DE WINTER FINANCE: 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 FINANCE
Largest movements
- Current investments +€106,749
up €106,749 (+107%), from €100,122 to €206,871
- Cash -€93,891
down €93,891 (-58.7%), from €159,907 to €66,015
mainly Contributions, distributions and other (-€140,559) and Current investments (-€106,749)
- Tangible fixed assets -€25,234
down €25,234 (-15.8%), from €159,984 to €134,750
of which Furniture and vehicles: -€16,552
- Receivables within one year -€21,278
down €21,278 (-9.2%), from €231,150 to €209,872
of which Other amounts receivable: -€16,122
- Intangible fixed assets -€9,032
down €9,032 (-16.8%), from €53,791 to €44,759
- Reserves -€19,313
down €19,313 (-3.7%), from €524,292 to €504,978
of which Distributable reserves: -€19,313
- Other debts -€19,053
down €19,053 (-25.3%), from €75,178 to €56,124
- Trade debts +€13,497
up €13,497 (+625%), from €2,161 to €15,657
- Gross operating margin -€52,392
down €52,392 (-12.7%), from €413,131 to €360,739
- Taxes -€12,429
down €12,429 (-18.3%), from €68,068 to €55,639
- Staff costs -€11,718
down €11,718 (-8.1%), from €145,484 to €133,766
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 | €705,862 | €666,473 | -€39,389 | -5.6% |
| Fixed assets | 21/28 | €213,775 | €179,509 | -€34,266 | -16.0% |
| Intangible fixed assets | 21 | €53,791 | €44,759 | -€9,032 | -16.8% |
| Tangible fixed assets | 22/27 | €159,984 | €134,750 | -€25,234 | -15.8% |
| Plant, machinery and equipment | 23 | €95,432 | €86,750 | -€8,682 | -9.1% |
| Furniture and vehicles | 24 | €57,052 | €40,500 | -€16,552 | -29.0% |
| Other tangible fixed assets | 26 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €492,087 | €486,964 | -€5,123 | -1.0% |
| Amounts receivable within one year | 40/41 | €231,150 | €209,872 | -€21,278 | -9.2% |
| Trade receivables | 40 | €22,714 | €17,558 | -€5,156 | -22.7% |
| Other amounts receivable | 41 | €208,436 | €192,314 | -€16,122 | -7.7% |
| Current investments | 50/53 | €100,122 | €206,871 | +€106,749 | +107% |
| Cash at bank and in hand | 54/58 | €159,907 | €66,015 | -€93,891 | -58.7% |
| Deferred charges and accrued income | 490/1 | €908 | €4,206 | +€3,298 | +363% |
| Total equity and liabilities | 10/49 | €705,862 | €666,473 | -€39,389 | -5.6% |
| Equity | 10/15 | €536,700 | €517,386 | -€19,313 | -3.6% |
| Contributions | 10/11 | €12,408 | €12,408 | = | 0.0% |
| Reserves | 13 | €524,292 | €504,978 | -€19,313 | -3.7% |
| Non-distributable reserves | 130/1 | €2,480 | €2,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,480 | €2,480 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €479,712 | €460,398 | -€19,313 | -4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €169,162 | €149,087 | -€20,075 | -11.9% |
| Amounts payable after more than one year | 17 | €25,636 | €19,033 | -€6,603 | -25.8% |
| Financial debts | 170/4 | €25,636 | €19,033 | -€6,603 | -25.8% |
| Amounts payable within one year | 42/48 | €134,790 | €123,156 | -€11,634 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €6,330 | €6,603 | +€273 | +4.3% |
| Trade debts | 44 | €2,161 | €15,657 | +€13,497 | +625% |
| Suppliers | 440/4 | €2,161 | €15,657 | +€13,497 | +625% |
| Taxes, remuneration and social security | 45 | €51,122 | €44,771 | -€6,350 | -12.4% |
| Taxes | 450/3 | €23,588 | €19,137 | -€4,450 | -18.9% |
| Remuneration and social security | 454/9 | €27,534 | €25,634 | -€1,900 | -6.9% |
| Other amounts payable | 47/48 | €75,178 | €56,124 | -€19,053 | -25.3% |
| Accrued charges and deferred income | 492/3 | €8,737 | €6,898 | -€1,838 | -21.0% |
| Remuneration, social security and pensions | 62 | €145,484 | €133,766 | -€11,718 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,777 | €49,075 | +€298 | +0.6% |
| Other operating charges | 640/8 | €1,212 | €852 | -€360 | -29.7% |
| Gross operating margin | 9900 | €413,131 | €360,739 | -€52,392 | -12.7% |
| Operating profit (loss) | 9901 | €217,658 | €177,047 | -€40,612 | -18.7% |
| Financial income | 75/76B | €5,283 | €4,966 | -€317 | -6.0% |
| Recurring financial income | 75 | €5,283 | €4,966 | -€317 | -6.0% |
| Financial charges | 65/66B | €5,635 | €5,128 | -€507 | -9.0% |
| Recurring financial charges | 65 | €5,635 | €4,378 | -€1,257 | -22.3% |
| Non-recurring financial charges | 66B | - | €750 | +€750 | |
| Profit (loss) for the period before taxes | 9903 | €217,306 | €176,884 | -€40,422 | -18.6% |
| Income taxes | 67/77 | €68,068 | €55,639 | -€12,429 | -18.3% |
| Profit (loss) for the period | 9904 | €149,238 | €121,246 | -€27,993 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €149,238 | €121,246 | -€27,993 | -18.8% |
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 20 October 2026 via checked.be.