Cond'Or: 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.
Cond'Or
Largest movements
- Cash -€2.9m
down €2.9m (-96.8%), from €3.0m to €95,723
mainly Receivables within one year (-€1.8m) and Current investments (-€1.5m)
- Receivables within one year +€1.8m
up €1.8m (+62.3%), from €2.9m to €4.6m
of which Other amounts receivable: +€1.8m
- Current investments +€1.5m
new in 2025: €1.5m
- Stocks and contracts -€868,030
down €868,030 (-13.3%), from €6.5m to €5.6m
- Short-term financial debts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Profit (loss) carried forward +€332,249
up €332,249 (+6.3%), from €5.2m to €5.6m
- Reserves +€300,000
up €300,000 (+30.1%), from €997,770 to €1.3m
of which Non-distributable reserves: +€300,000
- Gross operating margin -€8.9m
down €8.9m (-91.9%), from €9.7m to €788,665
- Taxes -€1.8m
down €1.8m (-89.8%), from €2.1m to €210,750
- Financial charges -€1.3m
down €1.3m (-97.8%), from €1.3m to €29,589
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 | €12,383,705 | €11,887,796 | -€495,909 | -4.0% |
| Current assets | 29/58 | €12,383,705 | €11,887,796 | -€495,909 | -4.0% |
| Stocks and contracts in progress | 3 | €6,515,515 | €5,647,485 | -€868,030 | -13.3% |
| Stocks | 30/36 | €6,515,515 | €5,647,485 | -€868,030 | -13.3% |
| Amounts receivable within one year | 40/41 | €2,860,750 | €4,643,459 | +€1.8m | +62.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,860,750 | €4,643,459 | +€1.8m | +62.3% |
| Current investments | 50/53 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €3,007,440 | €95,723 | -€2.9m | -96.8% |
| Deferred charges and accrued income | 490/1 | - | €1,129 | +€1,129 | |
| Total equity and liabilities | 10/49 | €12,383,705 | €11,887,796 | -€495,909 | -4.0% |
| Equity | 10/15 | €11,231,675 | €11,863,924 | +€632,249 | +5.6% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €997,770 | €1,297,770 | +€300,000 | +30.1% |
| Non-distributable reserves | 130/1 | - | €300,000 | +€300,000 | |
| Legal reserve | 130 | - | €300,000 | +€300,000 | |
| Tax-exempt reserves | 132 | €997,770 | €997,770 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,233,905 | €5,566,154 | +€332,249 | +6.3% |
| Amounts payable | 17/49 | €1,152,030 | €23,872 | -€1.1m | -97.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,152,030 | €23,872 | -€1.1m | -97.9% |
| Financial debts | 43 | €1,040,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,040,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €13,219 | €237 | -€12,982 | -98.2% |
| Suppliers | 440/4 | €13,219 | €237 | -€12,982 | -98.2% |
| Taxes, remuneration and social security | 45 | €23,635 | €23,635 | = | 0.0% |
| Taxes | 450/3 | €23,635 | €23,635 | = | 0.0% |
| Other amounts payable | 47/48 | €75,175 | €0 | -€75,175 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €226 | €828 | +€602 | +266% |
| Gross operating margin | 9900 | €9,679,506 | €788,665 | -€8.9m | -91.9% |
| Operating profit (loss) | 9901 | €9,679,280 | €787,837 | -€8.9m | -91.9% |
| Financial income | 75/76B | €2,072 | €84,751 | +€82,679 | +3,991% |
| Recurring financial income | 75 | €2,072 | €84,751 | +€82,679 | +3,991% |
| Financial charges | 65/66B | €1,332,330 | €29,589 | -€1.3m | -97.8% |
| Recurring financial charges | 65 | €1,332,330 | €29,589 | -€1.3m | -97.8% |
| Profit (loss) for the period before taxes | 9903 | €8,349,022 | €842,999 | -€7.5m | -89.9% |
| Income taxes | 67/77 | €2,060,635 | €210,750 | -€1.8m | -89.8% |
| Profit (loss) for the period | 9904 | €6,288,387 | €632,249 | -€5.7m | -89.9% |
| Transfer to tax-exempt reserves | 689 | €997,770 | €0 | -€997,770 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €5,290,617 | €632,249 | -€4.7m | -88.0% |
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 16 October 2026 via checked.be.