COUCOUR: 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.
COUCOUR
Largest movements
- Cash +€1.9m
up €1.9m (+476%), from €401,069 to €2.3m
mainly Contributions, distributions and other (+€3.0m) and Stocks and contracts (+€1.3m)
- Stocks and contracts -€1.3m
down €1.3m (-41.4%), from €3.1m to €1.8m
- Tangible fixed assets +€797,850
up €797,850 (+161%), from €495,533 to €1.3m
of which Assets under construction and advance payments: +€535,960
- Current investments +€652,510
up €652,510 (+109%), from €600,211 to €1.3m
- Receivables within one year -€399,473
down €399,473 (-28.4%), from €1.4m to €1.0m
of which Trade receivables: -€203,029
- Contributions +€3.0m
up €3.0m (+84.5%), from €3.6m to €6.6m
- Reserves -€1.5m
down €1.5m (-87.9%), from €1.7m to €207,116
of which Distributable reserves: -€1.5m
- Trade debts +€131,504
up €131,504 (+15.1%), from €868,236 to €999,741
- Gross operating margin -€1.7m
down €1.7m, from €1.1m to -€544,953
- Taxes -€221,286
down €221,286 (-100%), from €221,286 to €0
- Depreciation +€51,011
up €51,011 (+31.6%), from €161,382 to €212,392
- Staff costs +€40,117
up €40,117 (+28.6%), from €140,139 to €180,256
- Financial charges +€34,076
up €34,076 (+10,112%), from €337 to €34,413
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 | €6,151,230 | €7,854,670 | +€1.7m | +27.7% |
| Fixed assets | 21/28 | €570,649 | €1,419,963 | +€849,314 | +149% |
| Intangible fixed assets | 21 | €75,116 | €126,580 | +€51,464 | +68.5% |
| Tangible fixed assets | 22/27 | €495,533 | €1,293,383 | +€797,850 | +161% |
| Plant, machinery and equipment | 23 | €386,601 | €467,028 | +€80,427 | +20.8% |
| Furniture and vehicles | 24 | €29,629 | €25,043 | -€4,586 | -15.5% |
| Other tangible fixed assets | 26 | €79,303 | €265,352 | +€186,049 | +235% |
| Assets under construction and advance payments | 27 | - | €535,960 | +€535,960 | |
| Current assets | 29/58 | €5,580,582 | €6,434,707 | +€854,125 | +15.3% |
| Stocks and contracts in progress | 3 | €3,149,049 | €1,844,237 | -€1.3m | -41.4% |
| Stocks | 30/36 | €3,149,049 | €1,844,237 | -€1.3m | -41.4% |
| Amounts receivable within one year | 40/41 | €1,405,398 | €1,005,925 | -€399,473 | -28.4% |
| Trade receivables | 40 | €891,844 | €688,815 | -€203,029 | -22.8% |
| Other amounts receivable | 41 | €513,554 | €317,109 | -€196,444 | -38.3% |
| Current investments | 50/53 | €600,211 | €1,252,721 | +€652,510 | +109% |
| Cash at bank and in hand | 54/58 | €401,069 | €2,311,606 | +€1.9m | +476% |
| Deferred charges and accrued income | 490/1 | €24,856 | €20,218 | -€4,637 | -18.7% |
| Total equity and liabilities | 10/49 | €6,151,230 | €7,854,670 | +€1.7m | +27.7% |
| Equity | 10/15 | €5,257,747 | €6,757,116 | +€1.5m | +28.5% |
| Contributions | 10/11 | €3,550,000 | €6,550,000 | +€3.0m | +84.5% |
| Capital | 10 | €3,550,000 | €6,550,000 | +€3.0m | +84.5% |
| Issued capital | 100 | €3,550,000 | €9,550,000 | +€6.0m | +169% |
| Uncalled capital | 101 | - | €3,000,000 | +€3.0m | |
| Reserves | 13 | €1,707,747 | €207,116 | -€1.5m | -87.9% |
| Non-distributable reserves | 130/1 | €85,387 | €85,387 | = | 0.0% |
| Legal reserve | 130 | €85,387 | €85,387 | = | 0.0% |
| Distributable reserves | 133 | €1,622,360 | €121,729 | -€1.5m | -92.5% |
| Amounts payable | 17/49 | €893,483 | €1,097,554 | +€204,071 | +22.8% |
| Amounts payable within one year | 42/48 | €887,994 | €1,097,554 | +€209,559 | +23.6% |
| Trade debts | 44 | €868,236 | €999,741 | +€131,504 | +15.1% |
| Suppliers | 440/4 | €868,236 | €999,741 | +€131,504 | +15.1% |
| Advances received on contracts in progress | 46 | €0 | €72,981 | +€72,981 | |
| Taxes, remuneration and social security | 45 | €19,758 | €24,832 | +€5,074 | +25.7% |
| Taxes | 450/3 | €798 | €15 | -€783 | -98.1% |
| Remuneration and social security | 454/9 | €18,961 | €24,817 | +€5,856 | +30.9% |
| Accrued charges and deferred income | 492/3 | €5,488 | €0 | -€5,488 | -100% |
| Non-recurring operating income | 76A | €21,188 | €0 | -€21,188 | -100% |
| Remuneration, social security and pensions | 62 | €140,139 | €180,256 | +€40,117 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,382 | €212,392 | +€51,011 | +31.6% |
| Other operating charges | 640/8 | €20,017 | €40,111 | +€20,094 | +100% |
| Non-recurring operating charges | 66A | - | €513,533 | +€513,533 | |
| Gross operating margin | 9900 | €1,147,835 | -€544,953 | -€1.7m | |
| Operating profit (loss) | 9901 | €826,297 | -€1,491,246 | -€2.3m | |
| Financial income | 75/76B | €44,627 | €25,027 | -€19,600 | -43.9% |
| Recurring financial income | 75 | €44,627 | €25,027 | -€19,600 | -43.9% |
| Financial charges | 65/66B | €337 | €34,413 | +€34,076 | +10,112% |
| Recurring financial charges | 65 | €337 | €34,413 | +€34,076 | +10,112% |
| Profit (loss) for the period before taxes | 9903 | €870,587 | -€1,500,631 | -€2.4m | |
| Income taxes | 67/77 | €221,286 | €0 | -€221,286 | -100% |
| Profit (loss) for the period | 9904 | €649,301 | -€1,500,631 | -€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €649,301 | -€1,500,631 | -€2.1m |
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 15 October 2026 via checked.be.