WINCH: 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.
WINCH
Largest movements
- Cash +€61,784
up €61,784 (+119.7%), from €51,617 to €113,401
mainly Net result for the year (+€51,840) and Depreciation (+€28,441)
- Tangible fixed assets -€24,393
down €24,393 (-7.6%), from €320,691 to €296,298
of which Land and buildings: -€23,977
- Reserves +€32,139
up €32,139 (+7.7%), from €418,042 to €450,181
of which Distributable reserves: +€32,139
- Other debts +€19,700
new in 2025: €19,700
- Debts after one year -€8,500
down €8,500 (-27.3%), from €31,166 to €22,666
- Gross operating margin +€4,627
up €4,627 (+4.7%), from €99,460 to €104,086
- Taxes +€1,260
up €1,260 (+6.3%), from €20,066 to €21,325
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 | €481,872 | €522,115 | +€40,243 | +8.4% |
| Fixed assets | 21/28 | €320,691 | €296,298 | -€24,393 | -7.6% |
| Tangible fixed assets | 22/27 | €320,691 | €296,298 | -€24,393 | -7.6% |
| Land and buildings | 22 | €314,874 | €290,897 | -€23,977 | -7.6% |
| Plant, machinery and equipment | 23 | €2,135 | €4,125 | +€1,990 | +93.2% |
| Furniture and vehicles | 24 | €3,682 | €1,276 | -€2,406 | -65.3% |
| Current assets | 29/58 | €161,181 | €225,817 | +€64,636 | +40.1% |
| Amounts receivable within one year | 40/41 | €15,860 | €17,454 | +€1,595 | +10.1% |
| Trade receivables | 40 | €13,596 | €15,446 | +€1,850 | +13.6% |
| Other amounts receivable | 41 | €2,264 | €2,009 | -€255 | -11.3% |
| Current investments | 50/53 | €90,000 | €90,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €51,617 | €113,401 | +€61,784 | +119.7% |
| Deferred charges and accrued income | 490/1 | €3,704 | €4,962 | +€1,257 | +33.9% |
| Total equity and liabilities | 10/49 | €481,872 | €522,115 | +€40,243 | +8.4% |
| Equity | 10/15 | €430,442 | €462,581 | +€32,139 | +7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €418,042 | €450,181 | +€32,139 | +7.7% |
| Tax-exempt reserves | 132 | €6,632 | €6,632 | = | 0.0% |
| Distributable reserves | 133 | €411,410 | €443,550 | +€32,139 | +7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,430 | €59,534 | +€8,104 | +15.8% |
| Amounts payable after more than one year | 17 | €31,166 | €22,666 | -€8,500 | -27.3% |
| Financial debts | 170/4 | €31,166 | €22,666 | -€8,500 | -27.3% |
| Amounts payable within one year | 42/48 | €20,264 | €34,998 | +€14,734 | +72.7% |
| Current portion of amounts payable after more than one year | 42 | €13,218 | €8,500 | -€4,718 | -35.7% |
| Trade debts | 44 | €1,325 | €1,441 | +€115 | +8.7% |
| Suppliers | 440/4 | €1,325 | €1,441 | +€115 | +8.7% |
| Taxes, remuneration and social security | 45 | €5,721 | €5,357 | -€364 | -6.4% |
| Taxes | 450/3 | €5,721 | €5,357 | -€364 | -6.4% |
| Other amounts payable | 47/48 | - | €19,700 | +€19,700 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,870 | +€1,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,533 | €28,441 | +€908 | +3.3% |
| Other operating charges | 640/8 | €4,742 | €5,212 | +€470 | +9.9% |
| Gross operating margin | 9900 | €99,460 | €104,086 | +€4,627 | +4.7% |
| Operating profit (loss) | 9901 | €67,185 | €70,434 | +€3,249 | +4.8% |
| Financial income | 75/76B | €3,606 | €3,627 | +€21 | +0.6% |
| Recurring financial income | 75 | €3,606 | €3,627 | +€21 | +0.6% |
| Financial charges | 65/66B | €1,288 | €896 | -€392 | -30.5% |
| Recurring financial charges | 65 | €1,288 | €896 | -€392 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €69,502 | €73,165 | +€3,662 | +5.3% |
| Income taxes | 67/77 | €20,066 | €21,325 | +€1,260 | +6.3% |
| Profit (loss) for the period | 9904 | €49,437 | €51,840 | +€2,403 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,437 | €51,840 | +€2,403 | +4.9% |
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 9 October 2026 via checked.be.