WINCH PROJECT: 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 PROJECT
Largest movements
- Receivables within one year -€18,165
down €18,165 (-18.2%), from €99,968 to €81,803
- Tangible fixed assets -€4,607
down €4,607 (-48.5%), from €9,504 to €4,897
- Cash +€3,114
up €3,114 (+61.8%), from €5,041 to €8,155
mainly Receivables within one year (+€18,165) and Depreciation (+€4,607)
- Deferred charges and accrued income +€2,123
up €2,123, from €0 to €2,123
- Trade debts -€21,194
down €21,194 (-19.0%), from €111,302 to €90,108
- Profit (loss) carried forward +€4,302
up €4,302 (+10.6%), from -€40,742 to -€36,441
- Tax, wage and social debts -€1,303
down €1,303 (-5.4%), from €24,236 to €22,934
of which Taxes: -€5,110
- Gross operating margin -€215,685
down €215,685 (-78.6%), from €274,514 to €58,829
- Staff costs -€103,053
down €103,053 (-69.3%), from €148,762 to €45,709
- Other operating charges -€3,667
down €3,667 (-53.9%), from €6,807 to €3,140
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 | €117,736 | €100,202 | -€17,534 | -14.9% |
| Fixed assets | 21/28 | €12,727 | €8,121 | -€4,607 | -36.2% |
| Tangible fixed assets | 22/27 | €9,504 | €4,897 | -€4,607 | -48.5% |
| Furniture and vehicles | 24 | €9,504 | €4,897 | -€4,607 | -48.5% |
| Financial fixed assets | 28 | €3,223 | €3,223 | = | 0.0% |
| Current assets | 29/58 | €105,009 | €92,081 | -€12,927 | -12.3% |
| Amounts receivable within one year | 40/41 | €99,968 | €81,803 | -€18,165 | -18.2% |
| Trade receivables | 40 | €99,968 | €81,803 | -€18,165 | -18.2% |
| Cash at bank and in hand | 54/58 | €5,041 | €8,155 | +€3,114 | +61.8% |
| Deferred charges and accrued income | 490/1 | €0 | €2,123 | +€2,123 | |
| Total equity and liabilities | 10/49 | €117,736 | €100,202 | -€17,534 | -14.9% |
| Equity | 10/15 | -€20,742 | -€16,441 | +€4,302 | +20.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,742 | -€36,441 | +€4,302 | +10.6% |
| Amounts payable | 17/49 | €138,478 | €116,643 | -€21,835 | -15.8% |
| Amounts payable within one year | 42/48 | €138,478 | €116,574 | -€21,904 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €403 | +€403 | |
| Credit institutions | 430/8 | - | €403 | +€403 | |
| Trade debts | 44 | €111,302 | €90,108 | -€21,194 | -19.0% |
| Suppliers | 440/4 | €111,302 | €90,108 | -€21,194 | -19.0% |
| Taxes, remuneration and social security | 45 | €24,236 | €22,934 | -€1,303 | -5.4% |
| Taxes | 450/3 | €17,210 | €12,099 | -€5,110 | -29.7% |
| Remuneration and social security | 454/9 | €7,027 | €10,834 | +€3,807 | +54.2% |
| Other amounts payable | 47/48 | €2,940 | €3,130 | +€190 | +6.4% |
| Accrued charges and deferred income | 492/3 | - | €68 | +€68 | |
| Remuneration, social security and pensions | 62 | €148,762 | €45,709 | -€103,053 | -69.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,408 | €4,607 | -€801 | -14.8% |
| Other operating charges | 640/8 | €6,807 | €3,140 | -€3,667 | -53.9% |
| Gross operating margin | 9900 | €274,514 | €58,829 | -€215,685 | -78.6% |
| Operating profit (loss) | 9901 | €113,537 | €5,373 | -€108,164 | -95.3% |
| Financial income | 75/76B | €192 | €231 | +€39 | +20.5% |
| Recurring financial income | 75 | €192 | €231 | +€39 | +20.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,144 | €1,014 | -€1,129 | -52.7% |
| Recurring financial charges | 65 | €2,144 | €1,014 | -€1,129 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | €111,585 | €4,590 | -€106,995 | -95.9% |
| Income taxes | 67/77 | €502 | €288 | -€213 | -42.5% |
| Profit (loss) for the period | 9904 | €111,083 | €4,302 | -€106,782 | -96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €111,083 | €4,302 | -€106,782 | -96.1% |
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 6 October 2026 via checked.be.