De Winter -De Pauw: what changed
De Winter -De Pauw
Largest movements
- Receivables within one year +€89,630
up €89,630 (+342%), from €26,222 to €115,852
of which Other amounts receivable: +€97,633
- Cash +€51,798
up €51,798 (+39.6%), from €130,759 to €182,557
mainly Net result for the year (+€136,986) and Tax, wage and social debts (+€32,909)
- Tangible fixed assets -€29,060
down €29,060 (-28.7%), from €101,387 to €72,327
of which Furniture and vehicles: -€15,321
- Receivables after one year -€24,000
down €24,000 (-100%), from €24,000 to €0
- Financial fixed assets +€4,500
new in 2025: €4,500
- Reserves +€136,986
up €136,986 (+104%), from €131,711 to €268,697
of which Distributable reserves: +€136,986
- Trade debts -€39,885
down €39,885 (-40.8%), from €97,862 to €57,977
- Current portion of long-term debt -€33,672
down €33,672 (-84.6%), from €39,821 to €6,150
- Tax, wage and social debts +€32,909
up €32,909 (+88.9%), from €37,037 to €69,946
of which Taxes: +€31,028
- Debts after one year -€4,614
down €4,614 (-100%), from €4,614 to €0
- Gross operating margin +€148,162
up €148,162 (+55.5%), from €267,031 to €415,192
- Taxes +€48,585
up €48,585 (+372%), from €13,053 to €61,638
- Depreciation -€11,066
down €11,066 (-33.9%), from €32,690 to €21,624
- Staff costs +€6,627
up €6,627 (+3.6%), from €183,132 to €189,759
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €338,316 | €426,706 | +€88,390 | +26.1% |
| Fixed assets | 21/28 | €101,387 | €76,827 | -€24,560 | -24.2% |
| Tangible fixed assets | 22/27 | €101,387 | €72,327 | -€29,060 | -28.7% |
| Land and buildings | 22 | €1,114 | €0 | -€1,114 | -100% |
| Plant, machinery and equipment | 23 | €13,013 | €7,894 | -€5,119 | -39.3% |
| Furniture and vehicles | 24 | €79,754 | €64,433 | -€15,321 | -19.2% |
| Assets under construction and advance payments | 27 | €7,506 | €0 | -€7,506 | -100% |
| Financial fixed assets | 28 | - | €4,500 | +€4,500 | |
| Current assets | 29/58 | €236,929 | €349,878 | +€112,950 | +47.7% |
| Amounts receivable after more than one year | 29 | €24,000 | €0 | -€24,000 | -100% |
| Other amounts receivable | 291 | €24,000 | €0 | -€24,000 | -100% |
| Stocks and contracts in progress | 3 | €33,616 | €30,172 | -€3,444 | -10.2% |
| Stocks | 30/36 | €33,616 | €30,172 | -€3,444 | -10.2% |
| Amounts receivable within one year | 40/41 | €26,222 | €115,852 | +€89,630 | +342% |
| Trade receivables | 40 | €23,445 | €15,442 | -€8,003 | -34.1% |
| Other amounts receivable | 41 | €2,777 | €100,410 | +€97,633 | +3,515% |
| Current investments | 50/53 | €13,809 | €13,895 | +€85 | +0.6% |
| Cash at bank and in hand | 54/58 | €130,759 | €182,557 | +€51,798 | +39.6% |
| Deferred charges and accrued income | 490/1 | €8,523 | €7,403 | -€1,120 | -13.1% |
| Total equity and liabilities | 10/49 | €338,316 | €426,706 | +€88,390 | +26.1% |
| Equity | 10/15 | €154,936 | €291,922 | +€136,986 | +88.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €131,711 | €268,697 | +€136,986 | +104% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €129,711 | €266,697 | +€136,986 | +106% |
| Profit (loss) carried forward | 14 | €3,225 | €3,225 | = | 0.0% |
| Amounts payable | 17/49 | €183,380 | €134,784 | -€48,597 | -26.5% |
| Amounts payable after more than one year | 17 | €4,614 | €0 | -€4,614 | -100% |
| Financial debts | 170/4 | €4,614 | €0 | -€4,614 | -100% |
| Amounts payable within one year | 42/48 | €177,888 | €134,073 | -€43,815 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €39,821 | €6,150 | -€33,672 | -84.6% |
| Trade debts | 44 | €97,862 | €57,977 | -€39,885 | -40.8% |
| Suppliers | 440/4 | €97,862 | €57,977 | -€39,885 | -40.8% |
| Taxes, remuneration and social security | 45 | €37,037 | €69,946 | +€32,909 | +88.9% |
| Taxes | 450/3 | €5,700 | €36,728 | +€31,028 | +544% |
| Remuneration and social security | 454/9 | €31,337 | €33,219 | +€1,881 | +6.0% |
| Other amounts payable | 47/48 | €3,168 | €0 | -€3,168 | -100% |
| Accrued charges and deferred income | 492/3 | €878 | €711 | -€167 | -19.1% |
| Non-recurring operating income | 76A | - | €79,401 | +€79,401 | |
| Remuneration, social security and pensions | 62 | €183,132 | €189,759 | +€6,627 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,690 | €21,624 | -€11,066 | -33.9% |
| Other operating charges | 640/8 | €5,874 | €5,442 | -€432 | -7.4% |
| Gross operating margin | 9900 | €267,031 | €415,192 | +€148,162 | +55.5% |
| Operating profit (loss) | 9901 | €45,334 | €198,367 | +€153,032 | +338% |
| Financial income | 75/76B | €914 | €2,296 | +€1,382 | +151% |
| Recurring financial income | 75 | €914 | €2,296 | +€1,382 | +151% |
| Financial charges | 65/66B | €1,931 | €2,038 | +€108 | +5.6% |
| Recurring financial charges | 65 | €1,931 | €2,038 | +€108 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €44,318 | €198,624 | +€154,306 | +348% |
| Income taxes | 67/77 | €13,053 | €61,638 | +€48,585 | +372% |
| Profit (loss) for the period | 9904 | €31,265 | €136,986 | +€105,721 | +338% |
| Profit (loss) for the period to be appropriated | 9905 | €31,265 | €136,986 | +€105,721 | +338% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.