LA COURSIVE: 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.
LA COURSIVE
Largest movements
- Current investments -€149,523
down €149,523 (-35.3%), from €423,701 to €274,178
- Tangible fixed assets +€80,277
up €80,277 (+41.5%), from €193,348 to €273,625
of which Land and buildings: +€52,121
- Receivables within one year +€72,466
up €72,466 (+24.5%), from €295,473 to €367,938
of which Trade receivables: +€92,907
- Cash +€23,848
up €23,848 (+7.8%), from €304,430 to €328,278
mainly Current investments (+€149,523) and Net result for the year (+€112,640)
- Reserves +€112,640
up €112,640 (+18.0%), from €626,873 to €739,513
- Debts within one year -€83,835
down €83,835 (-21.6%), from €388,826 to €304,990
of which Trade debts: -€92,631
- Staff costs +€75,902
up €75,902 (+3.1%), from €2.4m to €2.5m
- Gross operating margin +€68,334
up €68,334 (+2.6%), from €2.6m to €2.7m
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 | €1,241,728 | €1,267,593 | +€25,865 | +2.1% |
| Fixed assets | 21/28 | €193,762 | €274,038 | +€80,277 | +41.4% |
| Tangible fixed assets | 22/27 | €193,348 | €273,625 | +€80,277 | +41.5% |
| Land and buildings | 22 | €186,041 | €238,162 | +€52,121 | +28.0% |
| Furniture and vehicles | 24 | €7,308 | €35,463 | +€28,155 | +385% |
| Financial fixed assets | 28 | €413 | €413 | = | 0.0% |
| Current assets | 29/58 | €1,047,967 | €993,555 | -€54,412 | -5.2% |
| Amounts receivable within one year | 40/41 | €295,473 | €367,938 | +€72,466 | +24.5% |
| Trade receivables | 40 | €249,151 | €342,058 | +€92,907 | +37.3% |
| Other amounts receivable | 41 | €46,321 | €25,880 | -€20,441 | -44.1% |
| Current investments | 50/53 | €423,701 | €274,178 | -€149,523 | -35.3% |
| Cash at bank and in hand | 54/58 | €304,430 | €328,278 | +€23,848 | +7.8% |
| Deferred charges and accrued income | 490/1 | €24,363 | €23,161 | -€1,203 | -4.9% |
| Total equity and liabilities | 10/49 | €1,241,728 | €1,267,593 | +€25,865 | +2.1% |
| Equity | 10/15 | €774,068 | €886,708 | +€112,640 | +14.6% |
| Contributions | 10/11 | €147,196 | €147,196 | = | 0.0% |
| Capital | 10 | €147,196 | €147,196 | = | 0.0% |
| Reserves | 13 | €626,873 | €739,513 | +€112,640 | +18.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €75,000 | €75,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €75,000 | €75,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable | 17/49 | €392,660 | €305,885 | -€86,775 | -22.1% |
| Amounts payable after more than one year | 17 | €2,703 | - | -€2,703 | |
| Financial debts | 170/4 | €2,703 | - | -€2,703 | |
| Amounts payable within one year | 42/48 | €388,826 | €304,990 | -€83,835 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €3,573 | €2,703 | -€870 | -24.4% |
| Trade debts | 44 | €96,477 | €3,846 | -€92,631 | -96.0% |
| Suppliers | 440/4 | €96,477 | €3,846 | -€92,631 | -96.0% |
| Taxes, remuneration and social security | 45 | €267,896 | €288,534 | +€20,638 | +7.7% |
| Taxes | 450/3 | €280 | - | -€280 | |
| Remuneration and social security | 454/9 | €267,615 | €288,534 | +€20,918 | +7.8% |
| Accrued charges and deferred income | 492/3 | €1,131 | €895 | -€237 | -20.9% |
| Remuneration, social security and pensions | 62 | €2,418,939 | €2,494,841 | +€75,902 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,450 | €40,958 | +€6,508 | +18.9% |
| Other operating charges | 640/8 | €8,295 | €14,361 | +€6,066 | +73.1% |
| Non-recurring operating charges | 66A | €431 | - | -€431 | |
| Gross operating margin | 9900 | €2,594,763 | €2,663,097 | +€68,334 | +2.6% |
| Operating profit (loss) | 9901 | €57,647 | €112,937 | +€55,289 | +95.9% |
| Financial income | 75/76B | €286 | €478 | +€192 | +66.9% |
| Recurring financial income | 75 | €286 | €478 | +€192 | +66.9% |
| Financial charges | 65/66B | €790 | €775 | -€16 | -2.0% |
| Recurring financial charges | 65 | €790 | €775 | -€16 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €57,143 | €112,640 | +€55,496 | +97.1% |
| Profit (loss) for the period | 9904 | €57,143 | €112,640 | +€55,496 | +97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,143 | €112,640 | +€55,496 | +97.1% |
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 14 October 2026 via checked.be.