CONDOR FINCO: 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.
CONDOR FINCO
Largest movements
- Financial fixed assets +€15.0m
up €15.0m (+22.6%), from €66.6m to €81.7m
- Cash -€4.8m
down €4.8m (-63.3%), from €7.7m to €2.8m
mainly Investment in fixed assets (net) (-€15.0m) and Receivables within one year (-€244,224)
- Debts after one year +€9.6m
up €9.6m (+12.7%), from €75.6m to €85.2m
- Taxes -€954,741
down €954,741, from €952,227 to -€2,514
- Financial charges +€576,065
up €576,065 (+6.3%), from €9.1m to €9.7m
of which Financial charges: +€505,290
- Financial income +€486,508
up €486,508 (+5.1%), from €9.6m to €10.1m
- Gross operating margin +€55,691
up €55,691 (+96.7%), from €57,619 to €113,311
- Staff costs +€24,036
up €24,036 (+38.7%), from €62,103 to €86,139
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 | €75,528,469 | €85,993,328 | +€10.5m | +13.9% |
| Fixed assets | 21/28 | €66,622,008 | €81,667,535 | +€15.0m | +22.6% |
| Financial fixed assets | 28 | €66,622,008 | €81,667,535 | +€15.0m | +22.6% |
| Current assets | 29/58 | €8,906,461 | €4,325,794 | -€4.6m | -51.4% |
| Amounts receivable within one year | 40/41 | €1,234,502 | €1,478,726 | +€244,224 | +19.8% |
| Trade receivables | 40 | €743,227 | €870,512 | +€127,284 | +17.1% |
| Other amounts receivable | 41 | €491,275 | €608,214 | +€116,940 | +23.8% |
| Cash at bank and in hand | 54/58 | €7,661,502 | €2,815,237 | -€4.8m | -63.3% |
| Deferred charges and accrued income | 490/1 | €10,457 | €31,831 | +€21,374 | +204% |
| Total equity and liabilities | 10/49 | €75,528,469 | €85,993,328 | +€10.5m | +13.9% |
| Equity | 10/15 | -€200,445 | €745,253 | +€945,698 | |
| Contributions | 10/11 | €601,000 | €1,101,000 | +€500,000 | +83.2% |
| Profit (loss) carried forward | 14 | -€801,445 | -€355,747 | +€445,698 | +55.6% |
| Amounts payable | 17/49 | €75,728,914 | €85,248,075 | +€9.5m | +12.6% |
| Amounts payable after more than one year | 17 | €75,576,177 | €85,186,954 | +€9.6m | +12.7% |
| Financial debts | 170/4 | €75,576,177 | €85,186,954 | +€9.6m | +12.7% |
| Amounts payable within one year | 42/48 | €152,738 | €61,121 | -€91,617 | -60.0% |
| Trade debts | 44 | €296 | €9,406 | +€9,110 | +3,073% |
| Suppliers | 440/4 | €296 | €9,406 | +€9,110 | +3,073% |
| Taxes, remuneration and social security | 45 | €14,015 | €51,715 | +€37,700 | +269% |
| Remuneration and social security | 454/9 | €14,015 | €51,715 | +€37,700 | +269% |
| Other amounts payable | 47/48 | €138,426 | - | -€138,426 | |
| Remuneration, social security and pensions | 62 | €62,103 | €86,139 | +€24,036 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €0 | = | |
| Other operating charges | 640/8 | €968 | €1,927 | +€960 | +99.2% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €57,619 | €113,311 | +€55,691 | +96.7% |
| Operating profit (loss) | 9901 | -€5,451 | €25,245 | +€30,696 | |
| Financial income | 75/76B | €9,613,898 | €10,100,406 | +€486,508 | +5.1% |
| Recurring financial income | 75 | €9,613,898 | €10,100,406 | +€486,508 | +5.1% |
| Financial charges | 65/66B | €9,106,402 | €9,682,467 | +€576,065 | +6.3% |
| Recurring financial charges | 65 | €9,106,402 | €9,611,692 | +€505,290 | +5.5% |
| Non-recurring financial charges | 66B | - | €70,775 | +€70,775 | |
| Profit (loss) for the period before taxes | 9903 | €502,045 | €443,184 | -€58,861 | -11.7% |
| Income taxes | 67/77 | €952,227 | -€2,514 | -€954,741 | |
| Profit (loss) for the period | 9904 | -€450,182 | €445,698 | +€895,880 | |
| Profit (loss) for the period to be appropriated | 9905 | -€450,182 | €445,698 | +€895,880 |
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.