WIN4LED: 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.
WIN4LED
Largest movements
- Tangible fixed assets +€264,681
up €264,681 (+30.7%), from €862,681 to €1.1m
of which Plant, machinery and equipment: +€192,657
- Stocks and contracts +€239,189
up €239,189 (+94.1%), from €254,111 to €493,300
- Intangible fixed assets +€98,886
up €98,886 (+582%), from €16,997 to €115,883
- Receivables within one year +€70,753
up €70,753 (+10.8%), from €653,272 to €724,024
of which Other amounts receivable: +€38,327
- Deferred charges and accrued income +€41,804
up €41,804 (+1,906%), from €2,194 to €43,998
- Short-term financial debts +€325,182
up €325,182 (+80.3%), from €405,000 to €730,182
- Advances received -€222,095
down €222,095 (-92.6%), from €239,781 to €17,686
- Debts after one year +€217,402
up €217,402 (+37.2%), from €584,708 to €802,111
- Trade debts +€201,511
up €201,511 (+60.9%), from €330,710 to €532,220
- Tax, wage and social debts +€102,572
up €102,572 (+201%), from €51,135 to €153,708
of which Remuneration and social security: +€70,775
- Staff costs +€343,786
up €343,786 (+172%), from €199,583 to €543,369
- Gross operating margin +€288,678
up €288,678 (+62.4%), from €462,630 to €751,308
- Depreciation +€32,256
up €32,256 (+40.0%), from €80,681 to €112,937
- Taxes -€20,750
down €20,750 (-80.7%), from €25,709 to €4,959
- Other operating charges +€17,357
up €17,357 (+212%), from €8,187 to €25,544
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.
Derived cash bridge
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 | €1,831,776 | €2,545,218 | +€713,442 | +38.9% |
| Fixed assets | 21/28 | €881,955 | €1,245,522 | +€363,567 | +41.2% |
| Intangible fixed assets | 21 | €16,997 | €115,883 | +€98,886 | +582% |
| Tangible fixed assets | 22/27 | €862,681 | €1,127,362 | +€264,681 | +30.7% |
| Land and buildings | 22 | €717,032 | €773,330 | +€56,299 | +7.9% |
| Plant, machinery and equipment | 23 | €12,968 | €205,624 | +€192,657 | +1,486% |
| Furniture and vehicles | 24 | €115,150 | €148,407 | +€33,257 | +28.9% |
| Leasing and similar rights | 25 | €17,532 | - | -€17,532 | |
| Financial fixed assets | 28 | €2,277 | €2,277 | = | 0.0% |
| Current assets | 29/58 | €949,821 | €1,299,696 | +€349,875 | +36.8% |
| Stocks and contracts in progress | 3 | €254,111 | €493,300 | +€239,189 | +94.1% |
| Stocks | 30/36 | €254,111 | €493,300 | +€239,189 | +94.1% |
| Amounts receivable within one year | 40/41 | €653,272 | €724,024 | +€70,753 | +10.8% |
| Trade receivables | 40 | €603,288 | €635,713 | +€32,425 | +5.4% |
| Other amounts receivable | 41 | €49,984 | €88,311 | +€38,327 | +76.7% |
| Cash at bank and in hand | 54/58 | €40,245 | €38,374 | -€1,871 | -4.6% |
| Deferred charges and accrued income | 490/1 | €2,194 | €43,998 | +€41,804 | +1,906% |
| Total equity and liabilities | 10/49 | €1,831,776 | €2,545,218 | +€713,442 | +38.9% |
| Equity | 10/15 | €110,808 | €178,102 | +€67,293 | +60.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,208 | €92,208 | = | 0.0% |
| Distributable reserves | 133 | €92,208 | €92,208 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €10,018 | +€10,018 | |
| Investment grants | 15 | - | €57,275 | +€57,275 | |
| Amounts payable | 17/49 | €1,720,968 | €2,367,116 | +€646,149 | +37.5% |
| Amounts payable after more than one year | 17 | €584,708 | €802,111 | +€217,402 | +37.2% |
| Financial debts | 170/4 | €584,708 | €802,111 | +€217,402 | +37.2% |
| Amounts payable within one year | 42/48 | €1,133,155 | €1,559,829 | +€426,674 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €79,406 | €126,033 | +€46,627 | +58.7% |
| Financial debts | 43 | €405,000 | €730,182 | +€325,182 | +80.3% |
| Credit institutions | 430/8 | €405,000 | €730,182 | +€325,182 | +80.3% |
| Trade debts | 44 | €330,710 | €532,220 | +€201,511 | +60.9% |
| Suppliers | 440/4 | €330,710 | €532,220 | +€201,511 | +60.9% |
| Advances received on contracts in progress | 46 | €239,781 | €17,686 | -€222,095 | -92.6% |
| Taxes, remuneration and social security | 45 | €51,135 | €153,708 | +€102,572 | +201% |
| Taxes | 450/3 | €32,284 | €64,081 | +€31,797 | +98.5% |
| Remuneration and social security | 454/9 | €18,852 | €89,626 | +€70,775 | +375% |
| Other amounts payable | 47/48 | €27,123 | - | -€27,123 | |
| Accrued charges and deferred income | 492/3 | €3,104 | €5,177 | +€2,073 | +66.8% |
| Remuneration, social security and pensions | 62 | €199,583 | €543,369 | +€343,786 | +172% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,681 | €112,937 | +€32,256 | +40.0% |
| Other operating charges | 640/8 | €8,187 | €25,544 | +€17,357 | +212% |
| Gross operating margin | 9900 | €462,630 | €751,308 | +€288,678 | +62.4% |
| Operating profit (loss) | 9901 | €174,179 | €69,459 | -€104,720 | -60.1% |
| Financial income | 75/76B | €0 | €4,028 | +€4,028 | +40,282,200% |
| Recurring financial income | 75 | €0 | €4,028 | +€4,028 | +40,282,200% |
| Financial charges | 65/66B | €52,938 | €58,510 | +€5,572 | +10.5% |
| Recurring financial charges | 65 | €52,938 | €58,510 | +€5,572 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €121,241 | €14,978 | -€106,264 | -87.6% |
| Income taxes | 67/77 | €25,709 | €4,959 | -€20,750 | -80.7% |
| Profit (loss) for the period | 9904 | €95,532 | €10,018 | -€85,514 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €95,532 | €10,018 | -€85,514 | -89.5% |
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 14 October 2026 via checked.be.