CORTEX
ActiveSummary
For CORTEX, one filing cycle of the annual accounts is missing. The 2024 annual accounts show equity of €63,501 and a net result of €15,096. Equity remains stable across the filed financial years (±2.2% per year). Its solvency ranks better than 18% of 37,592 sector peers (NACE 70, financial year 2024). The company has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.9% (low).
Financials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 October 2025 Financial year closed on 31 March 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 28 October 2026.
Turnover
≈ €110,000
Estimated: probably between €85,000 and €140,000
Total assets
€399,524▲ 25.5%
2023 · €318,253
Net result
€15,096▲ 15×
2023 · €1,029
Working capital
-€59,325▲ 0.4%
2023 · -€59,548
Trend over the years
2020 to 2024, 5 financial years 2019 to 2024, 6 financial years
The operating result recovers in 2024; 2024 is 55% above 2023.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€31,463
2024
Net result€15,096
2024
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€399,524
2024
Equity€63,501
2024
Debt€331,582
2024
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€59,325
2024
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)3.8%
2024
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency15.9%
2024
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.74
2024
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232024
Operating result€64,907-€51,982▼ 19.9%€51,632▼ 0.7%€44,322▼ 14.2%€20,242▼ 54.3%€31,463▲ 55.4%
Net result€35,992-€39,991within the sector's middle half▲ 11.1%€40,565within the sector's middle half▲ 1.4%€25,370within the sector's middle half▼ 37.5%€1,029below the sector's middle half▼ 95.9%€15,096within the sector's middle half▲ 15×
Equity€45,451-€45,443within the sector's middle half=€46,007within the sector's middle half▲ 1.2%€47,377within the sector's middle half▲ 3.0%€48,405within the sector's middle half▲ 2.2%€63,501within the sector's middle half▲ 31.2%
Total assets€351,898-€375,425within the sector's middle half▲ 6.7%€389,627within the sector's middle half▲ 3.8%€357,532within the sector's middle half▼ 8.2%€318,253within the sector's middle half▼ 11.0%€399,524within the sector's middle half▲ 25.5%
Debt€301,358-€325,023▲ 7.9%€338,790▲ 4.2%€305,455▼ 9.8%€265,277▼ 13.2%€331,582▲ 25.0%
Working capital-€65,756--€49,789below the sector's middle half▲ 24.3%-€63,224below the sector's middle half▼ 27.0%-€70,600below the sector's middle half▼ 11.7%-€59,548below the sector's middle half▲ 15.7%-€59,325below the sector's middle half▲ 0.4%
Solvency12.9%-12.1%below the sector's middle half▼ 0.8pp11.8%below the sector's middle half▼ 0.3pp13.3%below the sector's middle half▲ 1.4pp15.2%below the sector's middle half▲ 2.0pp15.9%below the sector's middle half▲ 0.7pp
Current ratio0.29-0.57below the sector's middle half▲ 0.270.59below the sector's middle half▲ 0.030.52below the sector's middle half▼ 0.070.55below the sector's middle half▲ 0.030.74below the sector's middle half▲ 0.19
Return on assets (ROA)10.2%-10.7%within the sector's middle half▲ 0.4pp10.4%within the sector's middle half▼ 0.2pp7.1%within the sector's middle half▼ 3.3pp0.3%below the sector's middle half▼ 6.8pp3.8%within the sector's middle half▲ 3.5pp
Staff (FTE)1-
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €399,524
