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
- Tangible fixed assets +€89,064
up €89,064 (+17.3%), from €513,965 to €603,030
- Receivables within one year +€59,596
up €59,596 (+248%), from €24,004 to €83,600
of which Trade receivables: +€48,000
- Cash -€22,141
down €22,141 (-96.1%), from €23,033 to €892
mainly Investment in fixed assets (net) (-€101,919) and Receivables within one year (-€59,596)
- Other debts +€98,091
up €98,091 (+25.8%), from €380,004 to €478,095
- Reserves +€17,861
up €17,861 (+54.0%), from €33,068 to €50,929
of which Distributable reserves: +€16,884
- Trade debts +€13,342
up €13,342 (+136,700%), from €10 to €13,352
- Gross operating margin -€4,779
down €4,779 (-10.6%), from €45,177 to €40,398
- Depreciation +€3,052
up €3,052 (+31.1%), from €9,803 to €12,855
- Taxes -€2,775
down €2,775 (-24.0%), from €11,580 to €8,805
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 | €561,003 | €687,522 | +€126,519 | +22.6% |
| Fixed assets | 21/28 | €513,965 | €603,030 | +€89,064 | +17.3% |
| Tangible fixed assets | 22/27 | €513,965 | €603,030 | +€89,064 | +17.3% |
| Land and buildings | 22 | €513,965 | €603,030 | +€89,064 | +17.3% |
| Current assets | 29/58 | €47,038 | €84,492 | +€37,455 | +79.6% |
| Amounts receivable within one year | 40/41 | €24,004 | €83,600 | +€59,596 | +248% |
| Trade receivables | 40 | €24,000 | €72,000 | +€48,000 | +200% |
| Other amounts receivable | 41 | €4 | €11,600 | +€11,596 | +260,574% |
| Cash at bank and in hand | 54/58 | €23,033 | €892 | -€22,141 | -96.1% |
| Total equity and liabilities | 10/49 | €561,003 | €687,522 | +€126,519 | +22.6% |
| Equity | 10/15 | €169,409 | €187,270 | +€17,861 | +10.5% |
| Contributions | 10/11 | €136,341 | €136,341 | = | 0.0% |
| Capital | 10 | €136,341 | €136,341 | = | 0.0% |
| Issued capital | 100 | €136,341 | €136,341 | = | 0.0% |
| Reserves | 13 | €33,068 | €50,929 | +€17,861 | +54.0% |
| Non-distributable reserves | 130/1 | €1,826 | €2,804 | +€977 | +53.5% |
| Legal reserve | 130 | €1,826 | €2,804 | +€977 | +53.5% |
| Distributable reserves | 133 | €31,241 | €48,125 | +€16,884 | +54.0% |
| Amounts payable | 17/49 | €391,594 | €500,252 | +€108,658 | +27.7% |
| Amounts payable within one year | 42/48 | €391,594 | €500,252 | +€108,658 | +27.7% |
| Trade debts | 44 | €10 | €13,352 | +€13,342 | +136,700% |
| Suppliers | 440/4 | €10 | €13,352 | +€13,342 | +136,700% |
| Taxes, remuneration and social security | 45 | €11,580 | €8,805 | -€2,775 | -24.0% |
| Taxes | 450/3 | €11,580 | €8,805 | -€2,775 | -24.0% |
| Other amounts payable | 47/48 | €380,004 | €478,095 | +€98,091 | +25.8% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,803 | €12,855 | +€3,052 | +31.1% |
| Other operating charges | 640/8 | €803 | €836 | +€33 | +4.1% |
| Gross operating margin | 9900 | €45,177 | €40,398 | -€4,779 | -10.6% |
| Operating profit (loss) | 9901 | €34,571 | €26,707 | -€7,865 | -22.7% |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €34,532 | €26,666 | -€7,866 | -22.8% |
| Income taxes | 67/77 | €11,580 | €8,805 | -€2,775 | -24.0% |
| Profit (loss) for the period | 9904 | €22,952 | €17,861 | -€5,091 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,952 | €17,861 | -€5,091 | -22.2% |
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 28 October 2026 via checked.be.