Cond'Or Projects: 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 Projects
Largest movements
- Stocks and contracts +€5.3m
up €5.3m (+82.9%), from €6.4m to €11.7m
- Receivables within one year +€2.5m
up €2.5m (+152%), from €1.7m to €4.2m
of which Other amounts receivable: +€4.0m
- Cash -€1.7m
down €1.7m (-74.5%), from €2.3m to €596,836
mainly Stocks and contracts (-€5.3m) and Short-term financial debts (-€3.1m)
- Advances received +€6.8m
up €6.8m (+153%), from €4.5m to €11.3m
- Other debts +€4.0m
up €4.0m, from €0 to €4.0m
- Short-term financial debts -€3.1m
down €3.1m (-100%), from €3.1m to €0
- Debts after one year -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Tax, wage and social debts -€782,606
down €782,606 (-100.0%), from €782,606 to €0
- Gross operating margin -€403,448
down €403,448 (-82.6%), from €488,591 to €85,143
- Financial charges -€260,627
down €260,627 (-51.7%), from €504,140 to €243,513
- Financial income +€131,003
up €131,003 (+949%), from €13,811 to €144,814
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 | €10,489,538 | €16,580,436 | +€6.1m | +58.1% |
| Fixed assets | 21/28 | €75,000 | €75,000 | = | 0.0% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €10,414,538 | €16,505,436 | +€6.1m | +58.5% |
| Stocks and contracts in progress | 3 | €6,419,660 | €11,742,929 | +€5.3m | +82.9% |
| Stocks | 30/36 | €6,419,660 | €11,742,929 | +€5.3m | +82.9% |
| Amounts receivable within one year | 40/41 | €1,651,712 | €4,165,671 | +€2.5m | +152% |
| Trade receivables | 40 | €1,651,712 | €203,025 | -€1.4m | -87.7% |
| Other amounts receivable | 41 | €0 | €3,962,646 | +€4.0m | |
| Cash at bank and in hand | 54/58 | €2,343,167 | €596,836 | -€1.7m | -74.5% |
| Total equity and liabilities | 10/49 | €10,489,538 | €16,580,436 | +€6.1m | +58.1% |
| Equity | 10/15 | €1,006,730 | €992,945 | -€13,785 | -1.4% |
| Contributions | 10/11 | €1,040,000 | €1,040,000 | = | 0.0% |
| Capital | 10 | €1,040,000 | €1,040,000 | = | 0.0% |
| Issued capital | 100 | €1,040,000 | €1,040,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,270 | -€47,055 | -€13,785 | -41.4% |
| Amounts payable | 17/49 | €9,482,809 | €15,587,491 | +€6.1m | +64.4% |
| Amounts payable after more than one year | 17 | €1,142,731 | €0 | -€1.1m | -100% |
| Other amounts payable | 178/9 | €1,142,731 | €0 | -€1.1m | -100% |
| Amounts payable within one year | 42/48 | €8,340,077 | €15,587,491 | +€7.2m | +86.9% |
| Financial debts | 43 | €3,069,910 | €0 | -€3.1m | -100% |
| Credit institutions | 430/8 | €3,069,910 | €0 | -€3.1m | -100% |
| Trade debts | 44 | €10,029 | €286,221 | +€276,192 | +2,754% |
| Suppliers | 440/4 | €10,029 | €286,221 | +€276,192 | +2,754% |
| Advances received on contracts in progress | 46 | €4,477,533 | €11,307,062 | +€6.8m | +153% |
| Taxes, remuneration and social security | 45 | €782,606 | €0 | -€782,606 | -100.0% |
| Taxes | 450/3 | €782,606 | €0 | -€782,606 | -100.0% |
| Other amounts payable | 47/48 | €0 | €3,994,209 | +€4.0m | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €2,196 | €228 | -€1,968 | -89.6% |
| Gross operating margin | 9900 | €488,591 | €85,143 | -€403,448 | -82.6% |
| Operating profit (loss) | 9901 | €486,395 | €84,915 | -€401,480 | -82.5% |
| Financial income | 75/76B | €13,811 | €144,814 | +€131,003 | +949% |
| Recurring financial income | 75 | €13,811 | €144,814 | +€131,003 | +949% |
| Financial charges | 65/66B | €504,140 | €243,513 | -€260,627 | -51.7% |
| Recurring financial charges | 65 | €504,140 | €243,513 | -€260,627 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,935 | -€13,785 | -€9,850 | -250% |
| Profit (loss) for the period | 9904 | -€3,935 | -€13,785 | -€9,850 | -250% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,935 | -€13,785 | -€9,850 | -250% |
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.