WINCH Holdings: 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 Holdings
Largest movements
- Financial fixed assets +€146,380
up €146,380 (+174%), from €84,042 to €230,422
- Cash -€139,238
down €139,238 (-16.7%), from €832,869 to €693,631
mainly Investment in fixed assets (net) (-€173,239) and Receivables after one year (-€99,722)
- Receivables after one year +€99,722
new in 2025: €99,722
- Receivables within one year -€81,524
down €81,524 (-65.4%), from €124,667 to €43,142
of which Trade receivables: -€49,398
- Reserves +€62,984
up €62,984 (+3.8%), from €1.7m to €1.7m
of which Distributable reserves: +€62,984
- Other debts -€19,000
down €19,000 (-99.8%), from €19,031 to €31
- Financial income -€792,544
down €792,544 (-96.2%), from €824,204 to €31,661
- Gross operating margin -€160,371
down €160,371 (-53.8%), from €298,030 to €137,659
- Taxes -€123,578
down €123,578 (-78.1%), from €158,304 to €34,726
- Staff costs +€7,180
up €7,180 (+15.9%), from €45,148 to €52,328
- Depreciation +€6,103
up €6,103 (+54.6%), from €11,186 to €17,288
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 | €1,837,748 | €1,882,306 | +€44,558 | +2.4% |
| Fixed assets | 21/28 | €168,418 | €324,368 | +€155,951 | +92.6% |
| Tangible fixed assets | 22/27 | €84,375 | €93,946 | +€9,571 | +11.3% |
| Land and buildings | 22 | - | €17,713 | +€17,713 | |
| Plant, machinery and equipment | 23 | €5,778 | €3,227 | -€2,551 | -44.2% |
| Furniture and vehicles | 24 | €4,661 | - | -€4,661 | |
| Other tangible fixed assets | 26 | €72,332 | €71,402 | -€930 | -1.3% |
| Assets under construction and advance payments | 27 | €1,604 | €1,604 | = | 0.0% |
| Financial fixed assets | 28 | €84,042 | €230,422 | +€146,380 | +174% |
| Current assets | 29/58 | €1,669,330 | €1,557,937 | -€111,393 | -6.7% |
| Amounts receivable after more than one year | 29 | - | €99,722 | +€99,722 | |
| Other amounts receivable | 291 | - | €99,722 | +€99,722 | |
| Amounts receivable within one year | 40/41 | €124,667 | €43,142 | -€81,524 | -65.4% |
| Trade receivables | 40 | €68,535 | €19,136 | -€49,398 | -72.1% |
| Other amounts receivable | 41 | €56,132 | €24,006 | -€32,126 | -57.2% |
| Current investments | 50/53 | €700,000 | €715,000 | +€15,000 | +2.1% |
| Cash at bank and in hand | 54/58 | €832,869 | €693,631 | -€139,238 | -16.7% |
| Deferred charges and accrued income | 490/1 | €11,795 | €6,442 | -€5,353 | -45.4% |
| Total equity and liabilities | 10/49 | €1,837,748 | €1,882,306 | +€44,558 | +2.4% |
| Equity | 10/15 | €1,682,319 | €1,745,303 | +€62,984 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,663,719 | €1,726,703 | +€62,984 | +3.8% |
| Tax-exempt reserves | 132 | €216,815 | €216,815 | = | 0.0% |
| Distributable reserves | 133 | €1,446,904 | €1,509,888 | +€62,984 | +4.4% |
| Amounts payable | 17/49 | €155,429 | €137,002 | -€18,426 | -11.9% |
| Amounts payable after more than one year | 17 | - | €8,250 | +€8,250 | |
| Other amounts payable | 178/9 | - | €8,250 | +€8,250 | |
| Amounts payable within one year | 42/48 | €154,464 | €128,460 | -€26,005 | -16.8% |
| Financial debts | 43 | €743 | €1,823 | +€1,080 | +145% |
| Credit institutions | 430/8 | €743 | €1,823 | +€1,080 | +145% |
| Trade debts | 44 | €7,534 | €9,812 | +€2,278 | +30.2% |
| Suppliers | 440/4 | €7,534 | €9,812 | +€2,278 | +30.2% |
| Taxes, remuneration and social security | 45 | €127,157 | €116,794 | -€10,362 | -8.1% |
| Taxes | 450/3 | €119,588 | €109,701 | -€9,888 | -8.3% |
| Remuneration and social security | 454/9 | €7,569 | €7,094 | -€475 | -6.3% |
| Other amounts payable | 47/48 | €19,031 | €31 | -€19,000 | -99.8% |
| Accrued charges and deferred income | 492/3 | €965 | €293 | -€672 | -69.6% |
| Remuneration, social security and pensions | 62 | €45,148 | €52,328 | +€7,180 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,186 | €17,288 | +€6,103 | +54.6% |
| Other operating charges | 640/8 | €1,660 | €1,712 | +€52 | +3.1% |
| Gross operating margin | 9900 | €298,030 | €137,659 | -€160,371 | -53.8% |
| Operating profit (loss) | 9901 | €240,036 | €66,331 | -€173,705 | -72.4% |
| Financial income | 75/76B | €824,204 | €31,661 | -€792,544 | -96.2% |
| Recurring financial income | 75 | €824,204 | €31,661 | -€792,544 | -96.2% |
| Financial charges | 65/66B | €3,509 | €281 | -€3,228 | -92.0% |
| Recurring financial charges | 65 | €3,509 | €281 | -€3,228 | -92.0% |
| Profit (loss) for the period before taxes | 9903 | €1,060,731 | €97,710 | -€963,021 | -90.8% |
| Income taxes | 67/77 | €158,304 | €34,726 | -€123,578 | -78.1% |
| Profit (loss) for the period | 9904 | €902,427 | €62,984 | -€839,443 | -93.0% |
| Transfer from tax-exempt reserves | 789 | €96,830 | - | -€96,830 | |
| Transfer to tax-exempt reserves | 689 | €79,990 | - | -€79,990 | |
| Profit (loss) for the period to be appropriated | 9905 | €919,267 | €62,984 | -€856,283 | -93.1% |
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 31 October 2026 via checked.be.