COURTIS: what changed
What changed
COURTIS
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€44,869
2024 · -€59,271+€14,401
Equity
€3.3m
2024 · €3.4m-€44,869
Cash
€13,081
2024 · €8,745+€4,336
Balance sheet total
€4.2m
2024 · €4.2m-€1,864
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts +€65,301
up €65,301 (+11.2%), from €581,759 to €647,060
- Profit (loss) carried forward -€44,869
down €44,869 (-6.9%), from -€652,578 to -€697,448
Income statement
- Gross operating margin +€15,672
up €15,672 (+41.8%), from -€37,515 to -€21,843
- Financial charges +€1,240
up €1,240 (+8.6%), from €14,471 to €15,711
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€59,271
Gross operating margin
+€15,672
Other operating charges
-€31
Financial charges
-€1,240
Result 2025
-€44,869
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€25,161
Investment
€0
Financing
-€20,826
Cash 2024
€8,745
From operations (derived)
+€25,161
Net result for the year
-€44,869
Depreciation
+€6,317
Deferred charges and accrued income
-€118
Trade debts
-€1,470
Other debts
+€65,301
Financing
-€20,826
Debts after one year
-€21,017
Current portion of long-term debt
+€191
Cash 2025
€13,081
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,210,926 | €4,209,062 | -€1,864 | 0.0% |
| Formation expenses | 20 | €63,170 | €56,853 | -€6,317 | -10.0% |
| Fixed assets | 21/28 | €4,138,080 | €4,138,080 | = | 0.0% |
| Tangible fixed assets | 22/27 | €941,580 | €941,580 | = | 0.0% |
| Land and buildings | 22 | €941,580 | €941,580 | = | 0.0% |
| Financial fixed assets | 28 | €3,196,500 | €3,196,500 | = | 0.0% |
| Current assets | 29/58 | €9,676 | €14,129 | +€4,453 | +46.0% |
| Cash at bank and in hand | 54/58 | €8,745 | €13,081 | +€4,336 | +49.6% |
| Deferred charges and accrued income | 490/1 | €931 | €1,048 | +€118 | +12.7% |
| Total equity and liabilities | 10/49 | €4,210,926 | €4,209,062 | -€1,864 | 0.0% |
| Equity | 10/15 | €3,364,637 | €3,319,768 | -€44,869 | -1.3% |
| Contributions | 10/11 | €3,504,000 | €3,504,000 | = | 0.0% |
| Revaluation surpluses | 12 | €491,500 | €491,500 | = | 0.0% |
| Reserves | 13 | €21,716 | €21,716 | = | 0.0% |
| Distributable reserves | 133 | €21,716 | €21,716 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€652,578 | -€697,448 | -€44,869 | -6.9% |
| Amounts payable | 17/49 | €846,288 | €889,294 | +€43,006 | +5.1% |
| Amounts payable after more than one year | 17 | €240,144 | €219,128 | -€21,017 | -8.8% |
| Financial debts | 170/4 | €240,144 | €219,128 | -€21,017 | -8.8% |
| Amounts payable within one year | 42/48 | €606,144 | €670,166 | +€64,022 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €20,826 | €21,017 | +€191 | +0.9% |
| Trade debts | 44 | €3,559 | €2,089 | -€1,470 | -41.3% |
| Suppliers | 440/4 | €3,559 | €2,089 | -€1,470 | -41.3% |
| Other amounts payable | 47/48 | €581,759 | €647,060 | +€65,301 | +11.2% |
| Non-recurring operating income | 76A | - | €14,750 | +€14,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,317 | €6,317 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€37,515 | -€21,843 | +€15,672 | +41.8% |
| Operating profit (loss) | 9901 | -€44,800 | -€29,159 | +€15,641 | +34.9% |
| Financial charges | 65/66B | €14,471 | €15,711 | +€1,240 | +8.6% |
| Recurring financial charges | 65 | €14,471 | €15,711 | +€1,240 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | -€59,271 | -€44,869 | +€14,401 | +24.3% |
| Profit (loss) for the period | 9904 | -€59,271 | -€44,869 | +€14,401 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,271 | -€44,869 | +€14,401 | +24.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.