CORTVRIENDT - VANACKER: 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.
CORTVRIENDT - VANACKER
Largest movements
- Cash +€37,946
up €37,946 (+50.0%), from €75,917 to €113,864
mainly Accrued charges and deferred income (+€48,839) and Receivables within one year (+€28,658)
- Receivables within one year -€28,658
down €28,658 (-21.7%), from €131,763 to €103,105
of which Trade receivables: -€30,589
- Stocks and contracts +€25,245
up €25,245 (+95.0%), from €26,569 to €51,814
of which Stocks: +€26,917
- Current investments +€5,585
up €5,585 (+16.2%), from €34,500 to €40,085
- Tangible fixed assets +€5,222
up €5,222 (+7.2%), from €72,950 to €78,172
of which Other tangible fixed assets: +€19,854
- Accrued charges and deferred income +€48,839
up €48,839 (+1662.9%), from €2,937 to €51,776
- Reserves +€22,917
up €22,917 (+10.6%), from €215,908 to €238,825
- Debts after one year -€10,219
down €10,219 (-38.9%), from €26,241 to €16,022
- Current portion of long-term debt -€9,315
down €9,315 (-47.7%), from €19,533 to €10,219
- Other debts -€5,669
down €5,669 (-19.7%), from €28,835 to €23,166
- Gross operating margin -€67,335
down €67,335 (-35.6%), from €188,953 to €121,619
- Taxes -€16,903
down €16,903 (-67.1%), from €25,177 to €8,274
- Depreciation -€7,388
down €7,388 (-23.3%), from €31,665 to €24,277
- Financial income +€4,910
up €4,910 (+391.3%), from €1,255 to €6,165
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 | €349,119 | €394,698 | +€45,579 | +13.1% |
| Fixed assets | 21/28 | €73,220 | €78,442 | +€5,222 | +7.1% |
| Tangible fixed assets | 22/27 | €72,950 | €78,172 | +€5,222 | +7.2% |
| Land and buildings | 22 | €6,583 | €5,574 | -€1,009 | -15.3% |
| Plant, machinery and equipment | 23 | €9,748 | €6,517 | -€3,231 | -33.1% |
| Furniture and vehicles | 24 | €1,602 | €10,885 | +€9,283 | +579.3% |
| Leasing and similar rights | 25 | €52,192 | €32,518 | -€19,674 | -37.7% |
| Other tangible fixed assets | 26 | €2,825 | €22,679 | +€19,854 | +702.8% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €275,899 | €316,256 | +€40,357 | +14.6% |
| Stocks and contracts in progress | 3 | €26,569 | €51,814 | +€25,245 | +95.0% |
| Stocks | 30/36 | €24,217 | €51,134 | +€26,917 | +111.1% |
| Contracts in progress | 37 | €2,352 | €680 | -€1,672 | -71.1% |
| Amounts receivable within one year | 40/41 | €131,763 | €103,105 | -€28,658 | -21.7% |
| Trade receivables | 40 | €121,893 | €91,304 | -€30,589 | -25.1% |
| Other amounts receivable | 41 | €9,871 | €11,801 | +€1,931 | +19.6% |
| Current investments | 50/53 | €34,500 | €40,085 | +€5,585 | +16.2% |
| Cash at bank and in hand | 54/58 | €75,917 | €113,864 | +€37,946 | +50.0% |
| Deferred charges and accrued income | 490/1 | €7,149 | €7,388 | +€238 | +3.3% |
| Total equity and liabilities | 10/49 | €349,119 | €394,698 | +€45,579 | +13.1% |
| Equity | 10/15 | €234,508 | €257,425 | +€22,917 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €215,908 | €238,825 | +€22,917 | +10.6% |
| Distributable reserves | 133 | €215,908 | €238,825 | +€22,917 | +10.6% |
| Amounts payable | 17/49 | €114,611 | €137,273 | +€22,662 | +19.8% |
| Amounts payable after more than one year | 17 | €26,241 | €16,022 | -€10,219 | -38.9% |
| Financial debts | 170/4 | €26,241 | €16,022 | -€10,219 | -38.9% |
| Amounts payable within one year | 42/48 | €85,433 | €69,475 | -€15,958 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €19,533 | €10,219 | -€9,315 | -47.7% |
| Trade debts | 44 | €12,150 | €12,457 | +€307 | +2.5% |
| Suppliers | 440/4 | €12,150 | €12,457 | +€307 | +2.5% |
| Taxes, remuneration and social security | 45 | €24,916 | €23,634 | -€1,282 | -5.1% |
| Taxes | 450/3 | €23,059 | €22,374 | -€685 | -3.0% |
| Remuneration and social security | 454/9 | €1,857 | €1,260 | -€597 | -32.1% |
| Other amounts payable | 47/48 | €28,835 | €23,166 | -€5,669 | -19.7% |
| Accrued charges and deferred income | 492/3 | €2,937 | €51,776 | +€48,839 | +1662.9% |
| Remuneration, social security and pensions | 62 | €63,769 | €64,449 | +€680 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,665 | €24,277 | -€7,388 | -23.3% |
| Other operating charges | 640/8 | €2,490 | €2,655 | +€165 | +6.6% |
| Gross operating margin | 9900 | €188,953 | €121,619 | -€67,335 | -35.6% |
| Operating profit (loss) | 9901 | €91,029 | €30,237 | -€60,791 | -66.8% |
| Financial income | 75/76B | €1,255 | €6,165 | +€4,910 | +391.3% |
| Recurring financial income | 75 | €1,255 | €6,165 | +€4,910 | +391.3% |
| Financial charges | 65/66B | €4,806 | €5,212 | +€406 | +8.4% |
| Recurring financial charges | 65 | €4,806 | €5,212 | +€406 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €87,478 | €31,191 | -€56,287 | -64.3% |
| Income taxes | 67/77 | €25,177 | €8,274 | -€16,903 | -67.1% |
| Profit (loss) for the period | 9904 | €62,301 | €22,917 | -€39,384 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,301 | €22,917 | -€39,384 | -63.2% |
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 5 October 2026 via checked.be.