DE WINTER: 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 WINTER
Largest movements
- Tangible fixed assets +€36,869
up €36,869 (+25.3%), from €145,903 to €182,772
of which Plant, machinery and equipment: +€25,040
- Cash +€19,213
up €19,213 (+9.5%), from €201,225 to €220,438
mainly Net result for the year (+€62,407) and Depreciation (+€42,906)
- Receivables within one year -€7,772
down €7,772 (-9.1%), from €85,145 to €77,373
of which Trade receivables: -€12,329
- Reserves +€62,000
up €62,000 (+40.2%), from €154,230 to €216,230
of which Distributable reserves: +€58,880
- Debts after one year -€8,250
down €8,250 (-34.5%), from €23,902 to €15,652
- Other debts -€5,937
down €5,937 (-46.0%), from €12,893 to €6,956
- Gross operating margin -€20,592
down €20,592 (-13.1%), from €157,498 to €136,905
- Taxes -€7,263
down €7,263 (-19.7%), from €36,906 to €29,644
- Depreciation +€3,651
up €3,651 (+9.3%), from €39,255 to €42,906
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 | €451,043 | €496,432 | +€45,389 | +10.1% |
| Fixed assets | 21/28 | €145,903 | €182,772 | +€36,869 | +25.3% |
| Tangible fixed assets | 22/27 | €145,903 | €182,772 | +€36,869 | +25.3% |
| Plant, machinery and equipment | 23 | €30,275 | €55,315 | +€25,040 | +82.7% |
| Furniture and vehicles | 24 | €115,628 | €127,456 | +€11,829 | +10.2% |
| Current assets | 29/58 | €305,140 | €313,660 | +€8,520 | +2.8% |
| Stocks and contracts in progress | 3 | €15,362 | €11,212 | -€4,151 | -27.0% |
| Stocks | 30/36 | €15,362 | €11,212 | -€4,151 | -27.0% |
| Amounts receivable within one year | 40/41 | €85,145 | €77,373 | -€7,772 | -9.1% |
| Trade receivables | 40 | €84,050 | €71,721 | -€12,329 | -14.7% |
| Other amounts receivable | 41 | €1,095 | €5,652 | +€4,556 | +416.0% |
| Cash at bank and in hand | 54/58 | €201,225 | €220,438 | +€19,213 | +9.5% |
| Deferred charges and accrued income | 490/1 | €3,408 | €4,638 | +€1,230 | +36.1% |
| Total equity and liabilities | 10/49 | €451,043 | €496,432 | +€45,389 | +10.1% |
| Equity | 10/15 | €367,669 | €430,076 | +€62,407 | +17.0% |
| Contributions | 10/11 | €212,328 | €212,328 | = | 0.0% |
| Capital | 10 | €212,328 | €212,328 | = | 0.0% |
| Issued capital | 100 | €212,328 | €212,328 | = | 0.0% |
| Reserves | 13 | €154,230 | €216,230 | +€62,000 | +40.2% |
| Non-distributable reserves | 130/1 | €16,130 | €19,251 | +€3,120 | +19.3% |
| Legal reserve | 130 | €16,130 | €19,251 | +€3,120 | +19.3% |
| Distributable reserves | 133 | €138,100 | €196,979 | +€58,880 | +42.6% |
| Profit (loss) carried forward | 14 | €1,111 | €1,518 | +€407 | +36.6% |
| Amounts payable | 17/49 | €83,374 | €66,356 | -€17,018 | -20.4% |
| Amounts payable after more than one year | 17 | €23,902 | €15,652 | -€8,250 | -34.5% |
| Other amounts payable | 178/9 | €23,902 | €15,652 | -€8,250 | -34.5% |
| Amounts payable within one year | 42/48 | €59,472 | €50,704 | -€8,768 | -14.7% |
| Trade debts | 44 | €5,536 | €7,316 | +€1,780 | +32.2% |
| Suppliers | 440/4 | €5,536 | €7,316 | +€1,780 | +32.2% |
| Taxes, remuneration and social security | 45 | €41,043 | €36,432 | -€4,612 | -11.2% |
| Taxes | 450/3 | €35,443 | €30,832 | -€4,612 | -13.0% |
| Remuneration and social security | 454/9 | €5,600 | €5,600 | = | 0.0% |
| Other amounts payable | 47/48 | €12,893 | €6,956 | -€5,937 | -46.0% |
| Non-recurring operating income | 76A | €14,113 | €0 | -€14,113 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,255 | €42,906 | +€3,651 | +9.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,496 | €0 | -€1,496 | -100.0% |
| Other operating charges | 640/8 | €1,502 | €2,235 | +€733 | +48.8% |
| Gross operating margin | 9900 | €157,498 | €136,905 | -€20,592 | -13.1% |
| Operating profit (loss) | 9901 | €115,245 | €91,764 | -€23,481 | -20.4% |
| Financial income | 75/76B | €812 | €363 | -€449 | -55.3% |
| Recurring financial income | 75 | €812 | €363 | -€449 | -55.3% |
| Financial charges | 65/66B | €82 | €77 | -€5 | -6.4% |
| Recurring financial charges | 65 | €82 | €77 | -€5 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €115,975 | €92,050 | -€23,925 | -20.6% |
| Income taxes | 67/77 | €36,906 | €29,644 | -€7,263 | -19.7% |
| Profit (loss) for the period | 9904 | €79,069 | €62,407 | -€16,662 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,069 | €62,407 | -€16,662 | -21.1% |
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 11 October 2026 via checked.be.