PROXY KORTESSEM: 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.
PROXY KORTESSEM
Largest movements
- Tangible fixed assets -€100,038
down €100,038 (-25.2%), from €397,380 to €297,342
of which Other tangible fixed assets: -€53,501
- Cash +€43,413
up €43,413 (+19.2%), from €226,524 to €269,936
mainly Depreciation (+€101,201) and Other debts (+€35,259)
- Debts after one year -€78,614
down €78,614 (-12.3%), from €639,854 to €561,241
of which Financial debts: -€86,867
- Trade debts -€35,639
down €35,639 (-54.3%), from €65,655 to €30,016
- Other debts +€35,259
up €35,259 (+17.5%), from €201,650 to €236,909
- Profit (loss) carried forward +€21,276
up €21,276 (+6.3%), from -€335,836 to -€314,559
- Gross operating margin -€88,312
down €88,312 (-22.1%), from €400,041 to €311,729
- Staff costs -€12,706
down €12,706 (-6.0%), from €211,110 to €198,404
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 | €932,584 | €866,277 | -€66,307 | -7.1% |
| Formation expenses | 20 | €1,343 | €179 | -€1,164 | -86.7% |
| Fixed assets | 21/28 | €397,497 | €297,460 | -€100,038 | -25.2% |
| Tangible fixed assets | 22/27 | €397,380 | €297,342 | -€100,038 | -25.2% |
| Plant, machinery and equipment | 23 | €63,967 | €17,431 | -€46,536 | -72.8% |
| Other tangible fixed assets | 26 | €333,412 | €279,911 | -€53,501 | -16.0% |
| Financial fixed assets | 28 | €118 | €118 | = | 0.0% |
| Current assets | 29/58 | €533,745 | €568,639 | +€34,894 | +6.5% |
| Stocks and contracts in progress | 3 | €200,795 | €201,089 | +€294 | +0.1% |
| Stocks | 30/36 | €200,795 | €201,089 | +€294 | +0.1% |
| Amounts receivable within one year | 40/41 | €100,313 | €91,223 | -€9,090 | -9.1% |
| Trade receivables | 40 | €86,798 | €85,488 | -€1,310 | -1.5% |
| Other amounts receivable | 41 | €13,515 | €5,734 | -€7,781 | -57.6% |
| Cash at bank and in hand | 54/58 | €226,524 | €269,936 | +€43,413 | +19.2% |
| Deferred charges and accrued income | 490/1 | €6,113 | €6,391 | +€278 | +4.5% |
| Total equity and liabilities | 10/49 | €932,584 | €866,277 | -€66,307 | -7.1% |
| Equity | 10/15 | -€85,836 | -€64,559 | +€21,276 | +24.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€335,836 | -€314,559 | +€21,276 | +6.3% |
| Amounts payable | 17/49 | €1,018,420 | €930,836 | -€87,583 | -8.6% |
| Amounts payable after more than one year | 17 | €639,854 | €561,241 | -€78,614 | -12.3% |
| Financial debts | 170/4 | €378,805 | €291,938 | -€86,867 | -22.9% |
| Trade debts | 175 | €261,050 | €269,303 | +€8,254 | +3.2% |
| Amounts payable within one year | 42/48 | €371,055 | €369,596 | -€1,460 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €62,549 | €62,867 | +€318 | +0.5% |
| Trade debts | 44 | €65,655 | €30,016 | -€35,639 | -54.3% |
| Suppliers | 440/4 | €65,655 | €30,016 | -€35,639 | -54.3% |
| Taxes, remuneration and social security | 45 | €41,201 | €39,803 | -€1,398 | -3.4% |
| Remuneration and social security | 454/9 | €41,201 | €39,803 | -€1,398 | -3.4% |
| Other amounts payable | 47/48 | €201,650 | €236,909 | +€35,259 | +17.5% |
| Accrued charges and deferred income | 492/3 | €7,510 | - | -€7,510 | |
| Remuneration, social security and pensions | 62 | €211,110 | €198,404 | -€12,706 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,189 | €101,201 | +€12 | 0.0% |
| Other operating charges | 640/8 | €2,799 | €2,775 | -€24 | -0.8% |
| Gross operating margin | 9900 | €400,041 | €311,729 | -€88,312 | -22.1% |
| Operating profit (loss) | 9901 | €84,943 | €9,348 | -€75,595 | -89.0% |
| Financial income | 75/76B | €24,000 | €24,032 | +€32 | +0.1% |
| Recurring financial income | 75 | €24,000 | €24,032 | +€32 | +0.1% |
| Financial charges | 65/66B | €13,009 | €12,104 | -€906 | -7.0% |
| Recurring financial charges | 65 | €13,009 | €12,104 | -€906 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €95,934 | €21,276 | -€74,657 | -77.8% |
| Profit (loss) for the period | 9904 | €95,934 | €21,276 | -€74,657 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €95,934 | €21,276 | -€74,657 | -77.8% |
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 12 October 2026 via checked.be.