Cortes-Ko: what changed
Two financial 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.
What changed
Cortes-Ko
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15.0m
2024 · -€508,872+€15.5m
Equity
€155.0m
2024 · €140.1m+€15.0m
Cash
€204,710
2024 · €211,407-€6,697
Balance sheet total
€277.3m
2024 · €261.1m+€16.2m
Largest movements
Assets
- Financial fixed assets +€21.4m
up €21.4m (+8.4%), from €254.4m to €275.8m
- Receivables within one year -€6.5m
down €6.5m (-99.7%), from €6.5m to €18,177
of which Other amounts receivable: -€6.5m
Equity and liabilities
- Profit (loss) carried forward +€14.7m
up €14.7m, from -€10.0m to €4.8m
- Other debts -€11.0m
down €11.0m (-92.3%), from €11.9m to €916,648
- Debts after one year +€6.6m
up €6.6m (+7.0%), from €93.5m to €100.0m
- Accrued charges and deferred income +€3.4m
up €3.4m (+31.0%), from €11.0m to €14.5m
Income statement
- Financial income +€15.7m
up €15.7m (+362%), from €4.3m to €20.0m
- Financial charges +€504,967
up €504,967 (+8.1%), from €6.3m to €6.8m
- Turnover +€443,470
up €443,470 (+29.6%), from €1.5m to €1.9m
- Other operating income +€416,163
up €416,163 (+31.9%), from €1.3m to €1.7m
- Services and other goods +€363,070
up €363,070 (+26.2%), from €1.4m to €1.7m
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.
Result 2024
-€508,872
Turnover
+€443,470
Other operating income
+€416,163
Services and other goods
-€363,070
Depreciation
-€166,636
Other operating charges
-€4,307
Financial income
+€15.7m
Financial charges
-€504,967
Result 2025
€15.0m
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€14.3m
Investment
-€22.9m
Financing
+€8.6m
Cash 2024
€211,407
From operations (derived)
+€14.3m
Net result for the year
+€15.0m
Depreciation
+€166,636
Receivables within one year
+€6.5m
Smaller working-capital items
+€61,385
Trade debts
+€177,540
Other debts
-€11.0m
Accrued charges and deferred income
+€3.4m
Investment (derived)
-€22.9m
Investment in fixed assets (net)
-€22.9m
Financing
+€8.6m
Debts after one year
+€6.6m
Current portion of long-term debt
+€2.0m
Cash 2025
€204,710
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €261,147,344 | €277,314,042 | +€16.2m | +6.2% |
| Fixed assets | 21/28 | €254,380,104 | €277,091,156 | +€22.7m | +8.9% |
| Tangible fixed assets | 22/27 | - | €1,329,888 | +€1.3m | |
| Land and buildings | 22 | - | €1,329,888 | +€1.3m | |
| Financial fixed assets | 28 | €254,380,104 | €275,761,268 | +€21.4m | +8.4% |
| Affiliated companies | 280/1 | €254,380,104 | €275,761,268 | +€21.4m | +8.4% |
| Participating interests | 280 | €254,380,104 | €275,761,268 | +€21.4m | +8.4% |
| Current assets | 29/58 | €6,767,239 | €222,887 | -€6.5m | -96.7% |
| Amounts receivable within one year | 40/41 | €6,548,829 | €18,177 | -€6.5m | -99.7% |
| Trade receivables | 40 | - | €18,177 | +€18,177 | |
| Other amounts receivable | 41 | €6,548,829 | - | -€6.5m | |
| Cash at bank and in hand | 54/58 | €211,407 | €204,710 | -€6,697 | -3.2% |
| Deferred charges and accrued income | 490/1 | €7,004 | - | -€7,004 | |
| Total equity and liabilities | 10/49 | €261,147,344 | €277,314,042 | +€16.2m | +6.2% |
| Equity | 10/15 | €140,058,727 | €155,045,076 | +€15.0m | +10.7% |
