KORTENBERGH: 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.
KORTENBERGH
Largest movements
- Cash +€159,961
up €159,961 (+228%), from €70,311 to €230,272
mainly Net result for the year (+€127,443) and Depreciation (+€119,452)
- Tangible fixed assets -€103,785
down €103,785 (-3.7%), from €2.8m to €2.7m
of which Land and buildings: -€79,686
- Current portion of long-term debt -€146,136
down €146,136 (-49.5%), from €295,182 to €149,046
- Profit (loss) carried forward +€127,443
up €127,443 (+8.5%), from -€1.5m to -€1.4m
- Trade debts +€51,803
up €51,803 (+189%), from €27,386 to €79,189
- Gross operating margin +€73,888
up €73,888 (+23.4%), from €316,332 to €390,220
- Financial charges -€27,144
down €27,144 (-50.3%), from €53,939 to €26,795
- Depreciation +€22,360
up €22,360 (+23.0%), from €97,092 to €119,452
- Other operating charges +€11,549
up €11,549 (+11.0%), from €105,031 to €116,580
- Financial income -€8,984
down €8,984 (-99.4%), from €9,035 to €51
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 | €2,983,779 | €3,032,443 | +€48,665 | +1.6% |
| Fixed assets | 21/28 | €2,814,856 | €2,711,071 | -€103,785 | -3.7% |
| Tangible fixed assets | 22/27 | €2,814,856 | €2,711,071 | -€103,785 | -3.7% |
| Land and buildings | 22 | €2,656,922 | €2,577,236 | -€79,686 | -3.0% |
| Plant, machinery and equipment | 23 | €157,934 | €133,836 | -€24,099 | -15.3% |
| Current assets | 29/58 | €168,923 | €321,372 | +€152,449 | +90.2% |
| Amounts receivable within one year | 40/41 | €86,112 | €89,998 | +€3,886 | +4.5% |
| Trade receivables | 40 | €86,112 | €89,998 | +€3,886 | +4.5% |
| Cash at bank and in hand | 54/58 | €70,311 | €230,272 | +€159,961 | +228% |
| Deferred charges and accrued income | 490/1 | €12,500 | €1,102 | -€11,398 | -91.2% |
| Total equity and liabilities | 10/49 | €2,983,779 | €3,032,443 | +€48,665 | +1.6% |
| Equity | 10/15 | €1,002,134 | €1,129,577 | +€127,443 | +12.7% |
| Contributions | 10/11 | €842,838 | €842,838 | = | 0.0% |
| Capital | 10 | €842,838 | €842,838 | = | 0.0% |
| Issued capital | 100 | €842,838 | €842,838 | = | 0.0% |
| Revaluation surpluses | 12 | €1,656,256 | €1,656,256 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,496,960 | -€1,369,517 | +€127,443 | +8.5% |
| Amounts payable | 17/49 | €1,981,645 | €1,902,866 | -€78,779 | -4.0% |
| Amounts payable after more than one year | 17 | €958,731 | €958,731 | = | 0.0% |
| Financial debts | 170/4 | €958,731 | €958,731 | = | 0.0% |
| Amounts payable within one year | 42/48 | €929,744 | €856,831 | -€72,913 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €295,182 | €149,046 | -€146,136 | -49.5% |
| Trade debts | 44 | €27,386 | €79,189 | +€51,803 | +189% |
| Suppliers | 440/4 | €27,386 | €79,189 | +€51,803 | +189% |
| Taxes, remuneration and social security | 45 | €2,063 | €2,063 | = | 0.0% |
| Taxes | 450/3 | €2,063 | €2,063 | = | 0.0% |
| Other amounts payable | 47/48 | €605,112 | €626,532 | +€21,420 | +3.5% |
| Accrued charges and deferred income | 492/3 | €93,169 | €87,304 | -€5,866 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,092 | €119,452 | +€22,360 | +23.0% |
| Other operating charges | 640/8 | €105,031 | €116,580 | +€11,549 | +11.0% |
| Gross operating margin | 9900 | €316,332 | €390,220 | +€73,888 | +23.4% |
| Operating profit (loss) | 9901 | €114,208 | €154,188 | +€39,980 | +35.0% |
| Financial income | 75/76B | €9,035 | €51 | -€8,984 | -99.4% |
| Recurring financial income | 75 | €9,035 | €51 | -€8,984 | -99.4% |
| Financial charges | 65/66B | €53,939 | €26,795 | -€27,144 | -50.3% |
| Recurring financial charges | 65 | €53,939 | €26,795 | -€27,144 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €69,304 | €127,443 | +€58,139 | +83.9% |
| Profit (loss) for the period | 9904 | €69,304 | €127,443 | +€58,139 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,304 | €127,443 | +€58,139 | +83.9% |
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 14 October 2026 via checked.be.