CONRAD: 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.
CONRAD
Largest movements
- Receivables within one year +€58,060
up €58,060 (+41.3%), from €140,522 to €198,582
of which Trade receivables: +€59,605
- Tangible fixed assets -€5,107
down €5,107 (-7.5%), from €68,483 to €63,375
of which Plant, machinery and equipment: -€6,344
- Profit (loss) carried forward +€32,357
up €32,357 (+325.3%), from €9,945 to €42,302
- Tax, wage and social debts +€8,767
up €8,767 (+550.4%), from €1,593 to €10,360
- Other debts +€6,590
up €6,590 (+6.8%), from €97,459 to €104,049
- Gross operating margin +€28,887
up €28,887 (+69.1%), from €41,799 to €70,686
- Depreciation +€13,983
up €13,983 (+108.8%), from €12,851 to €26,834
- Taxes +€3,062
new in 2025: €3,062
- Financial charges +€1,874
up €1,874 (+31.1%), from €6,025 to €7,898
of which Financial charges: +€2,459
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 | €251,145 | €299,901 | +€48,756 | +19.4% |
| Fixed assets | 21/28 | €68,483 | €63,375 | -€5,107 | -7.5% |
| Tangible fixed assets | 22/27 | €68,483 | €63,375 | -€5,107 | -7.5% |
| Plant, machinery and equipment | 23 | €56,277 | €49,933 | -€6,344 | -11.3% |
| Furniture and vehicles | 24 | €12,206 | €13,443 | +€1,236 | +10.1% |
| Current assets | 29/58 | €182,663 | €236,526 | +€53,863 | +29.5% |
| Amounts receivable within one year | 40/41 | €140,522 | €198,582 | +€58,060 | +41.3% |
| Trade receivables | 40 | €101,502 | €161,107 | +€59,605 | +58.7% |
| Other amounts receivable | 41 | €39,020 | €37,475 | -€1,545 | -4.0% |
| Current investments | 50/53 | €28,756 | €28,756 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,017 | €4,997 | -€2,020 | -28.8% |
| Deferred charges and accrued income | 490/1 | €6,368 | €4,191 | -€2,177 | -34.2% |
| Total equity and liabilities | 10/49 | €251,145 | €299,901 | +€48,756 | +19.4% |
| Equity | 10/15 | €129,855 | €162,212 | +€32,357 | +24.9% |
| 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 | €57,909 | €57,909 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,956 | €34,956 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Own shares acquired | 1312 | €28,756 | €28,756 | = | 0.0% |
| Distributable reserves | 133 | €22,954 | €22,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,945 | €42,302 | +€32,357 | +325.3% |
| Amounts payable | 17/49 | €121,291 | €137,689 | +€16,399 | +13.5% |
| Amounts payable within one year | 42/48 | €118,901 | €135,056 | +€16,155 | +13.6% |
| Trade debts | 44 | €19,848 | €20,647 | +€799 | +4.0% |
| Suppliers | 440/4 | €19,848 | €20,647 | +€799 | +4.0% |
| Taxes, remuneration and social security | 45 | €1,593 | €10,360 | +€8,767 | +550.4% |
| Taxes | 450/3 | €1,593 | €10,360 | +€8,767 | +550.4% |
| Other amounts payable | 47/48 | €97,459 | €104,049 | +€6,590 | +6.8% |
| Accrued charges and deferred income | 492/3 | €2,390 | €2,634 | +€244 | +10.2% |
| Non-recurring operating income | 76A | €13,267 | - | -€13,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,851 | €26,834 | +€13,983 | +108.8% |
| Other operating charges | 640/8 | €541 | €556 | +€16 | +2.9% |
| Gross operating margin | 9900 | €41,799 | €70,686 | +€28,887 | +69.1% |
| Operating profit (loss) | 9901 | €28,407 | €43,295 | +€14,888 | +52.4% |
| Financial income | 75/76B | €27 | €22 | -€4 | -16.3% |
| Recurring financial income | 75 | €27 | €22 | -€4 | -16.3% |
| Financial charges | 65/66B | €6,025 | €7,898 | +€1,874 | +31.1% |
| Recurring financial charges | 65 | €5,440 | €7,898 | +€2,459 | +45.2% |
| Non-recurring financial charges | 66B | €585 | - | -€585 | |
| Profit (loss) for the period before taxes | 9903 | €22,409 | €35,419 | +€13,010 | +58.1% |
| Income taxes | 67/77 | - | €3,062 | +€3,062 | |
| Profit (loss) for the period | 9904 | €22,409 | €32,357 | +€9,948 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,409 | €32,357 | +€9,948 | +44.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.