GOLFKARTON SOENEN: 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
GOLFKARTON SOENEN
NACE 17.120, Manufacture of paper and paper products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€8.4m
2024 · -€4.3m-€4.0m
Equity
€50.9m
2024 · €59.3m-€8.4m
Cash
€776,095
2024 · €854,281-€78,185
Balance sheet total
€181.5m
2024 · €108.4m+€73.1m
Largest movements
Assets
- Tangible fixed assets +€70.4m
up €70.4m (+108.2%), from €65.0m to €135.4m
of which Leasing and similar rights: +€83.1m
Equity and liabilities
- Debts after one year +€83.0m
up €83.0m (+691.7%), from €12.0m to €95.0m
- Profit (loss) carried forward -€10.1m
down €10.1m (-129.3%), from -€7.8m to -€18.0m
- Current portion of long-term debt +€4.0m
up €4.0m (+433.2%), from €922,539 to €4.9m
- Other debts -€4.0m
down €4.0m (-92.8%), from €4.3m to €308,109
- Short-term financial debts -€3.1m
down €3.1m (-13.7%), from €22.3m to €19.2m
Income statement
- Turnover +€9.9m
up €9.9m (+10.4%), from €96.0m to €105.9m
- Goods and materials +€3.9m
up €3.9m (+7.6%), from €51.6m to €55.5m
of which Purchases: +€3.4m
- Depreciation +€3.0m
up €3.0m (+74.6%), from €4.0m to €7.1m
- Financial charges +€1.3m
up €1.3m (+23.6%), from €5.6m to €6.9m
of which Financial charges: +€1.2m
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
-€4.3m
Turnover
+€9.9m
Other operating income
+€28,014
Goods and materials
-€3.9m
Services and other goods
+€1.0m
Depreciation
-€3.0m
Write-downs
-€40,609
Other operating charges
-€794,986
Other operating items
-€5.2m
Financial income
-€188,765
Financial charges
-€1.3m
Deferred taxes and other
-€590,699
Result 2025
-€8.4m
Cash bridge derived
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
-€5.6m
Investment
-€78.4m
Financing
+€84.0m
Cash 2024
€854,281
From operations (derived)
-€5.6m
Net result for the year
-€8.4m
Depreciation
+€7.1m
Smaller working-capital items
+€1,211
Receivables within one year
-€1.6m
Provisions
+€590,699
Trade debts
+€700,177
Other debts
-€4.0m
Investment (derived)
-€78.4m
Investment in fixed assets (net)
-€78.4m
Financing
+€84.0m
Debts after one year
+€83.0m
Current portion of long-term debt
+€4.0m
Short-term financial debts
-€3.1m
Cash 2025
€776,095
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €108,376,591 | €181,506,137 | +€73.1m | +67.5% |
| Fixed assets | 21/28 | €68,248,733 | €139,611,782 | +€71.4m | +104.6% |
| Tangible fixed assets | 22/27 | €65,015,123 | €135,377,342 | +€70.4m | +108.2% |
| Land and buildings | 22 | €25,678,163 | €25,675,772 | -€2,392 | 0.0% |
| Plant, machinery and equipment | 23 | €3,200,698 | €2,483,372 | -€717,325 | -22.4% |
| Furniture and vehicles | 24 | €1,343,279 | €1,108,664 | -€234,615 | -17.5% |
| Leasing and similar rights | 25 | €12,246,585 | €95,374,314 | +€83.1m | +678.8% |
| Other tangible fixed assets | 26 | €14,067,581 | €10,735,220 | -€3.3m | -23.7% |
| Assets under construction and advance payments | 27 | €8,478,818 | €0 | -€8.5m | -100.0% |
| Financial fixed assets | 28 | €3,233,610 | €4,234,439 | +€1.0m | +31.0% |
| Affiliated companies | 280/1 | €3,228,210 | €4,213,589 | +€985,379 | +30.5% |
| Participating interests | 280 | €3,228,210 | €3,456,789 | +€228,579 | +7.1% |
