Test this: It will write result.txt with the results for each word.
@echo off
(
for /f "usebackq delims=" %%a in ("list.txt") do (
echo "File with word %%a:"
echo.
set "flag="
for /r "c:\folder" %%b in ("*%%a*") do (echo %%b&set flag=1)
if not defined flag echo No Matches
echo.
)
)>"result.txt"