CORTIBAT: 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.
CORTIBAT
Largest movements
- Tangible fixed assets +€22,711
up €22,711 (+213.2%), from €10,654 to €33,365
of which Furniture and vehicles: +€24,706
- Cash +€17,063
up €17,063 (+50.3%), from €33,911 to €50,974
mainly Net result for the year (+€31,997) and Debts after one year (+€17,932)
- Receivables within one year -€7,910
down €7,910 (-12.4%), from €64,013 to €56,103
of which Other amounts receivable: -€14,459
- Deferred charges and accrued income -€6,436
down €6,436 (-42.4%), from €15,195 to €8,759
- Other debts -€40,000
down €40,000 (-43.5%), from €92,000 to €52,000
- Reserves +€23,998
up €23,998 (+35.4%), from €67,732 to €91,730
of which Tax-exempt reserves: +€23,998
- Debts after one year +€17,932
new in 2025: €17,932
- Trade debts +€11,434
up €11,434 (+62.7%), from €18,242 to €29,676
- Profit (loss) carried forward +€7,999
up €7,999 (+12.7%), from -€62,913 to -€54,913
- Gross operating margin -€161,073
down €161,073 (-49.8%), from €323,479 to €162,406
- Staff costs -€159,202
down €159,202 (-58.1%), from €273,847 to €114,646
- Other operating charges +€3,949
up €3,949 (+354.2%), from €1,115 to €5,064
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 | €164,246 | €189,676 | +€25,429 | +15.5% |
| Fixed assets | 21/28 | €48,829 | €71,540 | +€22,711 | +46.5% |
| Tangible fixed assets | 22/27 | €10,654 | €33,365 | +€22,711 | +213.2% |
| Plant, machinery and equipment | 23 | €7,452 | €5,457 | -€1,995 | -26.8% |
| Furniture and vehicles | 24 | €3,202 | €27,908 | +€24,706 | +771.7% |
| Financial fixed assets | 28 | €38,175 | €38,175 | = | 0.0% |
| Current assets | 29/58 | €115,417 | €118,135 | +€2,718 | +2.4% |
| Stocks and contracts in progress | 3 | €2,299 | €2,299 | = | 0.0% |
| Stocks | 30/36 | €2,299 | €2,299 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €64,013 | €56,103 | -€7,910 | -12.4% |
| Trade receivables | 40 | €17,970 | €24,520 | +€6,550 | +36.4% |
| Other amounts receivable | 41 | €46,043 | €31,583 | -€14,459 | -31.4% |
| Cash at bank and in hand | 54/58 | €33,911 | €50,974 | +€17,063 | +50.3% |
| Deferred charges and accrued income | 490/1 | €15,195 | €8,759 | -€6,436 | -42.4% |
| Total equity and liabilities | 10/49 | €164,246 | €189,676 | +€25,429 | +15.5% |
| Equity | 10/15 | €42,344 | €74,416 | +€32,072 | +75.7% |
| Contributions | 10/11 | €37,525 | €37,600 | +€75 | +0.2% |
| Reserves | 13 | €67,732 | €91,730 | +€23,998 | +35.4% |
| Non-distributable reserves | 130/1 | €546 | €546 | = | 0.0% |
| Reserves not available under the articles | 1311 | €546 | €546 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,145 | €75,143 | +€23,998 | +46.9% |
| Distributable reserves | 133 | €16,040 | €16,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,913 | -€54,913 | +€7,999 | +12.7% |
| Amounts payable | 17/49 | €121,902 | €115,259 | -€6,643 | -5.4% |
| Amounts payable after more than one year | 17 | - | €17,932 | +€17,932 | |
| Financial debts | 170/4 | - | €17,932 | +€17,932 | |
| Amounts payable within one year | 42/48 | €112,991 | €92,750 | -€20,240 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | - | €4,420 | +€4,420 | |
| Trade debts | 44 | €18,242 | €29,676 | +€11,434 | +62.7% |
| Suppliers | 440/4 | €18,242 | €29,676 | +€11,434 | +62.7% |
| Taxes, remuneration and social security | 45 | €2,749 | €6,655 | +€3,906 | +142.1% |
| Taxes | 450/3 | - | €441 | +€441 | |
| Remuneration and social security | 454/9 | €2,749 | €6,214 | +€3,465 | +126.0% |
| Other amounts payable | 47/48 | €92,000 | €52,000 | -€40,000 | -43.5% |
| Accrued charges and deferred income | 492/3 | €8,912 | €4,577 | -€4,335 | -48.6% |
| Non-recurring operating income | 76A | €2,500 | €5,904 | +€3,404 | +136.2% |
| Remuneration, social security and pensions | 62 | €273,847 | €114,646 | -€159,202 | -58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,081 | €6,945 | -€136 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,363 | €0 | +€2,363 | |
| Other operating charges | 640/8 | €1,115 | €5,064 | +€3,949 | +354.2% |
| Non-recurring operating charges | 66A | €55,922 | €1,723 | -€54,200 | -96.9% |
| Gross operating margin | 9900 | €323,479 | €162,406 | -€161,073 | -49.8% |
| Operating profit (loss) | 9901 | -€12,124 | €34,029 | +€46,153 | |
| Financial charges | 65/66B | €3,720 | €1,949 | -€1,771 | -47.6% |
| Recurring financial charges | 65 | €3,720 | €1,949 | -€1,771 | -47.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,844 | €32,080 | +€47,924 | |
| Income taxes | 67/77 | €637 | €82 | -€554 | -87.1% |
| Profit (loss) for the period | 9904 | -€16,481 | €31,997 | +€48,478 | |
| Transfer to tax-exempt reserves | 689 | - | €23,998 | +€23,998 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,481 | €7,999 | +€24,480 |
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 10 October 2026 via checked.be.