WINCKELMANS: 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.
What changed
WINCKELMANS
NACE 46.321, Wholesale of meat and meat products, excluding game and poultry
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€52,291
2024 · €128,647-€76,356
Equity
€407,080
2024 · €354,789+€52,291
Cash
€121,112
2024 · €84,661+€36,451
Balance sheet total
€1.4m
2024 · €1.2m+€147,135
Largest movements
Assets
- Receivables within one year +€120,053
up €120,053 (+28.4%), from €422,390 to €542,444
of which Trade receivables: +€92,366
- Cash +€36,451
up €36,451 (+43.1%), from €84,661 to €121,112
mainly Depreciation (+€122,849) and Trade debts (+€120,199)
Equity and liabilities
- Trade debts +€120,199
up €120,199 (+53.3%), from €225,332 to €345,531
- Profit (loss) carried forward +€52,291
up €52,291 (+16.9%), from €309,867 to €362,158
- Short-term financial debts -€27,553
down €27,553 (-100%), from €27,553 to €0
- Tax, wage and social debts -€20,152
down €20,152 (-27.2%), from €74,094 to €53,942
of which Taxes: -€15,028
- Current portion of long-term debt +€14,989
up €14,989 (+20.4%), from €73,361 to €88,349
Income statement
- Gross operating margin -€65,471
down €65,471 (-7.0%), from €931,377 to €865,907
- Taxes +€16,011
up €16,011 (+273%), from €5,865 to €21,876
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.
Result 2024
€128,647
Gross operating margin
-€65,471
Staff costs
-€7,149
Depreciation
+€2,358
Write-downs
+€93
Other operating charges
-€895
Financial income
+€2,031
Financial charges
+€8,690
Taxes
-€16,011
Result 2025
€52,291
raises the resultlowers the result
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.
From operations
+€161,582
Investment
-€120,100
Financing
-€5,031
Cash 2024
€84,661
From operations (derived)
+€161,582
Net result for the year
+€52,291
Depreciation
+€122,849
Stocks and contracts
+€6,541
Receivables within one year
-€120,053
Smaller working-capital items
-€92
Trade debts
+€120,199
Tax, wage and social debts
-€20,152
Investment (derived)
-€120,100
Investment in fixed assets (net)
-€120,100
Financing
-€5,031
Debts after one year
+€7,533
Current portion of long-term debt
+€14,989
Short-term financial debts
-€27,553
Cash 2025
€121,112
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,240,492 | €1,387,627 | +€147,135 | +11.9% |
| Fixed assets | 21/28 | €672,896 | €670,147 | -€2,748 | -0.4% |
| Intangible fixed assets | 21 | €3,565 | €2,165 | -€1,400 | -39.3% |
| Tangible fixed assets | 22/27 | €664,710 | €663,382 | -€1,328 | -0.2% |
| Land and buildings | 22 | €397,630 | €359,720 | -€37,910 | -9.5% |
| Plant, machinery and equipment | 23 | €221,961 | €203,391 | -€18,570 | -8.4% |
| Furniture and vehicles | 24 | €45,118 | €100,270 | +€55,152 | +122% |
| Financial fixed assets | 28 | €4,620 | €4,600 | -€20 | -0.4% |
| Current assets | 29/58 | €567,596 | €717,480 | +€149,883 | +26.4% |
| Stocks and contracts in progress | 3 | €58,490 | €51,949 | -€6,541 | -11.2% |
| Stocks | 30/36 | €58,490 | €51,949 | -€6,541 | -11.2% |
| Amounts receivable within one year | 40/41 | €422,390 | €542,444 | +€120,053 | +28.4% |
| Trade receivables | 40 | €406,032 | €498,398 | +€92,366 | +22.7% |
| Other amounts receivable | 41 | €16,358 | €44,045 | +€27,687 | +169% |
| Cash at bank and in hand | 54/58 | €84,661 | €121,112 | +€36,451 | +43.1% |
| Deferred charges and accrued income | 490/1 | €2,055 | €1,975 | -€80 | -3.9% |
| Total equity and liabilities | 10/49 | €1,240,492 | €1,387,627 | +€147,135 | +11.9% |
| Equity | 10/15 | €354,789 | €407,080 | +€52,291 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,322 | €26,322 | = | 0.0% |
| Distributable reserves | 133 | €26,322 | €26,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | €309,867 | €362,158 | +€52,291 | +16.9% |
| Amounts payable | 17/49 | €885,703 | €980,547 | +€94,844 | +10.7% |
| Amounts payable after more than one year | 17 | €469,728 | €477,261 | +€7,533 | +1.6% |
| Financial debts | 170/4 | €469,728 | €477,261 | +€7,533 | +1.6% |
| Amounts payable within one year | 42/48 | €415,975 | €503,286 | +€87,311 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €73,361 | €88,349 | +€14,989 | +20.4% |
| Financial debts | 43 | €27,553 | €0 | -€27,553 | -100% |
| Credit institutions | 430/8 | €27,553 | €0 | -€27,553 | -100% |
| Trade debts | 44 | €225,332 | €345,531 | +€120,199 | +53.3% |
| Suppliers | 440/4 | €225,332 | €345,531 | +€120,199 | +53.3% |
| Taxes, remuneration and social security | 45 | €74,094 | €53,942 | -€20,152 | -27.2% |
| Taxes | 450/3 | €15,028 | €0 | -€15,028 | -100% |
| Remuneration and social security | 454/9 | €59,066 | €53,942 | -€5,124 | -8.7% |
| Other amounts payable | 47/48 | €15,635 | €15,463 | -€172 | -1.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €618,463 | €625,612 | +€7,149 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,206 | €122,849 | -€2,358 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,739 | €21,646 | -€93 | -0.4% |
| Other operating charges | 640/8 | €14,875 | €15,770 | +€895 | +6.0% |
| Gross operating margin | 9900 | €931,377 | €865,907 | -€65,471 | -7.0% |
| Operating profit (loss) | 9901 | €151,095 | €80,030 | -€71,065 | -47.0% |
| Financial income | 75/76B | €2,267 | €4,298 | +€2,031 | +89.6% |
| Recurring financial income | 75 | €2,267 | €4,298 | +€2,031 | +89.6% |
| Financial charges | 65/66B | €18,850 | €10,161 | -€8,690 | -46.1% |
| Recurring financial charges | 65 | €18,850 | €10,161 | -€8,690 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €134,511 | €74,167 | -€60,344 | -44.9% |
| Income taxes | 67/77 | €5,865 | €21,876 | +€16,011 | +273% |
| Profit (loss) for the period | 9904 | €128,647 | €52,291 | -€76,356 | -59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €128,647 | €52,291 | -€76,356 | -59.4% |
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 30 October 2026 via checked.be.