GOLFINGER SA: 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.
GOLFINGER SA
Largest movements
- Cash +€325,272
up €325,272 (+57.8%), from €563,028 to €888,300
mainly Accrued charges and deferred income (+€293,170) and Depreciation (+€251,717)
- Tangible fixed assets -€133,442
down €133,442 (-3.0%), from €4.4m to €4.3m
of which Land and buildings: -€123,715
- Accrued charges and deferred income +€293,170
up €293,170 (+115%), from €255,046 to €548,216
- Advances received -€116,515
down €116,515 (-14.4%), from €809,389 to €692,875
- Gross operating margin +€273,006
up €273,006 (+133%), from €204,506 to €477,512
- Financial income +€253,926
up €253,926 (+357%), from €71,101 to €325,027
of which Financial income: +€176,796
- Staff costs +€48,130
up €48,130 (+17.2%), from €280,001 to €328,131
- Financial charges +€36,299
up €36,299 (+25.9%), from €140,089 to €176,387
of which Financial charges: +€52,325
- Other operating charges -€11,667
down €11,667 (-33.1%), from €35,299 to €23,632
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 | €6,666,013 | €6,816,993 | +€150,980 | +2.3% |
| Fixed assets | 21/28 | €4,408,813 | €4,270,388 | -€138,425 | -3.1% |
| Intangible fixed assets | 21 | €13,004 | €8,021 | -€4,983 | -38.3% |
| Tangible fixed assets | 22/27 | €4,395,809 | €4,262,367 | -€133,442 | -3.0% |
| Land and buildings | 22 | €4,095,851 | €3,972,135 | -€123,715 | -3.0% |
| Plant, machinery and equipment | 23 | €211,331 | €211,395 | +€63 | 0.0% |
| Furniture and vehicles | 24 | €48,653 | €40,172 | -€8,481 | -17.4% |
| Other tangible fixed assets | 26 | €39,974 | €38,664 | -€1,309 | -3.3% |
| Current assets | 29/58 | €2,257,200 | €2,546,605 | +€289,404 | +12.8% |
| Amounts receivable within one year | 40/41 | €126,122 | €98,456 | -€27,666 | -21.9% |
| Trade receivables | 40 | €48,322 | €49,483 | +€1,161 | +2.4% |
| Other amounts receivable | 41 | €77,800 | €48,973 | -€28,827 | -37.1% |
| Current investments | 50/53 | €1,564,707 | €1,559,849 | -€4,858 | -0.3% |
| Cash at bank and in hand | 54/58 | €563,028 | €888,300 | +€325,272 | +57.8% |
| Deferred charges and accrued income | 490/1 | €3,344 | - | -€3,344 | |
| Total equity and liabilities | 10/49 | €6,666,013 | €6,816,993 | +€150,980 | +2.3% |
| Equity | 10/15 | -€20,324 | €2,127 | +€22,451 | |
| Contributions | 10/11 | €8,500,000 | €8,500,000 | = | 0.0% |
| Capital | 10 | €8,500,000 | €8,500,000 | = | 0.0% |
| Issued capital | 100 | €8,500,000 | €8,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,520,324 | -€8,497,873 | +€22,451 | +0.3% |
| Amounts payable | 17/49 | €6,686,337 | €6,814,866 | +€128,529 | +1.9% |
| Amounts payable after more than one year | 17 | €547,415 | €493,696 | -€53,720 | -9.8% |
| Financial debts | 170/4 | €547,415 | €493,696 | -€53,720 | -9.8% |
| Amounts payable within one year | 42/48 | €5,883,875 | €5,772,953 | -€110,922 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €70,468 | €71,122 | +€654 | +0.9% |
| Trade debts | 44 | €116,665 | €103,311 | -€13,354 | -11.4% |
| Suppliers | 440/4 | €116,665 | €103,311 | -€13,354 | -11.4% |
| Advances received on contracts in progress | 46 | €809,389 | €692,875 | -€116,515 | -14.4% |
| Taxes, remuneration and social security | 45 | €137,573 | €162,617 | +€25,044 | +18.2% |
| Taxes | 450/3 | €44,665 | €48,494 | +€3,829 | +8.6% |
| Remuneration and social security | 454/9 | €92,908 | €114,123 | +€21,215 | +22.8% |
| Other amounts payable | 47/48 | €4,749,780 | €4,743,030 | -€6,750 | -0.1% |
| Accrued charges and deferred income | 492/3 | €255,046 | €548,216 | +€293,170 | +115% |
| Remuneration, social security and pensions | 62 | €280,001 | €328,131 | +€48,130 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,808 | €251,717 | +€5,909 | +2.4% |
| Other operating charges | 640/8 | €35,299 | €23,632 | -€11,667 | -33.1% |
| Gross operating margin | 9900 | €204,506 | €477,512 | +€273,006 | +133% |
| Operating profit (loss) | 9901 | -€356,602 | -€125,968 | +€230,634 | +64.7% |
| Financial income | 75/76B | €71,101 | €325,027 | +€253,926 | +357% |
| Recurring financial income | 75 | €67,856 | €244,652 | +€176,796 | +261% |
| Non-recurring financial income | 76B | €3,244 | €80,375 | +€77,130 | +2,377% |
| Financial charges | 65/66B | €140,089 | €176,387 | +€36,299 | +25.9% |
| Recurring financial charges | 65 | €116,293 | €168,618 | +€52,325 | +45.0% |
| Non-recurring financial charges | 66B | €23,795 | €7,769 | -€16,026 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | -€425,590 | €22,671 | +€448,262 | |
| Income taxes | 67/77 | €450 | €221 | -€229 | -51.0% |
| Profit (loss) for the period | 9904 | -€426,040 | €22,451 | +€448,491 | |
| Profit (loss) for the period to be appropriated | 9905 | -€426,040 | €22,451 | +€448,491 |
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 15 October 2026 via checked.be.