IEPER GOLF: 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.
IEPER GOLF
Largest movements
- Cash +€94,056
up €94,056 (+18.4%), from €511,675 to €605,731
mainly Net result for the year (+€179,452) and Depreciation (+€121,841)
- Tangible fixed assets +€41,671
up €41,671 (+6.5%), from €640,533 to €682,205
of which Land and buildings: +€38,965
- Receivables within one year +€15,888
up €15,888 (+74.9%), from €21,199 to €37,087
of which Trade receivables: +€14,013
- Reserves +€197,452
up €197,452 (+718%), from €27,490 to €224,942
- Tax, wage and social debts +€45,100
up €45,100 (+42.9%), from €105,070 to €150,170
of which Taxes: +€37,216
- Debts after one year -€44,005
down €44,005 (-38.1%), from €115,472 to €71,467
of which Financial debts: -€44,005
- Trade debts -€38,936
down €38,936 (-63.4%), from €61,449 to €22,513
- Accrued charges and deferred income +€21,098
up €21,098 (+11.0%), from €192,142 to €213,240
- Gross operating margin +€154,308
up €154,308 (+37.4%), from €412,590 to €566,899
- Staff costs +€46,316
up €46,316 (+35.5%), from €130,328 to €176,645
- Depreciation +€25,218
up €25,218 (+26.1%), from €96,623 to €121,841
- Taxes +€18,898
up €18,898 (+40.0%), from €47,243 to €66,141
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 | €1,226,195 | €1,385,714 | +€159,519 | +13.0% |
| Fixed assets | 21/28 | €660,615 | €699,807 | +€39,192 | +5.9% |
| Intangible fixed assets | 21 | €19,831 | €17,352 | -€2,479 | -12.5% |
| Tangible fixed assets | 22/27 | €640,533 | €682,205 | +€41,671 | +6.5% |
| Land and buildings | 22 | €394,760 | €433,724 | +€38,965 | +9.9% |
| Plant, machinery and equipment | 23 | €227,663 | €239,279 | +€11,616 | +5.1% |
| Furniture and vehicles | 24 | €13,292 | €9,202 | -€4,091 | -30.8% |
| Other tangible fixed assets | 26 | €4,819 | €0 | -€4,819 | -100% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €565,580 | €685,906 | +€120,326 | +21.3% |
| Stocks and contracts in progress | 3 | €26,804 | €38,181 | +€11,377 | +42.4% |
| Stocks | 30/36 | €26,804 | €38,181 | +€11,377 | +42.4% |
| Amounts receivable within one year | 40/41 | €21,199 | €37,087 | +€15,888 | +74.9% |
| Trade receivables | 40 | €20,904 | €34,917 | +€14,013 | +67.0% |
| Other amounts receivable | 41 | €295 | €2,170 | +€1,875 | +635% |
| Cash at bank and in hand | 54/58 | €511,675 | €605,731 | +€94,056 | +18.4% |
| Deferred charges and accrued income | 490/1 | €5,902 | €4,908 | -€994 | -16.8% |
| Total equity and liabilities | 10/49 | €1,226,195 | €1,385,714 | +€159,519 | +13.0% |
| Equity | 10/15 | €607,490 | €786,942 | +€179,452 | +29.5% |
| Contributions | 10/11 | €322,000 | €322,000 | = | 0.0% |
| Revaluation surpluses | 12 | €258,000 | €240,000 | -€18,000 | -7.0% |
| Reserves | 13 | €27,490 | €224,942 | +€197,452 | +718% |
| Distributable reserves | 133 | €27,490 | €224,942 | +€197,452 | +718% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €618,705 | €598,772 | -€19,933 | -3.2% |
| Amounts payable after more than one year | 17 | €115,472 | €71,467 | -€44,005 | -38.1% |
| Financial debts | 170/4 | €110,472 | €66,467 | -€44,005 | -39.8% |
| Other amounts payable | 178/9 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €311,091 | €314,065 | +€2,974 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €58,543 | €44,005 | -€14,538 | -24.8% |
| Trade debts | 44 | €61,449 | €22,513 | -€38,936 | -63.4% |
| Suppliers | 440/4 | €61,449 | €22,513 | -€38,936 | -63.4% |
| Advances received on contracts in progress | 46 | - | €5,359 | +€5,359 | |
| Taxes, remuneration and social security | 45 | €105,070 | €150,170 | +€45,100 | +42.9% |
| Taxes | 450/3 | €85,613 | €122,829 | +€37,216 | +43.5% |
| Remuneration and social security | 454/9 | €19,457 | €27,341 | +€7,884 | +40.5% |
| Other amounts payable | 47/48 | €86,029 | €92,017 | +€5,988 | +7.0% |
| Accrued charges and deferred income | 492/3 | €192,142 | €213,240 | +€21,098 | +11.0% |
| Non-recurring operating income | 76A | - | €103 | +€103 | |
| Remuneration, social security and pensions | 62 | €130,328 | €176,645 | +€46,316 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,623 | €121,841 | +€25,218 | +26.1% |
| Other operating charges | 640/8 | €6,653 | €9,625 | +€2,972 | +44.7% |
| Non-recurring operating charges | 66A | €13,069 | €0 | -€13,069 | -100% |
| Gross operating margin | 9900 | €412,590 | €566,899 | +€154,308 | +37.4% |
| Operating profit (loss) | 9901 | €165,917 | €258,789 | +€92,872 | +56.0% |
| Financial income | 75/76B | €1,939 | €2,727 | +€788 | +40.6% |
| Recurring financial income | 75 | €1,939 | €2,727 | +€788 | +40.6% |
| Financial charges | 65/66B | €15,211 | €15,923 | +€711 | +4.7% |
| Recurring financial charges | 65 | €15,211 | €15,923 | +€711 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €152,644 | €245,593 | +€92,948 | +60.9% |
| Income taxes | 67/77 | €47,243 | €66,141 | +€18,898 | +40.0% |
| Profit (loss) for the period | 9904 | €105,402 | €179,452 | +€74,051 | +70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €105,402 | €179,452 | +€74,051 | +70.3% |
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 18 October 2026 via checked.be.