WINCH M: 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 M
Largest movements
- Receivables within one year -€12,805
down €12,805 (-38.1%), from €33,580 to €20,775
of which Trade receivables: -€14,228
- Cash +€2,576
up €2,576 (+61.6%), from €4,182 to €6,758
mainly Receivables within one year (+€12,805) and Net result for the year (+€7,537)
- Tangible fixed assets -€1,945
down €1,945 (-59.5%), from €3,268 to €1,323
- Trade debts -€15,053
down €15,053 (-84.0%), from €17,929 to €2,876
- Profit (loss) carried forward +€7,537
up €7,537 (+27.0%), from €27,891 to €35,428
- Other debts -€4,657
down €4,657 (-21.6%), from €21,609 to €16,952
- Gross operating margin +€5,861
up €5,861 (+77.0%), from €7,614 to €13,475
- Taxes +€1,700
up €1,700 (+109.1%), from €1,559 to €3,259
- Depreciation -€347
down €347 (-15.2%), from €2,292 to €1,945
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 | €91,030 | €78,856 | -€12,174 | -13.4% |
| Fixed assets | 21/28 | €53,268 | €51,323 | -€1,945 | -3.7% |
| Tangible fixed assets | 22/27 | €3,268 | €1,323 | -€1,945 | -59.5% |
| Furniture and vehicles | 24 | €3,268 | €1,323 | -€1,945 | -59.5% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €37,761 | €27,532 | -€10,229 | -27.1% |
| Amounts receivable within one year | 40/41 | €33,580 | €20,775 | -€12,805 | -38.1% |
| Trade receivables | 40 | €29,421 | €15,193 | -€14,228 | -48.4% |
| Other amounts receivable | 41 | €4,159 | €5,582 | +€1,423 | +34.2% |
| Cash at bank and in hand | 54/58 | €4,182 | €6,758 | +€2,576 | +61.6% |
| Total equity and liabilities | 10/49 | €91,030 | €78,856 | -€12,174 | -13.4% |
| Equity | 10/15 | €46,491 | €54,028 | +€7,537 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,891 | €35,428 | +€7,537 | +27.0% |
| Amounts payable | 17/49 | €44,538 | €24,828 | -€19,710 | -44.3% |
| Amounts payable within one year | 42/48 | €44,538 | €24,828 | -€19,710 | -44.3% |
| Financial debts | 43 | €5,000 | €5,000 | = | 0.0% |
| Credit institutions | 430/8 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €17,929 | €2,876 | -€15,053 | -84.0% |
| Suppliers | 440/4 | €17,929 | €2,876 | -€15,053 | -84.0% |
| Other amounts payable | 47/48 | €21,609 | €16,952 | -€4,657 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,292 | €1,945 | -€347 | -15.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €7,614 | €13,475 | +€5,861 | +77.0% |
| Operating profit (loss) | 9901 | €4,934 | €11,131 | +€6,196 | +125.6% |
| Financial charges | 65/66B | €364 | €335 | -€29 | -8.0% |
| Recurring financial charges | 65 | €364 | €335 | -€29 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €4,570 | €10,795 | +€6,225 | +136.2% |
| Income taxes | 67/77 | €1,559 | €3,259 | +€1,700 | +109.1% |
| Profit (loss) for the period | 9904 | €3,011 | €7,537 | +€4,525 | +150.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,011 | €7,537 | +€4,525 | +150.3% |
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 7 October 2026 via checked.be.