CORTO MALTE: 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.
CORTO MALTE
Largest movements
- Receivables after one year -€20,682
no longer reported in 2025 (was €20,682)
- Receivables within one year +€20,580
up €20,580 (+257.5%), from €7,993 to €28,573
of which Trade receivables: +€15,577
- Cash -€16,664
down €16,664 (-21.0%), from €79,330 to €62,666
mainly Receivables within one year (-€20,580) and Net result for the year (-€18,971)
- Tangible fixed assets +€7,987
up €7,987 (+109.9%), from €7,267 to €15,254
of which Furniture and vehicles: +€9,749
- Deferred charges and accrued income -€3,659
down €3,659 (-87.8%), from €4,168 to €508
- Profit (loss) carried forward -€18,971
down €18,971, from €309 to -€18,662
- Tax, wage and social debts -€14,869
down €14,869 (-45.3%), from €32,811 to €17,941
of which Taxes: -€11,290
- Trade debts +€14,669
up €14,669 (+219.1%), from €6,697 to €21,366
- Other debts +€4,551
up €4,551 (+45.8%), from €9,945 to €14,496
- Gross operating margin -€64,129
down €64,129 (-46.6%), from €137,740 to €73,611
- Taxes -€12,829
down €12,829 (-95.4%), from €13,447 to €618
- Staff costs -€7,970
down €7,970 (-8.4%), from €95,366 to €87,396
- Financial income +€4,184
up €4,184 (+1038.1%), from €403 to €4,587
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 | €121,927 | €107,001 | -€14,926 | -12.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €7,267 | €15,254 | +€7,987 | +109.9% |
| Tangible fixed assets | 22/27 | €7,267 | €15,254 | +€7,987 | +109.9% |
| Land and buildings | 22 | €3,261 | €2,733 | -€527 | -16.2% |
| Plant, machinery and equipment | 23 | €1,446 | €860 | -€586 | -40.5% |
| Furniture and vehicles | 24 | €1,700 | €11,449 | +€9,749 | +573.4% |
| Other tangible fixed assets | 26 | €861 | €212 | -€649 | -75.4% |
| Current assets | 29/58 | €114,660 | €91,747 | -€22,913 | -20.0% |
| Amounts receivable after more than one year | 29 | €20,682 | - | -€20,682 | |
| Other amounts receivable | 291 | €20,682 | - | -€20,682 | |
| Stocks and contracts in progress | 3 | €2,488 | - | -€2,488 | |
| Stocks | 30/36 | €2,488 | - | -€2,488 | |
| Amounts receivable within one year | 40/41 | €7,993 | €28,573 | +€20,580 | +257.5% |
| Trade receivables | 40 | €1,808 | €17,386 | +€15,577 | +861.4% |
| Other amounts receivable | 41 | €6,184 | €11,187 | +€5,003 | +80.9% |
| Cash at bank and in hand | 54/58 | €79,330 | €62,666 | -€16,664 | -21.0% |
| Deferred charges and accrued income | 490/1 | €4,168 | €508 | -€3,659 | -87.8% |
| Total equity and liabilities | 10/49 | €121,927 | €107,001 | -€14,926 | -12.2% |
| Equity | 10/15 | €72,169 | €53,198 | -€18,971 | -26.3% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €58,860 | €58,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €57,000 | €57,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €309 | -€18,662 | -€18,971 | |
| Amounts payable | 17/49 | €49,758 | €53,803 | +€4,044 | +8.1% |
| Amounts payable within one year | 42/48 | €49,758 | €53,803 | +€4,044 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €307 | - | -€307 | |
| Trade debts | 44 | €6,697 | €21,366 | +€14,669 | +219.1% |
| Suppliers | 440/4 | €6,697 | €21,366 | +€14,669 | +219.1% |
| Taxes, remuneration and social security | 45 | €32,811 | €17,941 | -€14,869 | -45.3% |
| Taxes | 450/3 | €19,247 | €7,957 | -€11,290 | -58.7% |
| Remuneration and social security | 454/9 | €13,564 | €9,985 | -€3,579 | -26.4% |
| Other amounts payable | 47/48 | €9,945 | €14,496 | +€4,551 | +45.8% |
| Remuneration, social security and pensions | 62 | €95,366 | €87,396 | -€7,970 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,712 | €4,013 | +€1,301 | +48.0% |
| Other operating charges | 640/8 | €2,889 | €2,851 | -€38 | -1.3% |
| Gross operating margin | 9900 | €137,740 | €73,611 | -€64,129 | -46.6% |
| Operating profit (loss) | 9901 | €36,772 | -€20,649 | -€57,421 | |
| Financial income | 75/76B | €403 | €4,587 | +€4,184 | +1038.1% |
| Recurring financial income | 75 | €403 | €4,587 | +€4,184 | +1038.1% |
| Financial charges | 65/66B | €2,370 | €2,291 | -€79 | -3.3% |
| Recurring financial charges | 65 | €2,370 | €2,291 | -€79 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €34,806 | -€18,352 | -€53,158 | |
| Income taxes | 67/77 | €13,447 | €618 | -€12,829 | -95.4% |
| Profit (loss) for the period | 9904 | €21,359 | -€18,971 | -€40,329 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,359 | -€18,971 | -€40,329 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.