Courageous: 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.
Courageous
Largest movements
- Cash +€43,553
up €43,553 (+249.2%), from €17,480 to €61,032
mainly Net result for the year (+€29,473) and Tax, wage and social debts (+€8,496)
- Intangible fixed assets -€1,000
down €1,000 (-12.2%), from €8,167 to €7,167
- Reserves +€29,473
up €29,473 (+313.1%), from €9,414 to €38,887
- Tax, wage and social debts +€8,496
up €8,496 (+348.6%), from €2,437 to €10,934
of which Taxes: +€8,496
- Other debts +€3,900
up €3,900 (+28.0%), from €13,931 to €17,831
- Gross operating margin +€47,869
up €47,869, from -€8,532 to €39,337
- Taxes +€7,615
new in 2025: €7,615
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 | €31,017 | €73,172 | +€42,155 | +135.9% |
| Fixed assets | 21/28 | €9,164 | €7,618 | -€1,547 | -16.9% |
| Intangible fixed assets | 21 | €8,167 | €7,167 | -€1,000 | -12.2% |
| Tangible fixed assets | 22/27 | €998 | €451 | -€547 | -54.8% |
| Plant, machinery and equipment | 23 | €570 | €390 | -€180 | -31.6% |
| Furniture and vehicles | 24 | €428 | €61 | -€367 | -85.7% |
| Current assets | 29/58 | €21,852 | €65,554 | +€43,701 | +200.0% |
| Amounts receivable within one year | 40/41 | €4,373 | €4,511 | +€139 | +3.2% |
| Trade receivables | 40 | €4,373 | €4,511 | +€139 | +3.2% |
| Cash at bank and in hand | 54/58 | €17,480 | €61,032 | +€43,553 | +249.2% |
| Deferred charges and accrued income | 490/1 | - | €10 | +€10 | |
| Total equity and liabilities | 10/49 | €31,017 | €73,172 | +€42,155 | +135.9% |
| Equity | 10/15 | €14,414 | €43,887 | +€29,473 | +204.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,414 | €38,887 | +€29,473 | +313.1% |
| Distributable reserves | 133 | €9,414 | €38,887 | +€29,473 | +313.1% |
| Amounts payable | 17/49 | €16,603 | €29,285 | +€12,682 | +76.4% |
| Amounts payable within one year | 42/48 | €16,603 | €29,282 | +€12,679 | +76.4% |
| Trade debts | 44 | €234 | €517 | +€283 | +121.0% |
| Suppliers | 440/4 | €234 | €517 | +€283 | +121.0% |
| Taxes, remuneration and social security | 45 | €2,437 | €10,934 | +€8,496 | +348.6% |
| Taxes | 450/3 | €937 | €9,434 | +€8,496 | +906.3% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €13,931 | €17,831 | +€3,900 | +28.0% |
| Accrued charges and deferred income | 492/3 | - | €3 | +€3 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,695 | €1,547 | -€148 | -8.7% |
| Other operating charges | 640/8 | €763 | €608 | -€155 | -20.3% |
| Gross operating margin | 9900 | -€8,532 | €39,337 | +€47,869 | |
| Operating profit (loss) | 9901 | -€10,990 | €37,182 | +€48,172 | |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €23 | €110 | +€87 | +374.9% |
| Recurring financial charges | 65 | €23 | €110 | +€87 | +374.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,013 | €37,087 | +€48,100 | |
| Income taxes | 67/77 | - | €7,615 | +€7,615 | |
| Profit (loss) for the period | 9904 | -€11,013 | €29,473 | +€40,485 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,013 | €29,473 | +€40,485 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.