STEPHEN WINDROSS: 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.
STEPHEN WINDROSS
Largest movements
- Stocks and contracts -€9,793
down €9,793 (-13.3%), from €73,392 to €63,599
- Tangible fixed assets -€8,259
down €8,259 (-14.6%), from €56,725 to €48,465
of which Furniture and vehicles: -€6,121
- Cash +€5,713
up €5,713 (+323.8%), from €1,764 to €7,477
mainly Other debts (+€63,279) and Stocks and contracts (+€9,793)
- Other debts +€63,279
up €63,279 (+63.0%), from €100,377 to €163,656
- Debts after one year -€44,600
down €44,600 (-100.0%), from €44,600 to €0
- Profit (loss) carried forward -€26,823
down €26,823 (-109.1%), from -€24,585 to -€51,408
- Trade debts -€2,429
down €2,429 (-64.7%), from €3,756 to €1,327
- Gross operating margin -€34,053
down €34,053, from €13,862 to -€20,191
- Other operating charges +€2,699
up €2,699 (+370.6%), from €728 to €3,427
- Financial charges +€763
up €763 (+250.3%), from €305 to €1,068
- Depreciation -€379
down €379 (-15.1%), from €2,517 to €2,138
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 | €134,131 | €122,242 | -€11,889 | -8.9% |
| Fixed assets | 21/28 | €58,975 | €50,715 | -€8,259 | -14.0% |
| Tangible fixed assets | 22/27 | €56,725 | €48,465 | -€8,259 | -14.6% |
| Land and buildings | 22 | €50,604 | €48,465 | -€2,138 | -4.2% |
| Furniture and vehicles | 24 | €6,121 | €0 | -€6,121 | -100.0% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €75,156 | €71,526 | -€3,630 | -4.8% |
| Stocks and contracts in progress | 3 | €73,392 | €63,599 | -€9,793 | -13.3% |
| Stocks | 30/36 | €73,392 | €63,599 | -€9,793 | -13.3% |
| Amounts receivable within one year | 40/41 | €0 | €450 | +€450 | |
| Trade receivables | 40 | - | €450 | +€450 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,764 | €7,477 | +€5,713 | +323.8% |
| Total equity and liabilities | 10/49 | €134,131 | €122,242 | -€11,889 | -8.9% |
| Equity | 10/15 | -€16,525 | -€43,348 | -€26,823 | -162.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€24,585 | -€51,408 | -€26,823 | -109.1% |
| Amounts payable | 17/49 | €150,656 | €165,589 | +€14,934 | +9.9% |
| Amounts payable after more than one year | 17 | €44,600 | €0 | -€44,600 | -100.0% |
| Financial debts | 170/4 | €44,600 | €0 | -€44,600 | -100.0% |
| Amounts payable within one year | 42/48 | €106,056 | €165,589 | +€59,534 | +56.1% |
| Trade debts | 44 | €3,756 | €1,327 | -€2,429 | -64.7% |
| Suppliers | 440/4 | €3,756 | €1,327 | -€2,429 | -64.7% |
| Taxes, remuneration and social security | 45 | €1,922 | €606 | -€1,316 | -68.5% |
| Taxes | 450/3 | €1,922 | €606 | -€1,316 | -68.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €100,377 | €163,656 | +€63,279 | +63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,517 | €2,138 | -€379 | -15.1% |
| Other operating charges | 640/8 | €728 | €3,427 | +€2,699 | +370.6% |
| Gross operating margin | 9900 | €13,862 | -€20,191 | -€34,053 | |
| Operating profit (loss) | 9901 | €10,617 | -€25,756 | -€36,373 | |
| Financial income | 75/76B | €1 | €1 | +€1 | +164.0% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +164.0% |
| Financial charges | 65/66B | €305 | €1,068 | +€763 | +250.3% |
| Recurring financial charges | 65 | €305 | €1,068 | +€763 | +250.3% |
| Profit (loss) for the period before taxes | 9903 | €10,312 | -€26,823 | -€37,135 | |
| Profit (loss) for the period | 9904 | €10,312 | -€26,823 | -€37,135 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,312 | -€26,823 | -€37,135 |
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 4 October 2026 via checked.be.