CONDOR DEVELOPMENT: 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.
CONDOR DEVELOPMENT
Largest movements
- Receivables within one year -€329,634
down €329,634 (-98.1%), from €336,013 to €6,379
of which Trade receivables: -€293,002
- Cash -€95,517
down €95,517 (-15.2%), from €626,685 to €531,168
mainly Net result for the year (-€215,227) and Trade debts (-€129,081)
- Tangible fixed assets -€60,701
down €60,701 (-19.4%), from €312,720 to €252,019
of which Other tangible fixed assets: -€40,434
- Profit (loss) carried forward -€215,227
down €215,227 (-28.4%), from €757,288 to €542,062
- Trade debts -€129,081
down €129,081 (-85.3%), from €151,304 to €22,223
- Other debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Debts after one year -€41,840
down €41,840 (-27.8%), from €150,303 to €108,463
of which Financial debts: -€41,840
- Turnover -€1.9m
no longer reported in 2026 (was €1.9m)
- Purchases and services -€1.6m
no longer reported in 2026 (was €1.6m)
- Gross operating margin -€489,266
down €489,266, from €457,653 to -€31,614
- Taxes -€55,614
down €55,614 (-99.4%), from €55,924 to €310
- Staff costs +€29,148
up €29,148 (+34.0%), from €85,761 to €114,909
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,292,963 | €805,588 | -€487,374 | -37.7% |
| Fixed assets | 21/28 | €318,720 | €258,019 | -€60,701 | -19.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €312,720 | €252,019 | -€60,701 | -19.4% |
| Land and buildings | 22 | €23,157 | €22,448 | -€709 | -3.1% |
| Plant, machinery and equipment | 23 | €4,571 | €3,462 | -€1,109 | -24.3% |
| Furniture and vehicles | 24 | €10,406 | €4,490 | -€5,917 | -56.9% |
| Leasing and similar rights | 25 | €53,941 | €41,409 | -€12,532 | -23.2% |
| Other tangible fixed assets | 26 | €220,645 | €180,211 | -€40,434 | -18.3% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €974,243 | €547,569 | -€426,673 | -43.8% |
| Amounts receivable within one year | 40/41 | €336,013 | €6,379 | -€329,634 | -98.1% |
| Trade receivables | 40 | €298,074 | €5,072 | -€293,002 | -98.3% |
| Other amounts receivable | 41 | €37,939 | €1,307 | -€36,633 | -96.6% |
| Cash at bank and in hand | 54/58 | €626,685 | €531,168 | -€95,517 | -15.2% |
| Deferred charges and accrued income | 490/1 | €11,545 | €10,022 | -€1,522 | -13.2% |
| Total equity and liabilities | 10/49 | €1,292,963 | €805,588 | -€487,374 | -37.7% |
| Equity | 10/15 | €777,748 | €562,522 | -€215,227 | -27.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €757,288 | €542,062 | -€215,227 | -28.4% |
| Amounts payable | 17/49 | €515,214 | €243,067 | -€272,148 | -52.8% |
| Amounts payable after more than one year | 17 | €150,303 | €108,463 | -€41,840 | -27.8% |
| Financial debts | 170/4 | €150,003 | €108,163 | -€41,840 | -27.9% |
| Other amounts payable | 178/9 | €300 | €300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €362,250 | €131,943 | -€230,308 | -63.6% |
| Current portion of amounts payable after more than one year | 42 | €39,698 | €41,159 | +€1,462 | +3.7% |
| Trade debts | 44 | €151,304 | €22,223 | -€129,081 | -85.3% |
| Suppliers | 440/4 | €151,304 | €22,223 | -€129,081 | -85.3% |
| Taxes, remuneration and social security | 45 | €71,248 | €68,560 | -€2,688 | -3.8% |
| Taxes | 450/3 | €60,830 | €62,243 | +€1,413 | +2.3% |
| Remuneration and social security | 454/9 | €10,418 | €6,317 | -€4,102 | -39.4% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,661 | €2,661 | = | 0.0% |
| Turnover | 70 | €1,915,134 | - | -€1.9m | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,583,948 | - | -€1.6m | |
| Remuneration, social security and pensions | 62 | €85,761 | €114,909 | +€29,148 | +34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,229 | €61,972 | -€1,257 | -2.0% |
| Other operating charges | 640/8 | €6,802 | €2,420 | -€4,382 | -64.4% |
| Gross operating margin | 9900 | €457,653 | -€31,614 | -€489,266 | |
| Operating profit (loss) | 9901 | €301,861 | -€210,914 | -€512,776 | |
| Financial income | 75/76B | €4,408 | €2,699 | -€1,710 | -38.8% |
| Recurring financial income | 75 | €4,408 | €2,699 | -€1,710 | -38.8% |
| Financial charges | 65/66B | €6,874 | €6,701 | -€173 | -2.5% |
| Recurring financial charges | 65 | €6,874 | €6,701 | -€173 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €299,396 | -€214,917 | -€514,312 | |
| Income taxes | 67/77 | €55,924 | €310 | -€55,614 | -99.4% |
| Profit (loss) for the period | 9904 | €243,472 | -€215,227 | -€458,698 | |
| Profit (loss) for the period to be appropriated | 9905 | €243,472 | -€215,227 | -€458,698 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.