JOSEPH COUARD: 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.
JOSEPH COUARD
Largest movements
- Receivables within one year -€4,260
down €4,260 (-19.2%), from €22,187 to €17,927
- Tangible fixed assets -€716
down €716 (-14.5%), from €4,955 to €4,239
- Cash +€607
up €607 (+86.8%), from €700 to €1,307
mainly Debts after one year (+€10,882) and Receivables within one year (+€4,260)
- Debts after one year +€10,882
up €10,882 (+72.5%), from €15,004 to €25,886
of which Other amounts payable: +€15,000
- Other debts -€9,446
down €9,446 (-82.1%), from €11,508 to €2,062
- Tax, wage and social debts -€6,450
down €6,450 (-42.9%), from €15,032 to €8,582
of which Remuneration and social security: -€4,446
- Profit (loss) carried forward +€3,021
up €3,021 (+6.9%), from -€43,815 to -€40,794
- Trade debts -€2,717
down €2,717 (-95.8%), from €2,835 to €118
- Gross operating margin +€10,527
up €10,527 (+15.0%), from €70,095 to €80,622
- Staff costs +€2,169
up €2,169 (+3.3%), from €65,922 to €68,091
- Depreciation +€2,035
up €2,035 (+123%), from €1,656 to €3,691
- Taxes +€1,088
up €1,088 (+118%), from €924 to €2,012
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 | €27,941 | €23,572 | -€4,369 | -15.6% |
| Fixed assets | 21/28 | €5,055 | €4,339 | -€716 | -14.2% |
| Tangible fixed assets | 22/27 | €4,955 | €4,239 | -€716 | -14.5% |
| Furniture and vehicles | 24 | €4,955 | €4,239 | -€716 | -14.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €22,886 | €19,234 | -€3,653 | -16.0% |
| Amounts receivable within one year | 40/41 | €22,187 | €17,927 | -€4,260 | -19.2% |
| Trade receivables | 40 | €22,187 | €17,927 | -€4,260 | -19.2% |
| Cash at bank and in hand | 54/58 | €700 | €1,307 | +€607 | +86.8% |
| Total equity and liabilities | 10/49 | €27,941 | €23,572 | -€4,369 | -15.6% |
| Equity | 10/15 | -€20,215 | -€17,194 | +€3,021 | +14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,815 | -€40,794 | +€3,021 | +6.9% |
| Investment grants | 15 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €48,157 | €40,767 | -€7,390 | -15.3% |
| Amounts payable after more than one year | 17 | €15,004 | €25,886 | +€10,882 | +72.5% |
| Financial debts | 170/4 | €15,004 | €10,886 | -€4,118 | -27.4% |
| Other amounts payable | 178/9 | - | €15,000 | +€15,000 | |
| Amounts payable within one year | 42/48 | €33,152 | €14,881 | -€18,272 | -55.1% |
| Current portion of amounts payable after more than one year | 42 | €3,777 | €4,118 | +€342 | +9.0% |
| Trade debts | 44 | €2,835 | €118 | -€2,717 | -95.8% |
| Suppliers | 440/4 | €2,835 | €118 | -€2,717 | -95.8% |
| Taxes, remuneration and social security | 45 | €15,032 | €8,582 | -€6,450 | -42.9% |
| Taxes | 450/3 | €8,008 | €6,003 | -€2,004 | -25.0% |
| Remuneration and social security | 454/9 | €7,025 | €2,579 | -€4,446 | -63.3% |
| Other amounts payable | 47/48 | €11,508 | €2,062 | -€9,446 | -82.1% |
| Remuneration, social security and pensions | 62 | €65,922 | €68,091 | +€2,169 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,656 | €3,691 | +€2,035 | +123% |
| Other operating charges | 640/8 | €155 | €151 | -€3 | -2.2% |
| Gross operating margin | 9900 | €70,095 | €80,622 | +€10,527 | +15.0% |
| Operating profit (loss) | 9901 | €2,362 | €8,688 | +€6,326 | +268% |
| Financial charges | 65/66B | €4,223 | €3,655 | -€568 | -13.5% |
| Recurring financial charges | 65 | €4,223 | €3,655 | -€568 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,861 | €5,033 | +€6,894 | |
| Income taxes | 67/77 | €924 | €2,012 | +€1,088 | +118% |
| Profit (loss) for the period | 9904 | -€2,785 | €3,021 | +€5,806 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,785 | €3,021 | +€5,806 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.