Dr. Lore Winters: 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. Lore Winters
Largest movements
- Deferred charges and accrued income -€12,169
down €12,169 (-17.4%), from €69,938 to €57,770
- Current investments +€9,393
up €9,393 (+11.5%), from €81,621 to €91,014
- Tangible fixed assets -€7,697
down €7,697 (-22.9%), from €33,675 to €25,978
of which Furniture and vehicles: -€7,467
- Cash +€7,285
up €7,285 (+12.2%), from €59,809 to €67,094
mainly Net result for the year (+€87,844) and Deferred charges and accrued income (+€12,169)
- Receivables within one year +€6,500
new in 2025: €6,500
- Other debts -€64,944
down €64,944 (-70.2%), from €92,520 to €27,576
- Reserves +€61,244
up €61,244 (+33.7%), from €181,676 to €242,921
- Tax, wage and social debts +€3,154
up €3,154 (+19.7%), from €15,992 to €19,147
- Taxes +€10,322
up €10,322 (+40.0%), from €25,826 to €36,148
- Depreciation -€4,462
down €4,462 (-31.7%), from €14,058 to €9,596
- Gross operating margin +€4,266
up €4,266 (+3.3%), from €127,511 to €131,776
- Financial income +€3,548
up €3,548 (+224.8%), from €1,578 to €5,126
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 | €315,043 | €313,355 | -€1,688 | -0.5% |
| Fixed assets | 21/28 | €33,675 | €25,978 | -€7,697 | -22.9% |
| Tangible fixed assets | 22/27 | €33,675 | €25,978 | -€7,697 | -22.9% |
| Plant, machinery and equipment | 23 | €1,774 | €1,544 | -€231 | -13.0% |
| Furniture and vehicles | 24 | €13,115 | €5,649 | -€7,467 | -56.9% |
| Other tangible fixed assets | 26 | €18,786 | €18,786 | = | 0.0% |
| Current assets | 29/58 | €281,368 | €287,377 | +€6,009 | +2.1% |
| Amounts receivable after more than one year | 29 | €70,000 | €65,000 | -€5,000 | -7.1% |
| Other amounts receivable | 291 | €70,000 | €65,000 | -€5,000 | -7.1% |
| Amounts receivable within one year | 40/41 | - | €6,500 | +€6,500 | |
| Trade receivables | 40 | - | €6,500 | +€6,500 | |
| Current investments | 50/53 | €81,621 | €91,014 | +€9,393 | +11.5% |
| Cash at bank and in hand | 54/58 | €59,809 | €67,094 | +€7,285 | +12.2% |
| Deferred charges and accrued income | 490/1 | €69,938 | €57,770 | -€12,169 | -17.4% |
| Total equity and liabilities | 10/49 | €315,043 | €313,355 | -€1,688 | -0.5% |
| Equity | 10/15 | €200,676 | €261,920 | +€61,244 | +30.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €181,676 | €242,921 | +€61,244 | +33.7% |
| Distributable reserves | 133 | €181,676 | €242,921 | +€61,244 | +33.7% |
| Profit (loss) carried forward | 14 | €450 | €450 | = | 0.0% |
| Amounts payable | 17/49 | €114,368 | €51,435 | -€62,933 | -55.0% |
| Amounts payable within one year | 42/48 | €114,368 | €51,435 | -€62,933 | -55.0% |
| Current portion of amounts payable after more than one year | 42 | €4,500 | €4,500 | = | 0.0% |
| Trade debts | 44 | €1,355 | €212 | -€1,143 | -84.3% |
| Suppliers | 440/4 | €1,355 | €212 | -€1,143 | -84.3% |
| Taxes, remuneration and social security | 45 | €15,992 | €19,147 | +€3,154 | +19.7% |
| Taxes | 450/3 | €15,992 | €19,147 | +€3,154 | +19.7% |
| Other amounts payable | 47/48 | €92,520 | €27,576 | -€64,944 | -70.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,058 | €9,596 | -€4,462 | -31.7% |
| Other operating charges | 640/8 | €1,060 | €1,086 | +€26 | +2.5% |
| Gross operating margin | 9900 | €127,511 | €131,776 | +€4,266 | +3.3% |
| Operating profit (loss) | 9901 | €112,392 | €121,094 | +€8,702 | +7.7% |
| Financial income | 75/76B | €1,578 | €5,126 | +€3,548 | +224.8% |
| Recurring financial income | 75 | €1,578 | €5,126 | +€3,548 | +224.8% |
| Financial charges | 65/66B | €1,454 | €2,227 | +€774 | +53.2% |
| Recurring financial charges | 65 | €1,454 | €2,227 | +€774 | +53.2% |
| Profit (loss) for the period before taxes | 9903 | €112,517 | €123,992 | +€11,476 | +10.2% |
| Income taxes | 67/77 | €25,826 | €36,148 | +€10,322 | +40.0% |
| Profit (loss) for the period | 9904 | €86,690 | €87,844 | +€1,154 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,690 | €87,844 | +€1,154 | +1.3% |
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 12 October 2026 via checked.be.