Fixed assets
€231,603 ▼ 5.5%
Current assets
€167,921 ▲ 130%
Equity and liabilities €399,524
Equity
€63,501 ▲ 31.2%
Provisions
€4,441 ▼ 2.8%
Debt
€331,582 ▲ 25.0%
Debt's share of the balance-sheet total falls from 83.4% to 83.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€46,196▲
2023 · €35,789
Cash flow
€29,829▲
2023 · €16,575
Debt to equity
5.22▼
2023 · 5.48
ROE
23.8%▲
2023 · 2.1%
Interest coverage
4.94▼
2023 · 5.92
Debt ≤ 1 year
€227,246▲
2023 · €132,694
Debt > 1 year
€102,824▼
2023 · €130,871
Income taxes
€7,139▼
2023 · €13,293
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €0 | - | €1 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,557 | €18,223 | €16,841 | €17,518 | €15,546 | €14,733 | ▼ 5.2% |
| Other operating charges640/8 | - | €5,335 | €1,020 | €5,470 | €4,034 | €9,340 | ▲ 132% |
| Non-recurring operating charges66A | - | €880 | - | €7 | €2,176 | - | - |
| Gross operating margin9900 | €133,038 | €76,420 | €69,493 | €67,317 | €41,999 | €55,536 | ▲ 32.2% |
| Operating profit (loss)9901 | €64,907 | €51,982 | €51,632 | €44,322 | €20,242 | €31,463 | ▲ 55.4% |
| Financial income75/76B | - | €70 | - | - | - | - | - |
| Recurring financial income75 | €201 | €70 | - | - | - | - | - |
| Financial charges65/66B | - | €9,495 | €8,300 | €7,456 | €6,050 | €9,358 | ▲ 54.7% |
| Recurring financial charges65 | €18,883 | €9,495 | €8,063 | €7,456 | €6,050 | €9,358 | ▲ 54.7% |
| Non-recurring financial charges66B | - | - | €237 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €45,561 | €42,556 | €43,333 | €36,866 | €14,192 | €22,105 | ▲ 55.8% |
| Transfer from deferred taxes780 | - | €130 | €130 | €130 | €130 | €130 | = |
| Income taxes67/77 | €9,796 | €2,695 | €2,898 | €11,626 | €13,293 | €7,139 | ▼ 46.3% |
| Profit (loss) for the period9904 | €35,992 | €39,991 | €40,565 | €25,370 | €1,029 | €15,096 | ▲ 15× |
| Transfer from tax-exempt reserves789 | - | €252 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €36,433 | €40,243 | €40,565 | €25,370 | €1,029 | €15,096 | ▲ 15× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €351,898 | €375,425 | €389,627 | €357,532 | €318,253 | €399,524 | ▲ 25.5% |
| Fixed assets21/28 | €324,771 | €310,697 | €298,171 | €280,653 | €245,107 | €231,603 | ▼ 5.5% |
| Tangible fixed assets22/27 | €304,771 | €290,697 | €278,171 | €260,653 | €245,107 | €231,603 | ▼ 5.5% |
| Land and buildings22 | - | €290,314 | €274,156 | €258,174 | €244,164 | €230,204 | ▼ 5.7% |
| Furniture and vehicles24 | - | €383 | €4,015 | €2,479 | €943 | €1,399 | ▲ 48.4% |
| Financial fixed assets28 | €20,000 | €20,000 | €20,000 | €20,000 | - | - | - |
| Current assets29/58 | €27,127 | €64,728 | €91,456 | €76,879 | €73,146 | €167,921 | ▲ 130% |
| Amounts receivable within one year40/41 | €22,500 | €29,000 | €54,891 | €64,000 | €54,598 | €45,891 | ▼ 15.9% |
| Other amounts receivable41 | - | €29,000 | €54,891 | €64,000 | €54,598 | €45,891 | ▼ 15.9% |
| Cash at bank and in hand54/58 | €3,799 | €34,981 | €36,565 | €12,878 | €18,548 | €122,031 | ▲ 558% |
| Deferred charges and accrued income490/1 | - | €747 | - | - | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €351,898 | €375,425 | €389,627 | €357,532 | €318,253 | €399,524 | ▲ 25.5% |
| Equity10/15 | €45,451 | €45,443 | €46,007 | €47,377 | €48,405 | €63,501 | ▲ 31.2% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | €20,000 | - | - | - | - | - |
