CORTEL: 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.
CORTEL
Largest movements
- Tangible fixed assets +€425,514
up €425,514 (+114.7%), from €371,020 to €796,535
of which Land and buildings: +€406,651
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Cash -€93,847
down €93,847 (-65.5%), from €143,217 to €49,370
mainly Investment in fixed assets (net) (-€436,839) and Net result for the year (-€11,252)
- Receivables within one year -€27,378
down €27,378 (-18.5%), from €148,033 to €120,655
of which Trade receivables: -€58,552
- Debts after one year +€184,419
up €184,419 (+59.1%), from €311,998 to €496,417
- Trade debts +€15,648
up €15,648 (+98.8%), from €15,843 to €31,491
- Current portion of long-term debt +€15,581
new in 2025: €15,581
- Gross operating margin -€41,147
down €41,147 (-68.2%), from €60,376 to €19,229
- Depreciation -€1,598
down €1,598 (-12.4%), from €12,924 to €11,325
- Financial charges -€1,500
down €1,500 (-8.6%), from €17,346 to €15,846
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 | €765,443 | €970,530 | +€205,087 | +26.8% |
| Fixed assets | 21/28 | €371,020 | €796,535 | +€425,514 | +114.7% |
| Tangible fixed assets | 22/27 | €371,020 | €796,535 | +€425,514 | +114.7% |
| Land and buildings | 22 | €367,936 | €774,587 | +€406,651 | +110.5% |
| Plant, machinery and equipment | 23 | €169 | €9,003 | +€8,834 | +5239.9% |
| Furniture and vehicles | 24 | €2,916 | €12,945 | +€10,029 | +343.9% |
| Current assets | 29/58 | €394,423 | €173,995 | -€220,428 | -55.9% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €148,033 | €120,655 | -€27,378 | -18.5% |
| Trade receivables | 40 | €80,998 | €22,446 | -€58,552 | -72.3% |
| Other amounts receivable | 41 | €67,035 | €98,209 | +€31,174 | +46.5% |
| Cash at bank and in hand | 54/58 | €143,217 | €49,370 | -€93,847 | -65.5% |
| Deferred charges and accrued income | 490/1 | €3,173 | €3,971 | +€798 | +25.2% |
| Total equity and liabilities | 10/49 | €765,443 | €970,530 | +€205,087 | +26.8% |
| Equity | 10/15 | €429,268 | €418,016 | -€11,252 | -2.6% |
| Contributions | 10/11 | €17,339 | €17,339 | = | 0.0% |
| Reserves | 13 | €377,003 | €373,330 | -€3,673 | -1.0% |
| Non-distributable reserves | 130/1 | €1,734 | €1,734 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,734 | €1,734 | = | 0.0% |
| Tax-exempt reserves | 132 | €178,681 | €175,009 | -€3,673 | -2.1% |
| Distributable reserves | 133 | €196,588 | €196,588 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,925 | €27,346 | -€7,580 | -21.7% |
| Amounts payable | 17/49 | €336,176 | €552,514 | +€216,339 | +64.4% |
| Amounts payable after more than one year | 17 | €311,998 | €496,417 | +€184,419 | +59.1% |
| Financial debts | 170/4 | €311,998 | €496,417 | +€184,419 | +59.1% |
| Amounts payable within one year | 42/48 | €24,178 | €56,097 | +€31,919 | +132.0% |
| Current portion of amounts payable after more than one year | 42 | - | €15,581 | +€15,581 | |
| Trade debts | 44 | €15,843 | €31,491 | +€15,648 | +98.8% |
| Suppliers | 440/4 | €15,843 | €31,491 | +€15,648 | +98.8% |
| Taxes, remuneration and social security | 45 | €7,451 | €1,581 | -€5,870 | -78.8% |
| Taxes | 450/3 | €7,451 | - | -€7,451 | |
| Remuneration and social security | 454/9 | - | €1,581 | +€1,581 | |
| Other amounts payable | 47/48 | €884 | €7,445 | +€6,561 | +742.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,924 | €11,325 | -€1,598 | -12.4% |
| Other operating charges | 640/8 | €2,941 | €3,081 | +€141 | +4.8% |
| Gross operating margin | 9900 | €60,376 | €19,229 | -€41,147 | -68.2% |
| Operating profit (loss) | 9901 | €44,512 | €4,823 | -€39,689 | -89.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €17,346 | €15,846 | -€1,500 | -8.6% |
| Recurring financial charges | 65 | €17,346 | €15,846 | -€1,500 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €27,166 | -€11,023 | -€38,188 | |
| Income taxes | 67/77 | €680 | €230 | -€451 | -66.3% |
| Profit (loss) for the period | 9904 | €26,486 | -€11,252 | -€37,738 | |
| Transfer from tax-exempt reserves | 789 | €3,673 | €3,673 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,158 | -€7,580 | -€37,738 |
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 4 October 2026 via checked.be.