COURSE EXPRESS: 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.
COURSE EXPRESS
Largest movements
- Stocks and contracts +€136,875
up €136,875 (+167%), from €81,787 to €218,662
- Receivables after one year -€95,000
no longer reported in 2022 (was €95,000)
- Receivables within one year +€23,818
up €23,818 (+25.7%), from €92,635 to €116,453
of which Trade receivables: +€17,237
- Deferred charges and accrued income +€8,871
up €8,871 (+77.1%), from €11,500 to €20,371
- Short-term financial debts +€53,819
up €53,819 (+164%), from €32,831 to €86,650
- Profit (loss) carried forward +€31,621
up €31,621 (+18.9%), from €167,650 to €199,271
- Trade debts -€18,835
down €18,835 (-32.0%), from €58,856 to €40,021
- Tax, wage and social debts +€10,542
new in 2022: €10,542
- Debts after one year -€7,631
down €7,631 (-27.5%), from €27,795 to €20,164
- Turnover -€100,346
down €100,346 (-7.6%), from €1.3m to €1.2m
- Purchases and services -€96,065
down €96,065 (-7.7%), from €1.2m to €1.1m
- Gross operating margin -€31,234
down €31,234 (-20.6%), from €151,285 to €120,051
- Staff costs -€13,288
down €13,288 (-27.4%), from €48,442 to €35,154
From the 2021 result to the 2022 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 2021 and 2022 balance sheets and the 2022 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €311,008 | €387,886 | +€76,877 | +24.7% |
| Fixed assets | 21/28 | €14,599 | €16,301 | +€1,703 | +11.7% |
| Intangible fixed assets | 21 | €8,000 | €7,000 | -€1,000 | -12.5% |
| Tangible fixed assets | 22/27 | €6,380 | €9,083 | +€2,703 | +42.4% |
| Plant, machinery and equipment | 23 | €3,339 | €2,968 | -€371 | -11.1% |
| Furniture and vehicles | 24 | €3,041 | €6,115 | +€3,074 | +101% |
| Financial fixed assets | 28 | €218 | €218 | = | 0.0% |
| Current assets | 29/58 | €296,410 | €371,584 | +€75,174 | +25.4% |
| Amounts receivable after more than one year | 29 | €95,000 | - | -€95,000 | |
| Other amounts receivable | 291 | €95,000 | - | -€95,000 | |
| Stocks and contracts in progress | 3 | €81,787 | €218,662 | +€136,875 | +167% |
| Stocks | 30/36 | €81,787 | €218,662 | +€136,875 | +167% |
| Amounts receivable within one year | 40/41 | €92,635 | €116,453 | +€23,818 | +25.7% |
| Trade receivables | 40 | €68,589 | €85,826 | +€17,237 | +25.1% |
| Other amounts receivable | 41 | €24,046 | €30,627 | +€6,581 | +27.4% |
| Cash at bank and in hand | 54/58 | €15,488 | €16,099 | +€610 | +3.9% |
| Deferred charges and accrued income | 490/1 | €11,500 | €20,371 | +€8,871 | +77.1% |
| Total equity and liabilities | 10/49 | €311,008 | €387,886 | +€76,877 | +24.7% |
| Equity | 10/15 | €186,250 | €217,871 | +€31,621 | +17.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,650 | €199,271 | +€31,621 | +18.9% |
| Amounts payable | 17/49 | €124,759 | €170,015 | +€45,256 | +36.3% |
| Amounts payable after more than one year | 17 | €27,795 | €20,164 | -€7,631 | -27.5% |
| Financial debts | 170/4 | €27,795 | €20,164 | -€7,631 | -27.5% |
| Amounts payable within one year | 42/48 | €96,964 | €149,850 | +€52,887 | +54.5% |
| Current portion of amounts payable after more than one year | 42 | €5,277 | €12,638 | +€7,360 | +139% |
| Financial debts | 43 | €32,831 | €86,650 | +€53,819 | +164% |
| Credit institutions | 430/8 | €32,831 | €86,650 | +€53,819 | +164% |
| Trade debts | 44 | €58,856 | €40,021 | -€18,835 | -32.0% |
| Suppliers | 440/4 | €58,856 | €40,021 | -€18,835 | -32.0% |
| Taxes, remuneration and social security | 45 | - | €10,542 | +€10,542 | |
| Taxes | 450/3 | - | €10,542 | +€10,542 | |
| Turnover | 70 | €1,328,505 | €1,228,158 | -€100,346 | -7.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,240,439 | €1,144,374 | -€96,065 | -7.7% |
| Remuneration, social security and pensions | 62 | €48,442 | €35,154 | -€13,288 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,865 | €3,090 | -€775 | -20.1% |
| Other operating charges | 640/8 | €4,682 | €1,665 | -€3,017 | -64.4% |
| Non-recurring operating charges | 66A | €13,954 | €28,126 | +€14,172 | +102% |
| Gross operating margin | 9900 | €151,285 | €120,051 | -€31,234 | -20.6% |
| Operating profit (loss) | 9901 | €80,343 | €52,016 | -€28,327 | -35.3% |
| Financial income | 75/76B | €4,212 | - | -€4,212 | |
| Recurring financial income | 75 | €4,212 | - | -€4,212 | |
| Financial charges | 65/66B | €4,362 | €7,353 | +€2,991 | +68.6% |
| Recurring financial charges | 65 | €4,362 | €7,353 | +€2,991 | +68.6% |
| Profit (loss) for the period before taxes | 9903 | €80,192 | €44,663 | -€35,529 | -44.3% |
| Income taxes | 67/77 | €5,269 | €13,042 | +€7,773 | +148% |
| Profit (loss) for the period | 9904 | €74,923 | €31,621 | -€43,302 | -57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,923 | €31,621 | -€43,302 | -57.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.