CORTINA: 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
CORTINA
NACE 46.425, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€221,446
2024 · €259,262-€37,817
Equity
€28.8m
2024 · €28.6m+€221,446
Cash
€876,585
2024 · €1.4m-€482,860
Balance sheet total
€47.4m
2024 · €42.7m+€4.7m
Largest movements
Assets
- Stocks and contracts +€4.4m
up €4.4m (+26.0%), from €16.9m to €21.3m
- Financial fixed assets +€892,000
up €892,000 (+257.1%), from €346,948 to €1.2m
of which Affiliated companies: +€892,000
- Cash -€482,860
down €482,860 (-35.5%), from €1.4m to €876,585
mainly Stocks and contracts (-€4.4m) and Investment in fixed assets (net) (-€1.3m)
Equity and liabilities
- Short-term financial debts +€4.4m
up €4.4m (+58.6%), from €7.5m to €11.9m
of which Credit institutions: +€4.4m
Income statement
- Services and other goods -€1.6m
down €1.6m (-9.7%), from €16.2m to €14.6m
- Financial income -€1.2m
down €1.2m (-67.6%), from €1.8m to €579,701
- Goods and materials +€1.2m
up €1.2m (+3.6%), from €33.4m to €34.6m
of which Purchases: +€5.1m
- Write-downs -€1.2m
down €1.2m, from €804,505 to -€380,016
- Provisions -€862,542
down €862,542, from €793,835 to -€68,707
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
€259,262
Turnover
-€803,515
Other operating income
-€312,007
Goods and materials
-€1.2m
Services and other goods
+€1.6m
Staff costs
-€212,192
Depreciation
+€34,238
Write-downs
+€1.2m
Provisions
+€862,542
Other operating charges
+€8,123
Financial income
-€1.2m
Financial charges
+€32,126
Taxes
-€2,256
Result 2025
€221,446
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.
From operations
-€3.6m
Investment
-€1.3m
Financing
+€4.4m
Cash 2024
€1.4m
From operations (derived)
-€3.6m
Net result for the year
+€221,446
Depreciation
+€582,196
Stocks and contracts
-€4.4m
Receivables within one year
+€26,032
Deferred charges and accrued income
-€20,987
Provisions
-€68,707
Trade debts
-€19,665
Tax, wage and social debts
+€133,298
Accrued charges and deferred income
-€3,695
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€4.4m
Short-term financial debts
+€4.4m
Cash 2025
€876,585
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,705,327 | €47,361,917 | +€4.7m | +10.9% |
| Fixed assets | 21/28 | €2,127,480 | €2,870,131 | +€742,651 | +34.9% |
| Intangible fixed assets | 21 | €75,015 | €18,409 | -€56,606 | -75.5% |
| Tangible fixed assets | 22/27 | €1,705,517 | €1,612,775 | -€92,743 | -5.4% |
| Land and buildings | 22 | €224,151 | €150,311 | -€73,840 | -32.9% |
| Plant, machinery and equipment | 23 | €838,661 | €830,919 | -€7,742 | -0.9% |
| Furniture and vehicles | 24 | €612,738 | €601,577 | -€11,161 | -1.8% |
| Other tangible fixed assets | 26 | €29,968 | €29,968 | = | 0.0% |
| Financial fixed assets | 28 | €346,948 | €1,238,948 | +€892,000 | +257.1% |
| Affiliated companies | 280/1 | €1 | €892,001 | +€892,000 | +89200000.0% |
| Participating interests | 280 | €1 | €892,001 | +€892,000 | +89200000.0% |
| Other financial fixed assets | 284/8 | €346,947 | €346,947 | = | 0.0% |
| Shares | 284 | €345,052 | €345,052 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,895 | €1,895 | = | 0.0% |
| Current assets | 29/58 | €40,577,847 | €44,491,786 | +€3.9m | +9.6% |
| Stocks and contracts in progress | 3 | €16,904,049 | €21,305,892 | +€4.4m | +26.0% |
| Stocks | 30/36 | €16,904,049 | €21,305,892 | +€4.4m | +26.0% |
| Goods purchased for resale | 34 | €16,904,049 | €21,305,892 | +€4.4m | +26.0% |
| Amounts receivable within one year | 40/41 | €22,307,424 | €22,281,392 | -€26,032 | -0.1% |
| Trade receivables | 40 | €7,062,472 | €6,864,396 | -€198,075 | -2.8% |
| Other amounts receivable | 41 | €15,244,952 | €15,416,995 | +€172,043 | +1.1% |
| Cash at bank and in hand | 54/58 | €1,359,444 | €876,585 | -€482,860 | -35.5% |
