Courage-afscheid: 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-afscheid
Largest movements
- Cash +€42,386
up €42,386 (+84.6%), from €50,079 to €92,465
mainly Accrued charges and deferred income (+€32,903) and Net result for the year (+€25,140)
- Receivables within one year +€6,345
up €6,345 (+110.0%), from €5,769 to €12,114
- Deferred charges and accrued income +€3,485
up €3,485 (+254.8%), from €1,367 to €4,852
- Tangible fixed assets +€1,605
up €1,605 (+44.6%), from €3,600 to €5,205
- Accrued charges and deferred income +€32,903
new in 2025: €32,903
- Profit (loss) carried forward +€25,140
up €25,140 (+71.5%), from €35,137 to €60,277
- Tax, wage and social debts -€4,006
down €4,006 (-34.4%), from €11,636 to €7,630
of which Taxes: -€2,695
- Gross operating margin +€21,996
up €21,996 (+186.7%), from €11,779 to €33,775
- Taxes +€4,406
up €4,406 (+169.6%), from €2,597 to €7,003
- Depreciation +€478
up €478 (+49.6%), from €964 to €1,442
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 | €60,815 | €114,636 | +€53,821 | +88.5% |
| Fixed assets | 21/28 | €3,600 | €5,205 | +€1,605 | +44.6% |
| Tangible fixed assets | 22/27 | €3,600 | €5,205 | +€1,605 | +44.6% |
| Furniture and vehicles | 24 | €3,600 | €5,205 | +€1,605 | +44.6% |
| Current assets | 29/58 | €57,215 | €109,431 | +€52,216 | +91.3% |
| Amounts receivable within one year | 40/41 | €5,769 | €12,114 | +€6,345 | +110.0% |
| Trade receivables | 40 | €5,769 | €12,114 | +€6,345 | +110.0% |
| Cash at bank and in hand | 54/58 | €50,079 | €92,465 | +€42,386 | +84.6% |
| Deferred charges and accrued income | 490/1 | €1,367 | €4,852 | +€3,485 | +254.8% |
| Total equity and liabilities | 10/49 | €60,815 | €114,636 | +€53,821 | +88.5% |
| Equity | 10/15 | €37,137 | €62,277 | +€25,140 | +67.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,137 | €60,277 | +€25,140 | +71.5% |
| Amounts payable | 17/49 | €23,678 | €52,359 | +€28,681 | +121.1% |
| Amounts payable within one year | 42/48 | €23,678 | €19,456 | -€4,222 | -17.8% |
| Trade debts | 44 | €10,466 | €9,896 | -€570 | -5.4% |
| Suppliers | 440/4 | €10,466 | €9,896 | -€570 | -5.4% |
| Taxes, remuneration and social security | 45 | €11,636 | €7,630 | -€4,006 | -34.4% |
| Taxes | 450/3 | €10,325 | €7,630 | -€2,695 | -26.1% |
| Remuneration and social security | 454/9 | €1,311 | - | -€1,311 | |
| Other amounts payable | 47/48 | €1,576 | €1,930 | +€354 | +22.5% |
| Accrued charges and deferred income | 492/3 | - | €32,903 | +€32,903 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €964 | €1,442 | +€478 | +49.6% |
| Other operating charges | 640/8 | €236 | €120 | -€116 | -49.2% |
| Gross operating margin | 9900 | €11,779 | €33,775 | +€21,996 | +186.7% |
| Operating profit (loss) | 9901 | €10,580 | €32,213 | +€21,634 | +204.5% |
| Financial income | 75/76B | €156 | €22 | -€135 | -86.2% |
| Recurring financial income | 75 | €156 | €22 | -€135 | -86.2% |
| Financial charges | 65/66B | €406 | €92 | -€314 | -77.2% |
| Recurring financial charges | 65 | €406 | €92 | -€314 | -77.2% |
| Profit (loss) for the period before taxes | 9903 | €10,330 | €32,142 | +€21,813 | +211.2% |
| Income taxes | 67/77 | €2,597 | €7,003 | +€4,406 | +169.6% |
| Profit (loss) for the period | 9904 | €7,733 | €25,140 | +€17,407 | +225.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,733 | €25,140 | +€17,407 | +225.1% |
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 3 October 2026 via checked.be.