SURF & FUN: 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.
SURF & FUN
Largest movements
- Receivables after one year +€280,483
up €280,483 (+102%), from €275,624 to €556,107
- Financial fixed assets -€213,946
down €213,946 (-96.6%), from €221,446 to €7,500
- Cash -€149,795
down €149,795 (-98.5%), from €152,131 to €2,336
mainly Receivables after one year (-€280,483) and Trade debts (-€71,007)
- Tangible fixed assets +€90,940
up €90,940 (+24.0%), from €379,664 to €470,604
of which Other tangible fixed assets: +€144,019
- Receivables within one year -€37,488
down €37,488 (-55.6%), from €67,433 to €29,945
of which Other amounts receivable: -€46,416
- Trade debts -€71,007
down €71,007 (-18.9%), from €374,916 to €303,909
- Reserves +€47,320
up €47,320 (+16.1%), from €294,515 to €341,834
- Other debts -€39,525
down €39,525 (-100%), from €39,525 to €0
- Short-term financial debts +€37,928
up €37,928, from €0 to €37,928
- Current portion of long-term debt +€27,963
up €27,963 (+28.6%), from €97,782 to €125,745
- Gross operating margin -€32,497
down €32,497 (-9.2%), from €351,856 to €319,359
- Financial income +€24,255
up €24,255 (+238%), from €10,174 to €34,429
of which Non-recurring financial income: +€23,054
- Staff costs -€13,705
down €13,705 (-8.4%), from €162,223 to €148,518
- Taxes -€11,371
down €11,371 (-95.2%), from €11,941 to €570
- Depreciation +€7,011
up €7,011 (+5.6%), from €124,715 to €131,726
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 | €1,101,547 | €1,072,193 | -€29,354 | -2.7% |
| Fixed assets | 21/28 | €601,109 | €478,104 | -€123,006 | -20.5% |
| Tangible fixed assets | 22/27 | €379,664 | €470,604 | +€90,940 | +24.0% |
| Plant, machinery and equipment | 23 | €314,905 | €240,562 | -€74,343 | -23.6% |
| Furniture and vehicles | 24 | €11,000 | €32,627 | +€21,628 | +197% |
| Leasing and similar rights | 25 | €1,686 | €1,322 | -€364 | -21.6% |
| Other tangible fixed assets | 26 | €52,074 | €196,092 | +€144,019 | +277% |
| Financial fixed assets | 28 | €221,446 | €7,500 | -€213,946 | -96.6% |
| Current assets | 29/58 | €500,437 | €594,089 | +€93,652 | +18.7% |
| Amounts receivable after more than one year | 29 | €275,624 | €556,107 | +€280,483 | +102% |
| Other amounts receivable | 291 | €275,624 | €556,107 | +€280,483 | +102% |
| Stocks and contracts in progress | 3 | €229 | €229 | = | 0.0% |
| Stocks | 30/36 | €229 | €229 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €67,433 | €29,945 | -€37,488 | -55.6% |
| Trade receivables | 40 | €11,695 | €20,623 | +€8,928 | +76.3% |
| Other amounts receivable | 41 | €55,738 | €9,322 | -€46,416 | -83.3% |
| Cash at bank and in hand | 54/58 | €152,131 | €2,336 | -€149,795 | -98.5% |
| Deferred charges and accrued income | 490/1 | €5,021 | €5,473 | +€452 | +9.0% |
| Total equity and liabilities | 10/49 | €1,101,547 | €1,072,193 | -€29,354 | -2.7% |
| Equity | 10/15 | €300,715 | €348,034 | +€47,320 | +15.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €294,515 | €341,834 | +€47,320 | +16.1% |
| Distributable reserves | 133 | €294,515 | €341,834 | +€47,320 | +16.1% |
| Amounts payable | 17/49 | €800,832 | €724,159 | -€76,674 | -9.6% |
| Amounts payable after more than one year | 17 | €232,357 | €233,589 | +€1,232 | +0.5% |
| Financial debts | 170/4 | €232,357 | €177,387 | -€54,970 | -23.7% |
| Other amounts payable | 178/9 | - | €56,202 | +€56,202 | |
| Amounts payable within one year | 42/48 | €545,726 | €482,858 | -€62,867 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €97,782 | €125,745 | +€27,963 | +28.6% |
| Financial debts | 43 | €0 | €37,928 | +€37,928 | |
| Credit institutions | 430/8 | €0 | €37,928 | +€37,928 | |
| Trade debts | 44 | €374,916 | €303,909 | -€71,007 | -18.9% |
| Suppliers | 440/4 | €374,916 | €303,909 | -€71,007 | -18.9% |
| Taxes, remuneration and social security | 45 | €33,503 | €15,276 | -€18,227 | -54.4% |
| Taxes | 450/3 | €22,959 | €1,087 | -€21,871 | -95.3% |
| Remuneration and social security | 454/9 | €10,544 | €14,189 | +€3,645 | +34.6% |
| Other amounts payable | 47/48 | €39,525 | €0 | -€39,525 | -100% |
| Accrued charges and deferred income | 492/3 | €22,750 | €7,712 | -€15,038 | -66.1% |
| Non-recurring operating income | 76A | - | €113 | +€113 | |
| Remuneration, social security and pensions | 62 | €162,223 | €148,518 | -€13,705 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,715 | €131,726 | +€7,011 | +5.6% |
| Other operating charges | 640/8 | €1,977 | €4,239 | +€2,262 | +114% |
| Non-recurring operating charges | 66A | €459 | €60 | -€399 | -86.9% |
| Gross operating margin | 9900 | €351,856 | €319,359 | -€32,497 | -9.2% |
| Operating profit (loss) | 9901 | €62,482 | €34,815 | -€27,667 | -44.3% |
| Financial income | 75/76B | €10,174 | €34,429 | +€24,255 | +238% |
| Recurring financial income | 75 | €10,174 | €11,375 | +€1,201 | +11.8% |
| Non-recurring financial income | 76B | - | €23,054 | +€23,054 | |
| Financial charges | 65/66B | €19,124 | €21,354 | +€2,230 | +11.7% |
| Recurring financial charges | 65 | €19,124 | €21,354 | +€2,230 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €53,532 | €47,890 | -€5,642 | -10.5% |
| Income taxes | 67/77 | €11,941 | €570 | -€11,371 | -95.2% |
| Profit (loss) for the period | 9904 | €41,591 | €47,320 | +€5,729 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,591 | €47,320 | +€5,729 | +13.8% |
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 14 October 2026 via checked.be.