CORTEX HOLDING
ActiveSummary
CORTEX HOLDING has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20.4m and a net result of €4.6m. Equity is growing by about 40% per year across the filed financial years. Its solvency ranks better than 75% of 57 sector peers (NACE 92, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, full format, standalone accounts
In the rankings
#2 company by equity in Liège, Arts, sports and recreation sector#4 company by total assets in the province of Liège, Gambling and betting sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€4.6m▼ 62.7%
2024 · €12.2m
Working capital
-€805,895
2024 · €9.3m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €351,892 in 2025 against €7,004 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.4m
2025
Net result€4.6m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€24.3m
2025
Equity€20.4m
2025
Debt€3.9m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.8m
2025
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)18.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency83.8%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.15
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 92, Gambling and betting 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
Line20182019202020212022202320242025
Operating result-€0.01m--€0.01m▲ 17.8%-€0.07m▼ 492%-€0.1m▼ 74.8%-€0.3m▼ 113%-€0.06m▲ 75.9%-€0.007m▲ 88.4%-€0.4m▼ 4,924%
Net result-€0.02m--€0.1m▼ 377%-€0.1mbelow the sector's middle half▼ 31.4%-€0.1mbelow the sector's middle half▲ 6.4%-€0.3mbelow the sector's middle half▼ 110%-€2.4mbelow the sector's middle half▼ 784%€12.2mabove the sector's middle half€4.6mabove the sector's middle half▼ 62.7%
Equity€1.9m-€1.8m▼ 5.4%€6.2mabove the sector's middle half▲ 242%€6.0mabove the sector's middle half▼ 2.1%€6.0mabove the sector's middle half▼ 0.9%€15.8mabove the sector's middle half€20.4mabove the sector's middle half▲ 28.8%
Total assets€6.6m-€6.6m▲ 0.1%€6.6mabove the sector's middle half▲ 0.3%€12.1mabove the sector's middle half▲ 83.8%€14.5mabove the sector's middle half▲ 19.1%€22.0mabove the sector's middle half▲ 51.9%€15.8mabove the sector's middle half▼ 27.9%€24.3mabove the sector's middle half▲ 53.7%
Debt€4.7m-€4.8m▲ 2.4%€0.4m▼ 90.8%€6.1m▲ 14×€8.5m▲ 38.8%€18.3m▲ 116%€343▼ 100.0%€3.9m▲ 11,512×
Working capital-€4.6m--€4.7m▼ 2.3%-€0.3mbelow the sector's middle half▲ 93.3%-€0.4mbelow the sector's middle half▼ 40.7%-€0.5mbelow the sector's middle half▼ 23.9%-€1.0mbelow the sector's middle half▼ 86.2%€9.3mabove the sector's middle half-€0.8mbelow the sector's middle half
Solvency29.0%-27.4%▼ 1.6pp93.3%above the sector's middle half▲ 66.0pp49.7%within the sector's middle half▼ 43.6pp41.4%within the sector's middle half▼ 8.3pp100.0%above the sector's middle half83.8%within the sector's middle half▼ 16.2pp
Current ratio0.02-0.02=0.29below the sector's middle half▲ 0.270.93below the sector's middle half▲ 0.640.94below the sector's middle half▲ 0.010.94below the sector's middle half=0.15below the sector's middle half
Return on assets (ROA)-0.3%--1.6%▼ 1.2pp-2.1%within the sector's middle half▼ 0.5pp-1.0%within the sector's middle half▲ 1.0pp-1.8%below the sector's middle half▼ 0.8pp-10.8%below the sector's middle half▼ 8.9pp77.1%above the sector's middle half▲ 87.9pp18.7%above the sector's middle half▼ 58.4pp
above
within
below
the middle half of NACE 92, Gambling and betting 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €24.3m
