Cortex & Fornix: 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 & Fornix
Largest movements
- Receivables within one year -€28,303
down €28,303 (-64.0%), from €44,232 to €15,930
of which Other amounts receivable: -€17,668
- Cash +€19,257
up €19,257 (+67.9%), from €28,364 to €47,621
mainly Other debts (+€66,914) and Net result for the year (+€43,725)
- Tangible fixed assets +€17,650
up €17,650 (+65.6%), from €26,915 to €44,565
of which Other tangible fixed assets: +€37,768
- Financial fixed assets -€14,088
no longer reported in 2025 (was €14,088)
- Deferred charges and accrued income +€1,489
up €1,489 (+87.9%), from €1,695 to €3,184
- Profit (loss) carried forward -€67,392
down €67,392 (-97.7%), from €68,953 to €1,561
- Other debts +€66,914
new in 2025: €66,914
- Advances received -€13,135
no longer reported in 2025 (was €13,135)
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Trade debts -€9,403
down €9,403 (-50.9%), from €18,457 to €9,053
- Gross operating margin +€37,983
up €37,983 (+124%), from €30,573 to €68,556
- Taxes +€7,648
up €7,648 (+120%), from €6,383 to €14,031
- Depreciation -€2,754
down €2,754 (-22.9%), from €12,036 to €9,283
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,294 | €111,300 | -€3,994 | -3.5% |
| Fixed assets | 21/28 | €41,002 | €44,565 | +€3,563 | +8.7% |
| Tangible fixed assets | 22/27 | €26,915 | €44,565 | +€17,650 | +65.6% |
| Furniture and vehicles | 24 | €26,915 | €6,797 | -€20,118 | -74.7% |
| Other tangible fixed assets | 26 | - | €37,768 | +€37,768 | |
| Financial fixed assets | 28 | €14,088 | - | -€14,088 | |
| Current assets | 29/58 | €74,292 | €66,735 | -€7,557 | -10.2% |
| Amounts receivable within one year | 40/41 | €44,232 | €15,930 | -€28,303 | -64.0% |
| Trade receivables | 40 | €20,220 | €9,585 | -€10,635 | -52.6% |
| Other amounts receivable | 41 | €24,012 | €6,345 | -€17,668 | -73.6% |
| Cash at bank and in hand | 54/58 | €28,364 | €47,621 | +€19,257 | +67.9% |
| Deferred charges and accrued income | 490/1 | €1,695 | €3,184 | +€1,489 | +87.9% |
| Total equity and liabilities | 10/49 | €115,294 | €111,300 | -€3,994 | -3.5% |
| Equity | 10/15 | €77,251 | €22,259 | -€54,992 | -71.2% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €2,099 | €2,099 | = | 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% |
| Tax-exempt reserves | 132 | €239 | €239 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,953 | €1,561 | -€67,392 | -97.7% |
| Amounts payable | 17/49 | €38,042 | €89,040 | +€50,998 | +134% |
| Amounts payable within one year | 42/48 | €37,562 | €83,505 | +€45,942 | +122% |
| Trade debts | 44 | €18,457 | €9,053 | -€9,403 | -50.9% |
| Suppliers | 440/4 | €18,457 | €9,053 | -€9,403 | -50.9% |
| Advances received on contracts in progress | 46 | €13,135 | - | -€13,135 | |
| Taxes, remuneration and social security | 45 | €5,971 | €7,537 | +€1,566 | +26.2% |
| Taxes | 450/3 | €5,971 | €7,537 | +€1,566 | +26.2% |
| Other amounts payable | 47/48 | - | €66,914 | +€66,914 | |
| Accrued charges and deferred income | 492/3 | €480 | €5,536 | +€5,056 | +1,053% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,036 | €9,283 | -€2,754 | -22.9% |
| Other operating charges | 640/8 | €394 | €986 | +€591 | +150% |
| Gross operating margin | 9900 | €30,573 | €68,556 | +€37,983 | +124% |
| Operating profit (loss) | 9901 | €18,142 | €58,287 | +€40,145 | +221% |
| Financial income | 75/76B | €188 | €96 | -€92 | -48.9% |
| Recurring financial income | 75 | €188 | €96 | -€92 | -48.9% |
| Financial charges | 65/66B | €723 | €627 | -€95 | -13.2% |
| Recurring financial charges | 65 | €723 | €627 | -€95 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €17,607 | €57,756 | +€40,149 | +228% |
| Income taxes | 67/77 | €6,383 | €14,031 | +€7,648 | +120% |
| Profit (loss) for the period | 9904 | €11,225 | €43,725 | +€32,500 | +290% |
| Profit (loss) for the period to be appropriated | 9905 | €11,225 | €43,725 | +€32,500 | +290% |
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 20 October 2026 via checked.be.