De Winning: 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.
De Winning
Largest movements
- Cash -€31,625
down €31,625 (-33.0%), from €95,957 to €64,332
mainly Other debts (-€39,939) and Debts after one year (-€12,295)
- Tangible fixed assets -€17,574
down €17,574 (-8.5%), from €206,130 to €188,556
of which Land and buildings: -€15,768
- Other debts -€39,939
down €39,939 (-99.1%), from €40,310 to €371
- Debts after one year -€12,295
down €12,295 (-9.0%), from €136,380 to €124,085
- Profit (loss) carried forward +€8,993
up €8,993 (+35.6%), from -€25,290 to -€16,298
- Advances received -€7,600
no longer reported in 2025 (was €7,600)
- Trade debts +€7,395
up €7,395 (+216.2%), from €3,420 to €10,815
of which Bills of exchange payable: +€6,800
- Financial income -€25,223
down €25,223 (-100.0%), from €25,234 to €10
of which Non-recurring financial income: -€25,222
- Gross operating margin +€7,284
up €7,284 (+26.1%), from €27,903 to €35,187
- Financial charges -€2,980
down €2,980 (-61.8%), from €4,825 to €1,845
- Depreciation +€463
up €463 (+2.1%), from €21,756 to €22,218
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 | €308,373 | €258,069 | -€50,305 | -16.3% |
| Fixed assets | 21/28 | €206,130 | €188,556 | -€17,574 | -8.5% |
| Tangible fixed assets | 22/27 | €206,130 | €188,556 | -€17,574 | -8.5% |
| Land and buildings | 22 | €199,831 | €184,063 | -€15,768 | -7.9% |
| Plant, machinery and equipment | 23 | €1,671 | €694 | -€976 | -58.4% |
| Furniture and vehicles | 24 | €4,629 | €3,799 | -€830 | -17.9% |
| Current assets | 29/58 | €102,243 | €69,512 | -€32,731 | -32.0% |
| Amounts receivable within one year | 40/41 | €6,286 | €5,180 | -€1,106 | -17.6% |
| Trade receivables | 40 | €1,172 | €4,464 | +€3,292 | +280.8% |
| Other amounts receivable | 41 | €5,114 | €716 | -€4,398 | -86.0% |
| Cash at bank and in hand | 54/58 | €95,957 | €64,332 | -€31,625 | -33.0% |
| Total equity and liabilities | 10/49 | €308,373 | €258,069 | -€50,305 | -16.3% |
| Equity | 10/15 | €99,710 | €108,702 | +€8,993 | +9.0% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,290 | -€16,298 | +€8,993 | +35.6% |
| Amounts payable | 17/49 | €208,664 | €149,366 | -€59,297 | -28.4% |
| Amounts payable after more than one year | 17 | €136,380 | €124,085 | -€12,295 | -9.0% |
| Financial debts | 170/4 | €136,380 | €124,085 | -€12,295 | -9.0% |
| Amounts payable within one year | 42/48 | €70,484 | €23,481 | -€47,003 | -66.7% |
| Current portion of amounts payable after more than one year | 42 | €12,155 | €12,295 | +€140 | +1.1% |
| Trade debts | 44 | €3,420 | €10,815 | +€7,395 | +216.2% |
| Suppliers | 440/4 | €3,420 | €4,015 | +€595 | +17.4% |
| Bills of exchange payable | 441 | - | €6,800 | +€6,800 | |
| Advances received on contracts in progress | 46 | €7,600 | - | -€7,600 | |
| Taxes, remuneration and social security | 45 | €6,998 | - | -€6,998 | |
| Taxes | 450/3 | €6,998 | - | -€6,998 | |
| Other amounts payable | 47/48 | €40,310 | €371 | -€39,939 | -99.1% |
| Accrued charges and deferred income | 492/3 | €1,800 | €1,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,756 | €22,218 | +€463 | +2.1% |
| Other operating charges | 640/8 | €2,261 | €2,141 | -€120 | -5.3% |
| Gross operating margin | 9900 | €27,903 | €35,187 | +€7,284 | +26.1% |
| Operating profit (loss) | 9901 | €3,887 | €10,828 | +€6,941 | +178.6% |
| Financial income | 75/76B | €25,234 | €10 | -€25,223 | -100.0% |
| Recurring financial income | 75 | €12 | €10 | -€2 | -15.0% |
| Non-recurring financial income | 76B | €25,222 | - | -€25,222 | |
| Financial charges | 65/66B | €4,825 | €1,845 | -€2,980 | -61.8% |
| Recurring financial charges | 65 | €4,825 | €1,845 | -€2,980 | -61.8% |
| Profit (loss) for the period before taxes | 9903 | €24,295 | €8,993 | -€15,302 | -63.0% |
| Profit (loss) for the period | 9904 | €24,295 | €8,993 | -€15,302 | -63.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,295 | €8,993 | -€15,302 | -63.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.