Fixed assets
€24.2m ▲ 271%
Current assets
€137,668 ▼ 98.5%
Equity and liabilities €24.3m
Equity
€20.4m ▲ 28.8%
Debt
€3.9m ▲ 11,512×
Debt's share of the balance-sheet total rises from 0.0% to 16.2%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.19▲
2024 · 0.00
ROE
22.3%▼
2024 · 77.1%
Debt ≤ 1 year
€943,563▲
2024 · €343
Debt > 1 year
€3.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €400 | €0.007m | - | - | - | - |
| Other operating income74 | - | - | - | - | €0.007m | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €400 | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €0.1m | €0.3m | €0.06m | €0.007m | €0.4m | ▲ 50× |
| Services and other goods61 | - | - | - | €0.1m | €0.3m | €0.06m | €0.005m | €0.3m | ▲ 54× |
| Other operating charges640/8 | - | - | - | €0.007m | €0.001m | €0.001m | €0.001m | €0.06m | ▲ 51× |
| Non-recurring operating charges66A | - | - | - | - | - | - | €400 | - | - |
| Gross operating margin9900 | -€0.01m | -€0.01m | - | - | - | - | - | - | - |
| Operating profit (loss)9901 | -€0.01m | -€0.01m | -€0.07m | -€0.1m | -€0.3m | -€0.06m | -€0.007m | -€0.4m | ▼ 4,924% |
| Financial income75/76B | - | - | - | €0.1m | €0.2m | - | €13.0m | €5.0m | ▼ 61.9% |
| Recurring financial income75 | €0.1m | €0.002m | €0.002m | €0.1m | €0.2m | €12.3m | €13.0m | €5.0m | ▼ 61.9% |
| Income from financial fixed assets750 | - | - | - | - | - | €12.0m | €12.0m | €4.7m | ▼ 60.8% |
| Income from current assets751 | - | - | - | - | - | - | - | €0.3m | - |
| Other financial income752/9 | - | - | - | €0.1m | €0.2m | €0.3m | €1.0m | - | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €14.6m | €0.8m | €0.05m | ▼ 93.2% |
| Recurring financial charges65 | €0.1m | €0.09m | €0.07m | €0.1m | €0.2m | €14.6m | €0.8m | €0.05m | ▼ 93.2% |
| Debt charges650 | - | - | €0.07m | €0.1m | €0.2m | €0.4m | €0.06m | €0.05m | ▼ 19.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | - | €14.3m | -€14.3m | - | - |
| Other financial charges652/9 | - | - | - | €0.001m | €4 | €0.01m | €15.0m | €0.003m | ▼ 100.0% |
| Profit (loss) for the period before taxes9903 | -€0.02m | -€0.1m | -€0.1m | -€0.1m | -€0.3m | -€2.4m | €12.2m | €4.6m | ▼ 62.7% |
| Profit (loss) for the period9904 | -€0.02m | -€0.1m | -€0.1m | -€0.1m | -€0.3m | -€2.4m | €12.2m | €4.6m | ▼ 62.7% |
| Profit (loss) for the period to be appropriated9905 | -€0.02m | -€0.1m | -€0.1m | -€0.1m | -€0.3m | -€2.4m | €12.2m | €4.6m | ▼ 62.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.6m | €6.6m | €6.6m | €12.1m | €14.5m | €22.0m | €15.8m | €24.3m | ▲ 53.7% |
| Formation expenses20 | - | - | - | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €6.5m | €6.5m | €6.5m | €6.5m | €6.5m | €6.5m | €6.5m | €24.2m | ▲ 271% |
| Intangible fixed assets21 | - | - | - | - | - | €0 | - | - | - |
| Financial fixed assets28 | €6.5m | €6.5m | €6.5m | €6.5m | €6.5m | €6.5m | €6.5m | €24.2m | ▲ 271% |
| Affiliated companies280/1 | - | - | - | €6.5m | €6.5m | €6.5m | €6.5m | €24.2m | ▲ 271% |
| Participating interests280 | - | - | - | €6.5m | €6.5m | €6.5m | €6.5m | €24.2m | ▲ 271% |
| Current assets29/58 | €0.1m | €0.1m | €0.1m | €5.7m | €7.9m | €15.4m | €9.3m | €0.1m | ▼ 98.5% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €3.4m | €3.3m | - | - |
| Other amounts receivable291 | - | - | - | - | - | €3.4m | €3.3m | - | - |
