Michael Wincott: 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.
Michael Wincott
Largest movements
- Current investments +€73,091
up €73,091 (+72.4%), from €100,954 to €174,045
- Tangible fixed assets -€27,049
down €27,049 (-6.2%), from €435,632 to €408,583
of which Other tangible fixed assets: -€23,806
- Cash -€24,313
down €24,313 (-45.7%), from €53,206 to €28,893
mainly Current investments (-€73,091) and Other debts (-€43,600)
- Receivables within one year -€14,589
down €14,589 (-24.2%), from €60,324 to €45,735
of which Other amounts receivable: -€13,275
- Reserves +€92,473
up €92,473 (+44.4%), from €208,298 to €300,771
of which Distributable reserves: +€92,473
- Other debts -€43,600
no longer reported in 2025 (was €43,600)
- Debts after one year -€41,142
down €41,142 (-16.8%), from €245,196 to €204,053
- Financial income +€9,316
up €9,316 (+264.2%), from €3,525 to €12,841
- Gross operating margin -€4,033
down €4,033 (-2.1%), from €188,988 to €184,955
- Taxes +€2,705
up €2,705 (+7.1%), from €38,252 to €40,957
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 | €652,375 | €657,256 | +€4,880 | +0.7% |
| Fixed assets | 21/28 | €435,632 | €408,583 | -€27,049 | -6.2% |
| Tangible fixed assets | 22/27 | €435,632 | €408,583 | -€27,049 | -6.2% |
| Land and buildings | 22 | €154,688 | €149,625 | -€5,063 | -3.3% |
| Plant, machinery and equipment | 23 | - | €1,928 | +€1,928 | |
| Furniture and vehicles | 24 | €217 | €108 | -€108 | -50.0% |
| Other tangible fixed assets | 26 | €280,728 | €256,922 | -€23,806 | -8.5% |
| Current assets | 29/58 | €216,743 | €248,673 | +€31,929 | +14.7% |
| Amounts receivable within one year | 40/41 | €60,324 | €45,735 | -€14,589 | -24.2% |
| Trade receivables | 40 | €29,494 | €28,180 | -€1,313 | -4.5% |
| Other amounts receivable | 41 | €30,830 | €17,555 | -€13,275 | -43.1% |
| Current investments | 50/53 | €100,954 | €174,045 | +€73,091 | +72.4% |
| Cash at bank and in hand | 54/58 | €53,206 | €28,893 | -€24,313 | -45.7% |
| Deferred charges and accrued income | 490/1 | €2,260 | - | -€2,260 | |
| Total equity and liabilities | 10/49 | €652,375 | €657,256 | +€4,880 | +0.7% |
| Equity | 10/15 | €308,298 | €400,771 | +€92,473 | +30.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €208,298 | €300,771 | +€92,473 | +44.4% |
| Tax-exempt reserves | 132 | €429 | €429 | = | 0.0% |
| Distributable reserves | 133 | €207,869 | €300,342 | +€92,473 | +44.5% |
| Amounts payable | 17/49 | €344,078 | €256,485 | -€87,593 | -25.5% |
| Amounts payable after more than one year | 17 | €245,196 | €204,053 | -€41,142 | -16.8% |
| Financial debts | 170/4 | €245,196 | €204,053 | -€41,142 | -16.8% |
| Amounts payable within one year | 42/48 | €98,882 | €52,431 | -€46,451 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | €40,923 | €41,142 | +€220 | +0.5% |
| Trade debts | 44 | €2,240 | €2,089 | -€151 | -6.7% |
| Suppliers | 440/4 | €2,240 | €2,089 | -€151 | -6.7% |
| Taxes, remuneration and social security | 45 | €12,120 | €9,200 | -€2,920 | -24.1% |
| Taxes | 450/3 | €12,120 | €9,200 | -€2,920 | -24.1% |
| Other amounts payable | 47/48 | €43,600 | - | -€43,600 | |
| Non-recurring operating income | 76A | - | €5,800 | +€5,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,977 | €29,061 | +€84 | +0.3% |
| Other operating charges | 640/8 | €5,201 | €5,318 | +€117 | +2.2% |
| Gross operating margin | 9900 | €188,988 | €184,955 | -€4,033 | -2.1% |
| Operating profit (loss) | 9901 | €154,810 | €150,576 | -€4,234 | -2.7% |
| Financial income | 75/76B | €3,525 | €12,841 | +€9,316 | +264.2% |
| Recurring financial income | 75 | €3,525 | €12,841 | +€9,316 | +264.2% |
| Financial charges | 65/66B | €12,864 | €11,057 | -€1,808 | -14.1% |
| Recurring financial charges | 65 | €12,864 | €11,057 | -€1,808 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €145,471 | €152,360 | +€6,889 | +4.7% |
| Income taxes | 67/77 | €38,252 | €40,957 | +€2,705 | +7.1% |
| Profit (loss) for the period | 9904 | €107,219 | €111,403 | +€4,185 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €107,219 | €111,403 | +€4,185 | +3.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.