GOLF - WESTHOEK: 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 - WESTHOEK
Largest movements
- Cash +€58,164
up €58,164 (+104%), from €55,903 to €114,068
mainly Net result for the year (+€43,301) and Depreciation (+€19,398)
- Tangible fixed assets -€19,398
down €19,398 (-3.7%), from €517,952 to €498,554
of which Land and buildings: -€17,835
- Receivables within one year -€8,354
down €8,354 (-63.9%), from €13,068 to €4,713
of which Other amounts receivable: -€7,978
- Reserves +€43,301
up €43,301 (+33.2%), from €130,427 to €173,728
- Debts after one year -€30,000
down €30,000 (-8.9%), from €338,333 to €308,333
- Other debts +€17,401
up €17,401 (+30.7%), from €56,630 to €74,031
- Gross operating margin +€12,726
up €12,726 (+14.2%), from €89,598 to €102,324
- Taxes +€4,388
up €4,388 (+26.8%), from €16,375 to €20,763
- Financial charges -€1,468
down €1,468 (-8.2%), from €17,870 to €16,401
- Other operating charges +€1,085
up €1,085 (+78.8%), from €1,377 to €2,462
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 | €589,693 | €619,154 | +€29,461 | +5.0% |
| Fixed assets | 21/28 | €517,952 | €498,554 | -€19,398 | -3.7% |
| Tangible fixed assets | 22/27 | €517,952 | €498,554 | -€19,398 | -3.7% |
| Land and buildings | 22 | €515,455 | €497,620 | -€17,835 | -3.5% |
| Plant, machinery and equipment | 23 | €2,497 | €934 | -€1,563 | -62.6% |
| Current assets | 29/58 | €71,741 | €120,601 | +€48,860 | +68.1% |
| Stocks and contracts in progress | 3 | €2,652 | €1,768 | -€884 | -33.3% |
| Stocks | 30/36 | €2,652 | €1,768 | -€884 | -33.3% |
| Amounts receivable within one year | 40/41 | €13,068 | €4,713 | -€8,354 | -63.9% |
| Trade receivables | 40 | €4,995 | €4,619 | -€376 | -7.5% |
| Other amounts receivable | 41 | €8,072 | €94 | -€7,978 | -98.8% |
| Cash at bank and in hand | 54/58 | €55,903 | €114,068 | +€58,164 | +104% |
| Deferred charges and accrued income | 490/1 | €118 | €52 | -€66 | -56.1% |
| Total equity and liabilities | 10/49 | €589,693 | €619,154 | +€29,461 | +5.0% |
| Equity | 10/15 | €149,019 | €192,320 | +€43,301 | +29.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €130,427 | €173,728 | +€43,301 | +33.2% |
| Distributable reserves | 133 | €130,427 | €173,728 | +€43,301 | +33.2% |
| Amounts payable | 17/49 | €440,674 | €426,834 | -€13,840 | -3.1% |
| Amounts payable after more than one year | 17 | €338,333 | €308,333 | -€30,000 | -8.9% |
| Financial debts | 170/4 | €338,333 | €308,333 | -€30,000 | -8.9% |
| Amounts payable within one year | 42/48 | €97,691 | €113,817 | +€16,126 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €3,130 | €1,863 | -€1,267 | -40.5% |
| Suppliers | 440/4 | €3,130 | €1,863 | -€1,267 | -40.5% |
| Taxes, remuneration and social security | 45 | €7,931 | €7,924 | -€7 | -0.1% |
| Taxes | 450/3 | €7,931 | €7,924 | -€7 | -0.1% |
| Other amounts payable | 47/48 | €56,630 | €74,031 | +€17,401 | +30.7% |
| Accrued charges and deferred income | 492/3 | €4,650 | €4,684 | +€34 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,422 | €19,398 | -€24 | -0.1% |
| Other operating charges | 640/8 | €1,377 | €2,462 | +€1,085 | +78.8% |
| Gross operating margin | 9900 | €89,598 | €102,324 | +€12,726 | +14.2% |
| Operating profit (loss) | 9901 | €68,799 | €80,464 | +€11,665 | +17.0% |
| Financial income | 75/76B | €20 | €2 | -€18 | -92.0% |
| Recurring financial income | 75 | €20 | €2 | -€18 | -92.0% |
| Financial charges | 65/66B | €17,870 | €16,401 | -€1,468 | -8.2% |
| Recurring financial charges | 65 | €17,870 | €16,401 | -€1,468 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €50,949 | €64,064 | +€13,115 | +25.7% |
| Income taxes | 67/77 | €16,375 | €20,763 | +€4,388 | +26.8% |
| Profit (loss) for the period | 9904 | €34,574 | €43,301 | +€8,727 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,574 | €43,301 | +€8,727 | +25.2% |
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.