| Contributions | 10/11 | €150,040,750 | €150,040,750 | = | 0.0% |
| Capital | 10 | €150,040,750 | €150,040,750 | = | 0.0% |
| Issued capital | 100 | €150,040,750 | €150,040,750 | = | 0.0% |
| Reserves | 13 | - | €250,216 | +€250,216 | |
| Non-distributable reserves | 130/1 | - | €250,216 | +€250,216 | |
| Legal reserve | 130 | - | €250,216 | +€250,216 | |
| Profit (loss) carried forward | 14 | -€9,982,023 | €4,754,110 | +€14.7m | |
| Amounts payable | 17/49 | €121,088,617 | €122,268,966 | +€1.2m | +1.0% |
| Amounts payable after more than one year | 17 | €93,472,224 | €100,027,780 | +€6.6m | +7.0% |
| Financial debts | 170/4 | €93,472,224 | €100,027,780 | +€6.6m | +7.0% |
| Subordinated loans | 170 | €47,250,000 | €47,250,000 | = | 0.0% |
| Credit institutions | 173 | €22,222,224 | €25,777,780 | +€3.6m | +16.0% |
| Other loans | 174 | €24,000,000 | €27,000,000 | +€3.0m | +12.5% |
| Amounts payable within one year | 42/48 | €16,581,194 | €7,787,410 | -€8.8m | -53.0% |
| Current portion of amounts payable after more than one year | 42 | €4,444,444 | €6,444,444 | +€2.0m | +45.0% |
| Trade debts | 44 | €100,168 | €277,708 | +€177,540 | +177% |
| Suppliers | 440/4 | €100,168 | €277,708 | +€177,540 | +177% |
| Taxes, remuneration and social security | 45 | €94,229 | €148,610 | +€54,381 | +57.7% |
| Taxes | 450/3 | €94,229 | €148,610 | +€54,381 | +57.7% |
| Other amounts payable | 47/48 | €11,942,353 | €916,648 | -€11.0m | -92.3% |
| Accrued charges and deferred income | 492/3 | €11,035,199 | €14,453,776 | +€3.4m | +31.0% |
| Operating income | 70/76A | €2,806,034 | €3,665,667 | +€859,633 | +30.6% |
| Turnover | 70 | €1,500,000 | €1,943,470 | +€443,470 | +29.6% |
| Other operating income | 74 | €1,306,034 | €1,722,197 | +€416,163 | +31.9% |
| Operating charges | 60/66A | €1,387,362 | €1,921,374 | +€534,012 | +38.5% |
| Services and other goods | 61 | €1,386,260 | €1,749,330 | +€363,070 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €166,636 | +€166,636 | |
| Other operating charges | 640/8 | €1,102 | €5,408 | +€4,307 | +391% |
| Operating profit (loss) | 9901 | €1,418,673 | €1,744,294 | +€325,621 | +23.0% |
| Financial income | 75/76B | €4,325,433 | €20,000,001 | +€15.7m | +362% |
| Recurring financial income | 75 | €4,325,433 | €20,000,001 | +€15.7m | +362% |
| Income from financial fixed assets | 750 | €4,000,000 | €20,000,000 | +€16.0m | +400% |
| Income from current assets | 751 | €325,433 | - | -€325,433 | |
| Other financial income | 752/9 | €0 | €1 | +€1 | +1,900% |
| Financial charges | 65/66B | €6,252,979 | €6,757,945 | +€504,967 | +8.1% |
| Recurring financial charges | 65 | €6,252,979 | €6,757,945 | +€504,967 | +8.1% |
| Debt charges | 650 | €6,221,970 | €6,755,995 | +€534,025 | +8.6% |
| Other financial charges | 652/9 | €31,009 | €1,950 | -€29,058 | -93.7% |
| Profit (loss) for the period before taxes | 9903 | -€508,872 | €14,986,349 | +€15.5m | |
| Profit (loss) for the period | 9904 | -€508,872 | €14,986,349 | +€15.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€508,872 | €14,986,349 | +€15.5m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.