| Amounts receivable within one year40/41 | €0.08m | €0.09m | €0.03m | €5.7m | €7.8m | €12.0m | €5.6m | - | - |
| Trade receivables40 | - | - | - | - | €92 | €197 | - | - | - |
| Other amounts receivable41 | - | - | - | €5.7m | €7.8m | €12.0m | €5.6m | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.1m | €0.01m | €0.1m | €0.1m | €0.4m | €0.1m | ▼ 67.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.003m | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.6m | €6.6m | €6.6m | €12.1m | €14.5m | €22.0m | €15.8m | €24.3m | ▲ 53.7% |
| Equity10/15 | €1.9m | €1.8m | €6.2m | €6.0m | €6.0m | - | €15.8m | €20.4m | ▲ 28.8% |
| Contributions10/11 | €2.0m | €2.0m | €6.5m | €6.5m | €6.7m | €6.7m | €6.7m | €6.7m | = |
| Capital10 | - | - | - | €6.5m | €6.6m | €6.6m | €6.6m | €6.6m | = |
| Issued capital100 | - | - | - | €6.5m | €6.6m | €6.6m | €6.6m | €6.6m | = |
| Contributions outside capital11 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Share premium1100/10 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | - | - | - | - | - | - | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | - | - | - | €0.7m | €0.7m | = |
| Legal reserve130 | - | - | - | - | - | - | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | -€0.09m | -€0.2m | -€0.3m | -€0.5m | -€0.7m | -€3.1m | €8.5m | €13.0m | ▲ 53.8% |
| Amounts payable17/49 | €4.7m | €4.8m | €0.4m | €6.1m | €8.5m | €18.3m | €343 | €3.9m | ▲ 11,512× |
| Amounts payable after more than one year17 | - | - | - | - | - | €1.9m | - | €3.0m | - |
| Financial debts170/4 | - | - | - | - | - | €0 | - | - | - |
| Other loans174 | - | - | - | - | - | €0 | - | - | - |
| Other amounts payable178/9 | - | - | - | - | - | €1.9m | - | €3.0m | - |
| Amounts payable within one year42/48 | €4.7m | €4.8m | €0.4m | €6.1m | €8.5m | €16.4m | €343 | €0.9m | ▲ 2,754× |
| Trade debts44 | €0.007m | €0.006m | €0.02m | €0.03m | €0.1m | €0.002m | €343 | €0.3m | ▲ 752× |
| Suppliers440/4 | - | - | - | €0.03m | €0.1m | €0.002m | €343 | €0.3m | ▲ 752× |
| Other amounts payable47/48 | - | - | - | €6.1m | €8.3m | €16.4m | - | €0.7m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €490 | €0.006m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.02m | -€0.1m | -€0.1m | -€0.1m | -€0.3m | -€2.4m | €12.2m | €4.6m | ▼ 62.7% |
| Operating cash flow (approximation) | -€0.02m | -€0.1m | -€0.1m | -€0.1m | -€0.3m | -€2.4m | €12.2m | €4.6m | ▼ 62.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€0.05m | €0 | €0 | -€17.7m | - |
| Change in cash | - | €289 | €0.08m | -€0.08m | €0.1m | -€0.02m | €0.3m | -€0.3m | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00172607 |
| 31-12-2024 | full format | 26-06-2025 | 2025-00209332 |
| 31-12-2023 | full format | 01-07-2024 | 2024-00228408 |
| 31-12-2022 | full format | 20-03-2024 | 2024-00051682 |
| 31-12-2021 | full format | 26-08-2022 | 2022-20377650 |
| 31-12-2021 | consolidated | 26-08-2022 | 2022-20377671 |
| 31-12-2020 | full format | 31-08-2021 | 2021-62800083 |
| 31-12-2020 | consolidated | 31-08-2021 | 2021-62800095 |
| 31-12-2019 | full format | 06-10-2020 | 2020-59200123 |
| 31-12-2018 | full format | 31-08-2019 | 2019-62500081 |
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Of the 494 active companies whose main activity is gambling and betting activities (NACE 92000), figures are known for 303. 49 are within a factor 10 of this equity. These 3 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.