ETS DE WINTER: what changed
Two fiscal 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.
What changed
ETS DE WINTER
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€90,051
2024 · €100,566-€10,516
Equity
€656,710
2024 · €569,841+€86,869
Cash
€370,709
2024 · €353,513+€17,195
Balance sheet total
€1.9m
2024 · €1.9m-€20,250
Largest movements
Assets
- Tangible fixed assets -€91,757
down €91,757 (-7.5%), from €1.2m to €1.1m
- Stocks and contracts +€78,440
up €78,440 (+323.1%), from €24,275 to €102,715
- Receivables within one year -€37,111
down €37,111 (-11.8%), from €315,352 to €278,241
of which Trade receivables: -€29,952
Equity and liabilities
- Debts after one year -€110,851
down €110,851 (-11.8%), from €939,352 to €828,500
- Reserves +€90,000
up €90,000 (+25.0%), from €360,360 to €450,360
- Tax, wage and social debts +€30,983
up €30,983 (+43.2%), from €71,770 to €102,753
of which Remuneration and social security: +€16,229
- Current portion of long-term debt -€20,124
down €20,124 (-15.2%), from €132,644 to €112,520
Income statement
- Gross operating margin +€189,393
up €189,393 (+13.4%), from €1.4m to €1.6m
- Staff costs +€188,291
up €188,291 (+16.8%), from €1.1m to €1.3m
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.
Result 2024
€100,566
Gross operating margin
+€189,393
Staff costs
-€188,291
Depreciation
+€10,764
Other operating charges
-€12,604
Financial income
+€8,068
Financial charges
-€14,175
Taxes
-€3,670
Result 2025
€90,051
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.
From operations
+€191,323
Investment
-€39,971
Financing
-€134,157
Cash 2024
€353,513
From operations (derived)
+€191,323
Net result for the year
+€90,051
Depreciation
+€131,728
Stocks and contracts
-€78,440
Receivables within one year
+€37,111
Deferred charges and accrued income
-€12,983
Provisions
-€1,061
Trade debts
-€2,069
Tax, wage and social debts
+€30,983
Other debts
+€8,185
Accrued charges and deferred income
-€12,180
Investment (derived)
-€39,971
Investment in fixed assets (net)
-€39,971
Financing
-€134,157
Debts after one year
-€110,851
Current portion of long-term debt
-€20,124
Contributions, distributions and other
-€3,182
Cash 2025
€370,709
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,932,088 | €1,911,839 | -€20,250 | -1.0% |
| Fixed assets | 21/28 | €1,233,136 | €1,141,379 | -€91,757 | -7.4% |
| Tangible fixed assets | 22/27 | €1,231,536 | €1,139,779 | -€91,757 | -7.5% |
| Land and buildings | 22 | €1,025,286 | €986,731 | -€38,556 | -3.8% |
| Plant, machinery and equipment | 23 | €46,915 | €29,076 | -€17,839 | -38.0% |
| Furniture and vehicles | 24 | €157,693 | €123,973 | -€33,720 | -21.4% |
| Leasing and similar rights | 25 | €1,643 | - | -€1,643 | |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €698,952 | €770,460 | +€71,508 | +10.2% |
| Stocks and contracts in progress | 3 | €24,275 | €102,715 | +€78,440 | +323.1% |
| Stocks | 30/36 | €24,275 | €102,715 | +€78,440 | +323.1% |
| Amounts receivable within one year | 40/41 | €315,352 | €278,241 | -€37,111 | -11.8% |
| Trade receivables | 40 | €281,541 | €251,589 | -€29,952 | -10.6% |
| Other amounts receivable | 41 | €33,811 | €26,652 | -€7,158 | -21.2% |
| Cash at bank and in hand | 54/58 | €353,513 | €370,709 | +€17,195 | +4.9% |
| Deferred charges and accrued income | 490/1 | €5,812 | €18,795 | +€12,983 | +223.4% |
| Total equity and liabilities | 10/49 | €1,932,088 | €1,911,839 | -€20,250 | -1.0% |
| Equity | 10/15 | €569,841 | €656,710 | +€86,869 | +15.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €360,360 | €450,360 | +€90,000 | +25.0% |
| Distributable reserves | 133 | €360,360 | €450,360 | +€90,000 | +25.0% |
| Profit (loss) carried forward | 14 | €89,046 | €89,097 | +€51 | +0.1% |
| Investment grants | 15 | €101,835 | €98,653 | -€3,182 | -3.1% |
| Provisions and deferred taxes | 16 | €33,945 | €32,884 | -€1,061 | -3.1% |
| Deferred taxes | 168 | €33,945 | €32,884 | -€1,061 | -3.1% |
| Amounts payable | 17/49 | €1,328,302 | €1,222,245 | -€106,057 | -8.0% |
| Amounts payable after more than one year | 17 | €939,352 | €828,500 | -€110,851 | -11.8% |
| Financial debts | 170/4 | €939,352 | €828,500 | -€110,851 | -11.8% |
| Amounts payable within one year | 42/48 | €373,954 | €390,928 | +€16,974 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €132,644 | €112,520 | -€20,124 | -15.2% |
| Trade debts | 44 | €131,892 | €129,822 | -€2,069 | -1.6% |
| Suppliers | 440/4 | €131,892 | €129,822 | -€2,069 | -1.6% |
| Taxes, remuneration and social security | 45 | €71,770 | €102,753 | +€30,983 | +43.2% |
| Taxes | 450/3 | €17,153 | €31,908 | +€14,754 | +86.0% |
| Remuneration and social security | 454/9 | €54,616 | €70,845 | +€16,229 | +29.7% |
| Other amounts payable | 47/48 | €37,648 | €45,833 | +€8,185 | +21.7% |
| Accrued charges and deferred income | 492/3 | €14,997 | €2,816 | -€12,180 | -81.2% |
| Remuneration, social security and pensions | 62 | €1,120,982 | €1,309,273 | +€188,291 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,491 | €131,728 | -€10,764 | -7.6% |
| Other operating charges | 640/8 | €4,189 | €16,793 | +€12,604 | +300.9% |
| Gross operating margin | 9900 | €1,410,794 | €1,600,187 | +€189,393 | +13.4% |
| Operating profit (loss) | 9901 | €143,131 | €142,393 | -€738 | -0.5% |
| Financial income | 75/76B | €23,495 | €31,563 | +€8,068 | +34.3% |
| Recurring financial income | 75 | €23,495 | €31,563 | +€8,068 | +34.3% |
| Financial charges | 65/66B | €25,814 | €39,988 | +€14,175 | +54.9% |
| Recurring financial charges | 65 | €25,814 | €30,163 | +€4,350 | +16.8% |
| Non-recurring financial charges | 66B | - | €9,825 | +€9,825 | |
| Profit (loss) for the period before taxes | 9903 | €140,813 | €133,968 | -€6,845 | -4.9% |
| Transfer from deferred taxes | 780 | €1,061 | €1,061 | = | 0.0% |
| Income taxes | 67/77 | €41,307 | €44,978 | +€3,670 | +8.9% |
| Profit (loss) for the period | 9904 | €100,566 | €90,051 | -€10,516 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €100,566 | €90,051 | -€10,516 | -10.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.