Courage 2B: 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 2B
Largest movements
- Receivables within one year -€79,780
down €79,780 (-78.6%), from €101,508 to €21,728
of which Other amounts receivable: -€51,039
- Cash +€19,972
up €19,972 (+322%), from €6,199 to €26,170
mainly Receivables within one year (+€79,780) and Net result for the year (+€23,380)
- Profit (loss) carried forward -€77,210
down €77,210 (-84.8%), from €91,049 to €13,839
- Tax, wage and social debts +€17,829
up €17,829 (+64.6%), from €27,608 to €45,436
of which Taxes: +€16,079
- Gross operating margin -€15,780
down €15,780 (-27.6%), from €57,202 to €41,421
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 | €122,470 | €63,239 | -€59,231 | -48.4% |
| Fixed assets | 21/28 | €14,763 | €14,118 | -€645 | -4.4% |
| Tangible fixed assets | 22/27 | €14,763 | €14,118 | -€645 | -4.4% |
| Furniture and vehicles | 24 | €5,253 | €3,096 | -€2,157 | -41.1% |
| Other tangible fixed assets | 26 | €9,510 | €11,021 | +€1,512 | +15.9% |
| Current assets | 29/58 | €107,707 | €49,121 | -€58,585 | -54.4% |
| Amounts receivable within one year | 40/41 | €101,508 | €21,728 | -€79,780 | -78.6% |
| Trade receivables | 40 | €39,904 | €11,163 | -€28,741 | -72.0% |
| Other amounts receivable | 41 | €61,604 | €10,565 | -€51,039 | -82.9% |
| Cash at bank and in hand | 54/58 | €6,199 | €26,170 | +€19,972 | +322% |
| Deferred charges and accrued income | 490/1 | - | €1,223 | +€1,223 | |
| Total equity and liabilities | 10/49 | €122,470 | €63,239 | -€59,231 | -48.4% |
| Equity | 10/15 | €93,549 | €16,339 | -€77,210 | -82.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,049 | €13,839 | -€77,210 | -84.8% |
| Amounts payable | 17/49 | €28,920 | €46,900 | +€17,979 | +62.2% |
| Amounts payable within one year | 42/48 | €28,920 | €46,900 | +€17,979 | +62.2% |
| Trade debts | 44 | €1,313 | €1,463 | +€150 | +11.5% |
| Suppliers | 440/4 | €1,313 | €1,463 | +€150 | +11.5% |
| Taxes, remuneration and social security | 45 | €27,608 | €45,436 | +€17,829 | +64.6% |
| Taxes | 450/3 | €27,608 | €43,686 | +€16,079 | +58.2% |
| Remuneration and social security | 454/9 | - | €1,750 | +€1,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,501 | €3,335 | -€166 | -4.7% |
| Other operating charges | 640/8 | €1,187 | €824 | -€363 | -30.6% |
| Gross operating margin | 9900 | €57,202 | €41,421 | -€15,780 | -27.6% |
| Operating profit (loss) | 9901 | €52,514 | €37,262 | -€15,252 | -29.0% |
| Financial income | 75/76B | €3 | €1 | -€2 | -63.3% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -63.3% |
| Financial charges | 65/66B | €737 | €816 | +€78 | +10.6% |
| Recurring financial charges | 65 | €737 | €816 | +€78 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €51,779 | €36,447 | -€15,332 | -29.6% |
| Income taxes | 67/77 | €12,518 | €13,067 | +€549 | +4.4% |
| Profit (loss) for the period | 9904 | €39,262 | €23,380 | -€15,881 | -40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,262 | €23,380 | -€15,881 | -40.5% |
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.