CONDES: what changed
Two fiscal 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.
CONDES
Largest movements
- Stocks and contracts +€209,364
up €209,364 (+4048.3%), from €5,172 to €214,536
of which Contracts in progress: +€214,536
- Receivables within one year -€75,859
down €75,859 (-12.6%), from €604,123 to €528,264
of which Trade receivables: -€74,658
- Cash -€74,110
down €74,110 (-16.5%), from €448,317 to €374,207
mainly Stocks and contracts (-€209,364) and Other debts (-€61,928)
- Tangible fixed assets +€18,990
up €18,990 (+16.4%), from €115,552 to €134,542
of which Furniture and vehicles: +€33,779
- Reserves +€156,220
up €156,220 (+17.9%), from €874,886 to €1.0m
of which Distributable reserves: +€156,220
- Other debts -€61,928
down €61,928 (-57.6%), from €107,602 to €45,674
- Tax, wage and social debts -€28,541
down €28,541 (-31.5%), from €90,489 to €61,948
of which Taxes: -€34,183
- Trade debts +€13,038
up €13,038 (+33.8%), from €38,570 to €51,608
- Gross operating margin -€105,940
down €105,940 (-14.3%), from €741,059 to €635,120
- Taxes -€28,879
down €28,879 (-30.0%), from €96,404 to €67,525
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,173,547 | €1,252,336 | +€78,789 | +6.7% |
| Fixed assets | 21/28 | €115,552 | €134,542 | +€18,990 | +16.4% |
| Tangible fixed assets | 22/27 | €115,552 | €134,542 | +€18,990 | +16.4% |
| Land and buildings | 22 | €94,519 | €81,031 | -€13,489 | -14.3% |
| Plant, machinery and equipment | 23 | €1,329 | €29 | -€1,300 | -97.8% |
| Furniture and vehicles | 24 | €19,704 | €53,483 | +€33,779 | +171.4% |
| Current assets | 29/58 | €1,057,996 | €1,117,794 | +€59,798 | +5.7% |
| Stocks and contracts in progress | 3 | €5,172 | €214,536 | +€209,364 | +4048.3% |
| Stocks | 30/36 | €5,172 | - | -€5,172 | |
| Contracts in progress | 37 | - | €214,536 | +€214,536 | |
| Amounts receivable within one year | 40/41 | €604,123 | €528,264 | -€75,859 | -12.6% |
| Trade receivables | 40 | €235,925 | €161,267 | -€74,658 | -31.6% |
| Other amounts receivable | 41 | €368,198 | €366,998 | -€1,201 | -0.3% |
| Cash at bank and in hand | 54/58 | €448,317 | €374,207 | -€74,110 | -16.5% |
| Deferred charges and accrued income | 490/1 | €384 | €786 | +€402 | +104.7% |
| Total equity and liabilities | 10/49 | €1,173,547 | €1,252,336 | +€78,789 | +6.7% |
| Equity | 10/15 | €936,886 | €1,093,106 | +€156,220 | +16.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €874,886 | €1,031,106 | +€156,220 | +17.9% |
| Non-distributable reserves | 130/1 | €24,024 | €24,024 | = | 0.0% |
| Legal reserve | 130 | €24,024 | €24,024 | = | 0.0% |
| Distributable reserves | 133 | €850,862 | €1,007,082 | +€156,220 | +18.4% |
| Amounts payable | 17/49 | €236,661 | €159,230 | -€77,431 | -32.7% |
| Amounts payable within one year | 42/48 | €236,661 | €159,230 | -€77,431 | -32.7% |
| Trade debts | 44 | €38,570 | €51,608 | +€13,038 | +33.8% |
| Suppliers | 440/4 | €38,570 | €51,608 | +€13,038 | +33.8% |
| Taxes, remuneration and social security | 45 | €90,489 | €61,948 | -€28,541 | -31.5% |
| Taxes | 450/3 | €90,489 | €56,307 | -€34,183 | -37.8% |
| Remuneration and social security | 454/9 | - | €5,642 | +€5,642 | |
| Other amounts payable | 47/48 | €107,602 | €45,674 | -€61,928 | -57.6% |
| Remuneration, social security and pensions | 62 | €351,012 | €345,309 | -€5,703 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,007 | €28,126 | +€4,119 | +17.2% |
| Other operating charges | 640/8 | €5,535 | €5,749 | +€214 | +3.9% |
| Gross operating margin | 9900 | €741,059 | €635,120 | -€105,940 | -14.3% |
| Operating profit (loss) | 9901 | €360,505 | €255,935 | -€104,570 | -29.0% |
| Financial income | 75/76B | €16,335 | €14,129 | -€2,207 | -13.5% |
| Recurring financial income | 75 | €16,335 | €14,129 | -€2,207 | -13.5% |
| Financial charges | 65/66B | €600 | €645 | +€45 | +7.5% |
| Recurring financial charges | 65 | €600 | €645 | +€45 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €376,240 | €269,419 | -€106,822 | -28.4% |
| Income taxes | 67/77 | €96,404 | €67,525 | -€28,879 | -30.0% |
| Profit (loss) for the period | 9904 | €279,836 | €201,894 | -€77,943 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €279,836 | €201,894 | -€77,943 | -27.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.