| Amounts receivable | 281 | - | €756,800 | +€756,800 | |
| Other financial fixed assets | 284/8 | €5,400 | €20,850 | +€15,450 | +286.1% |
| Amounts receivable and cash guarantees | 285/8 | €5,400 | €20,850 | +€15,450 | +286.1% |
| Current assets | 29/58 | €40,127,858 | €41,894,355 | +€1.8m | +4.4% |
| Stocks and contracts in progress | 3 | €21,044,236 | €21,221,660 | +€177,424 | +0.8% |
| Stocks | 30/36 | €21,044,236 | €21,221,660 | +€177,424 | +0.8% |
| Raw materials and consumables | 30/31 | €7,884,870 | €11,026,427 | +€3.1m | +39.8% |
| Work in progress | 32 | €444,930 | €425,482 | -€19,448 | -4.4% |
| Finished goods | 33 | €12,714,436 | €9,769,751 | -€2.9m | -23.2% |
| Amounts receivable within one year | 40/41 | €18,229,342 | €19,876,498 | +€1.6m | +9.0% |
| Trade receivables | 40 | €17,082,396 | €16,837,484 | -€244,912 | -1.4% |
| Other amounts receivable | 41 | €1,146,945 | €3,039,014 | +€1.9m | +165.0% |
| Cash at bank and in hand | 54/58 | €854,281 | €776,095 | -€78,185 | -9.2% |
| Deferred charges and accrued income | 490/1 | - | €20,102 | +€20,102 | |
| Total equity and liabilities | 10/49 | €108,376,591 | €181,506,137 | +€73.1m | +67.5% |
| Equity | 10/15 | €59,300,184 | €50,936,018 | -€8.4m | -14.1% |
| Contributions | 10/11 | €47,878,912 | €47,878,912 | = | 0.0% |
| Capital | 10 | €47,878,912 | €47,878,912 | = | 0.0% |
| Issued capital | 100 | €47,878,912 | €47,878,912 | = | 0.0% |
| Revaluation surpluses | 12 | €301,753 | €301,753 | = | 0.0% |
| Reserves | 13 | €18,960,559 | €20,732,657 | +€1.8m | +9.3% |
| Non-distributable reserves | 130/1 | €673,809 | €673,809 | = | 0.0% |
| Legal reserve | 130 | €673,809 | €673,809 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,268,438 | €17,040,535 | +€1.8m | +11.6% |
| Distributable reserves | 133 | €3,018,312 | €3,018,312 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,841,040 | -€17,977,304 | -€10.1m | -129.3% |
| Provisions and deferred taxes | 16 | €419,093 | €1,009,792 | +€590,699 | +140.9% |
| Provisions for liabilities and charges | 160/5 | €209,093 | €209,093 | = | 0.0% |
| Other liabilities and charges | 164/5 | €209,093 | €209,093 | = | 0.0% |
| Deferred taxes | 168 | €210,000 | €800,699 | +€590,699 | +281.3% |
| Amounts payable | 17/49 | €48,657,315 | €129,560,327 | +€80.9m | +166.3% |
| Amounts payable after more than one year | 17 | €12,004,997 | €95,038,472 | +€83.0m | +691.7% |
| Financial debts | 170/4 | €12,004,997 | €95,038,472 | +€83.0m | +691.7% |
| Subordinated loans | 170 | €3,000,000 | €17,000,000 | +€14.0m | +466.7% |
| Leasing and similar obligations | 172 | €1,354,997 | €78,038,472 | +€76.7m | +5659.3% |
| Credit institutions | 173 | €7,650,000 | €0 | -€7.7m | -100.0% |
| Amounts payable within one year | 42/48 | €36,652,318 | €34,410,214 | -€2.2m | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €922,539 | €4,918,717 | +€4.0m | +433.2% |
| Financial debts | 43 | €22,287,388 | €19,227,328 | -€3.1m | -13.7% |
| Credit institutions | 430/8 | €22,287,388 | €19,227,328 | -€3.1m | -13.7% |
| Trade debts | 44 | €8,891,444 | €9,591,621 | +€700,177 | +7.9% |
