CORTITEX: 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.
CORTITEX
Largest movements
- Stocks and contracts +€53,603
up €53,603 (+90.3%), from €59,350 to €112,953
of which Contracts in progress: +€48,485
- Tangible fixed assets +€12,841
up €12,841 (+87.5%), from €14,675 to €27,516
- Cash +€6,734
up €6,734 (+7.0%), from €95,812 to €102,546
mainly Net result for the year (+€113,110) and Other debts (+€32,011)
- Receivables within one year +€3,507
up €3,507 (+4.1%), from €85,299 to €88,807
of which Trade receivables: +€15,362
- Reserves +€69,110
up €69,110 (+98.0%), from €70,513 to €139,623
- Other debts +€32,011
up €32,011 (+58.1%), from €55,069 to €87,080
- Tax, wage and social debts -€12,632
down €12,632 (-24.4%), from €51,791 to €39,159
of which Taxes: -€17,976
- Debts after one year -€8,662
no longer reported in 2025 (was €8,662)
- Accrued charges and deferred income -€3,577
down €3,577 (-74.4%), from €4,809 to €1,231
- Gross operating margin +€232,137
up €232,137 (+124.4%), from €186,605 to €418,741
- Staff costs +€122,055
up €122,055 (+127.7%), from €95,571 to €217,625
- Taxes +€26,733
up €26,733 (+166.6%), from €16,045 to €42,778
- Depreciation +€5,502
up €5,502 (+246.3%), from €2,234 to €7,736
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 | €255,137 | €333,061 | +€77,924 | +30.5% |
| Fixed assets | 21/28 | €14,675 | €27,516 | +€12,841 | +87.5% |
| Tangible fixed assets | 22/27 | €14,675 | €27,516 | +€12,841 | +87.5% |
| Plant, machinery and equipment | 23 | €14,675 | €27,516 | +€12,841 | +87.5% |
| Current assets | 29/58 | €240,462 | €305,546 | +€65,084 | +27.1% |
| Stocks and contracts in progress | 3 | €59,350 | €112,953 | +€53,603 | +90.3% |
| Stocks | 30/36 | €48,600 | €53,718 | +€5,118 | +10.5% |
| Contracts in progress | 37 | €10,750 | €59,236 | +€48,485 | +451.0% |
| Amounts receivable within one year | 40/41 | €85,299 | €88,807 | +€3,507 | +4.1% |
| Trade receivables | 40 | €73,383 | €88,746 | +€15,362 | +20.9% |
| Other amounts receivable | 41 | €11,916 | €61 | -€11,855 | -99.5% |
| Cash at bank and in hand | 54/58 | €95,812 | €102,546 | +€6,734 | +7.0% |
| Deferred charges and accrued income | 490/1 | - | €1,240 | +€1,240 | |
| Total equity and liabilities | 10/49 | €255,137 | €333,061 | +€77,924 | +30.5% |
| Equity | 10/15 | €71,713 | €140,823 | +€69,110 | +96.4% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €70,513 | €139,623 | +€69,110 | +98.0% |
| Distributable reserves | 133 | €70,513 | €139,623 | +€69,110 | +98.0% |
| Amounts payable | 17/49 | €183,424 | €192,238 | +€8,815 | +4.8% |
| Amounts payable after more than one year | 17 | €8,662 | - | -€8,662 | |
| Financial debts | 170/4 | €8,662 | - | -€8,662 | |
| Amounts payable within one year | 42/48 | €169,953 | €191,007 | +€21,054 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €10,218 | €8,662 | -€1,556 | -15.2% |
| Trade debts | 44 | €52,876 | €56,041 | +€3,165 | +6.0% |
| Suppliers | 440/4 | €52,876 | €56,041 | +€3,165 | +6.0% |
| Advances received on contracts in progress | 46 | - | €65 | +€65 | |
| Taxes, remuneration and social security | 45 | €51,791 | €39,159 | -€12,632 | -24.4% |
| Taxes | 450/3 | €33,707 | €15,731 | -€17,976 | -53.3% |
| Remuneration and social security | 454/9 | €18,084 | €23,428 | +€5,344 | +29.6% |
| Other amounts payable | 47/48 | €55,069 | €87,080 | +€32,011 | +58.1% |
| Accrued charges and deferred income | 492/3 | €4,809 | €1,231 | -€3,577 | -74.4% |
| Non-recurring operating income | 76A | €896 | - | -€896 | |
| Remuneration, social security and pensions | 62 | €95,571 | €217,625 | +€122,055 | +127.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,234 | €7,736 | +€5,502 | +246.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,799 | €5,933 | +€3,134 | +112.0% |
| Other operating charges | 640/8 | €1,045 | €4,094 | +€3,049 | +291.7% |
| Gross operating margin | 9900 | €186,605 | €418,741 | +€232,137 | +124.4% |
| Operating profit (loss) | 9901 | €84,956 | €183,353 | +€98,397 | +115.8% |
| Financial income | 75/76B | €2,115 | €2,935 | +€820 | +38.8% |
| Recurring financial income | 75 | €2,115 | €2,935 | +€820 | +38.8% |
| Financial charges | 65/66B | €28,698 | €30,400 | +€1,702 | +5.9% |
| Recurring financial charges | 65 | €28,698 | €30,400 | +€1,702 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €58,372 | €155,887 | +€97,515 | +167.1% |
| Income taxes | 67/77 | €16,045 | €42,778 | +€26,733 | +166.6% |
| Profit (loss) for the period | 9904 | €42,328 | €113,110 | +€70,782 | +167.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,328 | €113,110 | +€70,782 | +167.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.