CONDOR ret: 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 ret
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+114036.9%), from €1,265 to €1.4m
of which Land and buildings: +€1.4m
- Cash -€211,731
down €211,731 (-84.2%), from €251,560 to €39,828
mainly Investment in fixed assets (net) (-€1.6m) and Trade debts (-€69,884)
- Receivables within one year +€68,762
up €68,762 (+149.6%), from €45,969 to €114,732
of which Other amounts receivable: +€78,866
- Debts after one year +€1.3m
new in 2025: €1.3m
- Trade debts -€69,884
down €69,884 (-98.5%), from €70,967 to €1,083
- Advances received +€58,080
new in 2025: €58,080
- Current portion of long-term debt +€23,103
new in 2025: €23,103
- Depreciation +€196,016
up €196,016 (+23046.8%), from €851 to €196,866
- Gross operating margin +€109,124
up €109,124 (+109.5%), from €99,637 to €208,761
- Taxes -€27,980
down €27,980 (-93.3%), from €29,974 to €1,995
- Financial charges +€5,666
up €5,666 (+1799.9%), from €315 to €5,981
of which Financial charges: +€5,666
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.
Cash bridge derived
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 | €298,794 | €1,601,102 | +€1.3m | +435.9% |
| Fixed assets | 21/28 | €1,265 | €1,444,323 | +€1.4m | +114036.9% |
| Tangible fixed assets | 22/27 | €1,265 | €1,444,323 | +€1.4m | +114036.9% |
| Land and buildings | 22 | - | €1,443,836 | +€1.4m | |
| Furniture and vehicles | 24 | €1,265 | €487 | -€779 | -61.5% |
| Current assets | 29/58 | €297,529 | €156,779 | -€140,750 | -47.3% |
| Amounts receivable within one year | 40/41 | €45,969 | €114,732 | +€68,762 | +149.6% |
| Trade receivables | 40 | €34,725 | €24,621 | -€10,104 | -29.1% |
| Other amounts receivable | 41 | €11,244 | €90,111 | +€78,866 | +701.4% |
| Cash at bank and in hand | 54/58 | €251,560 | €39,828 | -€211,731 | -84.2% |
| Deferred charges and accrued income | 490/1 | - | €2,219 | +€2,219 | |
| Total equity and liabilities | 10/49 | €298,794 | €1,601,102 | +€1.3m | +435.9% |
| Equity | 10/15 | €204,504 | €208,224 | +€3,720 | +1.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €199,504 | €203,224 | +€3,720 | +1.9% |
| Distributable reserves | 133 | €199,504 | €203,224 | +€3,720 | +1.9% |
| Amounts payable | 17/49 | €94,290 | €1,392,878 | +€1.3m | +1377.2% |
| Amounts payable after more than one year | 17 | - | €1,280,007 | +€1.3m | |
| Financial debts | 170/4 | - | €1,280,007 | +€1.3m | |
| Amounts payable within one year | 42/48 | €94,290 | €112,871 | +€18,580 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | - | €23,103 | +€23,103 | |
| Trade debts | 44 | €70,967 | €1,083 | -€69,884 | -98.5% |
| Suppliers | 440/4 | €70,967 | €1,083 | -€69,884 | -98.5% |
| Advances received on contracts in progress | 46 | - | €58,080 | +€58,080 | |
| Taxes, remuneration and social security | 45 | €4,073 | €18,323 | +€14,251 | +349.9% |
| Taxes | 450/3 | €4,073 | €18,323 | +€14,251 | +349.9% |
| Other amounts payable | 47/48 | €19,250 | €12,281 | -€6,969 | -36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €851 | €196,866 | +€196,016 | +23046.8% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €99,637 | €208,761 | +€109,124 | +109.5% |
| Operating profit (loss) | 9901 | €98,787 | €11,496 | -€87,291 | -88.4% |
| Financial income | 75/76B | - | €200 | +€200 | |
| Recurring financial income | 75 | - | €200 | +€200 | |
| Non-recurring financial income | 76B | - | €200 | +€200 | |
| Financial charges | 65/66B | €315 | €5,981 | +€5,666 | +1799.9% |
| Recurring financial charges | 65 | €315 | €5,981 | +€5,666 | +1799.9% |
| Non-recurring financial charges | 66B | €0 | €0 | +€0 | +3800.0% |
| Profit (loss) for the period before taxes | 9903 | €98,472 | €5,715 | -€92,757 | -94.2% |
| Income taxes | 67/77 | €29,974 | €1,995 | -€27,980 | -93.3% |
| Profit (loss) for the period | 9904 | €68,498 | €3,720 | -€64,778 | -94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,498 | €3,720 | -€64,778 | -94.6% |
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 5 October 2026 via checked.be.