WINDENHOF: what changed
WINDENHOF
Largest movements
- Tangible fixed assets +€33,317
up €33,317 (+10.8%), from €307,908 to €341,225
of which Leasing and similar rights: +€214,611
- Cash -€14,866
down €14,866 (-24.7%), from €60,145 to €45,279
mainly Investment in fixed assets (net) (-€83,690) and Debts after one year (-€37,712)
- Other debts +€91,805
up €91,805 (+205%), from €44,814 to €136,619
- Debts after one year -€37,712
down €37,712 (-34.3%), from €109,815 to €72,103
- Trade debts -€23,171
down €23,171 (-57.4%), from €40,359 to €17,188
- Reserves -€6,688
down €6,688 (-3.5%), from €191,697 to €185,009
of which Tax-exempt reserves: -€7,508
- Tax, wage and social debts -€6,563
down €6,563 (-85.4%), from €7,681 to €1,118
- Gross operating margin -€24,251
down €24,251 (-31.0%), from €78,164 to €53,913
- Taxes -€6,026
down €6,026 (-99.7%), from €6,042 to €16
- Financial charges +€3,206
up €3,206 (+36.9%), from €8,695 to €11,901
- Depreciation -€907
down €907 (-1.8%), from €51,280 to €50,373
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €466,728 | €486,525 | +€19,797 | +4.2% |
| Fixed assets | 21/28 | €307,908 | €341,225 | +€33,317 | +10.8% |
| Tangible fixed assets | 22/27 | €307,908 | €341,225 | +€33,317 | +10.8% |
| Land and buildings | 22 | €149,043 | - | -€149,043 | |
| Plant, machinery and equipment | 23 | €154,545 | €123,014 | -€31,531 | -20.4% |
| Leasing and similar rights | 25 | - | €214,611 | +€214,611 | |
| Other tangible fixed assets | 26 | €4,320 | €3,600 | -€720 | -16.7% |
| Current assets | 29/58 | €158,820 | €145,300 | -€13,520 | -8.5% |
| Amounts receivable within one year | 40/41 | €98,675 | €100,021 | +€1,346 | +1.4% |
| Trade receivables | 40 | €88,073 | €92,282 | +€4,209 | +4.8% |
| Other amounts receivable | 41 | €10,602 | €7,739 | -€2,863 | -27.0% |
| Cash at bank and in hand | 54/58 | €60,145 | €45,279 | -€14,866 | -24.7% |
| Total equity and liabilities | 10/49 | €466,728 | €486,525 | +€19,797 | +4.2% |
| Equity | 10/15 | €198,021 | €191,333 | -€6,688 | -3.4% |
| Contributions | 10/11 | €6,324 | €6,324 | = | 0.0% |
| Reserves | 13 | €191,697 | €185,009 | -€6,688 | -3.5% |
| Tax-exempt reserves | 132 | €36,954 | €29,446 | -€7,508 | -20.3% |
| Distributable reserves | 133 | €154,743 | €155,563 | +€820 | +0.5% |
| Provisions and deferred taxes | 16 | €9,118 | €6,615 | -€2,503 | -27.5% |
| Deferred taxes | 168 | €9,118 | €6,615 | -€2,503 | -27.5% |
| Amounts payable | 17/49 | €259,589 | €288,577 | +€28,988 | +11.2% |
| Amounts payable after more than one year | 17 | €109,815 | €72,103 | -€37,712 | -34.3% |
| Financial debts | 170/4 | €109,815 | €72,103 | -€37,712 | -34.3% |
| Amounts payable within one year | 42/48 | €130,354 | €192,424 | +€62,070 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €37,500 | €37,499 | -€1 | 0.0% |
| Trade debts | 44 | €40,359 | €17,188 | -€23,171 | -57.4% |
| Suppliers | 440/4 | €40,359 | €17,188 | -€23,171 | -57.4% |
| Taxes, remuneration and social security | 45 | €7,681 | €1,118 | -€6,563 | -85.4% |
| Taxes | 450/3 | €7,681 | €1,118 | -€6,563 | -85.4% |
| Other amounts payable | 47/48 | €44,814 | €136,619 | +€91,805 | +205% |
| Accrued charges and deferred income | 492/3 | €19,420 | €24,050 | +€4,630 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,280 | €50,373 | -€907 | -1.8% |
| Other operating charges | 640/8 | €461 | €815 | +€354 | +76.8% |
| Gross operating margin | 9900 | €78,164 | €53,913 | -€24,251 | -31.0% |
| Operating profit (loss) | 9901 | €26,423 | €2,725 | -€23,698 | -89.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €8,695 | €11,901 | +€3,206 | +36.9% |
| Recurring financial charges | 65 | €8,695 | €11,901 | +€3,206 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €17,728 | -€9,175 | -€26,903 | |
| Transfer from deferred taxes | 780 | €396 | €2,503 | +€2,107 | +532% |
| Income taxes | 67/77 | €6,042 | €16 | -€6,026 | -99.7% |
| Profit (loss) for the period | 9904 | €12,082 | -€6,688 | -€18,770 | |
| Transfer from tax-exempt reserves | 789 | €1,189 | €7,508 | +€6,319 | +531% |
| Profit (loss) for the period to be appropriated | 9905 | €13,271 | €820 | -€12,451 | -93.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.