DE WINNING: 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.
DE WINNING
Largest movements
- Cash +€64,438
up €64,438 (+303%), from €21,233 to €85,670
mainly Net result for the year (+€44,814) and Receivables within one year (+€41,767)
- Receivables within one year -€41,767
down €41,767 (-27.6%), from €151,327 to €109,560
of which Other amounts receivable: -€37,994
- Current investments -€40,000
no longer reported in 2025 (was €40,000)
- Tangible fixed assets -€4,637
down €4,637 (-3.2%), from €143,003 to €138,366
- Reserves -€18,302
down €18,302 (-6.7%), from €274,175 to €255,872
of which Distributable reserves: -€18,302
- Trade debts -€4,532
down €4,532 (-97.1%), from €4,667 to €135
No income-statement line moved by more than 1% of the activity.
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 | €359,910 | €338,428 | -€21,482 | -6.0% |
| Fixed assets | 21/28 | €143,003 | €138,366 | -€4,637 | -3.2% |
| Tangible fixed assets | 22/27 | €143,003 | €138,366 | -€4,637 | -3.2% |
| Land and buildings | 22 | €143,003 | €138,366 | -€4,637 | -3.2% |
| Current assets | 29/58 | €216,907 | €200,062 | -€16,845 | -7.8% |
| Amounts receivable within one year | 40/41 | €151,327 | €109,560 | -€41,767 | -27.6% |
| Trade receivables | 40 | €3,773 | - | -€3,773 | |
| Other amounts receivable | 41 | €147,554 | €109,560 | -€37,994 | -25.7% |
| Current investments | 50/53 | €40,000 | - | -€40,000 | |
| Cash at bank and in hand | 54/58 | €21,233 | €85,670 | +€64,438 | +303% |
| Deferred charges and accrued income | 490/1 | €4,347 | €4,832 | +€484 | +11.1% |
| Total equity and liabilities | 10/49 | €359,910 | €338,428 | -€21,482 | -6.0% |
| Equity | 10/15 | €336,148 | €317,845 | -€18,302 | -5.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €274,175 | €255,872 | -€18,302 | -6.7% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €267,977 | €249,675 | -€18,302 | -6.8% |
| Amounts payable | 17/49 | €23,762 | €20,582 | -€3,180 | -13.4% |
| Amounts payable within one year | 42/48 | €23,762 | €20,582 | -€3,180 | -13.4% |
| Trade debts | 44 | €4,667 | €135 | -€4,532 | -97.1% |
| Suppliers | 440/4 | €4,667 | €135 | -€4,532 | -97.1% |
| Taxes, remuneration and social security | 45 | €16,276 | €17,629 | +€1,352 | +8.3% |
| Taxes | 450/3 | €16,276 | €17,629 | +€1,352 | +8.3% |
| Other amounts payable | 47/48 | €2,818 | €2,818 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,522 | €4,637 | +€115 | +2.5% |
| Other operating charges | 640/8 | €5,628 | €5,929 | +€301 | +5.3% |
| Gross operating margin | 9900 | €68,143 | €68,256 | +€113 | +0.2% |
| Operating profit (loss) | 9901 | €57,993 | €57,690 | -€303 | -0.5% |
| Financial income | 75/76B | €8,275 | €8,207 | -€68 | -0.8% |
| Recurring financial income | 75 | €8,275 | €8,207 | -€68 | -0.8% |
| Financial charges | 65/66B | €146 | €164 | +€18 | +12.3% |
| Recurring financial charges | 65 | €146 | €164 | +€18 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €66,121 | €65,733 | -€389 | -0.6% |
| Income taxes | 67/77 | €21,082 | €20,919 | -€163 | -0.8% |
| Profit (loss) for the period | 9904 | €45,039 | €44,814 | -€225 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,039 | €44,814 | -€225 | -0.5% |
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 17 October 2026 via checked.be.