GOLFFORUM: 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.
GOLFFORUM
Largest movements
- Cash +€214,333
up €214,333 (+338%), from €63,414 to €277,747
mainly Accrued charges and deferred income (+€334,950) and Other debts (+€305,372)
- Receivables within one year +€211,826
up €211,826 (+188%), from €112,419 to €324,245
of which Trade receivables: +€212,079
- Tangible fixed assets +€148,431
up €148,431 (+15.4%), from €961,143 to €1.1m
of which Land and buildings: +€194,585
- Accrued charges and deferred income +€334,950
up €334,950 (+2,853%), from €11,741 to €346,691
- Other debts +€305,372
up €305,372 (+132%), from €232,178 to €537,551
- Debts after one year -€53,124
down €53,124 (-13.0%), from €407,380 to €354,256
- Tax, wage and social debts +€50,203
up €50,203 (+142%), from €35,455 to €85,658
of which Taxes: +€46,324
- Trade debts -€42,047
down €42,047 (-46.3%), from €90,719 to €48,672
- Depreciation +€121,305
up €121,305 (+151%), from €80,391 to €201,695
- Gross operating margin +€70,437
up €70,437 (+24.9%), from €282,752 to €353,190
- Financial charges +€14,901
up €14,901 (+70.3%), from €21,193 to €36,094
- Staff costs +€6,566
up €6,566 (+5.3%), from €123,702 to €130,269
- Taxes -€6,213
down €6,213, from €5,332 to -€882
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 | €1,154,815 | €1,736,766 | +€581,952 | +50.4% |
| Fixed assets | 21/28 | €961,143 | €1,110,679 | +€149,537 | +15.6% |
| Intangible fixed assets | 21 | - | €1,106 | +€1,106 | |
| Tangible fixed assets | 22/27 | €961,143 | €1,109,574 | +€148,431 | +15.4% |
| Land and buildings | 22 | €497,710 | €692,295 | +€194,585 | +39.1% |
| Plant, machinery and equipment | 23 | €374,522 | €320,362 | -€54,160 | -14.5% |
| Furniture and vehicles | 24 | €10,850 | €14,607 | +€3,758 | +34.6% |
| Other tangible fixed assets | 26 | €78,061 | €82,310 | +€4,249 | +5.4% |
| Current assets | 29/58 | €193,672 | €626,087 | +€432,415 | +223% |
| Stocks and contracts in progress | 3 | €16,647 | €17,060 | +€412 | +2.5% |
| Stocks | 30/36 | €16,647 | €17,060 | +€412 | +2.5% |
| Amounts receivable within one year | 40/41 | €112,419 | €324,245 | +€211,826 | +188% |
| Trade receivables | 40 | €109,322 | €321,400 | +€212,079 | +194% |
| Other amounts receivable | 41 | €3,097 | €2,845 | -€252 | -8.1% |
| Cash at bank and in hand | 54/58 | €63,414 | €277,747 | +€214,333 | +338% |
| Deferred charges and accrued income | 490/1 | €1,191 | €7,034 | +€5,843 | +491% |
| Total equity and liabilities | 10/49 | €1,154,815 | €1,736,766 | +€581,952 | +50.4% |
| Equity | 10/15 | €326,120 | €310,815 | -€15,305 | -4.7% |
| 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 | €264,120 | €248,815 | -€15,305 | -5.8% |
| Non-distributable reserves | 130/1 | €6,400 | €6,400 | = | 0.0% |
| Legal reserve | 130 | €6,400 | €6,400 | = | 0.0% |
| Distributable reserves | 133 | €257,720 | €242,415 | -€15,305 | -5.9% |
| Amounts payable | 17/49 | €828,695 | €1,425,951 | +€597,256 | +72.1% |
| Amounts payable after more than one year | 17 | €407,380 | €354,256 | -€53,124 | -13.0% |
| Financial debts | 170/4 | €407,380 | €354,256 | -€53,124 | -13.0% |
| Amounts payable within one year | 42/48 | €409,573 | €725,005 | +€315,431 | +77.0% |
| Current portion of amounts payable after more than one year | 42 | €51,221 | €53,124 | +€1,903 | +3.7% |
| Trade debts | 44 | €90,719 | €48,672 | -€42,047 | -46.3% |
| Suppliers | 440/4 | €90,719 | €48,672 | -€42,047 | -46.3% |
| Taxes, remuneration and social security | 45 | €35,455 | €85,658 | +€50,203 | +142% |
| Taxes | 450/3 | €29,482 | €75,806 | +€46,324 | +157% |
| Remuneration and social security | 454/9 | €5,972 | €9,852 | +€3,879 | +65.0% |
| Other amounts payable | 47/48 | €232,178 | €537,551 | +€305,372 | +132% |
| Accrued charges and deferred income | 492/3 | €11,741 | €346,691 | +€334,950 | +2,853% |
| Remuneration, social security and pensions | 62 | €123,702 | €130,269 | +€6,566 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,391 | €201,695 | +€121,305 | +151% |
| Other operating charges | 640/8 | €4,003 | €1,369 | -€2,634 | -65.8% |
| Gross operating margin | 9900 | €282,752 | €353,190 | +€70,437 | +24.9% |
| Operating profit (loss) | 9901 | €74,657 | €19,857 | -€54,800 | -73.4% |
| Financial income | 75/76B | €2,001 | €51 | -€1,950 | -97.5% |
| Recurring financial income | 75 | €2,001 | €51 | -€1,950 | -97.5% |
| Financial charges | 65/66B | €21,193 | €36,094 | +€14,901 | +70.3% |
| Recurring financial charges | 65 | €21,193 | €36,094 | +€14,901 | +70.3% |
| Profit (loss) for the period before taxes | 9903 | €55,465 | -€16,186 | -€71,651 | |
| Income taxes | 67/77 | €5,332 | -€882 | -€6,213 | |
| Profit (loss) for the period | 9904 | €50,133 | -€15,305 | -€65,438 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,133 | -€15,305 | -€65,438 |
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 13 October 2026 via checked.be.