WIND4FLANDERS PROJECTS 4: 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.
WIND4FLANDERS PROJECTS 4
Largest movements
- Receivables within one year -€3.9m
down €3.9m (-71.7%), from €5.5m to €1.6m
of which Other amounts receivable: -€4.5m
- Tangible fixed assets -€3.5m
down €3.5m (-7.0%), from €50.2m to €46.7m
- Cash -€3.1m
down €3.1m (-67.2%), from €4.5m to €1.5m
mainly Debts after one year (-€9.9m) and Current portion of long-term debt (-€993,000)
- Debts after one year -€9.9m
down €9.9m (-23.1%), from €42.7m to €32.9m
- Current portion of long-term debt -€993,000
down €993,000 (-20.4%), from €4.9m to €3.9m
- Profit (loss) carried forward +€921,495
up €921,495 (+10.0%), from €9.2m to €10.1m
- Trade debts -€805,216
down €805,216 (-38.1%), from €2.1m to €1.3m
- Turnover -€989,702
down €989,702 (-11.5%), from €8.6m to €7.6m
- Financial charges -€949,112
down €949,112 (-37.8%), from €2.5m to €1.6m
- Financial income -€908,259
down €908,259 (-50.0%), from €1.8m to €909,882
- Services and other goods -€206,983
down €206,983 (-8.7%), from €2.4m to €2.2m
- Other operating income -€100,384
down €100,384 (-76.5%), from €131,296 to €30,912
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 | €60,444,924 | €49,856,823 | -€10.6m | -17.5% |
| Fixed assets | 21/28 | €50,225,495 | €46,692,935 | -€3.5m | -7.0% |
| Tangible fixed assets | 22/27 | €50,225,495 | €46,692,935 | -€3.5m | -7.0% |
| Plant, machinery and equipment | 23 | €50,225,495 | €46,692,935 | -€3.5m | -7.0% |
| Current assets | 29/58 | €10,219,429 | €3,163,888 | -€7.1m | -69.0% |
| Amounts receivable within one year | 40/41 | €5,501,333 | €1,556,964 | -€3.9m | -71.7% |
| Trade receivables | 40 | €1,035,362 | €1,556,964 | +€521,601 | +50.4% |
| Other amounts receivable | 41 | €4,465,971 | - | -€4.5m | |
| Cash at bank and in hand | 54/58 | €4,548,021 | €1,491,033 | -€3.1m | -67.2% |
| Deferred charges and accrued income | 490/1 | €170,074 | €115,891 | -€54,183 | -31.9% |
| Total equity and liabilities | 10/49 | €60,444,924 | €49,856,823 | -€10.6m | -17.5% |
| Equity | 10/15 | €9,823,313 | €10,744,808 | +€921,495 | +9.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €96,083 | €96,083 | = | 0.0% |
| Non-distributable reserves | 130/1 | €96,083 | €96,083 | = | 0.0% |
| Legal reserve | 130 | €96,083 | €96,083 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,227,230 | €10,148,726 | +€921,495 | +10.0% |
| Provisions and deferred taxes | 16 | €587,883 | €697,083 | +€109,200 | +18.6% |
| Provisions for liabilities and charges | 160/5 | €587,883 | €697,083 | +€109,200 | +18.6% |
| Other liabilities and charges | 164/5 | €587,883 | €697,083 | +€109,200 | +18.6% |
| Amounts payable | 17/49 | €50,033,727 | €38,414,931 | -€11.6m | -23.2% |
| Amounts payable after more than one year | 17 | €42,735,900 | €32,867,402 | -€9.9m | -23.1% |
| Financial debts | 170/4 | €42,735,900 | €32,867,402 | -€9.9m | -23.1% |
| Credit institutions | 173 | €42,735,900 | €32,867,402 | -€9.9m | -23.1% |
| Amounts payable within one year | 42/48 | €7,297,827 | €5,547,529 | -€1.8m | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €4,861,500 | €3,868,500 | -€993,000 | -20.4% |
| Trade debts | 44 | €2,115,464 | €1,310,249 | -€805,216 | -38.1% |
| Suppliers | 440/4 | €2,115,464 | €1,310,249 | -€805,216 | -38.1% |
| Taxes, remuneration and social security | 45 | €317,422 | €365,339 | +€47,918 | +15.1% |
| Taxes | 450/3 | €317,422 | €365,339 | +€47,918 | +15.1% |
| Other amounts payable | 47/48 | €3,441 | €3,441 | = | 0.0% |
| Operating income | 70/76A | €8,738,483 | €7,648,397 | -€1.1m | -12.5% |
| Turnover | 70 | €8,607,187 | €7,617,485 | -€989,702 | -11.5% |
| Other operating income | 74 | €131,296 | €30,912 | -€100,384 | -76.5% |
| Operating charges | 60/66A | €6,022,432 | €5,815,611 | -€206,821 | -3.4% |
| Services and other goods | 61 | €2,377,285 | €2,170,301 | -€206,983 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,532,560 | €3,532,560 | -€0 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €109,200 | €109,200 | = | 0.0% |
| Other operating charges | 640/8 | €3,387 | €3,550 | +€163 | +4.8% |
| Operating profit (loss) | 9901 | €2,716,052 | €1,832,786 | -€883,265 | -32.5% |
| Financial income | 75/76B | €1,818,141 | €909,882 | -€908,259 | -50.0% |
| Recurring financial income | 75 | €1,818,141 | €909,882 | -€908,259 | -50.0% |
| Other financial income | 752/9 | €1,818,141 | €909,882 | -€908,259 | -50.0% |
| Financial charges | 65/66B | €2,510,067 | €1,560,955 | -€949,112 | -37.8% |
| Recurring financial charges | 65 | €2,510,067 | €1,560,955 | -€949,112 | -37.8% |
| Debt charges | 650 | €2,493,722 | €1,548,931 | -€944,791 | -37.9% |
| Other financial charges | 652/9 | €16,345 | €12,024 | -€4,320 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €2,024,126 | €1,181,713 | -€842,413 | -41.6% |
| Income taxes | 67/77 | €204,029 | €260,218 | +€56,189 | +27.5% |
| Taxes | 670/3 | €270,000 | €260,218 | -€9,782 | -3.6% |
| Tax adjustments and reversals of tax provisions | 77 | €65,971 | - | -€65,971 | |
| Profit (loss) for the period | 9904 | €1,820,097 | €921,495 | -€898,602 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,820,097 | €921,495 | -€898,602 | -49.4% |
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 4 October 2026 via checked.be.