WESTGOLF: what changed
Two fiscal 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.
WESTGOLF
Largest movements
- Tangible fixed assets -€42,987
down €42,987 (-24.1%), from €178,686 to €135,698
of which Plant, machinery and equipment: -€33,019
- Cash -€13,472
down €13,472 (-2.7%), from €501,214 to €487,742
mainly Accrued charges and deferred income (-€69,206) and Receivables within one year (-€6,236)
- Accrued charges and deferred income -€69,206
down €69,206 (-31.8%), from €217,783 to €148,578
- Gross operating margin -€27,081
down €27,081 (-31.9%), from €84,870 to €57,789
- Taxes -€5,505
down €5,505 (-50.9%), from €10,811 to €5,306
- Depreciation +€3,281
up €3,281 (+8.3%), from €39,707 to €42,987
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €813,656 | €763,433 | -€50,223 | -6.2% |
| Fixed assets | 21/28 | €178,686 | €135,698 | -€42,987 | -24.1% |
| Tangible fixed assets | 22/27 | €178,686 | €135,698 | -€42,987 | -24.1% |
| Land and buildings | 22 | €64,390 | €54,422 | -€9,968 | -15.5% |
| Plant, machinery and equipment | 23 | €114,295 | €81,276 | -€33,019 | -28.9% |
| Current assets | 29/58 | €634,970 | €627,734 | -€7,236 | -1.1% |
| Amounts receivable within one year | 40/41 | €133,756 | €139,993 | +€6,236 | +4.7% |
| Trade receivables | 40 | €3,394 | €15,131 | +€11,737 | +345.8% |
| Other amounts receivable | 41 | €130,362 | €124,862 | -€5,501 | -4.2% |
| Cash at bank and in hand | 54/58 | €501,214 | €487,742 | -€13,472 | -2.7% |
| Total equity and liabilities | 10/49 | €813,656 | €763,433 | -€50,223 | -6.2% |
| Equity | 10/15 | €550,186 | €556,821 | +€6,636 | +1.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €481,986 | €488,621 | +€6,636 | +1.4% |
| Amounts payable | 17/49 | €263,470 | €206,611 | -€56,859 | -21.6% |
| Amounts payable within one year | 42/48 | €45,687 | €58,034 | +€12,347 | +27.0% |
| Trade debts | 44 | €31,417 | €39,419 | +€8,002 | +25.5% |
| Suppliers | 440/4 | €31,417 | €39,419 | +€8,002 | +25.5% |
| Taxes, remuneration and social security | 45 | €387 | €5,035 | +€4,648 | +1202.2% |
| Taxes | 450/3 | €387 | €5,035 | +€4,648 | +1202.2% |
| Other amounts payable | 47/48 | €13,883 | €13,579 | -€304 | -2.2% |
| Accrued charges and deferred income | 492/3 | €217,783 | €148,578 | -€69,206 | -31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,707 | €42,987 | +€3,281 | +8.3% |
| Other operating charges | 640/8 | €3,239 | €3,374 | +€135 | +4.2% |
| Gross operating margin | 9900 | €84,870 | €57,789 | -€27,081 | -31.9% |
| Operating profit (loss) | 9901 | €41,925 | €11,428 | -€30,496 | -72.7% |
| Financial income | 75/76B | €1,474 | €1,039 | -€435 | -29.5% |
| Recurring financial income | 75 | €1,474 | €1,039 | -€435 | -29.5% |
| Financial charges | 65/66B | €526 | €525 | -€1 | -0.1% |
| Recurring financial charges | 65 | €526 | €525 | -€1 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €42,873 | €11,942 | -€30,931 | -72.1% |
| Income taxes | 67/77 | €10,811 | €5,306 | -€5,505 | -50.9% |
| Profit (loss) for the period | 9904 | €32,062 | €6,636 | -€25,426 | -79.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,062 | €6,636 | -€25,426 | -79.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.