KORTESCH: 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.
What changed
KORTESCH
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€223,455
2024 · €316,116-€92,661
Equity
€215,964
2024 · €215,509+€455
Cash
€29,808
2024 · €31,719-€1,911
Balance sheet total
€953,419
2024 · €937,906+€15,513
Largest movements
Assets
- Receivables within one year +€100,504
up €100,504 (+28.5%), from €352,395 to €452,899
of which Other amounts receivable: +€100,484
- Tangible fixed assets -€55,303
down €55,303 (-12.8%), from €431,900 to €376,597
of which Plant, machinery and equipment: -€42,792
- Stocks and contracts -€28,777
down €28,777 (-27.3%), from €105,543 to €76,766
Equity and liabilities
- Short-term financial debts +€43,521
up €43,521 (+68.9%), from €63,181 to €106,702
- Debts after one year -€27,596
down €27,596 (-7.6%), from €364,750 to €337,154
Income statement
- Gross operating margin -€98,231
down €98,231 (-16.4%), from €599,613 to €501,382
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.
Result 2024
€316,116
Gross operating margin
-€98,231
Staff costs
+€377
Depreciation
+€1,529
Other operating charges
+€124
Other operating items
-€1,168
Financial income
-€920
Financial charges
+€3,032
Taxes
+€2,596
Result 2025
€223,455
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.
From operations
+€206,780
Investment
-€4,350
Financing
-€204,341
Cash 2024
€31,719
From operations (derived)
+€206,780
Net result for the year
+€223,455
Depreciation
+€59,653
Stocks and contracts
+€28,777
Receivables within one year
-€100,504
Deferred charges and accrued income
-€1,000
Trade debts
-€4,963
Tax, wage and social debts
+€1,362
Investment (derived)
-€4,350
Investment in fixed assets (net)
-€4,350
Financing
-€204,341
Debts after one year
-€27,596
Current portion of long-term debt
+€2,734
Short-term financial debts
+€43,521
Contributions, distributions and other
-€223,000
Cash 2025
€29,808
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €937,906 | €953,419 | +€15,513 | +1.7% |
| Fixed assets | 21/28 | €433,600 | €378,297 | -€55,303 | -12.8% |
| Tangible fixed assets | 22/27 | €431,900 | €376,597 | -€55,303 | -12.8% |
| Land and buildings | 22 | €200,616 | €193,756 | -€6,860 | -3.4% |
| Plant, machinery and equipment | 23 | €218,519 | €175,727 | -€42,792 | -19.6% |
| Furniture and vehicles | 24 | €12,765 | €7,115 | -€5,650 | -44.3% |
| Financial fixed assets | 28 | €1,700 | €1,700 | = | 0.0% |
| Current assets | 29/58 | €504,306 | €575,122 | +€70,816 | +14.0% |
| Stocks and contracts in progress | 3 | €105,543 | €76,766 | -€28,777 | -27.3% |
| Stocks | 30/36 | €105,543 | €76,766 | -€28,777 | -27.3% |
| Amounts receivable within one year | 40/41 | €352,395 | €452,899 | +€100,504 | +28.5% |
| Trade receivables | 40 | - | €20 | +€20 | |
| Other amounts receivable | 41 | €352,395 | €452,879 | +€100,484 | +28.5% |
| Cash at bank and in hand | 54/58 | €31,719 | €29,808 | -€1,911 | -6.0% |
| Deferred charges and accrued income | 490/1 | €14,648 | €15,649 | +€1,000 | +6.8% |
| Total equity and liabilities | 10/49 | €937,906 | €953,419 | +€15,513 | +1.7% |
| Equity | 10/15 | €215,509 | €215,964 | +€455 | +0.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €205,509 | €205,964 | +€455 | +0.2% |
| Distributable reserves | 133 | €205,509 | €205,964 | +€455 | +0.2% |
| Amounts payable | 17/49 | €722,396 | €737,455 | +€15,058 | +2.1% |
| Amounts payable after more than one year | 17 | €364,750 | €337,154 | -€27,596 | -7.6% |
| Financial debts | 170/4 | €364,750 | €337,154 | -€27,596 | -7.6% |
| Amounts payable within one year | 42/48 | €357,647 | €400,301 | +€42,654 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €76,056 | €78,790 | +€2,734 | +3.6% |
| Financial debts | 43 | €63,181 | €106,702 | +€43,521 | +68.9% |
| Credit institutions | 430/8 | €63,181 | €106,702 | +€43,521 | +68.9% |
| Trade debts | 44 | €176,031 | €171,068 | -€4,963 | -2.8% |
| Suppliers | 440/4 | €176,031 | €171,068 | -€4,963 | -2.8% |
| Taxes, remuneration and social security | 45 | €42,378 | €43,740 | +€1,362 | +3.2% |
| Taxes | 450/3 | €5,143 | €5,040 | -€102 | -2.0% |
| Remuneration and social security | 454/9 | €37,236 | €38,699 | +€1,464 | +3.9% |
| Remuneration, social security and pensions | 62 | €173,073 | €172,697 | -€377 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,182 | €59,653 | -€1,529 | -2.5% |
| Other operating charges | 640/8 | €4,378 | €4,254 | -€124 | -2.8% |
| Non-recurring operating charges | 66A | - | €1,168 | +€1,168 | |
| Gross operating margin | 9900 | €599,613 | €501,382 | -€98,231 | -16.4% |
| Operating profit (loss) | 9901 | €360,980 | €263,611 | -€97,369 | -27.0% |
| Financial income | 75/76B | €1,234 | €314 | -€920 | -74.5% |
| Recurring financial income | 75 | €1,234 | €314 | -€920 | -74.5% |
| Financial charges | 65/66B | €37,589 | €34,557 | -€3,032 | -8.1% |
| Recurring financial charges | 65 | €37,589 | €34,557 | -€3,032 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €324,625 | €229,368 | -€95,257 | -29.3% |
| Income taxes | 67/77 | €8,509 | €5,913 | -€2,596 | -30.5% |
| Profit (loss) for the period | 9904 | €316,116 | €223,455 | -€92,661 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €316,116 | €223,455 | -€92,661 | -29.3% |
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 7 October 2026 via checked.be.