COUSIN M & B: 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.
COUSIN M & B
Largest movements
- Tangible fixed assets -€518,987
down €518,987 (-21.4%), from €2.4m to €1.9m
of which Plant, machinery and equipment: -€418,782
- Cash -€124,520
down €124,520 (-21.8%), from €570,929 to €446,409
mainly Debts after one year (-€325,010) and Investment in fixed assets (net) (-€271,450)
- Receivables within one year +€81,827
up €81,827 (+61.5%), from €133,146 to €214,973
of which Trade receivables: +€134,594
- Stocks and contracts -€35,274
down €35,274 (-51.8%), from €68,138 to €32,864
- Debts after one year -€325,010
down €325,010 (-30.3%), from €1.1m to €747,643
- Reserves -€108,310
down €108,310 (-9.2%), from €1.2m to €1.1m
of which Tax-exempt reserves: -€126,282
- Trade debts -€67,759
down €67,759 (-94.9%), from €71,430 to €3,672
- Current portion of long-term debt -€60,395
down €60,395 (-10.8%), from €560,405 to €500,010
- Provisions -€34,295
down €34,295 (-51.1%), from €67,137 to €32,842
- Gross operating margin -€439,166
down €439,166 (-31.6%), from €1.4m to €949,806
- Depreciation +€59,060
up €59,060 (+8.1%), from €731,377 to €790,437
- Staff costs +€23,556
up €23,556 (+11.9%), from €197,173 to €220,729
- Taxes -€18,079
down €18,079 (-54.9%), from €32,927 to €14,848
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,207,192 | €2,607,874 | -€599,318 | -18.7% |
| Fixed assets | 21/28 | €2,422,174 | €1,903,186 | -€518,987 | -21.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | 0.0% |
| Tangible fixed assets | 22/27 | €2,422,174 | €1,903,186 | -€518,987 | -21.4% |
| Plant, machinery and equipment | 23 | €2,110,776 | €1,691,994 | -€418,782 | -19.8% |
| Furniture and vehicles | 24 | €311,397 | €211,192 | -€100,205 | -32.2% |
| Current assets | 29/58 | €785,019 | €704,688 | -€80,331 | -10.2% |
| Stocks and contracts in progress | 3 | €68,138 | €32,864 | -€35,274 | -51.8% |
| Stocks | 30/36 | €68,138 | €32,864 | -€35,274 | -51.8% |
| Amounts receivable within one year | 40/41 | €133,146 | €214,973 | +€81,827 | +61.5% |
| Trade receivables | 40 | €69,509 | €204,103 | +€134,594 | +194% |
| Other amounts receivable | 41 | €63,637 | €10,871 | -€52,767 | -82.9% |
| Cash at bank and in hand | 54/58 | €570,929 | €446,409 | -€124,520 | -21.8% |
| Deferred charges and accrued income | 490/1 | €12,805 | €10,441 | -€2,364 | -18.5% |
| Total equity and liabilities | 10/49 | €3,207,192 | €2,607,874 | -€599,318 | -18.7% |
| Equity | 10/15 | €1,400,261 | €1,281,057 | -€119,204 | -8.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,179,272 | €1,070,962 | -€108,310 | -9.2% |
| Tax-exempt reserves | 132 | €280,154 | €153,872 | -€126,282 | -45.1% |
| Distributable reserves | 133 | €899,118 | €917,089 | +€17,971 | +2.0% |
| Investment grants | 15 | €20,990 | €10,095 | -€10,894 | -51.9% |
| Provisions and deferred taxes | 16 | €67,137 | €32,842 | -€34,295 | -51.1% |
| Deferred taxes | 168 | €67,137 | €32,842 | -€34,295 | -51.1% |
| Amounts payable | 17/49 | €1,739,794 | €1,293,975 | -€445,819 | -25.6% |
| Amounts payable after more than one year | 17 | €1,072,652 | €747,643 | -€325,010 | -30.3% |
| Financial debts | 170/4 | €1,072,652 | €747,643 | -€325,010 | -30.3% |
| Amounts payable within one year | 42/48 | €666,459 | €546,332 | -€120,127 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €560,405 | €500,010 | -€60,395 | -10.8% |
| Trade debts | 44 | €71,430 | €3,672 | -€67,759 | -94.9% |
| Suppliers | 440/4 | €71,430 | €3,672 | -€67,759 | -94.9% |
| Taxes, remuneration and social security | 45 | €16,604 | €24,187 | +€7,583 | +45.7% |
| Taxes | 450/3 | €2,945 | €9,626 | +€6,680 | +227% |
| Remuneration and social security | 454/9 | €13,658 | €14,561 | +€903 | +6.6% |
| Other amounts payable | 47/48 | €18,020 | €18,464 | +€443 | +2.5% |
| Accrued charges and deferred income | 492/3 | €682 | - | -€682 | |
| Remuneration, social security and pensions | 62 | €197,173 | €220,729 | +€23,556 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €731,377 | €790,437 | +€59,060 | +8.1% |
| Other operating charges | 640/8 | €7,668 | €2,104 | -€5,564 | -72.6% |
| Gross operating margin | 9900 | €1,388,972 | €949,806 | -€439,166 | -31.6% |
| Operating profit (loss) | 9901 | €452,754 | -€63,465 | -€516,219 | |
| Financial income | 75/76B | €12,622 | €11,018 | -€1,605 | -12.7% |
| Recurring financial income | 75 | €12,622 | €11,018 | -€1,605 | -12.7% |
| Financial charges | 65/66B | €44,538 | €44,810 | +€272 | +0.6% |
| Recurring financial charges | 65 | €44,538 | €44,810 | +€272 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €420,838 | -€97,258 | -€518,096 | |
| Transfer from deferred taxes | 780 | €5,848 | €34,295 | +€28,448 | +486% |
| Transfer to deferred taxes | 680 | €58,729 | - | -€58,729 | |
| Income taxes | 67/77 | €32,927 | €14,848 | -€18,079 | -54.9% |
| Profit (loss) for the period | 9904 | €335,031 | -€77,810 | -€412,841 | |
| Transfer from tax-exempt reserves | 789 | €11,288 | €126,282 | +€114,993 | +1,019% |
| Transfer to tax-exempt reserves | 689 | €234,914 | - | -€234,914 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,404 | €48,471 | -€62,933 | -56.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.