WINDHOEK: 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.
WINDHOEK
Largest movements
- Current investments +€424,216
up €424,216 (+18.4%), from €2.3m to €2.7m
- Tangible fixed assets -€162,330
down €162,330 (-1.5%), from €10.8m to €10.7m
of which Land and buildings: -€150,602
- Reserves +€167,185
up €167,185 (+6.6%), from €2.5m to €2.7m
of which Non-distributable reserves: +€442,300
- Taxes -€15,391
down €15,391 (-24.2%), from €63,695 to €48,303
- Gross operating margin -€6,995
down €6,995 (-1.8%), from €395,643 to €388,648
- Other operating charges +€4,563
up €4,563 (+31.3%), from €14,584 to €19,147
- Depreciation -€4,364
down €4,364 (-2.6%), from €167,652 to €163,288
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 | €13,423,653 | €13,610,974 | +€187,320 | +1.4% |
| Fixed assets | 21/28 | €10,820,554 | €10,658,224 | -€162,330 | -1.5% |
| Tangible fixed assets | 22/27 | €10,820,554 | €10,658,224 | -€162,330 | -1.5% |
| Land and buildings | 22 | €10,796,827 | €10,646,225 | -€150,602 | -1.4% |
| Furniture and vehicles | 24 | €23,727 | €11,999 | -€11,728 | -49.4% |
| Current assets | 29/58 | €2,603,099 | €2,952,750 | +€349,650 | +13.4% |
| Amounts receivable within one year | 40/41 | €38,704 | €57,599 | +€18,895 | +48.8% |
| Trade receivables | 40 | €2,235 | €616 | -€1,618 | -72.4% |
| Other amounts receivable | 41 | €36,470 | €56,983 | +€20,513 | +56.2% |
| Current investments | 50/53 | €2,299,501 | €2,723,716 | +€424,216 | +18.4% |
| Cash at bank and in hand | 54/58 | €264,895 | €171,434 | -€93,460 | -35.3% |
| Total equity and liabilities | 10/49 | €13,423,653 | €13,610,974 | +€187,320 | +1.4% |
| Equity | 10/15 | €13,323,681 | €13,490,866 | +€167,185 | +1.3% |
| Contributions | 10/11 | €10,775,000 | €10,775,000 | = | 0.0% |
| Reserves | 13 | €2,548,681 | €2,715,866 | +€167,185 | +6.6% |
| Non-distributable reserves | 130/1 | - | €442,300 | +€442,300 | |
| Other | 1319 | - | €442,300 | +€442,300 | |
| Distributable reserves | 133 | €2,548,681 | €2,273,566 | -€275,115 | -10.8% |
| Amounts payable | 17/49 | €99,972 | €120,108 | +€20,135 | +20.1% |
| Amounts payable within one year | 42/48 | €99,972 | €120,108 | +€20,135 | +20.1% |
| Trade debts | 44 | €31,508 | €56,886 | +€25,378 | +80.5% |
| Suppliers | 440/4 | €31,508 | €56,886 | +€25,378 | +80.5% |
| Taxes, remuneration and social security | 45 | €64,814 | €59,572 | -€5,242 | -8.1% |
| Taxes | 450/3 | €64,814 | €59,572 | -€5,242 | -8.1% |
| Other amounts payable | 47/48 | €3,650 | €3,650 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,652 | €163,288 | -€4,364 | -2.6% |
| Other operating charges | 640/8 | €14,584 | €19,147 | +€4,563 | +31.3% |
| Gross operating margin | 9900 | €395,643 | €388,648 | -€6,995 | -1.8% |
| Operating profit (loss) | 9901 | €213,408 | €206,213 | -€7,195 | -3.4% |
| Financial income | 75/76B | €20,056 | €17,555 | -€2,501 | -12.5% |
| Recurring financial income | 75 | €20,056 | €17,555 | -€2,501 | -12.5% |
| Non-recurring financial income | 76B | €20,056 | €17,555 | -€2,501 | -12.5% |
| Financial charges | 65/66B | €5,910 | €3,459 | -€2,451 | -41.5% |
| Recurring financial charges | 65 | €5,910 | €3,459 | -€2,451 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €227,554 | €220,309 | -€7,245 | -3.2% |
| Income taxes | 67/77 | €63,695 | €48,303 | -€15,391 | -24.2% |
| Profit (loss) for the period | 9904 | €163,859 | €172,005 | +€8,146 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €163,859 | €172,005 | +€8,146 | +5.0% |
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 6 October 2026 via checked.be.