CORTOFISC: 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.
CORTOFISC
Largest movements
- Receivables within one year -€35,895
down €35,895 (-25.5%), from €140,519 to €104,623
of which Other amounts receivable: -€32,246
- Deferred charges and accrued income +€14,207
up €14,207 (+675%), from €2,105 to €16,311
- Cash +€9,417
up €9,417 (+1,138%), from €827 to €10,244
mainly Receivables within one year (+€35,895) and Other debts (+€8,448)
- Tangible fixed assets -€4,104
down €4,104 (-84.7%), from €4,844 to €741
- Debts after one year -€8,583
down €8,583 (-60.1%), from €14,272 to €5,690
- Other debts +€8,448
up €8,448 (+60.3%), from €14,000 to €22,448
- Tax, wage and social debts -€6,423
down €6,423 (-62.0%), from €10,360 to €3,937
- Trade debts -€6,072
down €6,072 (-32.0%), from €18,976 to €12,903
- Short-term financial debts -€3,397
down €3,397 (-12.2%), from €27,832 to €24,435
- Gross operating margin -€21,819
down €21,819 (-64.9%), from €33,631 to €11,812
- Taxes -€6,649
down €6,649 (-90.9%), from €7,314 to €665
- Financial charges +€2,983
up €2,983 (+44.0%), from €6,783 to €9,767
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €189,242 | €172,866 | -€16,376 | -8.7% |
| Fixed assets | 21/28 | €4,844 | €741 | -€4,104 | -84.7% |
| Tangible fixed assets | 22/27 | €4,844 | €741 | -€4,104 | -84.7% |
| Furniture and vehicles | 24 | €4,844 | €741 | -€4,104 | -84.7% |
| Current assets | 29/58 | €184,398 | €172,126 | -€12,272 | -6.7% |
| Amounts receivable after more than one year | 29 | €40,947 | €40,947 | = | 0.0% |
| Other amounts receivable | 291 | €40,947 | €40,947 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €140,519 | €104,623 | -€35,895 | -25.5% |
| Trade receivables | 40 | €24,142 | €20,493 | -€3,649 | -15.1% |
| Other amounts receivable | 41 | €116,377 | €84,130 | -€32,246 | -27.7% |
| Cash at bank and in hand | 54/58 | €827 | €10,244 | +€9,417 | +1,138% |
| Deferred charges and accrued income | 490/1 | €2,105 | €16,311 | +€14,207 | +675% |
| Total equity and liabilities | 10/49 | €189,242 | €172,866 | -€16,376 | -8.7% |
| Equity | 10/15 | €95,791 | €92,746 | -€3,045 | -3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €89,591 | €89,591 | = | 0.0% |
| Distributable reserves | 133 | €89,591 | €89,591 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,045 | -€3,045 | |
| Amounts payable | 17/49 | €93,451 | €80,121 | -€13,331 | -14.3% |
| Amounts payable after more than one year | 17 | €14,272 | €5,690 | -€8,583 | -60.1% |
| Financial debts | 170/4 | €14,272 | €5,690 | -€8,583 | -60.1% |
| Amounts payable within one year | 42/48 | €79,179 | €74,431 | -€4,748 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €8,011 | €10,707 | +€2,697 | +33.7% |
| Financial debts | 43 | €27,832 | €24,435 | -€3,397 | -12.2% |
| Credit institutions | 430/8 | €27,832 | €24,435 | -€3,397 | -12.2% |
| Trade debts | 44 | €18,976 | €12,903 | -€6,072 | -32.0% |
| Suppliers | 440/4 | €18,976 | €12,903 | -€6,072 | -32.0% |
| Taxes, remuneration and social security | 45 | €10,360 | €3,937 | -€6,423 | -62.0% |
| Taxes | 450/3 | €10,360 | €3,937 | -€6,423 | -62.0% |
| Other amounts payable | 47/48 | €14,000 | €22,448 | +€8,448 | +60.3% |
| Non-recurring operating income | 76A | - | €3,436 | +€3,436 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,104 | €4,104 | = | 0.0% |
| Other operating charges | 640/8 | €425 | €324 | -€101 | -23.7% |
| Gross operating margin | 9900 | €33,631 | €11,812 | -€21,819 | -64.9% |
| Operating profit (loss) | 9901 | €29,102 | €7,384 | -€21,718 | -74.6% |
| Financial income | 75/76B | €0 | €2 | +€2 | +500% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +500% |
| Financial charges | 65/66B | €6,783 | €9,767 | +€2,983 | +44.0% |
| Recurring financial charges | 65 | €6,783 | €9,767 | +€2,983 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €22,319 | -€2,380 | -€24,700 | |
| Income taxes | 67/77 | €7,314 | €665 | -€6,649 | -90.9% |
| Profit (loss) for the period | 9904 | €15,005 | -€3,045 | -€18,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,005 | -€3,045 | -€18,050 |
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 15 October 2026 via checked.be.