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).
Overview
Activity
Business and other management consultancy
NACE 70200
1 site
Size
≈ €110,000turnover 2024, estimated
- Equity
- €63,501
- Profit
- €15,096
Turnover estimated from the gross margin
Financial health
- Bankruptcy probabilitywithin 12 months
- 0.9%
2024 figures too old to score
Structure
2025 accounts not filed, 362 days past the deadline3 deeds in the Belgian Official Gazette
Signalsraises riskFigures for financial year 2024 (filed 01-11-2024)1 financial year not filed after the legal deadline; 2 of the last 3 lateAnnual accounts not filedlowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Liquidity: current ratio 0.74, cash €122,031neutralLatest accounts filed on timeShow the evidence
Bankruptcy probability
No current score
Figures too old
The available figures for FY 2024 are too old to assess current financial health.
Filing: One filing cycle is missing
Financial strength, FY 2024 · tick = 2023
Average
Solvency
41+1
equity 15.9% of total assets
Liquidity
59+22
short-term debt 56.9% · cash 30.5%
Profitability
65-3
return on assets 3.8%
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 1.1%highest value
12-2024: 0.2%▼ -0.9 percentage points vs 11-2024
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025lowest value
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.3%▲ +0.1 percentage points vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.4%▲ +0.1 percentage points vs 01-2026
03-2026: 0.5%▲ +0.1 percentage points vs 02-2026
04-2026: 0.9%▲ +0.4 percentage points vs 03-2026
05-2026: 0.9%● unchanged vs 04-2026
06-2026: 1.0%▲ +0.1 percentage points vs 05-2026
07-2026: 0.9%▼ -0.1 percentage points vs 06-2026
08-2026: 0.9%● unchanged vs 07-2026
09-2026: 0.9%● unchanged vs 08-2026
10-2026: 0.9%● unchanged vs 09-2026
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Signals
Six signals.
lowers riskraises riskneutral
raises risk · Annual accounts not filed
The financial year that closed on 31-03-2025 was due at the National Bank by 31-10-2025. Nothing is on record, 362 days later.
NBB · 10 filingsPosition against the passed deadline
31-03-2025 year end31-10-2025 deadline28-10-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2024 was due by 31-10-2024 and was filed on 30-10-2024, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
1 day early
2023
128 days late
2022
51 days late
2021
416 days late
2020
538 days late
2019
551 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 281 days after the deadline; the sector median (NACE 70) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (1)
- General meeting · Director resignationPermanent representative · Director discharge
- Court decision · Director resignationDirector in office · Representation…
- General meeting · Other provisionCapital conversion · Amendment of…
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.
Directors
Directors
No directors read yet: 0 of 3 Gazette acts processed. See the directors and other office holders in the KBO →
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
History
Acts, filings and financial milestones
2025
25-04
Gazette deed
General meeting · Director resignation
Permanent representative · Director discharge
26-03
Gazette deed
Court decision · Director resignation
Director in office · Representation rule
2024
21-11
Gazette deed
General meeting · Other provision
Capital conversion · Amendment of the articles
30-10
NBB filing
Annual accounts filed
financial year 2024 · micro format
07-03
NBB filing
Annual accounts filed
financial year 2023 · micro format · 128 days late
2023
31-03
Financial
Weakest financial yearnet €1,029 ▼95.9%
Net result drops to €1,029, the lowest in the series; recovery starts the following year.
2022
21-12
NBB filing
Annual accounts filed
financial year 2022 · micro format · 51 days late
21-12
NBB filing
Annual accounts filed
financial year 2021 · micro format · 416 days late
22-04
NBB filing
Annual accounts filed
financial year 2020 · micro format · 538 days late
2021
04-05
NBB filing
Annual accounts filed
financial year 2019 · micro format · 551 days late
31-03
Financial
Highest result from 2019 to 2024net €40,565 ▲1.4%
Net result €40,565, the highest in the series.
2018
27-08
NBB filing
Annual accounts filed
financial year 2017 · micro format · 208 days late
Show earlier events
2017
13-01
NBB filing
Annual accounts filed
financial year 2016 · full format
2016
22-01
NBB filing
Annual accounts filed
financial year 2015 · full format
2014
30-12
NBB filing
Annual accounts filed
financial year 2014 · full format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 11 annual accounts filed, the latest 10 are here; all 11 are under Financials.
0 of 3 deeds read
About the unread acts
We know of 3 Belgian Official Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Register details
Identification
Legal formPrivate limited company (pre-2019)
Founded06-03-2012
Financial year end31-03
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844194265
Also
9925:BE0844194265
Registered
26-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Manage · 1 establishment unit since 2012
Ground area
396 m²
Building footprint
76 m²
Building volume
644 m³
Parcel 52019B0302/00S004, Wallonia · tallest building 10.2 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Rue de la Paix 23, 7170 Manage
since 2012unit no. 2.221.390.367
1 parcel
Wallonia
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52019B0302/00S004 | Wallonia | 396 m² | 1 · 75 m² | 10.2 m · 3 |
How the parcels are linked
Good to know
The parcel matches the address exactly.