| Issued capital100 | - | €20,000 | - | - | - | - | - |
| Contributions outside capital11 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Other1109/19 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €11,883 | €11,631 | €11,631 | €11,631 | €11,217 | €10,803 | ▼ 3.7% |
| Non-distributable reserves130/1 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Legal reserve130 | - | €2,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Tax-exempt reserves132 | - | €9,631 | €9,631 | €9,631 | €9,217 | €8,803 | ▼ 4.5% |
| Profit (loss) carried forward14 | €13,569 | €13,812 | €14,376 | €15,746 | €17,189 | €32,699 | ▲ 90.2% |
| Provisions and deferred taxes16 | €5,089 | €4,959 | €4,829 | €4,700 | €4,570 | €4,441 | ▼ 2.8% |
| Deferred taxes168 | - | €4,959 | €4,829 | €4,700 | €4,570 | €4,441 | ▼ 2.8% |
| Amounts payable17/49 | €301,358 | €325,023 | €338,790 | €305,455 | €265,277 | €331,582 | ▲ 25.0% |
| Amounts payable after more than one year17 | €205,134 | €209,309 | €184,110 | €157,976 | €130,871 | €102,824 | ▼ 21.4% |
| Financial debts170/4 | - | €209,309 | €184,110 | €157,976 | €130,871 | €102,824 | ▼ 21.4% |
| Amounts payable within one year42/48 | €92,883 | €114,517 | €154,680 | €147,479 | €132,694 | €227,246 | ▲ 71.3% |
| Current portion of amounts payable after more than one year42 | - | €24,297 | €25,198 | €26,134 | €27,105 | €28,266 | ▲ 4.3% |
| Trade debts44 | €7,556 | €5,627 | €23,630 | €6,033 | €8,133 | €13,855 | ▲ 70.3% |
| Suppliers440/4 | - | €5,627 | €23,630 | €6,033 | €8,133 | €13,855 | ▲ 70.3% |
| Taxes, remuneration and social security45 | - | €8,900 | €5,641 | €10,718 | €9,420 | €15,970 | ▲ 69.5% |
| Taxes450/3 | - | €8,900 | €5,641 | €10,718 | €9,420 | €15,970 | ▲ 69.5% |
| Other amounts payable47/48 | - | €75,693 | €100,211 | €104,593 | €88,037 | €169,156 | ▲ 92.1% |
| Accrued charges and deferred income492/3 | - | €1,198 | - | - | €1,712 | €1,511 | ▼ 11.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,992 | €39,991 | €40,565 | €25,370 | €1,029 | €15,096 | ▲ 15× |
| + Depreciation and write-downs630 | €30,557 | €18,223 | €16,841 | €17,518 | €15,546 | €14,733 | ▼ 5.2% |
| Operating cash flow (approximation) | €66,549 | €58,214 | €57,406 | €42,887 | €16,575 | €29,829 | ▲ 80.0% |
| Investment in fixed assets (approximation) | - | -€4,149 | -€4,315 | €0 | €20,000 | -€1,229 | - |
| Change in cash | - | €31,182 | €1,584 | -€23,687 | €5,669 | €103,483 | ▲ 18× |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2024 | micro format | 30-10-2024 | 2024-00525346 |
| 31-03-2023 | micro format | 07-03-2024 | 2024-00041783 |
| 31-03-2022 | micro format | 21-12-2022 | 2022-20544637 |
| 31-03-2021 | micro format | 21-12-2022 | 2022-20544459 |
| 31-03-2020 | micro format | 22-04-2022 | 2022-20007881 |
| 31-03-2019 | micro format | 04-05-2021 | 2021-13200547 |
| 30-06-2017 | micro format | 27-08-2018 | 2018-53600045 |
| 30-06-2016 | full format | 13-01-2017 | 2017-01400246 |
| 30-06-2015 | full format | 22-01-2016 | 2016-02500595 |
| 30-06-2014 | full format | 30-12-2014 | 2014-71000234 |
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Of the 82,475 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 54,350. 40,603 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.