WINDELS VEERLE: 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.
WINDELS VEERLE
Largest movements
- Receivables after one year -€5,500
no longer reported in 2025 (was €5,500)
- Tangible fixed assets -€4,726
down €4,726 (-16.0%), from €29,586 to €24,860
of which Land and buildings: -€3,362
- Cash +€3,865
up €3,865 (+7.4%), from €52,541 to €56,405
mainly Receivables after one year (+€5,500) and Depreciation (+€4,726)
- Receivables within one year +€1,170
up €1,170 (+7.2%), from €16,166 to €17,335
of which Other amounts receivable: +€8,971
- Reserves -€3,555
down €3,555 (-5.0%), from €70,566 to €67,011
of which Distributable reserves: -€3,555
- Profit (loss) carried forward -€2,814
new in 2025: -€2,814
- Trade debts +€2,650
up €2,650 (+117%), from €2,258 to €4,908
- Tax, wage and social debts -€1,361
down €1,361 (-7.7%), from €17,580 to €16,219
- Gross operating margin -€52,803
down €52,803 (-99.5%), from €53,071 to €268
- Taxes -€16,579
down €16,579 (-98.3%), from €16,866 to €287
- Financial charges -€970
down €970 (-28.4%), from €3,421 to €2,451
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,287 | €99,118 | -€5,170 | -5.0% |
| Fixed assets | 21/28 | €29,586 | €24,860 | -€4,726 | -16.0% |
| Tangible fixed assets | 22/27 | €29,586 | €24,860 | -€4,726 | -16.0% |
| Land and buildings | 22 | €11,081 | €7,719 | -€3,362 | -30.3% |
| Furniture and vehicles | 24 | €18,505 | €17,141 | -€1,364 | -7.4% |
| Current assets | 29/58 | €74,702 | €74,258 | -€444 | -0.6% |
| Amounts receivable after more than one year | 29 | €5,500 | - | -€5,500 | |
| Other amounts receivable | 291 | €5,500 | - | -€5,500 | |
| Amounts receivable within one year | 40/41 | €16,166 | €17,335 | +€1,170 | +7.2% |
| Trade receivables | 40 | €16,166 | €8,364 | -€7,801 | -48.3% |
| Other amounts receivable | 41 | - | €8,971 | +€8,971 | |
| Cash at bank and in hand | 54/58 | €52,541 | €56,405 | +€3,865 | +7.4% |
| Deferred charges and accrued income | 490/1 | €495 | €518 | +€22 | +4.5% |
| Total equity and liabilities | 10/49 | €104,287 | €99,118 | -€5,170 | -5.0% |
| Equity | 10/15 | €70,566 | €64,197 | -€6,369 | -9.0% |
| Reserves | 13 | €70,566 | €67,011 | -€3,555 | -5.0% |
| Tax-exempt reserves | 132 | €163 | €163 | = | 0.0% |
| Distributable reserves | 133 | €70,402 | €66,847 | -€3,555 | -5.0% |
| Profit (loss) carried forward | 14 | - | -€2,814 | -€2,814 | |
| Amounts payable | 17/49 | €33,722 | €34,921 | +€1,199 | +3.6% |
| Amounts payable within one year | 42/48 | €32,986 | €34,273 | +€1,287 | +3.9% |
| Trade debts | 44 | €2,258 | €4,908 | +€2,650 | +117% |
| Suppliers | 440/4 | €2,258 | €4,908 | +€2,650 | +117% |
| Taxes, remuneration and social security | 45 | €17,580 | €16,219 | -€1,361 | -7.7% |
| Taxes | 450/3 | €17,580 | €16,219 | -€1,361 | -7.7% |
| Other amounts payable | 47/48 | €13,148 | €13,146 | -€2 | 0.0% |
| Accrued charges and deferred income | 492/3 | €735 | €648 | -€87 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,779 | €4,726 | -€53 | -1.1% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €53,071 | €268 | -€52,803 | -99.5% |
| Operating profit (loss) | 9901 | €48,177 | -€4,584 | -€52,761 | |
| Financial income | 75/76B | €1,070 | €953 | -€116 | -10.9% |
| Recurring financial income | 75 | €1,070 | €953 | -€116 | -10.9% |
| Financial charges | 65/66B | €3,421 | €2,451 | -€970 | -28.4% |
| Recurring financial charges | 65 | €3,421 | €2,451 | -€970 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €45,826 | -€6,082 | -€51,908 | |
| Income taxes | 67/77 | €16,866 | €287 | -€16,579 | -98.3% |
| Profit (loss) for the period | 9904 | €28,960 | -€6,369 | -€35,329 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,960 | -€6,369 | -€35,329 |
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 21 October 2026 via checked.be.