TRADEWINDS: 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.
TRADEWINDS
Largest movements
- Stocks and contracts +€62,476
up €62,476 (+27.6%), from €226,056 to €288,532
- Cash -€42,488
down €42,488 (-73.1%), from €58,087 to €15,599
mainly Stocks and contracts (-€62,476) and Other debts (-€25,372)
- Receivables within one year -€37,093
down €37,093 (-59.5%), from €62,334 to €25,241
of which Other amounts receivable: -€22,261
- Tangible fixed assets -€5,328
down €5,328 (-48.6%), from €10,957 to €5,629
of which Furniture and vehicles: -€2,895
- Intangible fixed assets -€4,909
down €4,909 (-39.0%), from €12,571 to €7,662
- Other debts -€25,372
down €25,372 (-95.4%), from €26,596 to €1,224
- Debts after one year +€18,119
up €18,119 (+19.6%), from €92,254 to €110,373
- Trade debts -€13,733
down €13,733 (-29.7%), from €46,289 to €32,556
- Tax, wage and social debts -€9,242
down €9,242 (-37.4%), from €24,742 to €15,501
of which Taxes: -€10,265
- Reserves +€7,402
up €7,402 (+4.7%), from €157,987 to €165,390
- Staff costs +€4,467
up €4,467 (+5.5%), from €80,900 to €85,366
- Gross operating margin +€3,537
up €3,537 (+3.1%), from €112,467 to €116,003
- Financial charges -€2,659
down €2,659 (-28.9%), from €9,195 to €6,536
- Taxes +€2,057
up €2,057 (+125.4%), from €1,641 to €3,697
- Financial income -€1,800
down €1,800 (-66.5%), from €2,704 to €905
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 | €383,238 | €353,881 | -€29,358 | -7.7% |
| Fixed assets | 21/28 | €31,205 | €20,968 | -€10,237 | -32.8% |
| Intangible fixed assets | 21 | €12,571 | €7,662 | -€4,909 | -39.0% |
| Tangible fixed assets | 22/27 | €10,957 | €5,629 | -€5,328 | -48.6% |
| Plant, machinery and equipment | 23 | €5,973 | €3,983 | -€1,990 | -33.3% |
| Furniture and vehicles | 24 | €2,895 | €0 | -€2,895 | -100.0% |
| Other tangible fixed assets | 26 | €2,089 | €1,646 | -€443 | -21.2% |
| Financial fixed assets | 28 | €7,677 | €7,677 | = | 0.0% |
| Current assets | 29/58 | €352,033 | €332,912 | -€19,121 | -5.4% |
| Stocks and contracts in progress | 3 | €226,056 | €288,532 | +€62,476 | +27.6% |
| Stocks | 30/36 | €226,056 | €288,532 | +€62,476 | +27.6% |
| Amounts receivable within one year | 40/41 | €62,334 | €25,241 | -€37,093 | -59.5% |
| Trade receivables | 40 | €21,297 | €6,464 | -€14,832 | -69.6% |
| Other amounts receivable | 41 | €41,037 | €18,776 | -€22,261 | -54.2% |
| Cash at bank and in hand | 54/58 | €58,087 | €15,599 | -€42,488 | -73.1% |
| Deferred charges and accrued income | 490/1 | €5,556 | €3,541 | -€2,015 | -36.3% |
| Total equity and liabilities | 10/49 | €383,238 | €353,881 | -€29,358 | -7.7% |
| Equity | 10/15 | €176,579 | €183,982 | +€7,402 | +4.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €157,987 | €165,390 | +€7,402 | +4.7% |
| Distributable reserves | 133 | €157,987 | €165,390 | +€7,402 | +4.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €206,659 | €169,899 | -€36,760 | -17.8% |
| Amounts payable after more than one year | 17 | €92,254 | €110,373 | +€18,119 | +19.6% |
| Financial debts | 170/4 | €92,254 | €110,373 | +€18,119 | +19.6% |
| Amounts payable within one year | 42/48 | €114,405 | €59,526 | -€54,879 | -48.0% |
| Current portion of amounts payable after more than one year | 42 | €6,778 | €6,881 | +€102 | +1.5% |
| Financial debts | 43 | €10,000 | €3,365 | -€6,635 | -66.3% |
| Credit institutions | 430/8 | €10,000 | €3,365 | -€6,635 | -66.3% |
| Trade debts | 44 | €46,289 | €32,556 | -€13,733 | -29.7% |
| Suppliers | 440/4 | €46,289 | €32,556 | -€13,733 | -29.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €24,742 | €15,501 | -€9,242 | -37.4% |
| Taxes | 450/3 | €13,479 | €3,214 | -€10,265 | -76.2% |
| Remuneration and social security | 454/9 | €11,264 | €12,287 | +€1,023 | +9.1% |
| Other amounts payable | 47/48 | €26,596 | €1,224 | -€25,372 | -95.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €80,900 | €85,366 | +€4,467 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,580 | €10,237 | +€1,656 | +19.3% |
| Other operating charges | 640/8 | €4,264 | €3,670 | -€594 | -13.9% |
| Non-recurring operating charges | 66A | €4,864 | €0 | -€4,864 | -100.0% |
| Gross operating margin | 9900 | €112,467 | €116,003 | +€3,537 | +3.1% |
| Operating profit (loss) | 9901 | €13,859 | €16,731 | +€2,872 | +20.7% |
| Financial income | 75/76B | €2,704 | €905 | -€1,800 | -66.5% |
| Recurring financial income | 75 | €2,704 | €905 | -€1,800 | -66.5% |
| Financial charges | 65/66B | €9,195 | €6,536 | -€2,659 | -28.9% |
| Recurring financial charges | 65 | €9,195 | €6,536 | -€2,659 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €7,368 | €11,099 | +€3,731 | +50.6% |
| Income taxes | 67/77 | €1,641 | €3,697 | +€2,057 | +125.4% |
| Profit (loss) for the period | 9904 | €5,728 | €7,402 | +€1,675 | +29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,728 | €7,402 | +€1,675 | +29.2% |
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 10 October 2026 via checked.be.