CORTIBEL: 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.
What changed
CORTIBEL
NACE 68.321, Property management for co-owned buildings (syndics)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€33,366
2024 · €41,788-€8,422
Equity
€5.6m
2024 · €5.6m+€37,207
Cash
€285,535
2024 · €341,371-€55,835
Balance sheet total
€11.3m
2024 · €11.1m+€240,545
Largest movements
Assets
- Tangible fixed assets +€302,930
up €302,930 (+2.9%), from €10.5m to €10.8m
of which Land and buildings: +€1.1m
Equity and liabilities
- Debts after one year +€149,955
up €149,955 (+3.0%), from €5.0m to €5.1m
of which Financial debts: +€562,230
Income statement
- Gross operating margin +€123,481
up €123,481 (+19.3%), from €639,253 to €762,735
- Financial income -€80,579
down €80,579 (-62.5%), from €129,020 to €48,441
of which Non-recurring financial income: -€87,814
- Provisions +€28,836
new in 2025: €28,836
- Financial charges +€20,539
up €20,539 (+15.1%), from €135,584 to €156,123
- Staff costs +€16,345
up €16,345 (+15.3%), from €106,614 to €122,959
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.
Result 2024
€41,788
Gross operating margin
+€123,481
Staff costs
-€16,345
Depreciation
-€1,352
Provisions
-€28,836
Other operating charges
+€4,082
Other operating items
+€11,261
Financial income
-€80,579
Financial charges
-€20,539
Taxes
+€404
Result 2025
€33,366
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€452,811
Investment
-€712,207
Financing
+€203,560
Cash 2024
€341,371
From operations (derived)
+€452,811
Net result for the year
+€33,366
Depreciation
+€416,626
Receivables after one year
+€30,912
Receivables within one year
-€17,797
Deferred charges and accrued income
-€13,915
Provisions
+€28,836
Trade debts
+€61,530
Tax, wage and social debts
+€3,051
Other debts
-€22,451
Accrued charges and deferred income
-€67,347
Investment (derived)
-€712,207
Investment in fixed assets (net)
-€712,207
Financing
+€203,560
Debts after one year
+€149,955
Current portion of long-term debt
+€49,765
Contributions, distributions and other
+€3,840
Cash 2025
€285,535
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,057,421 | €11,297,966 | +€240,545 | +2.2% |
| Formation expenses | 20 | €20,911 | €14,883 | -€6,028 | -28.8% |
| Fixed assets | 21/28 | €10,478,442 | €10,780,051 | +€301,608 | +2.9% |
| Intangible fixed assets | 21 | €2,568 | €1,246 | -€1,322 | -51.5% |
| Tangible fixed assets | 22/27 | €10,475,844 | €10,778,774 | +€302,930 | +2.9% |
| Land and buildings | 22 | €9,605,829 | €10,706,737 | +€1.1m | +11.5% |
| Plant, machinery and equipment | 23 | €1,920 | €958 | -€962 | -50.1% |
| Furniture and vehicles | 24 | €4,682 | €245 | -€4,437 | -94.8% |
| Assets under construction and advance payments | 27 | €863,413 | €70,834 | -€792,580 | -91.8% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €558,067 | €503,032 | -€55,035 | -9.9% |
| Amounts receivable after more than one year | 29 | €94,898 | €63,986 | -€30,912 | -32.6% |
| Other amounts receivable | 291 | €94,898 | €63,986 | -€30,912 | -32.6% |
| Amounts receivable within one year | 40/41 | €121,096 | €138,893 | +€17,797 | +14.7% |
| Trade receivables | 40 | €4,432 | €34,331 | +€29,899 | +675% |
| Other amounts receivable | 41 | €116,663 | €104,562 | -€12,101 | -10.4% |
| Cash at bank and in hand | 54/58 | €341,371 | €285,535 | -€55,835 | -16.4% |
| Deferred charges and accrued income | 490/1 | €703 | €14,617 | +€13,915 | +1,981% |
