WINDBAG: 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.
WINDBAG
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€85,166
down €85,166 (-16.9%), from €502,827 to €417,660
mainly Current investments (-€200,000) and Trade debts (-€9,038)
- Receivables within one year -€21,288
down €21,288 (-44.3%), from €48,106 to €26,818
- Tangible fixed assets -€12,702
down €12,702 (-14.1%), from €90,368 to €77,666
of which Land and buildings: -€8,038
- Reserves +€36,900
up €36,900 (+32.8%), from €112,543 to €149,443
of which Distributable reserves: +€36,900
- Other debts +€31,205
up €31,205 (+12.4%), from €250,926 to €282,131
- Tax, wage and social debts +€21,436
up €21,436 (+31.6%), from €67,900 to €89,335
of which Taxes: +€21,495
- Trade debts -€9,038
down €9,038 (-41.6%), from €21,709 to €12,671
- Gross operating margin -€53,196
down €53,196 (-20.0%), from €266,417 to €213,221
- Taxes -€17,024
down €17,024 (-47.7%), from €35,714 to €18,690
- Financial charges -€8,048
down €8,048 (-39.9%), from €20,172 to €12,124
- Financial income +€2,665
up €2,665 (+111.5%), from €2,390 to €5,055
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 | €642,600 | €723,444 | +€80,843 | +12.6% |
| Fixed assets | 21/28 | €91,668 | €78,966 | -€12,702 | -13.9% |
| Tangible fixed assets | 22/27 | €90,368 | €77,666 | -€12,702 | -14.1% |
| Land and buildings | 22 | €58,008 | €49,971 | -€8,038 | -13.9% |
| Plant, machinery and equipment | 23 | €20,394 | €19,000 | -€1,394 | -6.8% |
| Furniture and vehicles | 24 | €11,966 | €8,695 | -€3,271 | -27.3% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €550,932 | €644,478 | +€93,546 | +17.0% |
| Amounts receivable within one year | 40/41 | €48,106 | €26,818 | -€21,288 | -44.3% |
| Trade receivables | 40 | €48,106 | €26,818 | -€21,288 | -44.3% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €502,827 | €417,660 | -€85,166 | -16.9% |
| Total equity and liabilities | 10/49 | €642,600 | €723,444 | +€80,843 | +12.6% |
| Equity | 10/15 | €293,245 | €330,242 | +€36,997 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,543 | €149,443 | +€36,900 | +32.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €110,683 | €147,583 | +€36,900 | +33.3% |
| Profit (loss) carried forward | 14 | €162,102 | €162,198 | +€97 | +0.1% |
| Amounts payable | 17/49 | €349,355 | €393,202 | +€43,847 | +12.6% |
| Amounts payable within one year | 42/48 | €349,355 | €387,037 | +€37,682 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €3,036 | - | -€3,036 | |
| Trade debts | 44 | €21,709 | €12,671 | -€9,038 | -41.6% |
| Suppliers | 440/4 | €21,709 | €12,671 | -€9,038 | -41.6% |
| Advances received on contracts in progress | 46 | €5,784 | €2,900 | -€2,884 | -49.9% |
| Taxes, remuneration and social security | 45 | €67,900 | €89,335 | +€21,436 | +31.6% |
| Taxes | 450/3 | €49,206 | €70,701 | +€21,495 | +43.7% |
| Remuneration and social security | 454/9 | €18,693 | €18,634 | -€59 | -0.3% |
| Other amounts payable | 47/48 | €250,926 | €282,131 | +€31,205 | +12.4% |
| Accrued charges and deferred income | 492/3 | - | €6,165 | +€6,165 | |
| Remuneration, social security and pensions | 62 | €125,127 | €126,485 | +€1,359 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,819 | €16,187 | +€2,369 | +17.1% |
| Other operating charges | 640/8 | €5,317 | €7,793 | +€2,476 | +46.6% |
| Gross operating margin | 9900 | €266,417 | €213,221 | -€53,196 | -20.0% |
| Operating profit (loss) | 9901 | €122,155 | €62,756 | -€59,399 | -48.6% |
| Financial income | 75/76B | €2,390 | €5,055 | +€2,665 | +111.5% |
| Recurring financial income | 75 | €2,390 | €5,055 | +€2,665 | +111.5% |
| Financial charges | 65/66B | €20,172 | €12,124 | -€8,048 | -39.9% |
| Recurring financial charges | 65 | €20,172 | €12,124 | -€8,048 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €104,372 | €55,687 | -€48,686 | -46.6% |
| Income taxes | 67/77 | €35,714 | €18,690 | -€17,024 | -47.7% |
| Profit (loss) for the period | 9904 | €68,659 | €36,997 | -€31,662 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,659 | €36,997 | -€31,662 | -46.1% |
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 11 October 2026 via checked.be.