CORTEX: 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.
CORTEX
Largest movements
- Cash -€25,620
down €25,620 (-21.5%), from €118,903 to €93,283
mainly Other debts (-€16,863) and Net result for the year (-€9,525)
- Deferred charges and accrued income -€1,243
down €1,243 (-100.0%), from €1,243 to €0
- Other debts -€16,863
down €16,863 (-83.5%), from €20,185 to €3,322
- Reserves -€9,525
down €9,525 (-11.8%), from €80,378 to €70,854
- Gross operating margin +€6,693
up €6,693 (+49.1%), from -€13,626 to -€6,932
- Financial charges -€982
down €982 (-46.4%), from €2,117 to €1,135
- Depreciation -€641
down €641 (-100.0%), from €641 to €0
- Other operating charges -€285
down €285 (-19.2%), from €1,480 to €1,196
- Taxes -€146
down €146 (-35.1%), from €415 to €269
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 | €121,680 | €94,110 | -€27,570 | -22.7% |
| Fixed assets | 21/28 | €0 | €0 | -€0 | -100.0% |
| Tangible fixed assets | 22/27 | €0 | €0 | -€0 | -100.0% |
| Furniture and vehicles | 24 | €0 | €0 | -€0 | -100.0% |
| Current assets | 29/58 | €121,680 | €94,110 | -€27,569 | -22.7% |
| Amounts receivable within one year | 40/41 | €1,534 | €827 | -€707 | -46.1% |
| Trade receivables | 40 | €463 | €0 | -€463 | -100.0% |
| Other amounts receivable | 41 | €1,070 | €827 | -€244 | -22.8% |
| Cash at bank and in hand | 54/58 | €118,903 | €93,283 | -€25,620 | -21.5% |
| Deferred charges and accrued income | 490/1 | €1,243 | €0 | -€1,243 | -100.0% |
| Total equity and liabilities | 10/49 | €121,680 | €94,110 | -€27,570 | -22.7% |
| Equity | 10/15 | €98,978 | €89,454 | -€9,525 | -9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,378 | €70,854 | -€9,525 | -11.8% |
| Distributable reserves | 133 | €80,378 | €70,854 | -€9,525 | -11.8% |
| Amounts payable | 17/49 | €22,701 | €4,656 | -€18,045 | -79.5% |
| Amounts payable within one year | 42/48 | €22,701 | €4,656 | -€18,045 | -79.5% |
| Trade debts | 44 | €476 | €74 | -€402 | -84.5% |
| Suppliers | 440/4 | €476 | €74 | -€402 | -84.5% |
| Taxes, remuneration and social security | 45 | €2,040 | €1,260 | -€780 | -38.2% |
| Taxes | 450/3 | €2,040 | €1,260 | -€780 | -38.2% |
| Other amounts payable | 47/48 | €20,185 | €3,322 | -€16,863 | -83.5% |
| Non-recurring operating income | 76A | - | €12,000 | +€12,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €641 | €0 | -€641 | -100.0% |
| Other operating charges | 640/8 | €1,480 | €1,196 | -€285 | -19.2% |
| Gross operating margin | 9900 | -€13,626 | -€6,932 | +€6,693 | +49.1% |
| Operating profit (loss) | 9901 | -€15,747 | -€8,128 | +€7,619 | +48.4% |
| Financial income | 75/76B | €0 | €7 | +€7 | +2744.0% |
| Recurring financial income | 75 | €0 | €7 | +€7 | +2744.0% |
| Financial charges | 65/66B | €2,117 | €1,135 | -€982 | -46.4% |
| Recurring financial charges | 65 | €2,117 | €1,135 | -€982 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,863 | -€9,256 | +€8,608 | +48.2% |
| Income taxes | 67/77 | €415 | €269 | -€146 | -35.1% |
| Profit (loss) for the period | 9904 | -€18,278 | -€9,525 | +€8,753 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,278 | -€9,525 | +€8,753 | +47.9% |
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 29 September 2026 via checked.be.