R. COUSIN: 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.
R. COUSIN
Largest movements
- Cash -€8,506
down €8,506 (-15.9%), from €53,411 to €44,905
mainly Tax, wage and social debts (-€22,042) and Receivables within one year (-€8,415)
- Receivables within one year +€8,415
up €8,415 (+23.3%), from €36,148 to €44,563
of which Other amounts receivable: +€24,043
- Tangible fixed assets -€3,608
down €3,608 (-12.8%), from €28,177 to €24,569
of which Furniture and vehicles: -€2,316
- Reserves +€27,535
up €27,535 (+28.0%), from €98,350 to €125,885
- Tax, wage and social debts -€22,042
down €22,042 (-62.8%), from €35,084 to €13,042
- Current portion of long-term debt -€6,792
down €6,792 (-65.3%), from €10,405 to €3,613
- Debts after one year -€3,613
no longer reported in 2025 (was €3,613)
- Gross operating margin -€5,045
down €5,045 (-9.4%), from €53,758 to €48,712
- Taxes -€1,355
down €1,355 (-11.1%), from €12,206 to €10,851
- Depreciation +€741
up €741 (+8.3%), from €8,964 to €9,705
- Other operating charges +€562
new in 2025: €562
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 | €159,436 | €154,381 | -€5,055 | -3.2% |
| Fixed assets | 21/28 | €28,177 | €24,569 | -€3,608 | -12.8% |
| Tangible fixed assets | 22/27 | €28,177 | €24,569 | -€3,608 | -12.8% |
| Plant, machinery and equipment | 23 | €2,755 | €1,463 | -€1,292 | -46.9% |
| Furniture and vehicles | 24 | €25,422 | €23,106 | -€2,316 | -9.1% |
| Current assets | 29/58 | €131,259 | €129,812 | -€1,447 | -1.1% |
| Amounts receivable after more than one year | 29 | €38,000 | €38,000 | = | 0.0% |
| Trade receivables | 290 | €38,000 | €38,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,148 | €44,563 | +€8,415 | +23.3% |
| Trade receivables | 40 | €34,372 | €18,744 | -€15,628 | -45.5% |
| Other amounts receivable | 41 | €1,775 | €25,818 | +€24,043 | +1,354% |
| Cash at bank and in hand | 54/58 | €53,411 | €44,905 | -€8,506 | -15.9% |
| Deferred charges and accrued income | 490/1 | €3,701 | €2,345 | -€1,356 | -36.6% |
| Total equity and liabilities | 10/49 | €159,436 | €154,381 | -€5,055 | -3.2% |
| Equity | 10/15 | €103,352 | €130,886 | +€27,534 | +26.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €98,350 | €125,885 | +€27,535 | +28.0% |
| Distributable reserves | 133 | €98,350 | €125,885 | +€27,535 | +28.0% |
| Profit (loss) carried forward | 14 | €2 | €1 | -€1 | -35.7% |
| Amounts payable | 17/49 | €56,084 | €23,495 | -€32,589 | -58.1% |
| Amounts payable after more than one year | 17 | €3,613 | - | -€3,613 | |
| Financial debts | 170/4 | €3,613 | - | -€3,613 | |
| Amounts payable within one year | 42/48 | €52,472 | €23,495 | -€28,976 | -55.2% |
| Current portion of amounts payable after more than one year | 42 | €10,405 | €3,613 | -€6,792 | -65.3% |
| Trade debts | 44 | €6,150 | €5,175 | -€976 | -15.9% |
| Suppliers | 440/4 | €6,150 | €5,175 | -€976 | -15.9% |
| Taxes, remuneration and social security | 45 | €35,084 | €13,042 | -€22,042 | -62.8% |
| Taxes | 450/3 | €35,084 | €13,042 | -€22,042 | -62.8% |
| Other amounts payable | 47/48 | €833 | €1,666 | +€833 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,964 | €9,705 | +€741 | +8.3% |
| Other operating charges | 640/8 | - | €562 | +€562 | |
| Gross operating margin | 9900 | €53,758 | €48,712 | -€5,045 | -9.4% |
| Operating profit (loss) | 9901 | €44,793 | €38,445 | -€6,349 | -14.2% |
| Financial income | 75/76B | €1,347 | €1,722 | +€375 | +27.8% |
| Recurring financial income | 75 | €1,347 | €1,722 | +€375 | +27.8% |
| Financial charges | 65/66B | €1,359 | €948 | -€412 | -30.3% |
| Recurring financial charges | 65 | €1,359 | €948 | -€412 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €44,781 | €39,219 | -€5,562 | -12.4% |
| Income taxes | 67/77 | €12,206 | €10,851 | -€1,355 | -11.1% |
| Profit (loss) for the period | 9904 | €32,575 | €28,367 | -€4,207 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,575 | €28,367 | -€4,207 | -12.9% |
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 18 October 2026 via checked.be.