CONDIUS
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 22-10-2026 at the NBB all 33 filings
Turnover
≈ €6.9m
Estimated: probably between €5.4m and €16.0m
EBIT margin
Not included in this filing
Net result
€7.6m▲ 93.9%
2025 · €3.9m
Working capital
€13.8m▲ 32.4%
2025 · €10.4m
In the rankings
#1 company by total assets in Nieuwpoort, Real estate sector#2 company by equity in Nieuwpoort, Real estate sector
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€4.9m
▲ 129%
2026
20192026
Net result
€7.6m
▲ 93.9%
2026
20192026
Equity
€15.3m
▼ 7.0%
2026
20192026
Total assets
€35.4m
▼ 10.9%
2026
20192026
Debt
€20.2m
▼ 13.5%
2026
20192026
Working capital
€13.8m
▲ 32.4%
2026
20192026
Solvency
43.0%
▲ 1.8pp
2026
20192026
Current ratio
1.69
▲ 0.24
2026
20192026
Return on assets (ROA)
21.4%
▲ 11.6pp
2026
20192026
Staff (FTE)
0
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€1.8m-€2.7m▲ 51.0%€3.5m▲ 29.7%€3.9m▲ 11.1%€1.2m▼ 70.3%€1.3m▲ 7.4%€2.2m▲ 71.3%€4.9m▲ 129%
Net result€1.0m-€1.7m▲ 62.8%€2.4mabove the sector's middle half▲ 44.0%€2.6mabove the sector's middle half▲ 10.8%€0.4mabove the sector's middle half▼ 83.6%€0.02mwithin the sector's middle half▼ 96.1%€3.9mabove the sector's middle half▲ 232×€7.6m▲ 93.9%
Equity€5.4m-€7.0m▲ 30.9%€9.4mabove the sector's middle half▲ 34.0%€12.0mabove the sector's middle half▲ 28.1%€12.5mabove the sector's middle half▲ 3.6%€12.5mabove the sector's middle half▲ 0.1%€16.4mabove the sector's middle half▲ 31.3%€15.3m▼ 7.0%
Total assets€22.1m-€21.5m▼ 2.7%€25.8mabove the sector's middle half▲ 20.2%€36.8mabove the sector's middle half▲ 42.7%€38.1mabove the sector's middle half▲ 3.3%€38.4mabove the sector's middle half▲ 1.0%€39.8mabove the sector's middle half▲ 3.4%€35.4m▼ 10.9%
Debt€16.7m-€14.5m▼ 13.5%€16.4m▲ 13.5%€24.8m▲ 51.1%€25.6m▲ 3.2%€26.0m▲ 1.4%€23.4m▼ 10.0%€20.2m▼ 13.5%
Working capital€1.7m-€1.6m▼ 6.0%€4.0mabove the sector's middle half▲ 146%€6.7mabove the sector's middle half▲ 65.8%€6.4mabove the sector's middle half▼ 3.3%€6.5mabove the sector's middle half▲ 0.3%€10.4mabove the sector's middle half▲ 60.8%€13.8m▲ 32.4%
Solvency24.3%-32.7%▲ 8.4pp36.4%within the sector's middle half▲ 3.8pp32.7%within the sector's middle half▼ 3.7pp32.8%within the sector's middle half▲ 0.1pp32.5%within the sector's middle half▼ 0.3pp41.3%within the sector's middle half▲ 8.8pp43.0%▲ 1.8pp
Current ratio1.10-1.11▲ 0.011.24within the sector's middle half▲ 0.131.27within the sector's middle half▲ 0.021.25within the sector's middle half▼ 0.021.25within the sector's middle half=1.45within the sector's middle half▲ 0.201.69▲ 0.24
Return on assets (ROA)4.6%-7.7%▲ 3.1pp9.2%above the sector's middle half▲ 1.5pp7.2%above the sector's middle half▼ 2.1pp1.1%within the sector's middle half▼ 6.0pp0.0%within the sector's middle half▼ 1.1pp9.8%above the sector's middle half▲ 9.8pp21.4%▲ 11.6pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0within the sector's middle half0
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is 129% higher than in 2025 and the highest since 2022. It is the third rise in a row, after the fall in 2023.
