Dr JCORTEEL: 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.
Dr JCORTEEL
Largest movements
- Receivables within one year -€49,658
down €49,658 (-44.5%), from €111,482 to €61,823
of which Other amounts receivable: -€49,658
- Tangible fixed assets +€26,353
up €26,353 (+80.6%), from €32,678 to €59,031
of which Land and buildings: +€38,082
- Formation expenses -€7,500
down €7,500 (-100%), from €7,500 to €0
- Reserves -€45,649
down €45,649 (-21.9%), from €208,227 to €162,578
- Other debts +€23,497
up €23,497 (+85.6%), from €27,450 to €50,947
- Debts after one year -€7,820
down €7,820 (-65.9%), from €11,857 to €4,038
- Gross operating margin +€14,893
up €14,893 (+17.2%), from €86,622 to €101,515
- Taxes +€7,351
up €7,351 (+50.0%), from €14,692 to €22,043
- Depreciation -€5,139
down €5,139 (-17.6%), from €29,127 to €23,989
- Financial income +€1,702
up €1,702 (+116%), from €1,466 to €3,168
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 | €269,361 | €240,810 | -€28,551 | -10.6% |
| Formation expenses | 20 | €7,500 | €0 | -€7,500 | -100% |
| Fixed assets | 21/28 | €32,678 | €59,031 | +€26,353 | +80.6% |
| Tangible fixed assets | 22/27 | €32,678 | €59,031 | +€26,353 | +80.6% |
| Land and buildings | 22 | - | €38,082 | +€38,082 | |
| Furniture and vehicles | 24 | €32,678 | €20,949 | -€11,729 | -35.9% |
| Current assets | 29/58 | €229,183 | €181,780 | -€47,404 | -20.7% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €111,482 | €61,823 | -€49,658 | -44.5% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €111,482 | €61,823 | -€49,658 | -44.5% |
| Cash at bank and in hand | 54/58 | €105,665 | €107,486 | +€1,821 | +1.7% |
| Deferred charges and accrued income | 490/1 | €2,037 | €2,470 | +€433 | +21.3% |
| Total equity and liabilities | 10/49 | €269,361 | €240,810 | -€28,551 | -10.6% |
| Equity | 10/15 | €210,227 | €164,578 | -€45,649 | -21.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €208,227 | €162,578 | -€45,649 | -21.9% |
| Distributable reserves | 133 | €208,227 | €162,578 | -€45,649 | -21.9% |
| Amounts payable | 17/49 | €59,134 | €76,232 | +€17,098 | +28.9% |
| Amounts payable after more than one year | 17 | €11,857 | €4,038 | -€7,820 | -65.9% |
| Financial debts | 170/4 | €11,857 | €4,038 | -€7,820 | -65.9% |
| Amounts payable within one year | 42/48 | €47,277 | €72,194 | +€24,918 | +52.7% |
| Financial debts | 43 | €7,491 | €7,820 | +€328 | +4.4% |
| Credit institutions | 430/8 | €7,491 | €7,820 | +€328 | +4.4% |
| Trade debts | 44 | €1,741 | €1,061 | -€680 | -39.1% |
| Suppliers | 440/4 | €1,741 | €1,061 | -€680 | -39.1% |
| Taxes, remuneration and social security | 45 | €10,594 | €12,367 | +€1,773 | +16.7% |
| Taxes | 450/3 | €10,594 | €12,367 | +€1,773 | +16.7% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €27,450 | €50,947 | +€23,497 | +85.6% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,127 | €23,989 | -€5,139 | -17.6% |
| Other operating charges | 640/8 | €667 | €807 | +€141 | +21.1% |
| Gross operating margin | 9900 | €86,622 | €101,515 | +€14,893 | +17.2% |
| Operating profit (loss) | 9901 | €56,827 | €76,718 | +€19,891 | +35.0% |
| Financial income | 75/76B | €1,466 | €3,168 | +€1,702 | +116% |
| Recurring financial income | 75 | €1,466 | €3,168 | +€1,702 | +116% |
| Financial charges | 65/66B | €1,045 | €730 | -€315 | -30.1% |
| Recurring financial charges | 65 | €1,045 | €730 | -€315 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €57,249 | €79,156 | +€21,907 | +38.3% |
| Income taxes | 67/77 | €14,692 | €22,043 | +€7,351 | +50.0% |
| Profit (loss) for the period | 9904 | €42,557 | €57,113 | +€14,556 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,557 | €57,113 | +€14,556 | +34.2% |
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 30 October 2026 via checked.be.