Dr De Winter Lindert: 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.
Dr De Winter Lindert
Largest movements
- Cash +€50,381
up €50,381 (+42.3%), from €119,163 to €169,544
mainly Other debts (+€347,736) and Net result for the year (+€98,114)
- Tangible fixed assets -€46,533
down €46,533 (-4.8%), from €960,759 to €914,226
of which Land and buildings: -€34,548
- Other debts +€347,736
new in 2025: €347,736
- Reserves -€311,206
down €311,206 (-76.0%), from €409,326 to €98,120
- Debts after one year -€51,276
down €51,276 (-7.9%), from €646,014 to €594,738
- Gross operating margin +€27,070
up €27,070 (+14.8%), from €183,283 to €210,354
- Taxes +€11,136
up €11,136 (+71.1%), from €15,662 to €26,798
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 | €1,118,208 | €1,117,465 | -€743 | -0.1% |
| Fixed assets | 21/28 | €960,759 | €914,226 | -€46,533 | -4.8% |
| Tangible fixed assets | 22/27 | €960,759 | €914,226 | -€46,533 | -4.8% |
| Land and buildings | 22 | €920,850 | €886,302 | -€34,548 | -3.8% |
| Furniture and vehicles | 24 | €39,908 | €27,924 | -€11,985 | -30.0% |
| Current assets | 29/58 | €157,450 | €203,239 | +€45,790 | +29.1% |
| Amounts receivable within one year | 40/41 | €29,559 | €21,346 | -€8,213 | -27.8% |
| Trade receivables | 40 | €325 | €8,897 | +€8,572 | +2,639% |
| Other amounts receivable | 41 | €29,234 | €12,449 | -€16,785 | -57.4% |
| Cash at bank and in hand | 54/58 | €119,163 | €169,544 | +€50,381 | +42.3% |
| Deferred charges and accrued income | 490/1 | €8,728 | €12,349 | +€3,622 | +41.5% |
| Total equity and liabilities | 10/49 | €1,118,208 | €1,117,465 | -€743 | -0.1% |
| Equity | 10/15 | €413,326 | €102,120 | -€311,206 | -75.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €409,326 | €98,120 | -€311,206 | -76.0% |
| Distributable reserves | 133 | €409,326 | €98,120 | -€311,206 | -76.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €704,883 | €1,015,345 | +€310,463 | +44.0% |
| Amounts payable after more than one year | 17 | €646,014 | €594,738 | -€51,276 | -7.9% |
| Financial debts | 170/4 | €646,014 | €594,738 | -€51,276 | -7.9% |
| Amounts payable within one year | 42/48 | €52,636 | €413,374 | +€360,738 | +685% |
| Current portion of amounts payable after more than one year | 42 | €49,444 | €51,276 | +€1,832 | +3.7% |
| Trade debts | 44 | €192 | €9,892 | +€9,700 | +5,044% |
| Suppliers | 440/4 | €192 | €9,892 | +€9,700 | +5,044% |
| Taxes, remuneration and social security | 45 | €3,000 | €4,470 | +€1,470 | +49.0% |
| Taxes | 450/3 | €3,000 | €4,470 | +€1,470 | +49.0% |
| Other amounts payable | 47/48 | - | €347,736 | +€347,736 | |
| Accrued charges and deferred income | 492/3 | €6,233 | €7,234 | +€1,001 | +16.1% |
| Remuneration, social security and pensions | 62 | €336 | €320 | -€17 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,254 | €56,262 | +€8 | 0.0% |
| Other operating charges | 640/8 | €3,323 | €2,929 | -€394 | -11.9% |
| Non-recurring operating charges | 66A | €19,200 | €0 | -€19,200 | -100% |
| Gross operating margin | 9900 | €183,283 | €210,354 | +€27,070 | +14.8% |
| Operating profit (loss) | 9901 | €104,170 | €150,843 | +€46,673 | +44.8% |
| Financial income | 75/76B | €704 | €1,093 | +€389 | +55.3% |
| Recurring financial income | 75 | €704 | €1,093 | +€389 | +55.3% |
| Financial charges | 65/66B | €28,223 | €27,024 | -€1,199 | -4.2% |
| Recurring financial charges | 65 | €28,223 | €27,024 | -€1,199 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €76,651 | €124,912 | +€48,261 | +63.0% |
| Income taxes | 67/77 | €15,662 | €26,798 | +€11,136 | +71.1% |
| Profit (loss) for the period | 9904 | €60,989 | €98,114 | +€37,126 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €60,989 | €98,114 | +€37,126 | +60.9% |
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 31 October 2026 via checked.be.