Wincap: 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.
Wincap
Largest movements
- Receivables within one year -€301,536
down €301,536 (-79.2%), from €380,945 to €79,408
of which Trade receivables: -€355,656
- Tangible fixed assets +€240,401
up €240,401 (+478%), from €50,263 to €290,664
of which Land and buildings: +€252,657
- Cash -€36,757
down €36,757 (-37.9%), from €96,912 to €60,155
mainly Investment in fixed assets (net) (-€277,982) and Net result for the year (-€261,027)
- Reserves -€261,027
down €261,027 (-53.4%), from €488,774 to €227,747
of which Distributable reserves: -€261,027
- Debts after one year +€158,286
new in 2025: €158,286
- Current portion of long-term debt +€16,793
new in 2025: €16,793
- Tax, wage and social debts -€14,634
down €14,634 (-85.1%), from €17,188 to €2,554
of which Taxes: -€14,634
- Gross operating margin -€331,425
down €331,425, from €115,725 to -€215,700
- Taxes -€24,976
no longer reported in 2025 (was €24,976)
- Depreciation +€22,582
up €22,582 (+151%), from €14,999 to €37,581
- Financial charges +€5,316
up €5,316 (+688%), from €773 to €6,089
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 | €532,554 | €433,334 | -€99,220 | -18.6% |
| Fixed assets | 21/28 | €50,513 | €290,914 | +€240,401 | +476% |
| Tangible fixed assets | 22/27 | €50,263 | €290,664 | +€240,401 | +478% |
| Land and buildings | 22 | - | €252,657 | +€252,657 | |
| Plant, machinery and equipment | 23 | €22,021 | €15,670 | -€6,351 | -28.8% |
| Furniture and vehicles | 24 | €8,682 | €7,776 | -€906 | -10.4% |
| Other tangible fixed assets | 26 | €19,561 | €14,561 | -€5,000 | -25.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €482,042 | €142,420 | -€339,621 | -70.5% |
| Amounts receivable within one year | 40/41 | €380,945 | €79,408 | -€301,536 | -79.2% |
| Trade receivables | 40 | €380,945 | €25,289 | -€355,656 | -93.4% |
| Other amounts receivable | 41 | - | €54,119 | +€54,119 | |
| Cash at bank and in hand | 54/58 | €96,912 | €60,155 | -€36,757 | -37.9% |
| Deferred charges and accrued income | 490/1 | €4,185 | €2,857 | -€1,328 | -31.7% |
| Total equity and liabilities | 10/49 | €532,554 | €433,334 | -€99,220 | -18.6% |
| Equity | 10/15 | €507,374 | €246,347 | -€261,027 | -51.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €488,774 | €227,747 | -€261,027 | -53.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €486,914 | €225,887 | -€261,027 | -53.6% |
| Amounts payable | 17/49 | €25,181 | €186,988 | +€161,807 | +643% |
| Amounts payable after more than one year | 17 | - | €158,286 | +€158,286 | |
| Financial debts | 170/4 | - | €158,286 | +€158,286 | |
| Amounts payable within one year | 42/48 | €24,791 | €26,151 | +€1,360 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | - | €16,793 | +€16,793 | |
| Trade debts | 44 | €7,550 | €6,751 | -€799 | -10.6% |
| Suppliers | 440/4 | €7,550 | €6,751 | -€799 | -10.6% |
| Taxes, remuneration and social security | 45 | €17,188 | €2,554 | -€14,634 | -85.1% |
| Taxes | 450/3 | €15,338 | €704 | -€14,634 | -95.4% |
| Remuneration and social security | 454/9 | €1,850 | €1,850 | = | 0.0% |
| Other amounts payable | 47/48 | €53 | €53 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €390 | €2,551 | +€2,161 | +554% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,999 | €37,581 | +€22,582 | +151% |
| Other operating charges | 640/8 | €1,104 | €1,658 | +€554 | +50.1% |
| Gross operating margin | 9900 | €115,725 | -€215,700 | -€331,425 | |
| Operating profit (loss) | 9901 | €99,622 | -€254,938 | -€354,561 | |
| Financial charges | 65/66B | €773 | €6,089 | +€5,316 | +688% |
| Recurring financial charges | 65 | €773 | €6,089 | +€5,316 | +688% |
| Profit (loss) for the period before taxes | 9903 | €98,849 | -€261,027 | -€359,876 | |
| Income taxes | 67/77 | €24,976 | - | -€24,976 | |
| Profit (loss) for the period | 9904 | €73,873 | -€261,027 | -€334,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,873 | -€261,027 | -€334,900 |
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 25 October 2026 via checked.be.