WINCH GROUP: 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.
WINCH GROUP
Largest movements
- Intangible fixed assets -€141,538
down €141,538 (-26.4%), from €535,257 to €393,719
- Receivables within one year -€61,014
down €61,014 (-46.8%), from €130,273 to €69,258
of which Trade receivables: -€62,608
- Tangible fixed assets -€12,732
down €12,732 (-4.6%), from €277,210 to €264,478
of which Land and buildings: -€13,219
- Debts after one year -€145,433
down €145,433 (-24.7%), from €588,411 to €442,978
- Trade debts -€76,087
down €76,087 (-74.8%), from €101,758 to €25,671
- Gross operating margin -€13,598
down €13,598 (-4.4%), from €310,941 to €297,343
- Staff costs -€8,866
down €8,866 (-6.3%), from €140,011 to €131,144
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 | €971,666 | €748,599 | -€223,067 | -23.0% |
| Fixed assets | 21/28 | €812,467 | €658,197 | -€154,270 | -19.0% |
| Intangible fixed assets | 21 | €535,257 | €393,719 | -€141,538 | -26.4% |
| Tangible fixed assets | 22/27 | €277,210 | €264,478 | -€12,732 | -4.6% |
| Land and buildings | 22 | €276,377 | €263,158 | -€13,219 | -4.8% |
| Furniture and vehicles | 24 | €833 | €1,320 | +€487 | +58.5% |
| Current assets | 29/58 | €159,198 | €90,402 | -€68,796 | -43.2% |
| Amounts receivable within one year | 40/41 | €130,273 | €69,258 | -€61,014 | -46.8% |
| Trade receivables | 40 | €123,017 | €60,409 | -€62,608 | -50.9% |
| Other amounts receivable | 41 | €7,256 | €8,850 | +€1,594 | +22.0% |
| Cash at bank and in hand | 54/58 | €16,977 | €15,777 | -€1,200 | -7.1% |
| Deferred charges and accrued income | 490/1 | €11,948 | €5,366 | -€6,582 | -55.1% |
| Total equity and liabilities | 10/49 | €971,666 | €748,599 | -€223,067 | -23.0% |
| Equity | 10/15 | €115,179 | €110,230 | -€4,948 | -4.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,179 | €10,230 | -€4,948 | -32.6% |
| Amounts payable | 17/49 | €856,487 | €638,369 | -€218,118 | -25.5% |
| Amounts payable after more than one year | 17 | €588,411 | €442,978 | -€145,433 | -24.7% |
| Financial debts | 170/4 | €588,411 | €442,978 | -€145,433 | -24.7% |
| Amounts payable within one year | 42/48 | €268,051 | €195,372 | -€72,679 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €143,509 | €145,384 | +€1,876 | +1.3% |
| Financial debts | 43 | €8,003 | €8,172 | +€168 | +2.1% |
| Credit institutions | 430/8 | €8,003 | €8,172 | +€168 | +2.1% |
| Trade debts | 44 | €101,758 | €25,671 | -€76,087 | -74.8% |
| Suppliers | 440/4 | €101,758 | €25,671 | -€76,087 | -74.8% |
| Taxes, remuneration and social security | 45 | €14,201 | €15,833 | +€1,632 | +11.5% |
| Remuneration and social security | 454/9 | €14,201 | €15,833 | +€1,632 | +11.5% |
| Other amounts payable | 47/48 | €580 | €312 | -€267 | -46.1% |
| Accrued charges and deferred income | 492/3 | €25 | €19 | -€6 | -23.5% |
| Remuneration, social security and pensions | 62 | €140,011 | €131,144 | -€8,866 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,898 | €155,202 | +€305 | +0.2% |
| Other operating charges | 640/8 | €4,342 | €4,015 | -€327 | -7.5% |
| Gross operating margin | 9900 | €310,941 | €297,343 | -€13,598 | -4.4% |
| Operating profit (loss) | 9901 | €11,691 | €6,981 | -€4,710 | -40.3% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.2% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.2% |
| Financial charges | 65/66B | €13,827 | €11,886 | -€1,941 | -14.0% |
| Recurring financial charges | 65 | €13,827 | €11,886 | -€1,941 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,136 | -€4,905 | -€2,769 | -129.6% |
| Income taxes | 67/77 | €1,088 | €43 | -€1,045 | -96.0% |
| Profit (loss) for the period | 9904 | -€3,224 | -€4,948 | -€1,724 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,224 | -€4,948 | -€1,724 | -53.5% |
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 9 October 2026 via checked.be.