DE WINTER: 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 WINTER
Largest movements
- Cash +€90,837
up €90,837 (+45.7%), from €198,851 to €289,689
mainly Net result for the year (+€89,311) and Depreciation (+€82,068)
- Current investments +€63,605
up €63,605 (+31.8%), from €200,000 to €263,605
- Tangible fixed assets -€43,575
down €43,575 (-16.3%), from €266,774 to €223,199
of which Plant, machinery and equipment: -€56,433
- Receivables within one year -€23,100
down €23,100 (-4.1%), from €562,703 to €539,603
of which Other amounts receivable: -€44,603
- Reserves +€89,310
up €89,310 (+9.8%), from €915,762 to €1.0m
of which Distributable reserves: +€89,310
- Trade debts -€25,248
down €25,248 (-33.8%), from €74,774 to €49,526
- Accrued charges and deferred income +€20,575
up €20,575 (+70.0%), from €29,390 to €49,965
- Staff costs -€81,591
down €81,591 (-8.3%), from €983,572 to €901,981
- Gross operating margin -€34,865
down €34,865 (-3.0%), from €1.2m to €1.1m
- Taxes +€15,663
up €15,663 (+67.2%), from €23,308 to €38,970
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 | €1,443,089 | €1,526,942 | +€83,853 | +5.8% |
| Fixed assets | 21/28 | €267,262 | €223,687 | -€43,575 | -16.3% |
| Tangible fixed assets | 22/27 | €266,774 | €223,199 | -€43,575 | -16.3% |
| Land and buildings | 22 | €28,712 | €23,555 | -€5,157 | -18.0% |
| Plant, machinery and equipment | 23 | €195,008 | €138,574 | -€56,433 | -28.9% |
| Furniture and vehicles | 24 | €43,054 | €61,070 | +€18,015 | +41.8% |
| Financial fixed assets | 28 | €488 | €488 | = | 0.0% |
| Current assets | 29/58 | €1,175,828 | €1,303,256 | +€127,428 | +10.8% |
| Stocks and contracts in progress | 3 | €184,821 | €181,041 | -€3,780 | -2.0% |
| Stocks | 30/36 | €184,821 | €181,041 | -€3,780 | -2.0% |
| Amounts receivable within one year | 40/41 | €562,703 | €539,603 | -€23,100 | -4.1% |
| Trade receivables | 40 | €506,207 | €527,710 | +€21,503 | +4.2% |
| Other amounts receivable | 41 | €56,496 | €11,893 | -€44,603 | -78.9% |
| Current investments | 50/53 | €200,000 | €263,605 | +€63,605 | +31.8% |
| Cash at bank and in hand | 54/58 | €198,851 | €289,689 | +€90,837 | +45.7% |
| Deferred charges and accrued income | 490/1 | €29,453 | €29,318 | -€135 | -0.5% |
| Total equity and liabilities | 10/49 | €1,443,089 | €1,526,942 | +€83,853 | +5.8% |
| Equity | 10/15 | €938,420 | €1,027,730 | +€89,311 | +9.5% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €915,762 | €1,005,072 | +€89,310 | +9.8% |
| Non-distributable reserves | 130/1 | €27,268 | €27,268 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,268 | €27,268 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,163 | €56,163 | = | 0.0% |
| Distributable reserves | 133 | €832,331 | €921,641 | +€89,310 | +10.7% |
| Profit (loss) carried forward | 14 | €347 | €348 | +€1 | +0.2% |
| Amounts payable | 17/49 | €504,670 | €499,212 | -€5,458 | -1.1% |
| Amounts payable after more than one year | 17 | €79,131 | €68,237 | -€10,894 | -13.8% |
| Financial debts | 170/4 | €44,131 | €33,237 | -€10,894 | -24.7% |
| Other amounts payable | 178/9 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €396,149 | €381,010 | -€15,139 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €10,751 | €10,894 | +€143 | +1.3% |
| Trade debts | 44 | €74,774 | €49,526 | -€25,248 | -33.8% |
| Suppliers | 440/4 | €74,774 | €49,526 | -€25,248 | -33.8% |
| Taxes, remuneration and social security | 45 | €23,945 | €37,176 | +€13,231 | +55.3% |
| Taxes | 450/3 | €5,961 | €18,174 | +€12,213 | +204.9% |
| Remuneration and social security | 454/9 | €17,984 | €19,002 | +€1,018 | +5.7% |
| Other amounts payable | 47/48 | €286,679 | €283,414 | -€3,265 | -1.1% |
| Accrued charges and deferred income | 492/3 | €29,390 | €49,965 | +€20,575 | +70.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €983,572 | €901,981 | -€81,591 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,103 | €82,068 | -€2,036 | -2.4% |
| Other operating charges | 640/8 | €5,367 | €7,155 | +€1,788 | +33.3% |
| Gross operating margin | 9900 | €1,169,102 | €1,134,237 | -€34,865 | -3.0% |
| Operating profit (loss) | 9901 | €96,059 | €143,033 | +€46,974 | +48.9% |
| Financial income | 75/76B | €10,583 | €7,442 | -€3,141 | -29.7% |
| Recurring financial income | 75 | €10,583 | €7,442 | -€3,141 | -29.7% |
| Financial charges | 65/66B | €24,898 | €22,194 | -€2,704 | -10.9% |
| Recurring financial charges | 65 | €24,898 | €22,194 | -€2,704 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €81,744 | €128,281 | +€46,537 | +56.9% |
| Income taxes | 67/77 | €23,308 | €38,970 | +€15,663 | +67.2% |
| Profit (loss) for the period | 9904 | €58,437 | €89,311 | +€30,874 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,437 | €89,311 | +€30,874 | +52.8% |
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.