Large changes and their cause
- 2026 Net result +94% on 2025. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €35.4m
Fixed assets
€1.8m ▼ 70.8%
Current assets
€33.7m ▼ 0.1%
Equity and liabilities €35.4m
Equity
€15.3m ▼ 7.0%
Debt
€20.2m ▼ 13.5%
Debt's share of the balance-sheet total falls from 58.7% to 57.0%. Equity and debt are lower.
Key figures and ratios
Quick ratio
0.15▲
2025 · 0.07
Debt to equity
1.32▼
2025 · 1.42
ROE
49.7%▲
2025 · 23.8%
Debt ≤ 1 year
€19.9m▼
2025 · €23.3m
Income taxes
€1.0m▲
2025 · €252,814
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €16.7m | €17.6m | €17.9m | €18.5m | €14.8m |
| Mortgage mandates | €21.1m | €22.2m | €24.2m | €24.2m | €24.2m |
| Carrying value of the mortgaged assets | €28.3m | €29.0m | €28.8m | €32.1m | €30.6m |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Financial fixed assets | - | €651,596 | - | - | - |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | €0.006m | €0.01m | €0 | ▼ 100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.5m | €0.6m | €0 | - | €0.4m | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.01m | €0.008m | €0.001m | €0.005m | ▲ 491% |
| Gross operating margin9900 | €1.8m | €2.8m | €3.6m | €4.5m | €1.8m | €1.3m | €2.2m | €5.4m | ▲ 149% |
| Operating profit (loss)9901 | €1.8m | €2.7m | €3.5m | €3.9m | €1.2m | €1.3m | €2.2m | €4.9m | ▲ 129% |
| Financial income75/76B | - | - | - | €0.06m | €0.08m | €0.1m | €3.2m | €4.5m | ▲ 40.6% |
| Recurring financial income75 | €0.009m | €0.01m | €0.02m | €0.06m | €0.08m | €0.1m | €3.2m | €0.03m | ▼ 99.1% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €4.5m | - |
| Financial charges65/66B | - | - | - | €0.5m | €0.7m | €1.3m | €1.2m | €0.8m | ▼ 32.8% |
| Recurring financial charges65 | €0.3m | €0.4m | €0.4m | €0.5m | €0.7m | €1.3m | €1.2m | €0.8m | ▼ 32.8% |
| Profit (loss) for the period before taxes9903 | €1.5m | €2.4m | €3.2m | €3.5m | €0.6m | €0.02m | €4.2m | €8.6m | ▲ 107% |
| Income taxes67/77 | €0.5m | €0.7m | €0.8m | €0.9m | €0.2m | €0.007m | €0.3m | €1.0m | ▲ 307% |
| Profit (loss) for the period9904 | €1.0m | €1.7m | €2.4m | €2.6m | €0.4m | €0.02m | €3.9m | €7.6m | ▲ 93.9% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.2m | €0.7m | €1.1m | ▲ 54.7% |
| Transfer to tax-exempt reserves689 | - | - | - | €1.3m | €0 | - | - | €1.0m | - |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €1.5m | €1.7m | €1.4m | €0.4m | €0.2m | €4.6m | €7.6m | ▲ 66.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22.1m | €21.5m | €25.8m | €36.8m | €38.1m | €38.4m | €39.8m | €35.4m | ▼ 10.9% |
| Fixed assets21/28 | €3.6m | €5.4m | €5.4m | €5.4m | €6.0m | €6.0m | €6.0m | €1.8m | ▼ 70.8% |
| Tangible fixed assets22/27 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Financial fixed assets28 | €3.6m | €5.4m | €5.4m | €5.4m | €6.0m | €6.0m | €6.0m | €1.8m | ▼ 71.0% |
| Current assets29/58 | €18.4m | €16.1m | €20.4m | €31.5m | €32.0m | €32.4m | €33.7m | €33.7m | ▼ 0.1% |
| Stocks and contracts in progress3 | €17.3m | €14.2m | €19.0m | €28.2m | €29.0m | €28.8m | €32.1m | €30.6m | ▼ 4.6% |
| Stocks30/36 | - | - | - | €28.2m | €29.0m | €28.8m | €32.1m | €30.6m | ▼ 4.6% |
| Amounts receivable within one year40/41 | €0.5m | €0.8m | €1.2m | €2.6m | €2.7m | €3.0m | €0.3m | €2.5m | ▲ 803% |
| Trade receivables40 | - | - | - | €0.09m | €0.03m | €0.04m | €0.04m | €0.04m | ▲ 1.2% |
| Other amounts receivable41 | - | - | - | €2.5m | €2.7m | €2.9m | €0.2m | €2.4m | ▲ 926% |
