COURAGE: 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.
COURAGE
Largest movements
- Cash -€100,414
down €100,414 (-91.8%), from €109,369 to €8,955
mainly Other debts (-€48,087) and Net result for the year (-€41,396)
- Tangible fixed assets -€19,561
down €19,561 (-3.8%), from €513,376 to €493,814
of which Land and buildings: -€29,469
- Other debts -€48,087
down €48,087 (-56.9%), from €84,506 to €36,418
- Reserves -€22,339
down €22,339 (-100.0%), from €22,339 to €0
of which Distributable reserves: -€22,339
- Tax, wage and social debts -€20,944
down €20,944 (-87.8%), from €23,866 to €2,922
of which Taxes: -€18,417
- Profit (loss) carried forward -€19,058
new in 2025: -€19,058
- Debts after one year -€16,330
down €16,330 (-10.3%), from €158,845 to €142,515
- Gross operating margin -€60,607
down €60,607 (-62.6%), from €96,884 to €36,277
- Staff costs -€36,042
down €36,042 (-52.7%), from €68,438 to €32,397
- Other operating charges -€7,160
down €7,160 (-58.8%), from €12,182 to €5,021
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 | €626,372 | €506,224 | -€120,148 | -19.2% |
| Fixed assets | 21/28 | €513,376 | €493,814 | -€19,561 | -3.8% |
| Tangible fixed assets | 22/27 | €513,376 | €493,814 | -€19,561 | -3.8% |
| Land and buildings | 22 | €495,243 | €465,774 | -€29,469 | -6.0% |
| Plant, machinery and equipment | 23 | €16,855 | €22,369 | +€5,514 | +32.7% |
| Furniture and vehicles | 24 | €1,278 | €5,671 | +€4,393 | +343.7% |
| Current assets | 29/58 | €112,996 | €12,410 | -€100,586 | -89.0% |
| Stocks and contracts in progress | 3 | €1,533 | €2,445 | +€912 | +59.5% |
| Stocks | 30/36 | €1,533 | €2,445 | +€912 | +59.5% |
| Amounts receivable within one year | 40/41 | €1,047 | €0 | -€1,047 | -100.0% |
| Trade receivables | 40 | €1,047 | €0 | -€1,047 | -100.0% |
| Cash at bank and in hand | 54/58 | €109,369 | €8,955 | -€100,414 | -91.8% |
| Deferred charges and accrued income | 490/1 | €1,047 | €1,009 | -€37 | -3.6% |
| Total equity and liabilities | 10/49 | €626,372 | €506,224 | -€120,148 | -19.2% |
| Equity | 10/15 | €340,939 | €299,543 | -€41,396 | -12.1% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €22,339 | €0 | -€22,339 | -100.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €22,339 | €0 | -€22,339 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€19,058 | -€19,058 | |
| Amounts payable | 17/49 | €285,433 | €206,682 | -€78,752 | -27.6% |
| Amounts payable after more than one year | 17 | €158,845 | €142,515 | -€16,330 | -10.3% |
| Financial debts | 170/4 | €158,845 | €142,515 | -€16,330 | -10.3% |
| Amounts payable within one year | 42/48 | €126,588 | €64,167 | -€62,421 | -49.3% |
| Current portion of amounts payable after more than one year | 42 | €15,977 | €16,330 | +€353 | +2.2% |
| Trade debts | 44 | €2,239 | €8,496 | +€6,256 | +279.4% |
| Suppliers | 440/4 | €2,239 | €8,496 | +€6,256 | +279.4% |
| Taxes, remuneration and social security | 45 | €23,866 | €2,922 | -€20,944 | -87.8% |
| Taxes | 450/3 | €19,069 | €653 | -€18,417 | -96.6% |
| Remuneration and social security | 454/9 | €4,796 | €2,269 | -€2,527 | -52.7% |
| Other amounts payable | 47/48 | €84,506 | €36,418 | -€48,087 | -56.9% |
| Non-recurring operating income | 76A | €50,946 | €0 | -€50,946 | -100.0% |
| Remuneration, social security and pensions | 62 | €68,438 | €32,397 | -€36,042 | -52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,887 | €37,949 | -€938 | -2.4% |
| Other operating charges | 640/8 | €12,182 | €5,021 | -€7,160 | -58.8% |
| Gross operating margin | 9900 | €96,884 | €36,277 | -€60,607 | -62.6% |
| Operating profit (loss) | 9901 | -€22,623 | -€39,090 | -€16,467 | -72.8% |
| Financial income | 75/76B | €37 | €3 | -€34 | -91.6% |
| Recurring financial income | 75 | €37 | €3 | -€34 | -91.6% |
| Financial charges | 65/66B | €2,867 | €2,309 | -€558 | -19.5% |
| Recurring financial charges | 65 | €2,867 | €2,309 | -€558 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,453 | -€41,396 | -€15,943 | -62.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€25,453 | -€41,396 | -€15,943 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,453 | -€41,396 | -€15,943 | -62.6% |
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 7 October 2026 via checked.be.