| Total equity and liabilities | 10/49 | €11,057,421 | €11,297,966 | +€240,545 | +2.2% |
| Equity | 10/15 | €5,591,515 | €5,628,722 | +€37,207 | +0.7% |
| Contributions | 10/11 | €3,633,000 | €3,683,025 | +€50,025 | +1.4% |
| Reserves | 13 | €842,230 | €867,255 | +€25,025 | +3.0% |
| Non-distributable reserves | 130/1 | €805,203 | €506,018 | -€299,186 | -37.2% |
| Reserves not available under the articles | 1311 | €506,018 | €506,018 | = | 0.0% |
| Other | 1319 | €299,186 | - | -€299,186 | |
| Tax-exempt reserves | 132 | €31,341 | €355,552 | +€324,210 | +1,034% |
| Distributable reserves | 133 | €5,686 | €5,686 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€171,986 | -€163,644 | +€8,342 | +4.9% |
| Investment grants | 15 | €1,288,270 | €1,242,085 | -€46,185 | -3.6% |
| Provisions and deferred taxes | 16 | - | €28,836 | +€28,836 | |
| Provisions for liabilities and charges | 160/5 | - | €28,836 | +€28,836 | |
| Other liabilities and charges | 164/5 | - | €28,836 | +€28,836 | |
| Amounts payable | 17/49 | €5,465,906 | €5,640,408 | +€174,503 | +3.2% |
| Amounts payable after more than one year | 17 | €4,995,415 | €5,145,370 | +€149,955 | +3.0% |
| Financial debts | 170/4 | €4,582,801 | €5,145,030 | +€562,230 | +12.3% |
| Other amounts payable | 178/9 | €412,614 | €340 | -€412,274 | -99.9% |
| Amounts payable within one year | 42/48 | €402,178 | €494,073 | +€91,895 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €336,419 | €386,184 | +€49,765 | +14.8% |
| Trade debts | 44 | €29,507 | €91,036 | +€61,530 | +209% |
| Suppliers | 440/4 | €29,507 | €91,036 | +€61,530 | +209% |
| Taxes, remuneration and social security | 45 | €13,802 | €16,853 | +€3,051 | +22.1% |
| Taxes | 450/3 | €1,628 | €407 | -€1,221 | -75.0% |
| Remuneration and social security | 454/9 | €12,174 | €16,446 | +€4,272 | +35.1% |
| Other amounts payable | 47/48 | €22,451 | €0 | -€22,451 | -100% |
| Accrued charges and deferred income | 492/3 | €68,312 | €965 | -€67,347 | -98.6% |
| Non-recurring operating income | 76A | €7,526 | €300 | -€7,227 | -96.0% |
| Remuneration, social security and pensions | 62 | €106,614 | €122,959 | +€16,345 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €415,274 | €416,626 | +€1,352 | +0.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €28,836 | +€28,836 | |
| Other operating charges | 640/8 | €57,183 | €53,100 | -€4,082 | -7.1% |
| Non-recurring operating charges | 66A | €11,261 | €0 | -€11,261 | -100% |
| Gross operating margin | 9900 | €639,253 | €762,735 | +€123,481 | +19.3% |
| Operating profit (loss) | 9901 | €48,922 | €141,213 | +€92,291 | +189% |
| Financial income | 75/76B | €129,020 | €48,441 | -€80,579 | -62.5% |
| Recurring financial income | 75 | €41,206 | €48,441 | +€7,235 | +17.6% |
| Non-recurring financial income | 76B | €87,814 | - | -€87,814 | |
| Financial charges | 65/66B | €135,584 | €156,123 | +€20,539 | +15.1% |
| Recurring financial charges | 65 | €135,584 | €156,123 | +€20,539 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €42,358 | €33,531 | -€8,826 | -20.8% |
| Income taxes | 67/77 | €569 | €165 | -€404 | -71.0% |
| Profit (loss) for the period | 9904 | €41,788 | €33,366 | -€8,422 | -20.2% |
| Transfer to tax-exempt reserves | 689 | €31,341 | €25,025 | -€6,317 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,447 | €8,342 | -€2,106 | -20.2% |
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 14 October 2026 via checked.be.