WINDMAKERZ: 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.
WINDMAKERZ
Largest movements
- Stocks and contracts -€12,834
down €12,834 (-26.2%), from €48,911 to €36,077
- Cash -€12,188
down €12,188 (-22.4%), from €54,518 to €42,331
mainly Net result for the year (-€19,642) and Trade debts (-€12,467)
- Deferred charges and accrued income -€7,500
no longer reported in 2025 (was €7,500)
- Receivables within one year -€3,551
down €3,551 (-22.9%), from €15,490 to €11,939
of which Other amounts receivable: -€2,855
- Intangible fixed assets -€1,970
down €1,970 (-39.9%), from €4,935 to €2,965
- Profit (loss) carried forward -€15,236
new in 2025: -€15,236
- Trade debts -€12,467
down €12,467 (-54.1%), from €23,031 to €10,564
- Debts after one year -€4,686
down €4,686 (-91.0%), from €5,151 to €466
- Reserves -€4,407
down €4,407 (-35.0%), from €12,598 to €8,191
- Gross operating margin -€18,443
down €18,443, from €17,475 to -€968
- Taxes +€5,396
up €5,396 (+1391.6%), from €388 to €5,784
- Other operating charges -€2,356
down €2,356 (-90.2%), from €2,612 to €256
- Financial charges -€882
down €882 (-12.9%), from €6,834 to €5,951
- Depreciation +€360
up €360 (+5.6%), from €6,453 to €6,813
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 | €146,351 | €109,733 | -€36,618 | -25.0% |
| Fixed assets | 21/28 | €19,932 | €19,386 | -€546 | -2.7% |
| Intangible fixed assets | 21 | €4,935 | €2,965 | -€1,970 | -39.9% |
| Tangible fixed assets | 22/27 | €14,997 | €16,421 | +€1,424 | +9.5% |
| Plant, machinery and equipment | 23 | €4,640 | €4,405 | -€235 | -5.1% |
| Furniture and vehicles | 24 | €10,358 | €12,016 | +€1,659 | +16.0% |
| Current assets | 29/58 | €126,419 | €90,346 | -€36,072 | -28.5% |
| Stocks and contracts in progress | 3 | €48,911 | €36,077 | -€12,834 | -26.2% |
| Stocks | 30/36 | €48,911 | €36,077 | -€12,834 | -26.2% |
| Amounts receivable within one year | 40/41 | €15,490 | €11,939 | -€3,551 | -22.9% |
| Trade receivables | 40 | €5,793 | €5,097 | -€696 | -12.0% |
| Other amounts receivable | 41 | €9,697 | €6,842 | -€2,855 | -29.4% |
| Cash at bank and in hand | 54/58 | €54,518 | €42,331 | -€12,188 | -22.4% |
| Deferred charges and accrued income | 490/1 | €7,500 | - | -€7,500 | |
| Total equity and liabilities | 10/49 | €146,351 | €109,733 | -€36,618 | -25.0% |
| Equity | 10/15 | €12,598 | -€7,045 | -€19,642 | |
| Reserves | 13 | €12,598 | €8,191 | -€4,407 | -35.0% |
| Distributable reserves | 133 | €12,598 | €8,191 | -€4,407 | -35.0% |
| Profit (loss) carried forward | 14 | - | -€15,236 | -€15,236 | |
| Amounts payable | 17/49 | €133,753 | €116,777 | -€16,976 | -12.7% |
| Amounts payable after more than one year | 17 | €5,151 | €466 | -€4,686 | -91.0% |
| Financial debts | 170/4 | €5,151 | €466 | -€4,686 | -91.0% |
| Amounts payable within one year | 42/48 | €128,602 | €116,312 | -€12,290 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €4,477 | €4,686 | +€209 | +4.7% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €23,031 | €10,564 | -€12,467 | -54.1% |
| Suppliers | 440/4 | €23,031 | €10,564 | -€12,467 | -54.1% |
| Taxes, remuneration and social security | 45 | €380 | €548 | +€168 | +44.3% |
| Taxes | 450/3 | €380 | €548 | +€168 | +44.3% |
| Other amounts payable | 47/48 | €25,714 | €25,514 | -€200 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,453 | €6,813 | +€360 | +5.6% |
| Other operating charges | 640/8 | €2,612 | €256 | -€2,356 | -90.2% |
| Gross operating margin | 9900 | €17,475 | -€968 | -€18,443 | |
| Operating profit (loss) | 9901 | €8,410 | -€8,038 | -€16,448 | |
| Financial income | 75/76B | €178 | €131 | -€47 | -26.5% |
| Recurring financial income | 75 | €178 | €131 | -€47 | -26.5% |
| Financial charges | 65/66B | €6,834 | €5,951 | -€882 | -12.9% |
| Recurring financial charges | 65 | €6,834 | €5,951 | -€882 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €1,754 | -€13,858 | -€15,612 | |
| Income taxes | 67/77 | €388 | €5,784 | +€5,396 | +1391.6% |
| Profit (loss) for the period | 9904 | €1,366 | -€19,642 | -€21,009 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,366 | -€19,642 | -€21,009 |
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.