CORTEX HOLDING: 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 HOLDING
Largest movements
- Financial fixed assets +€17.7m
up €17.7m (+270.6%), from €6.5m to €24.2m
- Receivables within one year -€5.6m
no longer reported in 2025 (was €5.6m)
- Receivables after one year -€3.3m
no longer reported in 2025 (was €3.3m)
- Cash -€279,779
down €279,779 (-67.0%), from €417,447 to €137,668
mainly Investment in fixed assets (net) (-€17.7m)
- Profit (loss) carried forward +€4.6m
up €4.6m (+53.8%), from €8.5m to €13.0m
- Debts after one year +€3.0m
new in 2025: €3.0m
- Other debts +€686,102
new in 2025: €686,102
- Trade debts +€257,118
up €257,118 (+75057.8%), from €343 to €257,461
- Financial income -€8.1m
down €8.1m (-61.9%), from €13.0m to €5.0m
- Financial charges -€754,121
down €754,121 (-93.2%), from €808,729 to €54,609
- Services and other goods +€285,477
up €285,477 (+5270.4%), from €5,417 to €290,893
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 | €15,839,218 | €24,337,554 | +€8.5m | +53.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €6,529,600 | €24,199,886 | +€17.7m | +270.6% |
| Financial fixed assets | 28 | €6,529,600 | €24,199,886 | +€17.7m | +270.6% |
| Affiliated companies | 280/1 | €6,529,600 | €24,199,886 | +€17.7m | +270.6% |
| Participating interests | 280 | €6,529,600 | €24,199,886 | +€17.7m | +270.6% |
| Current assets | 29/58 | €9,309,618 | €137,668 | -€9.2m | -98.5% |
| Amounts receivable after more than one year | 29 | €3,322,800 | - | -€3.3m | |
| Other amounts receivable | 291 | €3,322,800 | - | -€3.3m | |
| Amounts receivable within one year | 40/41 | €5,569,371 | - | -€5.6m | |
| Other amounts receivable | 41 | €5,569,371 | - | -€5.6m | |
| Cash at bank and in hand | 54/58 | €417,447 | €137,668 | -€279,779 | -67.0% |
| Total equity and liabilities | 10/49 | €15,839,218 | €24,337,554 | +€8.5m | +53.7% |
| Equity | 10/15 | €15,838,876 | €20,393,991 | +€4.6m | +28.8% |
| Contributions | 10/11 | €6,710,870 | €6,710,870 | = | 0.0% |
| Capital | 10 | €6,574,250 | €6,574,250 | = | 0.0% |
| Issued capital | 100 | €6,574,250 | €6,574,250 | = | 0.0% |
| Outside capital | 11 | €136,620 | €136,620 | = | 0.0% |
| Share premium | 1100/10 | €136,620 | €136,620 | = | 0.0% |
| Reserves | 13 | €657,425 | €657,425 | = | 0.0% |
| Non-distributable reserves | 130/1 | €657,425 | €657,425 | = | 0.0% |
| Legal reserve | 130 | €657,425 | €657,425 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,470,581 | €13,025,696 | +€4.6m | +53.8% |
| Amounts payable | 17/49 | €343 | €3,943,563 | +€3.9m | +1151103.6% |
| Amounts payable after more than one year | 17 | - | €3,000,000 | +€3.0m | |
| Other amounts payable | 178/9 | - | €3,000,000 | +€3.0m | |
| Amounts payable within one year | 42/48 | €343 | €943,563 | +€943,221 | +275344.6% |
| Trade debts | 44 | €343 | €257,461 | +€257,118 | +75057.8% |
| Suppliers | 440/4 | €343 | €257,461 | +€257,118 | +75057.8% |
| Other amounts payable | 47/48 | - | €686,102 | +€686,102 | |
| Operating charges | 60/66A | €7,004 | €351,892 | +€344,888 | +4924.1% |
| Services and other goods | 61 | €5,417 | €290,893 | +€285,477 | +5270.4% |
| Other operating charges | 640/8 | €1,188 | €60,998 | +€59,811 | +5036.6% |
| Non-recurring operating charges | 66A | €400 | - | -€400 | |
| Operating profit (loss) | 9901 | -€7,004 | -€351,892 | -€344,888 | -4924.1% |
| Financial income | 75/76B | €13,032,817 | €4,961,616 | -€8.1m | -61.9% |
| Recurring financial income | 75 | €13,032,817 | €4,961,616 | -€8.1m | -61.9% |
| Income from financial fixed assets | 750 | €12,000,000 | €4,699,974 | -€7.3m | -60.8% |
| Income from current assets | 751 | - | €261,642 | +€261,642 | |
| Other financial income | 752/9 | €1,032,817 | - | -€1.0m | |
| Financial charges | 65/66B | €808,729 | €54,609 | -€754,121 | -93.2% |
| Recurring financial charges | 65 | €808,729 | €54,609 | -€754,121 | -93.2% |
| Debt charges | 650 | €64,633 | €51,984 | -€12,648 | -19.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€14,253,707 | - | +€14.3m | |
| Other financial charges | 652/9 | €14,997,804 | €2,624 | -€15.0m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €12,217,083 | €4,555,116 | -€7.7m | -62.7% |
| Profit (loss) for the period | 9904 | €12,217,083 | €4,555,116 | -€7.7m | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,217,083 | €4,555,116 | -€7.7m | -62.7% |
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 8 October 2026 via checked.be.