COURTOIS Karine: 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.
COURTOIS Karine
Largest movements
- Receivables within one year +€44,408
up €44,408 (+243%), from €18,299 to €62,707
of which Other amounts receivable: +€40,257
- Current investments -€41,375
down €41,375 (-25.6%), from €161,778 to €120,403
- Cash +€32,255
up €32,255 (+290%), from €11,121 to €43,376
mainly Other debts (+€54,894) and Net result for the year (+€42,749)
- Tangible fixed assets -€13,900
down €13,900 (-32.5%), from €42,728 to €28,828
- Other debts +€54,894
up €54,894 (+291%), from €18,851 to €73,745
- Reserves -€30,996
down €30,996 (-30.7%), from €100,812 to €69,816
- Debts after one year -€9,734
down €9,734 (-48.8%), from €19,946 to €10,212
- Tax, wage and social debts +€8,371
up €8,371 (+332%), from €2,521 to €10,892
- Financial income +€21,120
up €21,120 (+641%), from €3,293 to €24,414
of which Non-recurring financial income: +€21,504
- Taxes +€9,846
up €9,846 (+82.4%), from €11,944 to €21,790
- Gross operating margin +€9,337
up €9,337 (+19.0%), from €49,189 to €58,527
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.
Derived cash bridge
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 | €265,375 | €287,705 | +€22,330 | +8.4% |
| Fixed assets | 21/28 | €42,728 | €28,828 | -€13,900 | -32.5% |
| Tangible fixed assets | 22/27 | €42,728 | €28,828 | -€13,900 | -32.5% |
| Furniture and vehicles | 24 | €42,728 | €28,828 | -€13,900 | -32.5% |
| Current assets | 29/58 | €222,647 | €258,877 | +€36,230 | +16.3% |
| Amounts receivable after more than one year | 29 | €29,102 | €30,170 | +€1,068 | +3.7% |
| Other amounts receivable | 291 | €29,102 | €30,170 | +€1,068 | +3.7% |
| Amounts receivable within one year | 40/41 | €18,299 | €62,707 | +€44,408 | +243% |
| Trade receivables | 40 | €7,448 | €11,599 | +€4,151 | +55.7% |
| Other amounts receivable | 41 | €10,851 | €51,108 | +€40,257 | +371% |
| Current investments | 50/53 | €161,778 | €120,403 | -€41,375 | -25.6% |
| Cash at bank and in hand | 54/58 | €11,121 | €43,376 | +€32,255 | +290% |
| Deferred charges and accrued income | 490/1 | €2,346 | €2,220 | -€126 | -5.4% |
| Total equity and liabilities | 10/49 | €265,375 | €287,705 | +€22,330 | +8.4% |
| Equity | 10/15 | €190,239 | €159,243 | -€30,996 | -16.3% |
| Contributions | 10/11 | €89,427 | €89,427 | = | 0.0% |
| Reserves | 13 | €100,812 | €69,816 | -€30,996 | -30.7% |
| Distributable reserves | 133 | €100,812 | €69,816 | -€30,996 | -30.7% |
| Provisions and deferred taxes | 16 | €20,451 | €20,451 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,451 | €20,451 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,451 | €20,451 | = | 0.0% |
| Amounts payable | 17/49 | €54,685 | €108,011 | +€53,326 | +97.5% |
| Amounts payable after more than one year | 17 | €19,946 | €10,212 | -€9,734 | -48.8% |
| Financial debts | 170/4 | €19,946 | €10,212 | -€9,734 | -48.8% |
| Amounts payable within one year | 42/48 | €34,739 | €97,799 | +€63,060 | +182% |
| Current portion of amounts payable after more than one year | 42 | €12,674 | €13,107 | +€433 | +3.4% |
| Trade debts | 44 | €693 | €55 | -€638 | -92.0% |
| Suppliers | 440/4 | €693 | €55 | -€638 | -92.0% |
| Taxes, remuneration and social security | 45 | €2,521 | €10,892 | +€8,371 | +332% |
| Taxes | 450/3 | €2,521 | €10,892 | +€8,371 | +332% |
| Other amounts payable | 47/48 | €18,851 | €73,745 | +€54,894 | +291% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,900 | €13,900 | = | 0.0% |
| Other operating charges | 640/8 | €222 | €205 | -€17 | -7.8% |
| Non-recurring operating charges | 66A | €2,212 | €2,299 | +€87 | +3.9% |
| Gross operating margin | 9900 | €49,189 | €58,527 | +€9,337 | +19.0% |
| Operating profit (loss) | 9901 | €32,855 | €42,123 | +€9,268 | +28.2% |
| Financial income | 75/76B | €3,293 | €24,414 | +€21,120 | +641% |
| Recurring financial income | 75 | €3,293 | €2,910 | -€384 | -11.6% |
| Non-recurring financial income | 76B | - | €21,504 | +€21,504 | |
| Financial charges | 65/66B | €2,347 | €1,997 | -€350 | -14.9% |
| Recurring financial charges | 65 | €2,347 | €1,975 | -€373 | -15.9% |
| Non-recurring financial charges | 66B | - | €23 | +€23 | |
| Profit (loss) for the period before taxes | 9903 | €33,801 | €64,540 | +€30,738 | +90.9% |
| Income taxes | 67/77 | €11,944 | €21,790 | +€9,846 | +82.4% |
| Profit (loss) for the period | 9904 | €21,857 | €42,749 | +€20,892 | +95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,857 | €42,749 | +€20,892 | +95.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.