Gearless Windpower: 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.
Gearless Windpower
Largest movements
- Tangible fixed assets -€217,028
down €217,028 (-20.0%), from €1.1m to €869,711
of which Plant, machinery and equipment: -€215,627
- Deferred charges and accrued income -€54,074
no longer reported in 2025 (was €54,074)
- Debts after one year -€150,000
down €150,000 (-33.3%), from €450,000 to €300,000
- Revaluation surpluses -€124,318
down €124,318 (-16.7%), from €745,910 to €621,592
- Reserves +€124,318
up €124,318 (+9.9%), from €1.3m to €1.4m
of which Distributable reserves: +€160,239
- Tax, wage and social debts -€44,750
down €44,750 (-96.8%), from €46,206 to €1,456
- Taxes -€16,361
down €16,361 (-48.8%), from €33,503 to €17,142
- Purchases and services -€14,151
down €14,151 (-19.7%), from €71,883 to €57,732
- Gross operating margin +€9,143
up €9,143 (+5.2%), from €175,652 to €184,795
- Financial charges -€8,089
down €8,089 (-45.5%), from €17,766 to €9,677
- Turnover -€5,009
down €5,009 (-2.0%), from €247,535 to €242,526
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 | €2,795,722 | €2,569,477 | -€226,245 | -8.1% |
| Fixed assets | 21/28 | €1,086,739 | €869,711 | -€217,028 | -20.0% |
| Tangible fixed assets | 22/27 | €1,086,739 | €869,711 | -€217,028 | -20.0% |
| Land and buildings | 22 | €178,871 | €177,470 | -€1,401 | -0.8% |
| Plant, machinery and equipment | 23 | €907,868 | €692,241 | -€215,627 | -23.8% |
| Current assets | 29/58 | €1,708,983 | €1,699,765 | -€9,218 | -0.5% |
| Amounts receivable within one year | 40/41 | €1,629,565 | €1,657,518 | +€27,953 | +1.7% |
| Trade receivables | 40 | €24,593 | €6,450 | -€18,143 | -73.8% |
| Other amounts receivable | 41 | €1,604,972 | €1,651,068 | +€46,096 | +2.9% |
| Cash at bank and in hand | 54/58 | €25,344 | €42,248 | +€16,904 | +66.7% |
| Deferred charges and accrued income | 490/1 | €54,074 | - | -€54,074 | |
| Total equity and liabilities | 10/49 | €2,795,722 | €2,569,477 | -€226,245 | -8.1% |
| Equity | 10/15 | €2,067,861 | €2,084,863 | +€17,002 | +0.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Revaluation surpluses | 12 | €745,910 | €621,592 | -€124,318 | -16.7% |
| Reserves | 13 | €1,250,757 | €1,375,075 | +€124,318 | +9.9% |
| Tax-exempt reserves | 132 | €42,990 | €7,069 | -€35,921 | -83.6% |
| Distributable reserves | 133 | €1,207,767 | €1,368,006 | +€160,239 | +13.3% |
| Profit (loss) carried forward | 14 | -€3,806 | €13,196 | +€17,002 | |
| Amounts payable | 17/49 | €727,861 | €484,614 | -€243,247 | -33.4% |
| Amounts payable after more than one year | 17 | €450,000 | €300,000 | -€150,000 | -33.3% |
| Financial debts | 170/4 | €450,000 | €300,000 | -€150,000 | -33.3% |
| Amounts payable within one year | 42/48 | €277,861 | €184,614 | -€93,247 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €175,000 | €150,000 | -€25,000 | -14.3% |
| Trade debts | 44 | €56,655 | €33,158 | -€23,497 | -41.5% |
| Suppliers | 440/4 | €56,655 | €33,158 | -€23,497 | -41.5% |
| Taxes, remuneration and social security | 45 | €46,206 | €1,456 | -€44,750 | -96.8% |
| Taxes | 450/3 | €46,206 | €1,456 | -€44,750 | -96.8% |
| Turnover | 70 | €247,535 | €242,526 | -€5,009 | -2.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €71,883 | €57,732 | -€14,151 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,243 | €217,027 | -€3,216 | -1.5% |
| Other operating charges | 640/8 | €1,383 | €1,455 | +€72 | +5.2% |
| Gross operating margin | 9900 | €175,652 | €184,795 | +€9,143 | +5.2% |
| Operating profit (loss) | 9901 | -€45,974 | -€33,688 | +€12,286 | +26.7% |
| Financial income | 75/76B | €78,656 | €77,509 | -€1,147 | -1.5% |
| Recurring financial income | 75 | €78,656 | €77,509 | -€1,147 | -1.5% |
| Financial charges | 65/66B | €17,766 | €9,677 | -€8,089 | -45.5% |
| Recurring financial charges | 65 | €17,766 | €9,677 | -€8,089 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €14,916 | €34,144 | +€19,228 | +129% |
| Income taxes | 67/77 | €33,503 | €17,142 | -€16,361 | -48.8% |
| Profit (loss) for the period | 9904 | -€18,587 | €17,002 | +€35,589 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,587 | €17,002 | +€35,589 |
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 18 October 2026 via checked.be.