The Golferie: 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.
The Golferie
Largest movements
- Cash +€24,825
up €24,825 (+305%), from €8,146 to €32,971
mainly Net result for the year (+€20,738) and Tax, wage and social debts (+€7,527)
- Stocks and contracts +€7,608
up €7,608 (+61.0%), from €12,476 to €20,085
- Tangible fixed assets -€3,962
down €3,962 (-19.2%), from €20,670 to €16,708
of which Plant, machinery and equipment: -€3,526
- Deferred charges and accrued income +€711
new in 2025: €711
- Reserves +€20,000
up €20,000 (+154%), from €13,000 to €33,000
- Tax, wage and social debts +€7,527
up €7,527 (+151%), from €4,993 to €12,520
- Trade debts +€7,283
up €7,283 (+869%), from €838 to €8,121
- Other debts -€6,634
down €6,634 (-34.8%), from €19,063 to €12,429
- Profit (loss) carried forward +€738
up €738 (+63.2%), from €1,167 to €1,904
- Gross operating margin +€7,920
up €7,920 (+34.9%), from €22,692 to €30,613
- Taxes +€1,668
up €1,668 (+46.3%), from €3,602 to €5,270
- Depreciation -€925
down €925 (-18.9%), from €4,887 to €3,962
- Other operating charges +€400
up €400 (+645%), from €62 to €462
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 | €41,561 | €70,474 | +€28,914 | +69.6% |
| Fixed assets | 21/28 | €20,670 | €16,708 | -€3,962 | -19.2% |
| Tangible fixed assets | 22/27 | €20,670 | €16,708 | -€3,962 | -19.2% |
| Plant, machinery and equipment | 23 | €20,234 | €16,708 | -€3,526 | -17.4% |
| Furniture and vehicles | 24 | €436 | - | -€436 | |
| Current assets | 29/58 | €20,891 | €53,767 | +€32,876 | +157% |
| Stocks and contracts in progress | 3 | €12,476 | €20,085 | +€7,608 | +61.0% |
| Stocks | 30/36 | €12,476 | €20,085 | +€7,608 | +61.0% |
| Amounts receivable within one year | 40/41 | €268 | - | -€268 | |
| Trade receivables | 40 | €268 | - | -€268 | |
| Cash at bank and in hand | 54/58 | €8,146 | €32,971 | +€24,825 | +305% |
| Deferred charges and accrued income | 490/1 | - | €711 | +€711 | |
| Total equity and liabilities | 10/49 | €41,561 | €70,474 | +€28,914 | +69.6% |
| Equity | 10/15 | €16,667 | €37,404 | +€20,738 | +124% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €13,000 | €33,000 | +€20,000 | +154% |
| Distributable reserves | 133 | €13,000 | €33,000 | +€20,000 | +154% |
| Profit (loss) carried forward | 14 | €1,167 | €1,904 | +€738 | +63.2% |
| Amounts payable | 17/49 | €24,894 | €33,070 | +€8,176 | +32.8% |
| Amounts payable within one year | 42/48 | €24,894 | €33,070 | +€8,176 | +32.8% |
| Trade debts | 44 | €838 | €8,121 | +€7,283 | +869% |
| Suppliers | 440/4 | €838 | €8,121 | +€7,283 | +869% |
| Taxes, remuneration and social security | 45 | €4,993 | €12,520 | +€7,527 | +151% |
| Taxes | 450/3 | €4,993 | €12,520 | +€7,527 | +151% |
| Other amounts payable | 47/48 | €19,063 | €12,429 | -€6,634 | -34.8% |
| Remuneration, social security and pensions | 62 | €128 | - | -€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,887 | €3,962 | -€925 | -18.9% |
| Other operating charges | 640/8 | €62 | €462 | +€400 | +645% |
| Gross operating margin | 9900 | €22,692 | €30,613 | +€7,920 | +34.9% |
| Operating profit (loss) | 9901 | €17,615 | €26,189 | +€8,574 | +48.7% |
| Financial income | 75/76B | €39 | €13 | -€26 | -67.3% |
| Recurring financial income | 75 | €39 | €13 | -€26 | -67.3% |
| Financial charges | 65/66B | €198 | €194 | -€4 | -2.2% |
| Recurring financial charges | 65 | €198 | €194 | -€4 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €17,456 | €26,007 | +€8,552 | +49.0% |
| Income taxes | 67/77 | €3,602 | €5,270 | +€1,668 | +46.3% |
| Profit (loss) for the period | 9904 | €13,854 | €20,738 | +€6,884 | +49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,854 | €20,738 | +€6,884 | +49.7% |
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 1 November 2026 via checked.be.