Cortado: what changed
Two fiscal 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.
Cortado
Largest movements
- Receivables within one year -€36,032
down €36,032 (-99.5%), from €36,225 to €192
of which Trade receivables: -€25,614
- Deferred charges and accrued income +€17,310
up €17,310 (+1165.5%), from €1,485 to €18,795
- Tangible fixed assets -€7,540
down €7,540 (-6.3%), from €120,249 to €112,710
of which Land and buildings: -€4,578
- Cash -€5,706
no longer reported in 2025 (was €5,706)
mainly Net result for the year (-€20,162) and Deferred charges and accrued income (-€17,310)
- Profit (loss) carried forward -€20,162
down €20,162 (-98.4%), from €20,483 to €322
- Debts after one year -€7,696
down €7,696 (-10.9%), from €70,790 to €63,094
- Short-term financial debts -€6,709
down €6,709 (-69.6%), from €9,635 to €2,926
- Trade debts +€1,859
up €1,859 (+21.9%), from €8,489 to €10,347
- Gross operating margin -€28,944
down €28,944, from €21,900 to -€7,044
- Taxes -€7,013
down €7,013 (-94.7%), from €7,406 to €392
- Financial income -€897
down €897 (-99.6%), from €901 to €4
- Other operating charges -€464
down €464 (-37.8%), from €1,228 to €763
- Depreciation +€301
up €301 (+3.4%), from €8,929 to €9,230
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.
Cash bridge derived
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 | €163,666 | €131,697 | -€31,968 | -19.5% |
| Fixed assets | 21/28 | €120,249 | €112,710 | -€7,540 | -6.3% |
| Tangible fixed assets | 22/27 | €120,249 | €112,710 | -€7,540 | -6.3% |
| Land and buildings | 22 | €103,533 | €98,955 | -€4,578 | -4.4% |
| Plant, machinery and equipment | 23 | €1,881 | €2,868 | +€987 | +52.5% |
| Furniture and vehicles | 24 | €5,473 | €3,870 | -€1,603 | -29.3% |
| Other tangible fixed assets | 26 | €9,363 | €7,016 | -€2,346 | -25.1% |
| Current assets | 29/58 | €43,416 | €18,988 | -€24,429 | -56.3% |
| Amounts receivable within one year | 40/41 | €36,225 | €192 | -€36,032 | -99.5% |
| Trade receivables | 40 | €25,807 | €192 | -€25,614 | -99.3% |
| Other amounts receivable | 41 | €10,418 | - | -€10,418 | |
| Cash at bank and in hand | 54/58 | €5,706 | - | -€5,706 | |
| Deferred charges and accrued income | 490/1 | €1,485 | €18,795 | +€17,310 | +1165.5% |
| Total equity and liabilities | 10/49 | €163,666 | €131,697 | -€31,968 | -19.5% |
| Equity | 10/15 | €67,018 | €46,856 | -€20,162 | -30.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €40,335 | €40,335 | = | 0.0% |
| Distributable reserves | 133 | €40,335 | €40,335 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,483 | €322 | -€20,162 | -98.4% |
| Amounts payable | 17/49 | €96,648 | €84,841 | -€11,807 | -12.2% |
| Amounts payable after more than one year | 17 | €70,790 | €63,094 | -€7,696 | -10.9% |
| Financial debts | 170/4 | €70,790 | €63,094 | -€7,696 | -10.9% |
| Amounts payable within one year | 42/48 | €25,858 | €21,747 | -€4,111 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €7,483 | €7,696 | +€213 | +2.9% |
| Financial debts | 43 | €9,635 | €2,926 | -€6,709 | -69.6% |
| Credit institutions | 430/8 | €9,635 | €2,926 | -€6,709 | -69.6% |
| Trade debts | 44 | €8,489 | €10,347 | +€1,859 | +21.9% |
| Suppliers | 440/4 | €8,489 | €10,347 | +€1,859 | +21.9% |
| Taxes, remuneration and social security | 45 | €252 | €392 | +€141 | +56.0% |
| Taxes | 450/3 | €252 | €392 | +€141 | +56.0% |
| Other amounts payable | 47/48 | - | €386 | +€386 | |
| Non-recurring operating income | 76A | €5,159 | - | -€5,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,929 | €9,230 | +€301 | +3.4% |
| Other operating charges | 640/8 | €1,228 | €763 | -€464 | -37.8% |
| Gross operating margin | 9900 | €21,900 | -€7,044 | -€28,944 | |
| Operating profit (loss) | 9901 | €11,743 | -€17,037 | -€28,781 | |
| Financial income | 75/76B | €901 | €4 | -€897 | -99.6% |
| Recurring financial income | 75 | €901 | €4 | -€897 | -99.6% |
| Financial charges | 65/66B | €2,723 | €2,736 | +€12 | +0.5% |
| Recurring financial charges | 65 | €2,723 | €2,736 | +€12 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €9,921 | -€19,769 | -€29,690 | |
| Income taxes | 67/77 | €7,406 | €392 | -€7,013 | -94.7% |
| Profit (loss) for the period | 9904 | €2,515 | -€20,162 | -€22,677 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,515 | -€20,162 | -€22,677 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.