H.COUBEAU: 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.
H.COUBEAU
Largest movements
- Tangible fixed assets -€59,895
down €59,895 (-8.2%), from €727,495 to €667,600
of which Land and buildings: -€51,382
- Receivables within one year +€27,223
up €27,223 (+84.7%), from €32,129 to €59,351
of which Trade receivables: +€26,854
- Cash -€21,712
down €21,712 (-23.4%), from €92,780 to €71,069
mainly Debts after one year (-€39,018) and Other debts (-€30,560)
- Deferred charges and accrued income +€11,089
up €11,089 (+637%), from €1,741 to €12,830
- Trade debts +€43,077
up €43,077 (+156%), from €27,663 to €70,740
- Debts after one year -€39,018
down €39,018 (-12.0%), from €326,280 to €287,262
of which Financial debts: -€36,798
- Other debts -€30,560
down €30,560 (-29.4%), from €103,829 to €73,270
- Tax, wage and social debts -€18,876
down €18,876 (-60.3%), from €31,310 to €12,434
- Reserves +€9,366
up €9,366 (+2.9%), from €326,858 to €336,224
of which Distributable reserves: +€9,647
- Gross operating margin -€102,879
down €102,879 (-53.4%), from €192,504 to €89,625
- Taxes -€26,828
down €26,828 (-70.2%), from €38,197 to €11,370
- Financial charges -€2,476
down €2,476 (-16.2%), from €15,308 to €12,832
of which Financial charges: -€1,726
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 | €881,577 | €837,507 | -€44,069 | -5.0% |
| Fixed assets | 21/28 | €733,695 | €673,800 | -€59,895 | -8.2% |
| Tangible fixed assets | 22/27 | €727,495 | €667,600 | -€59,895 | -8.2% |
| Land and buildings | 22 | €710,115 | €658,733 | -€51,382 | -7.2% |
| Plant, machinery and equipment | 23 | €859 | €447 | -€413 | -48.0% |
| Furniture and vehicles | 24 | €16,521 | €8,420 | -€8,100 | -49.0% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €147,882 | €163,707 | +€15,825 | +10.7% |
| Amounts receivable within one year | 40/41 | €32,129 | €59,351 | +€27,223 | +84.7% |
| Trade receivables | 40 | €32,129 | €58,983 | +€26,854 | +83.6% |
| Other amounts receivable | 41 | - | €368 | +€368 | |
| Current investments | 50/53 | €21,232 | €20,457 | -€775 | -3.6% |
| Cash at bank and in hand | 54/58 | €92,780 | €71,069 | -€21,712 | -23.4% |
| Deferred charges and accrued income | 490/1 | €1,741 | €12,830 | +€11,089 | +637% |
| Total equity and liabilities | 10/49 | €881,577 | €837,507 | -€44,069 | -5.0% |
| Equity | 10/15 | €340,172 | €349,538 | +€9,366 | +2.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €326,858 | €336,224 | +€9,366 | +2.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,003 | €722 | -€281 | -28.0% |
| Distributable reserves | 133 | €325,855 | €335,502 | +€9,647 | +3.0% |
| Profit (loss) carried forward | 14 | €814 | €814 | = | 0.0% |
| Provisions and deferred taxes | 16 | €334 | €241 | -€94 | -28.0% |
| Deferred taxes | 168 | €334 | €241 | -€94 | -28.0% |
| Amounts payable | 17/49 | €541,070 | €487,729 | -€53,341 | -9.9% |
| Amounts payable after more than one year | 17 | €326,280 | €287,262 | -€39,018 | -12.0% |
| Financial debts | 170/4 | €324,060 | €287,262 | -€36,798 | -11.4% |
| Other amounts payable | 178/9 | €2,220 | €0 | -€2,220 | -100% |
| Amounts payable within one year | 42/48 | €208,066 | €194,160 | -€13,906 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €45,264 | €37,716 | -€7,548 | -16.7% |
| Trade debts | 44 | €27,663 | €70,740 | +€43,077 | +156% |
| Suppliers | 440/4 | €27,663 | €70,740 | +€43,077 | +156% |
| Taxes, remuneration and social security | 45 | €31,310 | €12,434 | -€18,876 | -60.3% |
| Taxes | 450/3 | €31,310 | €12,434 | -€18,876 | -60.3% |
| Other amounts payable | 47/48 | €103,829 | €73,270 | -€30,560 | -29.4% |
| Accrued charges and deferred income | 492/3 | €6,724 | €6,307 | -€417 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,597 | €51,493 | +€896 | +1.8% |
| Other operating charges | 640/8 | €7,125 | €7,116 | -€9 | -0.1% |
| Gross operating margin | 9900 | €192,504 | €89,625 | -€102,879 | -53.4% |
| Operating profit (loss) | 9901 | €134,783 | €31,016 | -€103,766 | -77.0% |
| Financial income | 75/76B | €1,682 | €2,457 | +€775 | +46.1% |
| Recurring financial income | 75 | €1,682 | €2,457 | +€775 | +46.1% |
| Financial charges | 65/66B | €15,308 | €12,832 | -€2,476 | -16.2% |
| Recurring financial charges | 65 | €14,558 | €12,832 | -€1,726 | -11.9% |
| Non-recurring financial charges | 66B | €750 | €0 | -€750 | -100% |
| Profit (loss) for the period before taxes | 9903 | €121,157 | €20,641 | -€100,515 | -83.0% |
| Transfer from deferred taxes | 780 | €94 | €94 | = | 0.0% |
| Income taxes | 67/77 | €38,197 | €11,370 | -€26,828 | -70.2% |
| Profit (loss) for the period | 9904 | €83,053 | €9,366 | -€73,688 | -88.7% |
| Transfer from tax-exempt reserves | 789 | €281 | €281 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €83,335 | €9,647 | -€73,688 | -88.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.