CORTEX-Formation: 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-Formation
Largest movements
- Tangible fixed assets -€17,692
down €17,692 (-36.5%), from €48,442 to €30,749
of which Furniture and vehicles: -€16,569
- Receivables within one year +€15,550
up €15,550 (+26.0%), from €59,795 to €75,344
of which Trade receivables: +€32,882
- Cash +€6,636
up €6,636 (+53.3%), from €12,448 to €19,084
mainly Net result for the year (+€20,191) and Depreciation (+€17,692)
- Profit (loss) carried forward +€20,191
up €20,191 (+46.2%), from €43,704 to €63,895
- Debts after one year -€16,633
down €16,633 (-71.8%), from €23,175 to €6,542
- Tax, wage and social debts +€6,978
up €6,978 (+93.7%), from €7,447 to €14,425
- Other debts -€5,841
down €5,841 (-37.1%), from €15,762 to €9,922
- Gross operating margin +€45,126
up €45,126, from -€4 to €45,122
- Taxes +€4,234
up €4,234 (+1915.9%), from €221 to €4,455
- Depreciation +€3,648
up €3,648 (+26.0%), from €14,044 to €17,692
- Other operating charges -€589
down €589 (-47.5%), from €1,242 to €652
- Financial charges -€482
down €482 (-18.4%), from €2,613 to €2,131
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 | €123,184 | €127,677 | +€4,493 | +3.6% |
| Fixed assets | 21/28 | €49,442 | €31,749 | -€17,692 | -35.8% |
| Tangible fixed assets | 22/27 | €48,442 | €30,749 | -€17,692 | -36.5% |
| Plant, machinery and equipment | 23 | €1,179 | €407 | -€772 | -65.5% |
| Furniture and vehicles | 24 | €46,045 | €29,476 | -€16,569 | -36.0% |
| Other tangible fixed assets | 26 | €1,217 | €866 | -€351 | -28.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €73,743 | €95,928 | +€22,186 | +30.1% |
| Amounts receivable after more than one year | 29 | €1,500 | €1,500 | = | 0.0% |
| Trade receivables | 290 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €59,795 | €75,344 | +€15,550 | +26.0% |
| Trade receivables | 40 | €35,848 | €68,731 | +€32,882 | +91.7% |
| Other amounts receivable | 41 | €23,946 | €6,614 | -€17,333 | -72.4% |
| Cash at bank and in hand | 54/58 | €12,448 | €19,084 | +€6,636 | +53.3% |
| Total equity and liabilities | 10/49 | €123,184 | €127,677 | +€4,493 | +3.6% |
| Equity | 10/15 | €51,764 | €71,955 | +€20,191 | +39.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,704 | €63,895 | +€20,191 | +46.2% |
| Amounts payable | 17/49 | €71,420 | €55,722 | -€15,697 | -22.0% |
| Amounts payable after more than one year | 17 | €23,175 | €6,542 | -€16,633 | -71.8% |
| Financial debts | 170/4 | €23,175 | €6,542 | -€16,633 | -71.8% |
| Amounts payable within one year | 42/48 | €48,245 | €49,180 | +€935 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €15,810 | €16,633 | +€823 | +5.2% |
| Trade debts | 44 | €9,225 | €8,200 | -€1,025 | -11.1% |
| Suppliers | 440/4 | €9,225 | €8,200 | -€1,025 | -11.1% |
| Taxes, remuneration and social security | 45 | €7,447 | €14,425 | +€6,978 | +93.7% |
| Taxes | 450/3 | €7,447 | €14,425 | +€6,978 | +93.7% |
| Other amounts payable | 47/48 | €15,762 | €9,922 | -€5,841 | -37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,044 | €17,692 | +€3,648 | +26.0% |
| Other operating charges | 640/8 | €1,242 | €652 | -€589 | -47.5% |
| Gross operating margin | 9900 | -€4 | €45,122 | +€45,126 | |
| Operating profit (loss) | 9901 | -€15,291 | €26,777 | +€42,067 | |
| Financial income | 75/76B | €1 | €0 | -€0 | -65.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -65.0% |
| Financial charges | 65/66B | €2,613 | €2,131 | -€482 | -18.4% |
| Recurring financial charges | 65 | €2,613 | €2,131 | -€482 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,903 | €24,646 | +€42,549 | |
| Income taxes | 67/77 | €221 | €4,455 | +€4,234 | +1915.9% |
| Profit (loss) for the period | 9904 | -€18,124 | €20,191 | +€38,315 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,124 | €20,191 | +€38,315 |
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 1 October 2026 via checked.be.