Guy De Winne: 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.
Guy De Winne
Largest movements
- Cash +€103,211
up €103,211 (+19.0%), from €541,795 to €645,006
mainly Depreciation (+€222,436) and Net result for the year (+€188,565)
- Tangible fixed assets +€47,935
up €47,935 (+2.7%), from €1.8m to €1.8m
of which Plant, machinery and equipment: +€178,377
- Profit (loss) carried forward +€125,415
up €125,415 (+11.5%), from €1.1m to €1.2m
- Trade debts -€70,005
down €70,005 (-5.9%), from €1.2m to €1.1m
- Reserves +€63,150
up €63,150 (+45.4%), from €138,956 to €202,106
of which Tax-exempt reserves: +€63,150
- Gross operating margin -€82,200
down €82,200 (-6.5%), from €1.3m to €1.2m
- Taxes -€56,084
down €56,084 (-66.6%), from €84,187 to €28,103
- Depreciation +€41,391
up €41,391 (+22.9%), from €181,045 to €222,436
- Staff costs +€26,445
up €26,445 (+3.9%), from €681,097 to €707,543
- Financial charges -€18,489
down €18,489 (-29.0%), from €63,864 to €45,375
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 | €4,005,462 | €4,167,036 | +€161,574 | +4.0% |
| Fixed assets | 21/28 | €1,788,541 | €1,836,475 | +€47,935 | +2.7% |
| Tangible fixed assets | 22/27 | €1,755,742 | €1,803,676 | +€47,935 | +2.7% |
| Land and buildings | 22 | €1,320,956 | €1,168,930 | -€152,025 | -11.5% |
| Plant, machinery and equipment | 23 | €303,339 | €481,716 | +€178,377 | +58.8% |
| Furniture and vehicles | 24 | €131,447 | €153,030 | +€21,583 | +16.4% |
| Financial fixed assets | 28 | €32,799 | €32,799 | = | 0.0% |
| Current assets | 29/58 | €2,216,921 | €2,330,561 | +€113,640 | +5.1% |
| Stocks and contracts in progress | 3 | €83,210 | €102,860 | +€19,650 | +23.6% |
| Stocks | 30/36 | €83,210 | €102,860 | +€19,650 | +23.6% |
| Amounts receivable within one year | 40/41 | €1,581,729 | €1,566,827 | -€14,902 | -0.9% |
| Trade receivables | 40 | €1,213,022 | €1,241,489 | +€28,467 | +2.3% |
| Other amounts receivable | 41 | €368,707 | €325,337 | -€43,370 | -11.8% |
| Cash at bank and in hand | 54/58 | €541,795 | €645,006 | +€103,211 | +19.0% |
| Deferred charges and accrued income | 490/1 | €10,187 | €15,868 | +€5,681 | +55.8% |
| Total equity and liabilities | 10/49 | €4,005,462 | €4,167,036 | +€161,574 | +4.0% |
| Equity | 10/15 | €1,367,224 | €1,555,789 | +€188,565 | +13.8% |
| Contributions | 10/11 | €139,235 | €139,235 | = | 0.0% |
| Capital | 10 | €139,235 | €139,235 | = | 0.0% |
| Issued capital | 100 | €139,235 | €139,235 | = | 0.0% |
| Reserves | 13 | €138,956 | €202,106 | +€63,150 | +45.4% |
| Non-distributable reserves | 130/1 | €5,156 | €5,156 | = | 0.0% |
| Legal reserve | 130 | €5,156 | €5,156 | = | 0.0% |
| Tax-exempt reserves | 132 | €133,800 | €196,950 | +€63,150 | +47.2% |
| Profit (loss) carried forward | 14 | €1,089,034 | €1,214,449 | +€125,415 | +11.5% |
| Amounts payable | 17/49 | €2,638,238 | €2,611,247 | -€26,991 | -1.0% |
| Amounts payable after more than one year | 17 | €1,231,643 | €1,246,266 | +€14,623 | +1.2% |
| Financial debts | 170/4 | €1,231,643 | €1,246,266 | +€14,623 | +1.2% |
| Amounts payable within one year | 42/48 | €1,406,595 | €1,364,981 | -€41,614 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €138,918 | €172,035 | +€33,116 | +23.8% |
| Trade debts | 44 | €1,178,722 | €1,108,717 | -€70,005 | -5.9% |
| Suppliers | 440/4 | €1,178,722 | €1,108,717 | -€70,005 | -5.9% |
| Taxes, remuneration and social security | 45 | €86,003 | €84,230 | -€1,773 | -2.1% |
| Taxes | 450/3 | €8,274 | €8,274 | = | 0.0% |
| Remuneration and social security | 454/9 | €77,730 | €75,957 | -€1,773 | -2.3% |
| Other amounts payable | 47/48 | €2,952 | €0 | -€2,952 | -100.0% |
| Non-recurring operating income | 76A | €1,559 | €3,435 | +€1,876 | +120.3% |
| Remuneration, social security and pensions | 62 | €681,097 | €707,543 | +€26,445 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,045 | €222,436 | +€41,391 | +22.9% |
| Non-recurring operating charges | 66A | €8,895 | €0 | -€8,895 | -100.0% |
| Gross operating margin | 9900 | €1,263,722 | €1,181,522 | -€82,200 | -6.5% |
| Operating profit (loss) | 9901 | €392,685 | €251,544 | -€141,141 | -35.9% |
| Financial income | 75/76B | €7,420 | €10,500 | +€3,079 | +41.5% |
| Recurring financial income | 75 | €7,420 | €10,500 | +€3,079 | +41.5% |
| Financial charges | 65/66B | €63,864 | €45,375 | -€18,489 | -29.0% |
| Recurring financial charges | 65 | €63,864 | €45,375 | -€18,489 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €336,241 | €216,669 | -€119,573 | -35.6% |
| Income taxes | 67/77 | €84,187 | €28,103 | -€56,084 | -66.6% |
| Profit (loss) for the period | 9904 | €252,054 | €188,565 | -€63,489 | -25.2% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €63,150 | -€63,150 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €125,754 | €125,415 | -€339 | -0.3% |
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 11 October 2026 via checked.be.