EXPRESS COURCELLES: 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.
EXPRESS COURCELLES
Largest movements
- Cash -€52,904
down €52,904 (-65.8%), from €80,369 to €27,465
mainly Net result for the year (-€77,829) and Debts after one year (-€20,672)
- Intangible fixed assets -€26,000
down €26,000 (-23.1%), from €112,667 to €86,667
- Stocks and contracts -€14,402
down €14,402 (-12.2%), from €117,579 to €103,177
- Deferred charges and accrued income +€6,056
up €6,056 (+87.1%), from €6,950 to €13,006
- Tangible fixed assets -€5,889
down €5,889 (-14.5%), from €40,577 to €34,688
- Profit (loss) carried forward -€40,057
down €40,057, from €405 to -€39,652
- Reserves -€37,771
down €37,771 (-97.7%), from €38,654 to €883
of which Distributable reserves: -€37,771
- Debts after one year -€20,672
no longer reported in 2025 (was €20,672)
- Trade debts +€17,104
up €17,104 (+6.6%), from €259,882 to €276,986
- Accrued charges and deferred income -€10,460
down €10,460 (-79.3%), from €13,187 to €2,727
- Turnover +€1.8m
new in 2025: €1.8m
- Purchases and services +€1.7m
new in 2025: €1.7m
- Gross operating margin -€105,734
down €105,734 (-38.9%), from €271,535 to €165,801
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €455,914 | €361,619 | -€94,295 | -20.7% |
| Fixed assets | 21/28 | €153,244 | €121,354 | -€31,890 | -20.8% |
| Intangible fixed assets | 21 | €112,667 | €86,667 | -€26,000 | -23.1% |
| Tangible fixed assets | 22/27 | €40,577 | €34,688 | -€5,889 | -14.5% |
| Plant, machinery and equipment | 23 | €40,577 | €34,688 | -€5,889 | -14.5% |
| Current assets | 29/58 | €302,670 | €240,265 | -€62,405 | -20.6% |
| Stocks and contracts in progress | 3 | €117,579 | €103,177 | -€14,402 | -12.2% |
| Stocks | 30/36 | €117,579 | €103,177 | -€14,402 | -12.2% |
| Amounts receivable within one year | 40/41 | €97,772 | €96,617 | -€1,155 | -1.2% |
| Trade receivables | 40 | €26,055 | €27,419 | +€1,364 | +5.2% |
| Other amounts receivable | 41 | €71,717 | €69,198 | -€2,519 | -3.5% |
| Cash at bank and in hand | 54/58 | €80,369 | €27,465 | -€52,904 | -65.8% |
| Deferred charges and accrued income | 490/1 | €6,950 | €13,006 | +€6,056 | +87.1% |
| Total equity and liabilities | 10/49 | €455,914 | €361,619 | -€94,295 | -20.7% |
| Equity | 10/15 | €89,059 | €11,231 | -€77,828 | -87.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | - | -€50,000 | |
| Issued capital | 100 | €50,000 | - | -€50,000 | |
| Outside capital | 11 | - | €50,000 | +€50,000 | |
| Other | 1109/19 | - | €50,000 | +€50,000 | |
| Reserves | 13 | €38,654 | €883 | -€37,771 | -97.7% |
| Non-distributable reserves | 130/1 | €883 | €883 | -€0 | 0.0% |
| Legal reserve | 130 | €883 | - | -€883 | |
| Reserves not available under the articles | 1311 | - | €883 | +€883 | |
| Distributable reserves | 133 | €37,771 | - | -€37,771 | |
| Profit (loss) carried forward | 14 | €405 | -€39,652 | -€40,057 | |
| Amounts payable | 17/49 | €366,855 | €350,388 | -€16,467 | -4.5% |
| Amounts payable after more than one year | 17 | €20,672 | - | -€20,672 | |
| Financial debts | 170/4 | €20,672 | - | -€20,672 | |
| Amounts payable within one year | 42/48 | €332,996 | €347,662 | +€14,666 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €46,737 | €40,589 | -€6,148 | -13.2% |
| Trade debts | 44 | €259,882 | €276,986 | +€17,104 | +6.6% |
| Suppliers | 440/4 | €259,882 | €276,986 | +€17,104 | +6.6% |
| Taxes, remuneration and social security | 45 | €26,377 | €30,002 | +€3,625 | +13.7% |
| Remuneration and social security | 454/9 | €26,377 | €30,002 | +€3,625 | +13.7% |
| Other amounts payable | 47/48 | - | €84 | +€84 | |
| Accrued charges and deferred income | 492/3 | €13,187 | €2,727 | -€10,460 | -79.3% |
| Turnover | 70 | - | €1,796,751 | +€1.8m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,653,742 | +€1.7m | |
| Remuneration, social security and pensions | 62 | €177,858 | €182,300 | +€4,442 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,531 | €36,679 | +€1,148 | +3.2% |
| Other operating charges | 640/8 | €10,121 | €9,459 | -€662 | -6.5% |
| Non-recurring operating charges | 66A | €512 | - | -€512 | |
| Gross operating margin | 9900 | €271,535 | €165,801 | -€105,734 | -38.9% |
| Operating profit (loss) | 9901 | €47,513 | -€62,636 | -€110,149 | |
| Financial income | 75/76B | €938 | €679 | -€259 | -27.6% |
| Recurring financial income | 75 | €938 | €679 | -€259 | -27.6% |
| Financial charges | 65/66B | €10,959 | €15,872 | +€4,913 | +44.8% |
| Recurring financial charges | 65 | €10,959 | €15,872 | +€4,913 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €37,492 | -€77,829 | -€115,321 | |
| Profit (loss) for the period | 9904 | €37,492 | -€77,829 | -€115,321 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,492 | -€77,829 | -€115,321 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2024 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.