WIN MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€95,761
down €95,761 (-33.1%), from €289,028 to €193,267
mainly Contributions, distributions and other (-€135,344) and Other debts (-€10,473)
- Tangible fixed assets -€37,327
down €37,327 (-8.7%), from €429,593 to €392,267
of which Furniture and vehicles: -€29,792
- Deferred charges and accrued income -€17,022
down €17,022 (-66.9%), from €25,431 to €8,409
- Reserves -€139,518
down €139,518 (-13.2%), from €1.1m to €917,043
of which Distributable reserves: -€131,098
- Gross operating margin -€24,609
down €24,609 (-50.5%), from €48,761 to €24,153
- Taxes -€16,674
down €16,674 (-89.9%), from €18,551 to €1,877
- Depreciation +€9,800
up €9,800 (+35.6%), from €27,526 to €37,327
- Financial income -€4,765
down €4,765 (-23.6%), from €20,172 to €15,407
- Financial charges -€1,347
down €1,347 (-91.5%), from €1,472 to €125
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 | €1,085,700 | €933,206 | -€152,493 | -14.0% |
| Fixed assets | 21/28 | €519,593 | €482,267 | -€37,327 | -7.2% |
| Tangible fixed assets | 22/27 | €429,593 | €392,267 | -€37,327 | -8.7% |
| Land and buildings | 22 | €309,725 | €302,759 | -€6,966 | -2.2% |
| Plant, machinery and equipment | 23 | €753 | €184 | -€569 | -75.5% |
| Furniture and vehicles | 24 | €119,115 | €89,323 | -€29,792 | -25.0% |
| Financial fixed assets | 28 | €90,000 | €90,000 | = | 0.0% |
| Current assets | 29/58 | €566,106 | €450,940 | -€115,167 | -20.3% |
| Amounts receivable after more than one year | 29 | €245,000 | €245,000 | = | 0.0% |
| Other amounts receivable | 291 | €245,000 | €245,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,647 | €4,264 | -€2,383 | -35.9% |
| Other amounts receivable | 41 | €6,647 | €4,264 | -€2,383 | -35.9% |
| Cash at bank and in hand | 54/58 | €289,028 | €193,267 | -€95,761 | -33.1% |
| Deferred charges and accrued income | 490/1 | €25,431 | €8,409 | -€17,022 | -66.9% |
| Total equity and liabilities | 10/49 | €1,085,700 | €933,206 | -€152,493 | -14.0% |
| Equity | 10/15 | €1,062,761 | €923,243 | -€139,518 | -13.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,056,561 | €917,043 | -€139,518 | -13.2% |
| Tax-exempt reserves | 132 | €105,250 | €96,830 | -€8,420 | -8.0% |
| Distributable reserves | 133 | €951,311 | €820,213 | -€131,098 | -13.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,939 | €9,963 | -€12,975 | -56.6% |
| Amounts payable within one year | 42/48 | €21,165 | €8,679 | -€12,486 | -59.0% |
| Trade debts | 44 | €2,399 | €713 | -€1,686 | -70.3% |
| Suppliers | 440/4 | €2,399 | €713 | -€1,686 | -70.3% |
| Taxes, remuneration and social security | 45 | €328 | €0 | -€328 | -100.0% |
| Taxes | 450/3 | €328 | €0 | -€328 | -100.0% |
| Other amounts payable | 47/48 | €18,438 | €7,966 | -€10,473 | -56.8% |
| Accrued charges and deferred income | 492/3 | €1,774 | €1,285 | -€489 | -27.6% |
| Non-recurring operating income | 76A | €37,161 | €0 | -€37,161 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,526 | €37,327 | +€9,800 | +35.6% |
| Other operating charges | 640/8 | €4,288 | €4,406 | +€117 | +2.7% |
| Gross operating margin | 9900 | €48,761 | €24,153 | -€24,609 | -50.5% |
| Operating profit (loss) | 9901 | €16,947 | -€17,580 | -€34,526 | |
| Financial income | 75/76B | €20,172 | €15,407 | -€4,765 | -23.6% |
| Recurring financial income | 75 | €20,172 | €15,407 | -€4,765 | -23.6% |
| Financial charges | 65/66B | €1,472 | €125 | -€1,347 | -91.5% |
| Recurring financial charges | 65 | €1,472 | €125 | -€1,347 | -91.5% |
| Profit (loss) for the period before taxes | 9903 | €35,647 | -€2,297 | -€37,944 | |
| Income taxes | 67/77 | €18,551 | €1,877 | -€16,674 | -89.9% |
| Profit (loss) for the period | 9904 | €17,096 | -€4,174 | -€21,270 | |
| Transfer from tax-exempt reserves | 789 | €84,200 | €8,420 | -€75,780 | -90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,296 | €4,246 | -€97,050 | -95.8% |
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 30 September 2026 via checked.be.