Archive
All ConradReport.com articles, newest first.
October 2026
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The Dobruška family brewery has less room for losses than it seems
The family brewery from Dobruška lost CZK 2.6m in 2025 although its owners funded 74.3% of its assets. Set against that loss, year-end cash of CZK 4.1m leaves much less room. A new owner and managing …
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Kayaku's Vsetín plant earned CZK 612m from operations and kept CZK 309m, and tax alone does not explain the gap
Kayaku Safety Systems Europe made CZK 612m in operating profit in the year to March 2026, yet only CZK 309m reached net profit. A large slice vanished between two lines of the income statement. The middle …
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Czechia · Media and entertainment
GLOBY earned a healthy profit in 2025 and reached the insolvency register before its accounts were filed
The Prague company kept 10.1% of its 2025 revenue as net profit, yet a bankruptcy proceeding appeared against it in October 2026. Its year-end cash was CZK 868k. The gap between profit and cash is the …
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A new board member joins Moravské kovárny after a net loss of CZK 29.8m
The Jihlava company cut its operating loss in 2025, yet its bottom line went from profit to loss. The answer sits below the operating line, and it changes how both years should be read.
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HBR Work Agency turned a profit in 2025 and faced an insolvency petition the following autumn
The Czech company closed 2025 with a healthy margin, then appeared in the insolvency register in October 2026. A profit and the ability to pay bills are different things. Here is why they can part ways …
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Bank of America earned USD 9.1bn in a quarter, but its equity grew by less than that in a whole year
Bank of America lifted net profit by 26.6% in the second quarter of 2026, yet equity covered a slightly smaller share of its balance sheet than a year earlier. Profit was strong, and most of it …
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Egde Consulting sold less in 2025 and still swung from a loss to a profit
Revenue at the Norwegian IT consultancy fell in 2025, yet a net loss turned into a net profit. The swing happened at the operating line, which is good news. Whether it is a new base or …
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Libertatem Healthcare doubled its revenue and ended the year owing more than it owns
The UK healthcare group grew revenue 101.5% and cut its operating loss, yet its equity fell to GBP -12.6m. The damage happened below the operating line. Here is how a better year in the business became …
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Why did Gariff Construction use GBP 3.3m of cash in a year it earned GBP 2.1m?
Revenue per employee at Gariff Construction rose 132.9% in the year to March 2026 while headcount fell. That looks like efficiency. In construction it often means the work, and its cost, moved to subcontractors, and the …
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NAY returned to an operating profit in 2025 that still does not pay its interest bill
NAY turned an operating profit in 2025 and still could not pay its lenders out of it. Operating profit of EUR 496k covered interest only 0.91×. A return to profit is not the same as paying …
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Since 2023 Epinova has grown its revenue by 18.3% a year on average
Revenue at the Oslo IT consultancy has grown fast for several years, and profit grew faster still in 2025. Equity and cash barely moved. When a growing company keeps none of its profit, the next owner …
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Hafslund's operations earned more in 2025 while its owners kept a thinner slice
Operating profit at the Oslo energy group rose much faster than net profit in 2025. Something between those two lines took a larger bite. Here is what usually sits in that gap, and how to measure …
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How the cost side turned Rikstens Säteri's loss into a SEK 343k profit
The Swedish company's revenue fell in the year to April 2026, yet a large loss became a small profit. When sales shrink and results improve, the explanation lies in costs or one-off items. One good year …
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How did TripleNine Vedde's equity shrink 49.2% in a profitable year?
The Norwegian company earned NOK 3.2m in 2025, and its equity still fell from NOK 402m to NOK 204m. Profit cannot explain a fall like that. The likeliest explanation is a payout to the owners, though …
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One bad year could wipe out the NOK 88.8m that owners of CTS Nordics hold
The Norwegian company finished 2025 holding NOK 1.5bn in cash, yet its owners' equity covered only 3.0% of the balance sheet. That gap raises the question of who really funds the business, and it suggests a …
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Sales at Alza.sk have risen each year since 2022 and reached EUR 621m
Microsoft, NVIDIA, Apple and Alza.sk all earned more in their latest periods. At Microsoft and Alza.sk, the cash line moved the other way. Here is what each company's accounts say, which number matters most, and the …
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Škoda Auto grew its profit at a steady pace in 2025, while its cash nearly doubled
Škoda Auto's own 2025 accounts show revenue and profit rising at an ordinary pace, while cash rose 91.7%. Profit and cash answer different questions, and this year shows how far apart they can drift. The piece …
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Nano Fibre UK sold a little more and its operating profit grew 41.7× as fast as its sales
Revenue at Nano Fibre UK rose 10.0% in the financial year ending May 2026, and operating profit rose 416.1%. That looks like a new business. It is the same business with a lever inside its costs, …
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Norsk Sjømat Stranda grew sales, held its margin and banked far more cash before a change of owner
Revenue at the Norwegian company rose 8.9% in 2025 and its margin barely moved. Its cash rose much faster, by 36.9%. The gap between a quiet income statement and a fuller till is the story, and …
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The owner of Agrofert ends 2025 with a stake CZK 4.6bn smaller
Revenue at the Czech group barely moved in 2025, yet net profit fell 68.0% and equity shrank in a year that still made money. On a margin this thin, small cost shifts hit profit hard, and …