Karin 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.
Karin Winters
Largest movements
- Current investments +€113,968
up €113,968 (+8.1%), from €1.4m to €1.5m
- Tangible fixed assets +€34,632
up €34,632 (+8.4%), from €410,534 to €445,166
of which Other tangible fixed assets: +€38,700
- Cash -€28,077
down €28,077 (-15.5%), from €181,371 to €153,294
mainly Contributions, distributions and other (-€199,800) and Current investments (-€113,968)
- Reserves +€176,437
up €176,437 (+9.0%), from €2.0m to €2.1m
- Debts after one year -€33,334
down €33,334 (-50.0%), from €66,667 to €33,333
- Gross operating margin -€112,149
down €112,149 (-17.1%), from €656,152 to €544,003
- Taxes -€32,275
down €32,275 (-15.6%), from €207,174 to €174,899
- Financial charges +€10,646
up €10,646, from -€5,581 to €5,065
- Financial income +€9,003
up €9,003 (+44.7%), from €20,158 to €29,161
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 | €2,196,353 | €2,333,055 | +€136,702 | +6.2% |
| Fixed assets | 21/28 | €410,534 | €445,166 | +€34,632 | +8.4% |
| Tangible fixed assets | 22/27 | €410,534 | €445,166 | +€34,632 | +8.4% |
| Land and buildings | 22 | €378,027 | €374,277 | -€3,750 | -1.0% |
| Plant, machinery and equipment | 23 | €104 | €38 | -€66 | -63.5% |
| Furniture and vehicles | 24 | €32,403 | €32,151 | -€252 | -0.8% |
| Other tangible fixed assets | 26 | - | €38,700 | +€38,700 | |
| Current assets | 29/58 | €1,785,819 | €1,887,889 | +€102,070 | +5.7% |
| Amounts receivable within one year | 40/41 | €197,559 | €214,185 | +€16,626 | +8.4% |
| Trade receivables | 40 | - | €5,333 | +€5,333 | |
| Other amounts receivable | 41 | €197,559 | €208,852 | +€11,293 | +5.7% |
| Current investments | 50/53 | €1,399,360 | €1,513,328 | +€113,968 | +8.1% |
| Cash at bank and in hand | 54/58 | €181,371 | €153,294 | -€28,077 | -15.5% |
| Deferred charges and accrued income | 490/1 | €7,529 | €7,082 | -€447 | -5.9% |
| Total equity and liabilities | 10/49 | €2,196,353 | €2,333,055 | +€136,702 | +6.2% |
| Equity | 10/15 | €2,016,084 | €2,192,521 | +€176,437 | +8.8% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €1,956,084 | €2,132,521 | +€176,437 | +9.0% |
| Distributable reserves | 133 | €1,956,084 | €2,132,521 | +€176,437 | +9.0% |
| Amounts payable | 17/49 | €180,269 | €140,534 | -€39,735 | -22.0% |
| Amounts payable after more than one year | 17 | €66,667 | €33,333 | -€33,334 | -50.0% |
| Financial debts | 170/4 | €66,667 | €33,333 | -€33,334 | -50.0% |
| Amounts payable within one year | 42/48 | €113,602 | €107,201 | -€6,401 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €33,333 | = | 0.0% |
| Trade debts | 44 | €9,286 | €13,317 | +€4,031 | +43.4% |
| Suppliers | 440/4 | €9,286 | €13,317 | +€4,031 | +43.4% |
| Taxes, remuneration and social security | 45 | €70,983 | €60,551 | -€10,432 | -14.7% |
| Taxes | 450/3 | €70,983 | €60,551 | -€10,432 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,791 | €13,273 | -€4,518 | -25.4% |
| Other operating charges | 640/8 | €3,557 | €3,690 | +€133 | +3.7% |
| Gross operating margin | 9900 | €656,152 | €544,003 | -€112,149 | -17.1% |
| Operating profit (loss) | 9901 | €634,804 | €527,040 | -€107,764 | -17.0% |
| Financial income | 75/76B | €20,158 | €29,161 | +€9,003 | +44.7% |
| Recurring financial income | 75 | €20,158 | €29,161 | +€9,003 | +44.7% |
| Financial charges | 65/66B | -€5,581 | €5,065 | +€10,646 | |
| Recurring financial charges | 65 | -€5,581 | €5,065 | +€10,646 | |
| Profit (loss) for the period before taxes | 9903 | €660,543 | €551,136 | -€109,407 | -16.6% |
| Income taxes | 67/77 | €207,174 | €174,899 | -€32,275 | -15.6% |
| Profit (loss) for the period | 9904 | €453,369 | €376,237 | -€77,132 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €453,369 | €376,237 | -€77,132 | -17.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.