CORTILI: 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.
CORTILI
Largest movements
- Current investments -€2.1m
down €2.1m (-100.0%), from €2.1m to €0
- Cash +€1.9m
up €1.9m (+1296.7%), from €148,473 to €2.1m
mainly Current investments (+€2.1m) and Depreciation (+€100,325)
- Tangible fixed assets +€224,798
up €224,798 (+12.2%), from €1.8m to €2.1m
of which Land and buildings: +€229,335
- Reserves +€97,750
up €97,750 (+2.8%), from €3.5m to €3.6m
of which Distributable reserves: +€110,250
- Debts after one year -€79,333
down €79,333 (-18.1%), from €437,888 to €358,555
- Financial income -€128,569
down €128,569 (-49.2%), from €261,060 to €132,490
- Gross operating margin +€20,968
up €20,968 (+26.7%), from €78,400 to €99,368
- Taxes -€9,325
down €9,325 (-48.8%), from €19,100 to €9,775
- Financial charges -€6,491
down €6,491 (-38.0%), from €17,091 to €10,600
- Depreciation +€2,287
up €2,287 (+2.3%), from €98,038 to €100,325
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 | €4,186,500 | €4,197,176 | +€10,676 | +0.3% |
| Fixed assets | 21/28 | €1,883,932 | €2,108,730 | +€224,798 | +11.9% |
| Tangible fixed assets | 22/27 | €1,846,805 | €2,071,604 | +€224,798 | +12.2% |
| Land and buildings | 22 | €1,803,008 | €2,032,344 | +€229,335 | +12.7% |
| Other tangible fixed assets | 26 | €43,797 | €39,260 | -€4,537 | -10.4% |
| Financial fixed assets | 28 | €37,126 | €37,126 | = | 0.0% |
| Current assets | 29/58 | €2,302,568 | €2,088,446 | -€214,122 | -9.3% |
| Amounts receivable within one year | 40/41 | €40,473 | €14,796 | -€25,677 | -63.4% |
| Trade receivables | 40 | €35,619 | €9,327 | -€26,292 | -73.8% |
| Other amounts receivable | 41 | €4,854 | €5,470 | +€615 | +12.7% |
| Current investments | 50/53 | €2,113,623 | €0 | -€2.1m | -100.0% |
| Cash at bank and in hand | 54/58 | €148,473 | €2,073,650 | +€1.9m | +1296.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,186,500 | €4,197,176 | +€10,676 | +0.3% |
| Equity | 10/15 | €3,652,239 | €3,749,991 | +€97,752 | +2.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €3,526,591 | €3,624,341 | +€97,750 | +2.8% |
| Non-distributable reserves | 130/1 | €12,500 | €0 | -€12,500 | -100.0% |
| Reserves not available under the articles | 1311 | €12,500 | €0 | -€12,500 | -100.0% |
| Distributable reserves | 133 | €3,514,091 | €3,624,341 | +€110,250 | +3.1% |
| Profit (loss) carried forward | 14 | €648 | €650 | +€2 | +0.3% |
| Amounts payable | 17/49 | €534,261 | €447,185 | -€87,076 | -16.3% |
| Amounts payable after more than one year | 17 | €437,888 | €358,555 | -€79,333 | -18.1% |
| Financial debts | 170/4 | €437,888 | €358,555 | -€79,333 | -18.1% |
| Amounts payable within one year | 42/48 | €96,373 | €88,631 | -€7,742 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €79,333 | €79,333 | = | 0.0% |
| Trade debts | 44 | €542 | €0 | -€542 | -100.0% |
| Suppliers | 440/4 | €542 | €0 | -€542 | -100.0% |
| Taxes, remuneration and social security | 45 | €16,498 | €3,447 | -€13,051 | -79.1% |
| Taxes | 450/3 | €16,498 | €3,447 | -€13,051 | -79.1% |
| Other amounts payable | 47/48 | - | €5,850 | +€5,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,038 | €100,325 | +€2,287 | +2.3% |
| Other operating charges | 640/8 | €12,237 | €13,405 | +€1,168 | +9.5% |
| Gross operating margin | 9900 | €78,400 | €99,368 | +€20,968 | +26.7% |
| Operating profit (loss) | 9901 | -€31,876 | -€14,363 | +€17,513 | +54.9% |
| Financial income | 75/76B | €261,060 | €132,490 | -€128,569 | -49.2% |
| Recurring financial income | 75 | €261,060 | €132,490 | -€128,569 | -49.2% |
| Financial charges | 65/66B | €17,091 | €10,600 | -€6,491 | -38.0% |
| Recurring financial charges | 65 | €17,091 | €10,600 | -€6,491 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €212,093 | €107,527 | -€104,566 | -49.3% |
| Income taxes | 67/77 | €19,100 | €9,775 | -€9,325 | -48.8% |
| Profit (loss) for the period | 9904 | €192,993 | €97,752 | -€95,241 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €192,993 | €97,752 | -€95,241 | -49.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.