CONDOR BIDCO: 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.
What changed
CONDOR BIDCO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6.3m
2024 · -€4.9m-€1.4m
Equity
€124.9m
2024 · €131.2m-€6.3m
Cash
€125,244
2024 · €73,743+€51,502
Balance sheet total
€178.2m
2024 · €170.2m+€8.1m
Largest movements
Assets
- Financial fixed assets +€7.7m
up €7.7m (+4.6%), from €167.8m to €175.6m
Equity and liabilities
- Debts after one year +€9.8m
up €9.8m (+25.5%), from €38.3m to €48.1m
- Profit (loss) carried forward -€6.3m
down €6.3m (-25.9%), from -€24.2m to -€30.5m
- Other debts +€4.6m
up €4.6m (+1,041%), from €445,719 to €5.1m
Income statement
- Turnover -€1.7m
down €1.7m (-71.6%), from €2.4m to €678,676
- Services and other goods -€764,711
down €764,711 (-40.3%), from €1.9m to €1.1m
- Financial charges +€413,425
up €413,425 (+8.5%), from €4.9m to €5.3m
of which Financial charges: +€398,874
- Staff costs +€35,205
up €35,205 (+37.6%), from €93,695 to €128,899
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.
Result 2024
-€4.9m
Turnover
-€1.7m
Other operating income
+€7,067
Services and other goods
+€764,711
Staff costs
-€35,205
Other operating charges
-€12,640
Financial income
+€1,786
Financial charges
-€413,425
Result 2025
-€6.3m
raises the resultlowers the result
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.
From operations
-€2.0m
Investment
-€7.7m
Financing
+€9.8m
Cash 2024
€73,743
From operations (derived)
-€2.0m
Net result for the year
-€6.3m
Depreciation
+€403,904
Receivables within one year
-€694,188
Smaller working-capital items
+€5,150
Tax, wage and social debts
-€32,304
Other debts
+€4.6m
Accrued charges and deferred income
-€25,701
Investment (derived)
-€7.7m
Investment in fixed assets (net)
-€7.7m
Financing
+€9.8m
Debts after one year
+€9.8m
Cash 2025
€125,244
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,152,342 | €178,233,685 | +€8.1m | +4.7% |
| Formation expenses | 20 | €417,182 | €303,326 | -€113,856 | -27.3% |
| Fixed assets | 21/28 | €168,152,546 | €175,601,673 | +€7.4m | +4.4% |
| Intangible fixed assets | 21 | €338,389 | €48,341 | -€290,048 | -85.7% |
| Financial fixed assets | 28 | €167,814,156 | €175,553,332 | +€7.7m | +4.6% |
| Affiliated companies | 280/1 | €167,814,156 | €175,553,332 | +€7.7m | +4.6% |
| Participating interests | 280 | €167,814,156 | €175,553,332 | +€7.7m | +4.6% |
| Current assets | 29/58 | €1,582,615 | €2,328,686 | +€746,071 | +47.1% |
| Amounts receivable within one year | 40/41 | €1,508,872 | €2,203,060 | +€694,188 | +46.0% |
| Trade receivables | 40 | €1,138,216 | €2,199,006 | +€1.1m | +93.2% |
| Other amounts receivable | 41 | €370,656 | €4,054 | -€366,602 | -98.9% |
| Cash at bank and in hand | 54/58 | €73,743 | €125,244 | +€51,502 | +69.8% |
| Deferred charges and accrued income | 490/1 | €0 | €382 | +€382 | |
| Total equity and liabilities | 10/49 | €170,152,342 | €178,233,685 | +€8.1m | +4.7% |
| Equity | 10/15 | €131,213,151 | €124,949,755 | -€6.3m | -4.8% |
| Contributions | 10/11 | €155,424,725 | €155,424,725 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,211,574 | -€30,474,971 | -€6.3m | -25.9% |
| Amounts payable | 17/49 | €38,939,191 | €53,283,931 | +€14.3m | +36.8% |
| Amounts payable after more than one year | 17 | €38,325,054 | €48,083,596 | +€9.8m | +25.5% |
| Financial debts | 170/4 | €38,325,054 | €48,083,596 | +€9.8m | +25.5% |
| Other loans | 174 | €38,325,054 | €48,083,596 | +€9.8m | +25.5% |
| Amounts payable within one year | 42/48 | €588,149 | €5,200,048 | +€4.6m | +784% |
| Trade debts | 44 | €27,635 | €33,166 | +€5,531 | +20.0% |
| Suppliers | 440/4 | €27,635 | €33,166 | +€5,531 | +20.0% |
| Taxes, remuneration and social security | 45 | €114,796 | €82,492 | -€32,304 | -28.1% |
| Taxes | 450/3 | €30,624 | €9,110 | -€21,514 | -70.3% |
| Remuneration and social security | 454/9 | €84,171 | €73,382 | -€10,789 | -12.8% |
| Other amounts payable | 47/48 | €445,719 | €5,084,390 | +€4.6m | +1,041% |
| Accrued charges and deferred income | 492/3 | €25,988 | €287 | -€25,701 | -98.9% |
| Operating income | 70/76A | €2,389,512 | €689,103 | -€1.7m | -71.2% |
| Turnover | 70 | €2,386,152 | €678,676 | -€1.7m | -71.6% |
| Other operating income | 74 | €3,360 | €10,427 | +€7,067 | +210% |
| Operating charges | 60/66A | €2,397,814 | €1,680,947 | -€716,867 | -29.9% |
| Services and other goods | 61 | €1,899,657 | €1,134,945 | -€764,711 | -40.3% |
| Remuneration, social security and pensions | 62 | €93,695 | €128,899 | +€35,205 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403,904 | €403,904 | = | 0.0% |
| Other operating charges | 640/8 | €559 | €13,199 | +€12,640 | +2,260% |
| Operating profit (loss) | 9901 | -€8,302 | -€991,845 | -€983,542 | -11,847% |
| Financial income | 75/76B | €378 | €2,164 | +€1,786 | +473% |
| Recurring financial income | 75 | €378 | €2,164 | +€1,786 | +473% |
| Other financial income | 752/9 | €378 | €2,164 | +€1,786 | +473% |
| Financial charges | 65/66B | €4,860,291 | €5,273,716 | +€413,425 | +8.5% |
| Recurring financial charges | 65 | €4,860,291 | €5,259,164 | +€398,874 | +8.2% |
| Debt charges | 650 | €4,860,291 | €5,259,164 | +€398,874 | +8.2% |
| Non-recurring financial charges | 66B | - | €14,552 | +€14,552 | |
| Profit (loss) for the period before taxes | 9903 | -€4,868,215 | -€6,263,396 | -€1.4m | -28.7% |
| Profit (loss) for the period | 9904 | -€4,868,215 | -€6,263,396 | -€1.4m | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,868,215 | -€6,263,396 | -€1.4m | -28.7% |
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 25 October 2026 via checked.be.