COURAGE: 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.
COURAGE
Largest movements
- Cash +€16,037
up €16,037 (+45.3%), from €35,413 to €51,451
mainly Trade debts (+€15,230) and Depreciation (+€9,760)
- Tangible fixed assets +€14,958
up €14,958 (+120.9%), from €12,370 to €27,328
of which Furniture and vehicles: +€16,072
- Receivables within one year -€2,245
down €2,245 (-14.6%), from €15,374 to €13,129
of which Trade receivables: -€2,245
- Trade debts +€15,230
up €15,230 (+315.3%), from €4,831 to €20,060
- Other debts +€4,294
up €4,294 (+109.1%), from €3,936 to €8,230
- Tax, wage and social debts +€3,774
up €3,774 (+32.9%), from €11,460 to €15,234
- Current portion of long-term debt +€2,412
up €2,412 (+191.3%), from €1,261 to €3,673
- Debts after one year +€2,393
up €2,393 (+88.6%), from €2,701 to €5,094
- Gross operating margin -€4,185
down €4,185 (-14.1%), from €29,578 to €25,393
- Depreciation +€1,985
up €1,985 (+25.5%), from €7,775 to €9,760
- Taxes -€1,069
down €1,069 (-17.8%), from €5,996 to €4,927
- Other operating charges -€855
down €855 (-41.3%), from €2,070 to €1,214
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 | €65,391 | €94,226 | +€28,835 | +44.1% |
| Fixed assets | 21/28 | €12,570 | €27,528 | +€14,958 | +119.0% |
| Tangible fixed assets | 22/27 | €12,370 | €27,328 | +€14,958 | +120.9% |
| Land and buildings | 22 | €6,167 | €5,163 | -€1,004 | -16.3% |
| Plant, machinery and equipment | 23 | €110 | €0 | -€110 | -100.0% |
| Furniture and vehicles | 24 | €6,093 | €22,165 | +€16,072 | +263.8% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €52,822 | €66,698 | +€13,876 | +26.3% |
| Amounts receivable within one year | 40/41 | €15,374 | €13,129 | -€2,245 | -14.6% |
| Trade receivables | 40 | €15,374 | €13,129 | -€2,245 | -14.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €35,413 | €51,451 | +€16,037 | +45.3% |
| Deferred charges and accrued income | 490/1 | €2,034 | €2,119 | +€85 | +4.2% |
| Total equity and liabilities | 10/49 | €65,391 | €94,226 | +€28,835 | +44.1% |
| Equity | 10/15 | €39,831 | €39,659 | -€172 | -0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €27,431 | €27,259 | -€172 | -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 | €25,571 | €25,399 | -€172 | -0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,560 | €54,567 | +€29,007 | +113.5% |
| Amounts payable after more than one year | 17 | €2,701 | €5,094 | +€2,393 | +88.6% |
| Financial debts | 170/4 | €2,701 | €5,094 | +€2,393 | +88.6% |
| Amounts payable within one year | 42/48 | €22,859 | €49,474 | +€26,614 | +116.4% |
| Current portion of amounts payable after more than one year | 42 | €1,261 | €3,673 | +€2,412 | +191.3% |
| Financial debts | 43 | €1,372 | €2,277 | +€905 | +66.0% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €1,372 | €2,277 | +€905 | +66.0% |
| Trade debts | 44 | €4,831 | €20,060 | +€15,230 | +315.3% |
| Suppliers | 440/4 | €4,831 | €20,060 | +€15,230 | +315.3% |
| Taxes, remuneration and social security | 45 | €11,460 | €15,234 | +€3,774 | +32.9% |
| Taxes | 450/3 | €11,460 | €15,234 | +€3,774 | +32.9% |
| Other amounts payable | 47/48 | €3,936 | €8,230 | +€4,294 | +109.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,775 | €9,760 | +€1,985 | +25.5% |
| Other operating charges | 640/8 | €2,070 | €1,214 | -€855 | -41.3% |
| Gross operating margin | 9900 | €29,578 | €25,393 | -€4,185 | -14.1% |
| Operating profit (loss) | 9901 | €19,734 | €14,418 | -€5,315 | -26.9% |
| Financial income | 75/76B | €0 | €11 | +€11 | |
| Recurring financial income | 75 | €0 | €11 | +€11 | |
| Financial charges | 65/66B | €1,599 | €1,735 | +€136 | +8.5% |
| Recurring financial charges | 65 | €1,599 | €1,735 | +€136 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €18,135 | €12,694 | -€5,441 | -30.0% |
| Income taxes | 67/77 | €5,996 | €4,927 | -€1,069 | -17.8% |
| Profit (loss) for the period | 9904 | €12,139 | €7,767 | -€4,372 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,139 | €7,767 | -€4,372 | -36.0% |
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 10 October 2026 via checked.be.