WIN: 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.
WIN
Largest movements
- Cash +€192,436
up €192,436 (+16610.8%), from €1,159 to €193,595
mainly Short-term financial debts (+€195,621) and Depreciation (+€78,093)
- Tangible fixed assets -€79,359
down €79,359 (-2.4%), from €3.3m to €3.2m
of which Land and buildings: -€76,790
- Receivables within one year -€46,365
down €46,365 (-20.5%), from €226,190 to €179,824
of which Other amounts receivable: -€45,300
- Short-term financial debts +€195,621
up €195,621 (+55.9%), from €350,000 to €545,621
- Debts after one year -€115,224
down €115,224 (-6.7%), from €1.7m to €1.6m
- Other debts -€63,550
down €63,550 (-32.5%), from €195,343 to €131,793
- Profit (loss) carried forward +€43,619
up €43,619 (+15.7%), from €278,587 to €322,206
- Staff costs -€8,830
down €8,830 (-46.1%), from €19,148 to €10,318
- Other operating charges -€8,490
down €8,490 (-34.7%), from €24,480 to €15,990
- Depreciation -€8,111
down €8,111 (-9.4%), from €86,204 to €78,093
- Taxes +€7,649
up €7,649 (+57.5%), from €13,298 to €20,947
- Financial charges -€6,491
down €6,491 (-8.0%), from €81,226 to €74,735
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 | €4,057,379 | €4,162,787 | +€105,408 | +2.6% |
| Fixed assets | 21/28 | €3,748,042 | €3,668,683 | -€79,359 | -2.1% |
| Tangible fixed assets | 22/27 | €3,303,381 | €3,224,022 | -€79,359 | -2.4% |
| Land and buildings | 22 | €3,295,640 | €3,218,850 | -€76,790 | -2.3% |
| Plant, machinery and equipment | 23 | €2,387 | €2,128 | -€259 | -10.8% |
| Furniture and vehicles | 24 | €4,111 | €2,477 | -€1,635 | -39.8% |
| Other tangible fixed assets | 26 | €1,242 | €567 | -€676 | -54.4% |
| Financial fixed assets | 28 | €444,662 | €444,662 | = | 0.0% |
| Current assets | 29/58 | €309,337 | €494,104 | +€184,767 | +59.7% |
| Stocks and contracts in progress | 3 | €80,754 | €114,610 | +€33,856 | +41.9% |
| Stocks | 30/36 | €80,754 | €114,610 | +€33,856 | +41.9% |
| Amounts receivable within one year | 40/41 | €226,190 | €179,824 | -€46,365 | -20.5% |
| Trade receivables | 40 | €7,639 | €6,574 | -€1,065 | -13.9% |
| Other amounts receivable | 41 | €218,551 | €173,251 | -€45,300 | -20.7% |
| Cash at bank and in hand | 54/58 | €1,159 | €193,595 | +€192,436 | +16610.8% |
| Deferred charges and accrued income | 490/1 | €1,235 | €6,075 | +€4,840 | +391.7% |
| Total equity and liabilities | 10/49 | €4,057,379 | €4,162,787 | +€105,408 | +2.6% |
| Equity | 10/15 | €1,548,300 | €1,591,919 | +€43,619 | +2.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,201,512 | €1,201,512 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €278,587 | €322,206 | +€43,619 | +15.7% |
| Amounts payable | 17/49 | €2,509,080 | €2,570,869 | +€61,789 | +2.5% |
| Amounts payable after more than one year | 17 | €1,715,344 | €1,600,120 | -€115,224 | -6.7% |
| Financial debts | 170/4 | €1,715,344 | €1,600,120 | -€115,224 | -6.7% |
| Amounts payable within one year | 42/48 | €793,736 | €970,749 | +€177,013 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €113,275 | €115,224 | +€1,949 | +1.7% |
| Financial debts | 43 | €350,000 | €545,621 | +€195,621 | +55.9% |
| Credit institutions | 430/8 | €350,000 | €545,621 | +€195,621 | +55.9% |
| Trade debts | 44 | €93,674 | €128,906 | +€35,231 | +37.6% |
| Suppliers | 440/4 | €93,674 | €128,906 | +€35,231 | +37.6% |
| Taxes, remuneration and social security | 45 | €41,444 | €49,205 | +€7,761 | +18.7% |
| Taxes | 450/3 | €37,104 | €41,999 | +€4,895 | +13.2% |
| Remuneration and social security | 454/9 | €4,340 | €7,207 | +€2,867 | +66.0% |
| Other amounts payable | 47/48 | €195,343 | €131,793 | -€63,550 | -32.5% |
| Non-recurring operating income | 76A | - | €29,035 | +€29,035 | |
| Remuneration, social security and pensions | 62 | €19,148 | €10,318 | -€8,830 | -46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,204 | €78,093 | -€8,111 | -9.4% |
| Other operating charges | 640/8 | €24,480 | €15,990 | -€8,490 | -34.7% |
| Non-recurring operating charges | 66A | €279 | €153 | -€126 | -45.1% |
| Gross operating margin | 9900 | €237,423 | €243,612 | +€6,189 | +2.6% |
| Operating profit (loss) | 9901 | €107,311 | €139,057 | +€31,746 | +29.6% |
| Financial income | 75/76B | €1,068 | €244 | -€824 | -77.1% |
| Recurring financial income | 75 | €1,068 | €244 | -€824 | -77.1% |
| Financial charges | 65/66B | €81,226 | €74,735 | -€6,491 | -8.0% |
| Recurring financial charges | 65 | €81,226 | €74,735 | -€6,491 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €27,153 | €64,566 | +€37,413 | +137.8% |
| Income taxes | 67/77 | €13,298 | €20,947 | +€7,649 | +57.5% |
| Profit (loss) for the period | 9904 | €13,855 | €43,619 | +€29,764 | +214.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,855 | €43,619 | +€29,764 | +214.8% |
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.