| Deferred charges and accrued income | 490/1 | €6,930 | €27,917 | +€20,987 | +302.8% |
| Total equity and liabilities | 10/49 | €42,705,327 | €47,361,917 | +€4.7m | +10.9% |
| Equity | 10/15 | €28,604,928 | €28,826,373 | +€221,446 | +0.8% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €27,604,928 | €27,826,373 | +€221,446 | +0.8% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €27,504,928 | €27,726,373 | +€221,446 | +0.8% |
| Provisions and deferred taxes | 16 | €2,746,835 | €2,678,128 | -€68,707 | -2.5% |
| Provisions for liabilities and charges | 160/5 | €2,746,835 | €2,678,128 | -€68,707 | -2.5% |
| Pensions and similar obligations | 160 | €6,962 | €6,962 | = | 0.0% |
| Major repairs and maintenance | 162 | €500,263 | €500,263 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,239,610 | €2,170,903 | -€68,707 | -3.1% |
| Amounts payable | 17/49 | €11,353,564 | €15,857,416 | +€4.5m | +39.7% |
| Amounts payable within one year | 42/48 | €11,343,044 | €15,850,590 | +€4.5m | +39.7% |
| Financial debts | 43 | €7,500,000 | €11,893,913 | +€4.4m | +58.6% |
| Credit institutions | 430/8 | €2,000,000 | €6,393,913 | +€4.4m | +219.7% |
| Other loans | 439 | €5,500,000 | €5,500,000 | = | 0.0% |
| Trade debts | 44 | €3,281,291 | €3,261,626 | -€19,665 | -0.6% |
| Suppliers | 440/4 | €3,281,291 | €3,261,626 | -€19,665 | -0.6% |
| Taxes, remuneration and social security | 45 | €561,753 | €695,052 | +€133,298 | +23.7% |
| Taxes | 450/3 | €356,075 | €514,172 | +€158,097 | +44.4% |
| Remuneration and social security | 454/9 | €205,679 | €180,880 | -€24,799 | -12.1% |
| Accrued charges and deferred income | 492/3 | €10,520 | €6,826 | -€3,695 | -35.1% |
| Operating income | 70/76A | €52,605,335 | €51,489,814 | -€1.1m | -2.1% |
| Turnover | 70 | €50,531,041 | €49,727,526 | -€803,515 | -1.6% |
| Other operating income | 74 | €2,074,294 | €1,762,288 | -€312,007 | -15.0% |
| Operating charges | 60/66A | €53,444,546 | €51,185,147 | -€2.3m | -4.2% |
| Goods for resale, raw materials and consumables | 60 | €33,368,954 | €34,563,939 | +€1.2m | +3.6% |
| Purchases | 600/8 | €33,436,245 | €38,580,547 | +€5.1m | +15.4% |
| Change in stocks: decrease (increase) | 609 | -€67,290 | -€4,016,608 | -€3.9m | -5869.1% |
| Services and other goods | 61 | €16,194,506 | €14,617,356 | -€1.6m | -9.7% |
| Remuneration, social security and pensions | 62 | €1,580,373 | €1,792,565 | +€212,192 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €616,433 | €582,196 | -€34,238 | -5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €804,505 | -€380,016 | -€1.2m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €793,835 | -€68,707 | -€862,542 | |
| Other operating charges | 640/8 | €85,939 | €77,815 | -€8,123 | -9.5% |
| Operating profit (loss) | 9901 | -€839,211 | €304,666 | +€1.1m | |
| Financial income | 75/76B | €1,791,266 | €579,701 | -€1.2m | -67.6% |
| Recurring financial income | 75 | €1,791,266 | €579,701 | -€1.2m | -67.6% |
| Income from current assets | 751 | €477,025 | €532,812 | +€55,787 | +11.7% |
| Other financial income | 752/9 | €1,314,240 | €46,889 | -€1.3m | -96.4% |
| Financial charges | 65/66B | €568,914 | €536,789 | -€32,126 | -5.6% |
| Recurring financial charges | 65 | €568,914 | €536,789 | -€32,126 | -5.6% |
| Debt charges | 650 | €294,000 | €311,770 | +€17,769 | +6.0% |
| Other financial charges | 652/9 | €274,914 | €225,019 | -€49,895 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €383,140 | €347,579 | -€35,561 | -9.3% |
| Income taxes | 67/77 | €123,878 | €126,133 | +€2,256 | +1.8% |
| Taxes | 670/3 | €123,878 | €126,133 | +€2,256 | +1.8% |
| Profit (loss) for the period | 9904 | €259,262 | €221,446 | -€37,817 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €259,262 | €221,446 | -€37,817 | -14.6% |
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 11 October 2026 via checked.be.