| Current investments50/53 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Cash at bank and in hand54/58 | €0.4m | €1.0m | €0.009m | €0.2m | €0.2m | €0.2m | €1.2m | €0.5m | ▼ 57.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.3m | €0 | €0.3m | €0.1m | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22.1m | €21.5m | €25.8m | €36.8m | €38.1m | €38.4m | €39.8m | €35.4m | ▼ 10.9% |
| Equity10/15 | €5.4m | €7.0m | €9.4m | €12.0m | €12.5m | €12.5m | €16.4m | €15.3m | ▼ 7.0% |
| Contributions10/11 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Capital10 | - | - | - | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Issued capital100 | - | - | - | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Reserves13 | €3.6m | €5.2m | €7.6m | €10.2m | €10.7m | €10.7m | €14.6m | €13.5m | ▼ 7.9% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | €2.1m | €2.1m | €1.9m | €1.2m | €1.2m | ▼ 4.4% |
| Distributable reserves133 | - | - | - | €8.0m | €8.4m | €8.6m | €13.2m | €12.1m | ▼ 8.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €16.7m | €14.5m | €16.4m | €24.8m | €25.6m | €26.0m | €23.4m | €20.2m | ▼ 13.5% |
| Amounts payable within one year42/48 | €16.7m | €14.5m | €16.4m | €24.8m | €25.6m | €26.0m | €23.3m | €19.9m | ▼ 14.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.0m | €0.04m | €0.2m | €0.2m | €4.1m | ▲ 23× |
| Financial debts43 | - | - | - | €16.2m | €17.6m | €18.0m | €18.6m | €10.6m | ▼ 42.9% |
| Credit institutions430/8 | - | - | - | €16.2m | €17.6m | €18.0m | €18.6m | €10.6m | ▼ 42.9% |
| Other loans439 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.02m | €0.06m | €0.1m | €0.05m | €0.1m | €0.1m | €0.04m | €0.04m | ▲ 8.2% |
| Suppliers440/4 | - | - | - | €0.05m | €0.1m | €0.1m | €0.04m | €0.04m | ▲ 8.2% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.2m | €0.05m | €0.05m | €0.1m | ▲ 114% |
| Taxes450/3 | - | - | - | €0.4m | €0.2m | €0.05m | €0.05m | €0.1m | ▲ 114% |
| Other amounts payable47/48 | - | - | - | €7.1m | €7.6m | €7.6m | €4.5m | €5.0m | ▲ 12.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €472 | €472 | €0.02m | €0.3m | ▲ 14× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €1.7m | €2.4m | €2.6m | €0.4m | €0.02m | €3.9m | €7.6m | ▲ 93.9% |
| Operating cash flow (approximation) | €1.0m | €1.7m | €2.4m | €2.6m | €0.4m | €0.02m | €3.9m | €7.6m | ▲ 93.9% |
| Investment in fixed assets (approximation) | - | -€1.7m | -€0 | €0 | -€0.7m | €0 | €0 | €4.3m | - |
| Change in cash | - | €0.6m | -€1.0m | €0.2m | -€0.01m | €0.02m | €0.9m | -€0.7m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 321 companies had the same profile as CONDIUS has now. Two years later, 97.5% were still going and 0.0% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.5%
was still going
2.5%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of CONDIUS itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 321 companies, not a prediction for CONDIUS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 22-10-2026 | 2026-00570073 | |
| 31-03-2025 | abbreviated format | 21-10-2025 | 2025-00551627 | |
| 31-03-2024 | abbreviated format | 23-10-2024 | 2024-00518122 | |
| 31-03-2023 | abbreviated format | 25-10-2023 | 2023-00497809 | |
| 31-03-2022 | abbreviated format | 25-10-2022 | 2022-20483085 | |
| 31-03-2021 | abbreviated format | 29-10-2021 | 2021-76400334 | |
| 31-03-2020 | abbreviated format | 07-10-2020 | 2020-61000001 | |
| 31-03-2019 | abbreviated format | 25-09-2019 | 2019-66600426 | |
| 31-03-2018 | abbreviated format | 01-10-2018 | 2018-68300265 | |
| 31-03-2017 | abbreviated format | 27-09-2017 | 2017-66400052 |