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
- Receivables within one year +€11,700
up €11,700 (+82.2%), from €14,237 to €25,937
of which Trade receivables: +€7,373
- Tangible fixed assets -€7,491
down €7,491 (-4.5%), from €167,414 to €159,923
of which Land and buildings: -€7,111
- Stocks and contracts -€5,894
down €5,894 (-20.2%), from €29,142 to €23,247
- Deferred charges and accrued income +€3,203
new in 2026: €3,203
- Short-term financial debts +€19,503
up €19,503 (+582.9%), from €3,346 to €22,848
- Debts after one year -€11,135
down €11,135 (-9.7%), from €114,950 to €103,815
- Trade debts -€5,953
down €5,953 (-25.6%), from €23,236 to €17,283
- Other debts -€2,519
down €2,519 (-18.4%), from €13,709 to €11,190
- Depreciation +€1,222
up €1,222 (+10.7%), from €11,465 to €12,687
- Other operating charges -€1,201
down €1,201 (-35.4%), from €3,396 to €2,195
- Gross operating margin -€968
down €968 (-4.6%), from €21,208 to €20,241
- Financial charges -€279
down €279 (-5.8%), from €4,837 to €4,559
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,455 | €236,625 | -€830 | -0.3% |
| Fixed assets | 21/28 | €167,414 | €159,923 | -€7,491 | -4.5% |
| Tangible fixed assets | 22/27 | €167,414 | €159,923 | -€7,491 | -4.5% |
| Land and buildings | 22 | €155,189 | €148,078 | -€7,111 | -4.6% |
| Plant, machinery and equipment | 23 | €873 | €1,131 | +€258 | +29.5% |
| Furniture and vehicles | 24 | €11,351 | €10,713 | -€638 | -5.6% |
| Current assets | 29/58 | €70,041 | €76,702 | +€6,661 | +9.5% |
| Stocks and contracts in progress | 3 | €29,142 | €23,247 | -€5,894 | -20.2% |
| Stocks | 30/36 | €29,142 | €23,247 | -€5,894 | -20.2% |
| Amounts receivable within one year | 40/41 | €14,237 | €25,937 | +€11,700 | +82.2% |
| Trade receivables | 40 | €9,637 | €17,010 | +€7,373 | +76.5% |
| Other amounts receivable | 41 | €4,600 | €8,927 | +€4,327 | +94.1% |
| Cash at bank and in hand | 54/58 | €26,662 | €24,315 | -€2,348 | -8.8% |
| Deferred charges and accrued income | 490/1 | - | €3,203 | +€3,203 | |
| Total equity and liabilities | 10/49 | €237,455 | €236,625 | -€830 | -0.3% |
| Equity | 10/15 | €65,464 | €65,783 | +€319 | +0.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €52,964 | €53,283 | +€319 | +0.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €51,104 | €51,423 | +€319 | +0.6% |
| Amounts payable | 17/49 | €171,991 | €170,842 | -€1,149 | -0.7% |
| Amounts payable after more than one year | 17 | €114,950 | €103,815 | -€11,135 | -9.7% |
| Financial debts | 170/4 | €114,950 | €103,815 | -€11,135 | -9.7% |
| Amounts payable within one year | 42/48 | €57,041 | €67,026 | +€9,986 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €11,477 | €11,135 | -€342 | -3.0% |
| Financial debts | 43 | €3,346 | €22,848 | +€19,503 | +582.9% |
| Credit institutions | 430/8 | €3,346 | €22,848 | +€19,503 | +582.9% |
| Trade debts | 44 | €23,236 | €17,283 | -€5,953 | -25.6% |
| Suppliers | 440/4 | €23,236 | €17,283 | -€5,953 | -25.6% |
| Taxes, remuneration and social security | 45 | €5,273 | €4,571 | -€702 | -13.3% |
| Taxes | 450/3 | €5,263 | €2,041 | -€3,222 | -61.2% |
| Remuneration and social security | 454/9 | €10 | €2,530 | +€2,520 | +25200.0% |
| Other amounts payable | 47/48 | €13,709 | €11,190 | -€2,519 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,465 | €12,687 | +€1,222 | +10.7% |
| Other operating charges | 640/8 | €3,396 | €2,195 | -€1,201 | -35.4% |
| Gross operating margin | 9900 | €21,208 | €20,241 | -€968 | -4.6% |
| Operating profit (loss) | 9901 | €6,347 | €5,359 | -€989 | -15.6% |
| Financial income | 75/76B | €20 | €132 | +€112 | +558.0% |
| Recurring financial income | 75 | €20 | €132 | +€112 | +558.0% |
| Financial charges | 65/66B | €4,837 | €4,559 | -€279 | -5.8% |
| Recurring financial charges | 65 | €4,837 | €4,559 | -€279 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €1,530 | €932 | -€598 | -39.1% |
| Income taxes | 67/77 | €589 | €613 | +€24 | +4.1% |
| Profit (loss) for the period | 9904 | €941 | €319 | -€622 | -66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €941 | €319 | -€622 | -66.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.