27,200 | €31,456 | +€4,256 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,200 | €31,456 | +€4,256 | +15.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.