| Suppliers | 440/4 | €8,891,444 | €9,591,621 | +€700,177 | +7.9% |
| Taxes, remuneration and social security | 45 | €277,343 | €364,439 | +€87,096 | +31.4% |
| Taxes | 450/3 | €272,522 | €364,439 | +€91,917 | +33.7% |
| Remuneration and social security | 454/9 | €4,821 | €0 | -€4,821 | -100.0% |
| Other amounts payable | 47/48 | €4,273,605 | €308,109 | -€4.0m | -92.8% |
| Accrued charges and deferred income | 492/3 | - | €111,641 | +€111,641 | |
| Operating income | 70/76A | €101,242,401 | €105,594,374 | +€4.4m | +4.3% |
| Turnover | 70 | €96,005,696 | €105,948,997 | +€9.9m | +10.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €4,216,941 | -€2,964,133 | -€7.2m | |
| Own construction capitalised | 72 | €479,953 | €0 | -€479,953 | -100.0% |
| Other operating income | 74 | €52,165 | €80,179 | +€28,014 | +53.7% |
| Non-recurring operating income | 76A | €487,647 | €2,529,332 | +€2.0m | +418.7% |
| Operating charges | 60/66A | €100,463,292 | €106,739,501 | +€6.3m | +6.2% |
| Goods for resale, raw materials and consumables | 60 | €51,556,459 | €55,460,527 | +€3.9m | +7.6% |
| Purchases | 600/8 | €55,173,307 | €58,602,084 | +€3.4m | +6.2% |
| Change in stocks: decrease (increase) | 609 | -€3,616,848 | -€3,141,557 | +€475,291 | +13.1% |
| Services and other goods | 61 | €43,645,224 | €42,623,373 | -€1.0m | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,039,943 | €7,055,550 | +€3.0m | +74.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €40,609 | +€40,609 | |
| Other operating charges | 640/8 | €696,617 | €1,491,603 | +€794,986 | +114.1% |
| Non-recurring operating charges | 66A | €525,048 | €67,840 | -€457,208 | -87.1% |
| Operating profit (loss) | 9901 | €779,109 | -€1,145,127 | -€1.9m | |
| Financial income | 75/76B | €488,497 | €299,732 | -€188,765 | -38.6% |
| Recurring financial income | 75 | €488,497 | €49,732 | -€438,765 | -89.8% |
| Income from current assets | 751 | €12,800 | €29,802 | +€17,002 | +132.8% |
| Other financial income | 752/9 | €475,697 | €19,930 | -€455,768 | -95.8% |
| Non-recurring financial income | 76B | - | €250,000 | +€250,000 | |
| Financial charges | 65/66B | €5,604,989 | €6,928,072 | +€1.3m | +23.6% |
| Recurring financial charges | 65 | €5,604,989 | €6,828,072 | +€1.2m | +21.8% |
| Debt charges | 650 | €5,556,588 | €6,494,152 | +€937,564 | +16.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €275,546 | +€275,546 | |
| Other financial charges | 652/9 | €48,402 | €58,374 | +€9,972 | +20.6% |
| Non-recurring financial charges | 66B | - | €100,000 | +€100,000 | |
| Profit (loss) for the period before taxes | 9903 | -€4,337,383 | -€7,773,467 | -€3.4m | -79.2% |
| Transfer from deferred taxes | 780 | - | €17,288 | +€17,288 | |
| Transfer to deferred taxes | 680 | - | €607,987 | +€607,987 | |
| Profit (loss) for the period | 9904 | -€4,337,383 | -€8,364,166 | -€4.0m | -92.8% |
| Transfer from tax-exempt reserves | 789 | - | €51,864 | +€51,864 | |
| Transfer to tax-exempt reserves | 689 | - | €1,823,962 | +€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,337,383 | -€10,136,264 | -€5.8m | -133.7% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.