Cortex Engineering: 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.
Cortex Engineering
Largest movements
- Tangible fixed assets -€45,333
down €45,333 (-4.0%), from €1.1m to €1.1m
of which Land and buildings: -€40,885
- Receivables within one year +€28,203
up €28,203, from €0 to €28,203
of which Trade receivables: +€27,625
- Debts after one year -€73,285
down €73,285 (-9.8%), from €747,603 to €674,319
- Reserves +€28,240
up €28,240 (+13.9%), from €203,572 to €231,812
of which Distributable reserves: +€30,100
- Tax, wage and social debts +€12,698
up €12,698 (+68.8%), from €18,460 to €31,158
of which Taxes: +€12,197
- Other debts +€11,917
up €11,917 (+37.6%), from €31,708 to €43,624
- Gross operating margin +€26,776
up €26,776 (+30.5%), from €87,843 to €114,619
- Taxes +€11,111
up €11,111 (+224.0%), from €4,959 to €16,070
- Other operating charges -€5,284
down €5,284 (-57.1%), from €9,248 to €3,965
- Financial charges +€1,184
up €1,184 (+6.0%), from €19,819 to €21,002
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,126,633 | €1,105,879 | -€20,754 | -1.8% |
| Fixed assets | 21/28 | €1,121,662 | €1,076,329 | -€45,333 | -4.0% |
| Tangible fixed assets | 22/27 | €1,121,662 | €1,076,329 | -€45,333 | -4.0% |
| Land and buildings | 22 | €1,103,506 | €1,062,622 | -€40,885 | -3.7% |
| Plant, machinery and equipment | 23 | €18,156 | €13,707 | -€4,448 | -24.5% |
| Current assets | 29/58 | €4,972 | €29,550 | +€24,579 | +494.4% |
| Amounts receivable within one year | 40/41 | €0 | €28,203 | +€28,203 | |
| Trade receivables | 40 | - | €27,625 | +€27,625 | |
| Other amounts receivable | 41 | €0 | €578 | +€578 | |
| Deferred charges and accrued income | 490/1 | €4,972 | €1,347 | -€3,624 | -72.9% |
| Total equity and liabilities | 10/49 | €1,126,633 | €1,105,879 | -€20,754 | -1.8% |
| Equity | 10/15 | €228,366 | €256,615 | +€28,249 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €203,572 | €231,812 | +€28,240 | +13.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €201,712 | €231,812 | +€30,100 | +14.9% |
| Profit (loss) carried forward | 14 | €6,194 | €6,204 | +€9 | +0.1% |
| Amounts payable | 17/49 | €898,267 | €849,264 | -€49,003 | -5.5% |
| Amounts payable after more than one year | 17 | €747,603 | €674,319 | -€73,285 | -9.8% |
| Financial debts | 170/4 | €747,603 | €674,319 | -€73,285 | -9.8% |
| Amounts payable within one year | 42/48 | €150,663 | €174,945 | +€24,281 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €74,822 | €76,664 | +€1,841 | +2.5% |
| Financial debts | 43 | €17,766 | €19,278 | +€1,512 | +8.5% |
| Credit institutions | 430/8 | €17,766 | €19,278 | +€1,512 | +8.5% |
| Trade debts | 44 | €7,907 | €4,222 | -€3,686 | -46.6% |
| Suppliers | 440/4 | €7,907 | €4,222 | -€3,686 | -46.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,460 | €31,158 | +€12,698 | +68.8% |
| Taxes | 450/3 | €13,287 | €25,484 | +€12,197 | +91.8% |
| Remuneration and social security | 454/9 | €5,173 | €5,674 | +€501 | +9.7% |
| Other amounts payable | 47/48 | €31,708 | €43,624 | +€11,917 | +37.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,166 | €45,333 | +€166 | +0.4% |
| Other operating charges | 640/8 | €9,248 | €3,965 | -€5,284 | -57.1% |
| Gross operating margin | 9900 | €87,843 | €114,619 | +€26,776 | +30.5% |
| Operating profit (loss) | 9901 | €33,429 | €65,322 | +€31,893 | +95.4% |
| Financial charges | 65/66B | €19,819 | €21,002 | +€1,184 | +6.0% |
| Recurring financial charges | 65 | €19,819 | €21,002 | +€1,184 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €13,610 | €44,319 | +€30,709 | +225.6% |
| Income taxes | 67/77 | €4,959 | €16,070 | +€11,111 | +224.0% |
| Profit (loss) for the period | 9904 | €8,650 | €28,249 | +€19,599 | +226.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,650 | €28,249 | +€19,599 | +226.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.