JF COURTOIS: 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.
JF COURTOIS
Largest movements
- Receivables within one year +€38,491
up €38,491 (+125%), from €30,822 to €69,313
of which Trade receivables: +€42,029
- Cash -€17,199
down €17,199 (-35.7%), from €48,208 to €31,009
mainly Contributions, distributions and other (-€94,800) and Receivables within one year (-€38,491)
- Other debts +€51,587
up €51,587, from €0 to €51,587
- Profit (loss) carried forward -€37,122
down €37,122 (-82.7%), from €44,868 to €7,746
- Tax, wage and social debts +€9,075
up €9,075 (+30.7%), from €29,594 to €38,669
of which Taxes: +€7,664
- Trade debts -€2,550
down €2,550 (-43.5%), from €5,868 to €3,318
of which Bills of exchange payable: -€3,212
- Gross operating margin +€39,502
up €39,502 (+56.5%), from €69,960 to €109,462
- Taxes +€8,426
up €8,426 (+95.8%), from €8,792 to €17,219
- Staff costs +€3,412
up €3,412 (+11.1%), from €30,728 to €34,139
- Financial income +€1,983
up €1,983 (+819%), from €242 to €2,226
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 | €83,330 | €104,319 | +€20,990 | +25.2% |
| Fixed assets | 21/28 | €987 | €1,475 | +€488 | +49.5% |
| Tangible fixed assets | 22/27 | €782 | €1,270 | +€488 | +62.5% |
| Furniture and vehicles | 24 | €782 | €1,270 | +€488 | +62.5% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €82,343 | €102,844 | +€20,501 | +24.9% |
| Amounts receivable within one year | 40/41 | €30,822 | €69,313 | +€38,491 | +125% |
| Trade receivables | 40 | €27,203 | €69,232 | +€42,029 | +155% |
| Other amounts receivable | 41 | €3,619 | €81 | -€3,538 | -97.8% |
| Cash at bank and in hand | 54/58 | €48,208 | €31,009 | -€17,199 | -35.7% |
| Deferred charges and accrued income | 490/1 | €3,313 | €2,522 | -€791 | -23.9% |
| Total equity and liabilities | 10/49 | €83,330 | €104,319 | +€20,990 | +25.2% |
| Equity | 10/15 | €47,868 | €10,746 | -€37,122 | -77.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,868 | €7,746 | -€37,122 | -82.7% |
| Amounts payable | 17/49 | €35,462 | €93,574 | +€58,112 | +164% |
| Amounts payable within one year | 42/48 | €35,462 | €93,574 | +€58,112 | +164% |
| Trade debts | 44 | €5,868 | €3,318 | -€2,550 | -43.5% |
| Suppliers | 440/4 | €403 | €1,065 | +€662 | +164% |
| Bills of exchange payable | 441 | €5,465 | €2,253 | -€3,212 | -58.8% |
| Taxes, remuneration and social security | 45 | €29,594 | €38,669 | +€9,075 | +30.7% |
| Taxes | 450/3 | €22,658 | €30,321 | +€7,664 | +33.8% |
| Remuneration and social security | 454/9 | €6,936 | €8,347 | +€1,412 | +20.4% |
| Other amounts payable | 47/48 | €0 | €51,587 | +€51,587 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €30,728 | €34,139 | +€3,412 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87 | €392 | +€305 | +350% |
| Other operating charges | 640/8 | €503 | €774 | +€271 | +53.9% |
| Gross operating margin | 9900 | €69,960 | €109,462 | +€39,502 | +56.5% |
| Operating profit (loss) | 9901 | €38,643 | €74,157 | +€35,514 | +91.9% |
| Financial income | 75/76B | €242 | €2,226 | +€1,983 | +819% |
| Recurring financial income | 75 | €242 | €2,226 | +€1,983 | +819% |
| Financial charges | 65/66B | €1,053 | €1,486 | +€433 | +41.2% |
| Recurring financial charges | 65 | €1,053 | €1,486 | +€433 | +41.2% |
| Profit (loss) for the period before taxes | 9903 | €37,832 | €74,896 | +€37,064 | +98.0% |
| Income taxes | 67/77 | €8,792 | €17,219 | +€8,426 | +95.8% |
| Profit (loss) for the period | 9904 | €29,040 | €57,678 | +€28,638 | +98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,040 | €57,678 | +€28,638 | +98.6% |
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 27 October 2026 via checked.be.