Windhoek: 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
Windhoek
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10.9m
2024 · €10.8m+€87,801
Equity
€90.1m
2024 · €92.0m-€1.9m
Cash
€11.6m
2024 · €11.8m-€234,683
Balance sheet total
€99.2m
2024 · €92.0m+€7.2m
Largest movements
Assets
- Current investments +€7.9m
up €7.9m (+28.3%), from €28.1m to €36.1m
Equity and liabilities
- Other debts +€8.9m
up €8.9m (+5,981,403%), from €149 to €8.9m
- Reserves -€1.9m
down €1.9m (-2.0%), from €91.9m to €90.0m
of which Distributable reserves: -€1.9m
Income statement
- Financial income +€208,661
up €208,661 (+1.9%), from €10.7m to €10.9m
- Financial charges +€155,939
up €155,939 (+7,602%), from €2,051 to €157,990
- Services and other goods -€120,584
down €120,584 (-80.9%), from €149,105 to €28,521
- Turnover -€80,050
down €80,050 (-17.3%), from €461,738 to €381,688
- Taxes -€18,378
down €18,378 (-7.9%), from €234,046 to €215,669
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
€10.8m
Turnover
-€80,050
Other operating income
-€1,344
Services and other goods
+€120,584
Depreciation
-€2,471
Other operating charges
-€18
Other operating items
-€20,000
Financial income
+€208,661
Financial charges
-€155,939
Taxes
+€18,378
Result 2025
€10.9m
raises the resultlowers the resultnot broken down further in the accounts
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
+€20.5m
Investment
-€7.9m
Financing
-€12.8m
Cash 2024
€11.8m
From operations (derived)
+€20.5m
Net result for the year
+€10.9m
Depreciation
+€20,026
Receivables after one year
+€612,600
Receivables within one year
-€86,329
Smaller working-capital items
+€28,812
Other debts
+€8.9m
Accrued charges and deferred income
+€83,528
Investment (derived)
-€7.9m
Current investments
-€7.9m
Financing
-€12.8m
Contributions, distributions and other
-€12.8m
Cash 2025
€11.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,005,689 | €99,170,707 | +€7.2m | +7.8% |
| Fixed assets | 21/28 | €50,493,951 | €50,473,925 | -€20,026 | 0.0% |
| Tangible fixed assets | 22/27 | €82,573 | €62,548 | -€20,026 | -24.3% |
| Furniture and vehicles | 24 | €82,573 | €62,548 | -€20,026 | -24.3% |
| Financial fixed assets | 28 | €50,411,377 | €50,411,377 | = | 0.0% |
| Affiliated companies | 280/1 | €50,411,377 | €50,411,377 | = | 0.0% |
| Participating interests | 280 | €50,411,377 | €50,411,377 | = | 0.0% |
| Current assets | 29/58 | €41,511,738 | €48,696,782 | +€7.2m | +17.3% |
| Amounts receivable after more than one year | 29 | €1,448,700 | €836,100 | -€612,600 | -42.3% |
| Other amounts receivable | 291 | €1,448,700 | €836,100 | -€612,600 | -42.3% |
| Amounts receivable within one year | 40/41 | €91,688 | €178,017 | +€86,329 | +94.2% |
| Trade receivables | 40 | €26,557 | - | -€26,557 | |
| Other amounts receivable | 41 | €65,131 | €178,017 | +€112,886 | +173% |
| Current investments | 50/53 | €28,123,008 | €36,069,005 | +€7.9m | +28.3% |
| Other investments | 51/53 | €28,123,008 | €36,069,005 | +€7.9m | +28.3% |
| Cash at bank and in hand | 54/58 | €11,848,342 | €11,613,660 | -€234,683 | -2.0% |
| Total equity and liabilities | 10/49 | €92,005,689 | €99,170,707 | +€7.2m | +7.8% |
| Equity | 10/15 | €91,996,382 | €90,124,210 | -€1.9m | -2.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €91,896,382 | €90,024,210 | -€1.9m | -2.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €91,886,382 | €90,014,210 | -€1.9m | -2.0% |
| Amounts payable | 17/49 | €9,307 | €9,046,497 | +€9.0m | +97,105% |
| Amounts payable within one year | 42/48 | €9,307 | €8,962,969 | +€9.0m | +96,207% |
| Trade debts | 44 | €1,368 | €2,171 | +€804 | +58.8% |
| Suppliers | 440/4 | €1,368 | €2,171 | +€804 | +58.8% |
| Taxes, remuneration and social security | 45 | €7,790 | €35,798 | +€28,008 | +360% |
| Taxes | 450/3 | €7,790 | €35,798 | +€28,008 | +360% |
| Other amounts payable | 47/48 | €149 | €8,925,000 | +€8.9m | +5,981,403% |
| Accrued charges and deferred income | 492/3 | - | €83,528 | +€83,528 | |
| Operating income | 70/76A | €486,649 | €385,255 | -€101,394 | -20.8% |
| Turnover | 70 | €461,738 | €381,688 | -€80,050 | -17.3% |
| Other operating income | 74 | €4,911 | €3,567 | -€1,344 | -27.4% |
| Non-recurring operating income | 76A | €20,000 | - | -€20,000 | |
| Operating charges | 60/66A | €167,735 | €49,640 | -€118,095 | -70.4% |
| Services and other goods | 61 | €149,105 | €28,521 | -€120,584 | -80.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,555 | €20,026 | +€2,471 | +14.1% |
| Other operating charges | 640/8 | €1,075 | €1,094 | +€18 | +1.7% |
| Operating profit (loss) | 9901 | €318,914 | €335,615 | +€16,701 | +5.2% |
| Financial income | 75/76B | €10,707,211 | €10,915,872 | +€208,661 | +1.9% |
| Recurring financial income | 75 | €10,707,211 | €10,915,872 | +€208,661 | +1.9% |
| Income from financial fixed assets | 750 | €10,080,000 | €10,232,248 | +€152,248 | +1.5% |
| Income from current assets | 751 | €627,207 | €683,624 | +€56,417 | +9.0% |
| Other financial income | 752/9 | €4 | - | -€4 | |
| Financial charges | 65/66B | €2,051 | €157,990 | +€155,939 | +7,602% |
| Recurring financial charges | 65 | €2,051 | €157,990 | +€155,939 | +7,602% |
| Debt charges | 650 | - | €119,326 | +€119,326 | |
| Other financial charges | 652/9 | €2,051 | €38,664 | +€36,613 | +1,785% |
| Profit (loss) for the period before taxes | 9903 | €11,024,074 | €11,093,497 | +€69,423 | +0.6% |
| Income taxes | 67/77 | €234,046 | €215,669 | -€18,378 | -7.9% |
| Taxes | 670/3 | €234,046 | €215,669 | -€18,378 | -7.9% |
| Profit (loss) for the period | 9904 | €10,790,027 | €10,877,828 | +€87,801 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,790,027 | €10,877,828 | +€87,801 | +0.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.