COURCELLE CATHERINE: 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.
What changed
COURCELLE CATHERINE
NACE 32.500, Manufacture of medical and dental instruments and supplies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€94,545
2024 · €89,906+€4,639
Equity
€207,924
2024 · €207,878+€45
Cash
€165,399
2024 · €101,210+€64,189
Balance sheet total
€724,635
2024 · €739,208-€14,573
Largest movements
Assets
- Cash +€64,189
up €64,189 (+63.4%), from €101,210 to €165,399
mainly Net result for the year (+€94,545) and Depreciation (+€58,692)
- Tangible fixed assets -€34,116
down €34,116 (-7.2%), from €473,576 to €439,460
of which Land and buildings: -€52,397
- Current investments -€31,864
down €31,864 (-51.2%), from €62,240 to €30,375
- Stocks and contracts -€8,435
down €8,435 (-10.0%), from €84,250 to €75,815
Equity and liabilities
- Debts after one year -€33,904
down €33,904 (-8.4%), from €405,759 to €371,855
- Trade debts +€12,197
up €12,197 (+68.5%), from €17,803 to €30,001
Income statement
- Gross operating margin +€16,235
up €16,235 (+5.0%), from €327,439 to €343,674
- Staff costs +€13,327
up €13,327 (+11.1%), from €120,438 to €133,765
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.
Result 2024
€89,906
Gross operating margin
+€16,235
Staff costs
-€13,327
Depreciation
+€988
Other operating charges
+€960
Financial income
-€1,389
Financial charges
-€556
Taxes
+€1,728
Result 2025
€94,545
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.
From operations
+€184,522
Investment
+€7,288
Financing
-€127,621
Cash 2024
€101,210
From operations (derived)
+€184,522
Net result for the year
+€94,545
Depreciation
+€58,692
Stocks and contracts
+€8,435
Receivables within one year
+€4,052
Deferred charges and accrued income
+€295
Trade debts
+€12,197
Tax, wage and social debts
+€2,184
Smaller working-capital items
-€16
Other debts
+€4,137
Investment (derived)
+€7,288
Investment in fixed assets (net)
-€24,576
Current investments
+€31,864
Financing
-€127,621
Debts after one year
-€33,904
Current portion of long-term debt
+€4,408
Short-term financial debts
-€3,625
Contributions, distributions and other
-€94,500
Cash 2025
€165,399
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €739,208 | €724,635 | -€14,573 | -2.0% |
| Fixed assets | 21/28 | €473,776 | €439,660 | -€34,116 | -7.2% |
| Tangible fixed assets | 22/27 | €473,576 | €439,460 | -€34,116 | -7.2% |
| Land and buildings | 22 | €462,472 | €410,075 | -€52,397 | -11.3% |
| Plant, machinery and equipment | 23 | €9,694 | €5,416 | -€4,279 | -44.1% |
| Furniture and vehicles | 24 | €1,410 | €23,970 | +€22,560 | +1600.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €265,432 | €284,974 | +€19,543 | +7.4% |
| Stocks and contracts in progress | 3 | €84,250 | €75,815 | -€8,435 | -10.0% |
| Stocks | 30/36 | €84,250 | €75,815 | -€8,435 | -10.0% |
| Amounts receivable within one year | 40/41 | €16,254 | €12,202 | -€4,052 | -24.9% |
| Trade receivables | 40 | €14,395 | €9,846 | -€4,549 | -31.6% |
| Other amounts receivable | 41 | €1,859 | €2,356 | +€497 | +26.7% |
| Current investments | 50/53 | €62,240 | €30,375 | -€31,864 | -51.2% |
| Cash at bank and in hand | 54/58 | €101,210 | €165,399 | +€64,189 | +63.4% |
| Deferred charges and accrued income | 490/1 | €1,478 | €1,183 | -€295 | -19.9% |
| Total equity and liabilities | 10/49 | €739,208 | €724,635 | -€14,573 | -2.0% |
| Equity | 10/15 | €207,878 | €207,924 | +€45 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,960 | €43,960 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,318 | €145,364 | +€45 | 0.0% |
| Amounts payable | 17/49 | €531,329 | €516,711 | -€14,618 | -2.8% |
| Amounts payable after more than one year | 17 | €405,759 | €371,855 | -€33,904 | -8.4% |
| Financial debts | 170/4 | €405,759 | €371,855 | -€33,904 | -8.4% |
| Amounts payable within one year | 42/48 | €124,319 | €143,730 | +€19,411 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €55,616 | €60,023 | +€4,408 | +7.9% |
| Financial debts | 43 | €17,855 | €14,230 | -€3,625 | -20.3% |
| Credit institutions | 430/8 | €17,855 | €14,230 | -€3,625 | -20.3% |
| Trade debts | 44 | €17,803 | €30,001 | +€12,197 | +68.5% |
| Suppliers | 440/4 | €17,803 | €30,001 | +€12,197 | +68.5% |
| Advances received on contracts in progress | 46 | - | €110 | +€110 | |
| Taxes, remuneration and social security | 45 | €28,385 | €30,569 | +€2,184 | +7.7% |
| Taxes | 450/3 | €13,469 | €16,663 | +€3,194 | +23.7% |
| Remuneration and social security | 454/9 | €14,917 | €13,907 | -€1,010 | -6.8% |
| Other amounts payable | 47/48 | €4,660 | €8,797 | +€4,137 | +88.8% |
| Accrued charges and deferred income | 492/3 | €1,252 | €1,126 | -€126 | -10.0% |
| Remuneration, social security and pensions | 62 | €120,438 | €133,765 | +€13,327 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,680 | €58,692 | -€988 | -1.7% |
| Other operating charges | 640/8 | €8,126 | €7,166 | -€960 | -11.8% |
| Gross operating margin | 9900 | €327,439 | €343,674 | +€16,235 | +5.0% |
| Operating profit (loss) | 9901 | €139,196 | €144,052 | +€4,857 | +3.5% |
| Financial income | 75/76B | €3,469 | €2,080 | -€1,389 | -40.0% |
| Recurring financial income | 75 | €3,469 | €2,080 | -€1,389 | -40.0% |
| Financial charges | 65/66B | €16,828 | €17,385 | +€556 | +3.3% |
| Recurring financial charges | 65 | €16,828 | €17,385 | +€556 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €125,836 | €128,747 | +€2,911 | +2.3% |
| Income taxes | 67/77 | €35,930 | €34,202 | -€1,728 | -4.8% |
| Profit (loss) for the period | 9904 | €89,906 | €94,545 | +€4,639 | +5.2% |
| Transfer to tax-exempt reserves | 689 | €35,969 | - | -€35,969 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,937 | €94,545 | +€40,608 | +75.3% |
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 9 October 2026 via checked.be.