CONAD: 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.
CONAD
Largest movements
- Cash +€130,773
up €130,773 (+254%), from €51,387 to €182,160
mainly Net result for the year (+€172,881) and Tax, wage and social debts (+€23,176)
- Tangible fixed assets +€29,706
up €29,706 (+151%), from €19,735 to €49,441
of which Furniture and vehicles: +€21,203
- Receivables within one year +€11,436
up €11,436 (+10.1%), from €112,968 to €124,404
of which Trade receivables: +€17,499
- Reserves +€136,364
up €136,364 (+507%), from €26,879 to €163,242
- Profit (loss) carried forward +€36,517
up €36,517, from €0 to €36,517
- Tax, wage and social debts +€23,176
up €23,176 (+67.7%), from €34,208 to €57,384
of which Taxes: +€22,052
- Other debts -€22,871
down €22,871 (-46.0%), from €49,745 to €26,873
- Debts after one year +€18,275
up €18,275, from €0 to €18,275
- Gross operating margin +€303,887
up €303,887 (+112%), from €271,496 to €575,383
- Taxes +€77,640
up €77,640 (+1,949%), from €3,983 to €81,624
- Staff costs +€70,031
up €70,031 (+30.1%), from €232,848 to €302,879
- Depreciation -€17,233
down €17,233 (-63.4%), from €27,180 to €9,947
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 | €197,034 | €366,846 | +€169,812 | +86.2% |
| Fixed assets | 21/28 | €25,735 | €55,441 | +€29,706 | +115% |
| Tangible fixed assets | 22/27 | €19,735 | €49,441 | +€29,706 | +151% |
| Plant, machinery and equipment | 23 | €15,401 | €23,903 | +€8,502 | +55.2% |
| Furniture and vehicles | 24 | €4,334 | €25,537 | +€21,203 | +489% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €171,299 | €311,406 | +€140,107 | +81.8% |
| Amounts receivable within one year | 40/41 | €112,968 | €124,404 | +€11,436 | +10.1% |
| Trade receivables | 40 | €106,905 | €124,404 | +€17,499 | +16.4% |
| Other amounts receivable | 41 | €6,063 | €0 | -€6,063 | -100% |
| Cash at bank and in hand | 54/58 | €51,387 | €182,160 | +€130,773 | +254% |
| Deferred charges and accrued income | 490/1 | €6,945 | €4,842 | -€2,103 | -30.3% |
| Total equity and liabilities | 10/49 | €197,034 | €366,846 | +€169,812 | +86.2% |
| Equity | 10/15 | €45,479 | €218,360 | +€172,881 | +380% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,879 | €163,242 | +€136,364 | +507% |
| Distributable reserves | 133 | €26,879 | €163,242 | +€136,364 | +507% |
| Profit (loss) carried forward | 14 | €0 | €36,517 | +€36,517 | |
| Amounts payable | 17/49 | €151,555 | €148,487 | -€3,069 | -2.0% |
| Amounts payable after more than one year | 17 | €0 | €18,275 | +€18,275 | |
| Financial debts | 170/4 | €0 | €18,275 | +€18,275 | |
| Amounts payable within one year | 42/48 | €150,781 | €129,528 | -€21,253 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €17,164 | €4,775 | -€12,389 | -72.2% |
| Financial debts | 43 | €13,800 | €13,800 | = | 0.0% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €13,800 | €13,800 | = | 0.0% |
| Trade debts | 44 | €35,864 | €26,695 | -€9,169 | -25.6% |
| Suppliers | 440/4 | €35,864 | €26,695 | -€9,169 | -25.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €34,208 | €57,384 | +€23,176 | +67.7% |
| Taxes | 450/3 | €14,162 | €36,214 | +€22,052 | +156% |
| Remuneration and social security | 454/9 | €20,047 | €21,170 | +€1,124 | +5.6% |
| Other amounts payable | 47/48 | €49,745 | €26,873 | -€22,871 | -46.0% |
| Accrued charges and deferred income | 492/3 | €775 | €684 | -€91 | -11.7% |
| Non-recurring operating income | 76A | - | €2,119 | +€2,119 | |
| Remuneration, social security and pensions | 62 | €232,848 | €302,879 | +€70,031 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,180 | €9,947 | -€17,233 | -63.4% |
| Other operating charges | 640/8 | €1,692 | €3,421 | +€1,729 | +102% |
| Gross operating margin | 9900 | €271,496 | €575,383 | +€303,887 | +112% |
| Operating profit (loss) | 9901 | €9,777 | €259,137 | +€249,360 | +2,551% |
| Financial income | 75/76B | €930 | €367 | -€563 | -60.5% |
| Recurring financial income | 75 | €930 | €367 | -€563 | -60.5% |
| Financial charges | 65/66B | €6,414 | €5,000 | -€1,414 | -22.0% |
| Recurring financial charges | 65 | €6,414 | €5,000 | -€1,414 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €4,293 | €254,504 | +€250,211 | +5,828% |
| Income taxes | 67/77 | €3,983 | €81,624 | +€77,640 | +1,949% |
| Profit (loss) for the period | 9904 | €310 | €172,881 | +€172,571 | +55,717% |
| Profit (loss) for the period to be appropriated | 9905 | €310 | €172,881 | +€172,571 | +55,717% |
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 15 October 2026 via checked.be.