WINDOUT: 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.
WINDOUT
Largest movements
- Tangible fixed assets +€618,755
up €618,755 (+94.2%), from €656,673 to €1.3m
of which Land and buildings: +€532,852
- Receivables within one year +€367,656
up €367,656 (+81.0%), from €453,759 to €821,415
of which Trade receivables: +€317,358
- Stocks and contracts +€245,553
up €245,553 (+320%), from €76,755 to €322,308
- Cash -€183,653
down €183,653 (-57.9%), from €316,950 to €133,297
mainly Investment in fixed assets (net) (-€729,456) and Receivables within one year (-€367,656)
- Intangible fixed assets -€35,000
down €35,000 (-10.5%), from €333,411 to €298,411
- Debts after one year +€454,963
up €454,963 (+112%), from €405,084 to €860,047
- Reserves +€242,937
up €242,937 (+49.9%), from €486,860 to €729,797
of which Distributable reserves: +€242,937
- Short-term financial debts +€125,077
up €125,077 (+50.0%), from €250,000 to €375,077
- Trade debts -€108,171
down €108,171 (-27.8%), from €388,602 to €280,431
- Tax, wage and social debts +€83,454
up €83,454 (+384%), from €21,735 to €105,189
of which Taxes: +€47,517
- Gross operating margin +€702,469
up €702,469 (+178%), from €393,685 to €1.1m
- Staff costs +€455,401
up €455,401 (+217%), from €209,876 to €665,277
- Depreciation +€81,907
up €81,907 (+129%), from €63,660 to €145,566
- Taxes +€37,815
up €37,815 (+1,110%), from €3,405 to €41,221
- Financial charges +€30,534
up €30,534 (+42.3%), from €72,218 to €102,752
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 | €1,844,076 | €2,872,285 | +€1.0m | +55.8% |
| Fixed assets | 21/28 | €990,334 | €1,574,224 | +€583,890 | +59.0% |
| Intangible fixed assets | 21 | €333,411 | €298,411 | -€35,000 | -10.5% |
| Tangible fixed assets | 22/27 | €656,673 | €1,275,428 | +€618,755 | +94.2% |
| Land and buildings | 22 | €601,608 | €1,134,460 | +€532,852 | +88.6% |
| Plant, machinery and equipment | 23 | €11,828 | €13,168 | +€1,341 | +11.3% |
| Furniture and vehicles | 24 | €43,237 | €109,378 | +€66,141 | +153% |
| Leasing and similar rights | 25 | - | €18,421 | +€18,421 | |
| Financial fixed assets | 28 | €250 | €385 | +€135 | +54.0% |
| Current assets | 29/58 | €853,742 | €1,298,061 | +€444,319 | +52.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €76,755 | €322,308 | +€245,553 | +320% |
| Stocks | 30/36 | €76,755 | €322,308 | +€245,553 | +320% |
| Amounts receivable within one year | 40/41 | €453,759 | €821,415 | +€367,656 | +81.0% |
| Trade receivables | 40 | €388,778 | €706,136 | +€317,358 | +81.6% |
| Other amounts receivable | 41 | €64,981 | €115,279 | +€50,298 | +77.4% |
| Cash at bank and in hand | 54/58 | €316,950 | €133,297 | -€183,653 | -57.9% |
| Deferred charges and accrued income | 490/1 | €6,278 | €21,041 | +€14,763 | +235% |
| Total equity and liabilities | 10/49 | €1,844,076 | €2,872,285 | +€1.0m | +55.8% |
| Equity | 10/15 | €540,686 | €865,963 | +€325,277 | +60.2% |
| Contributions | 10/11 | €18,600 | €24,800 | +€6,200 | +33.3% |
| Reserves | 13 | €486,860 | €729,797 | +€242,937 | +49.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €486,860 | €729,797 | +€242,937 | +49.9% |
| Profit (loss) carried forward | 14 | €35,226 | €111,366 | +€76,140 | +216% |
| Provisions and deferred taxes | 16 | €134,956 | €186,201 | +€51,245 | +38.0% |
| Provisions for liabilities and charges | 160/5 | - | €186,201 | +€186,201 | |
| Other liabilities and charges | 164/5 | - | €186,201 | +€186,201 | |
| Deferred taxes | 168 | €134,956 | €0 | -€134,956 | -100% |
| Amounts payable | 17/49 | €1,168,434 | €1,820,121 | +€651,687 | +55.8% |
| Amounts payable after more than one year | 17 | €405,084 | €860,047 | +€454,963 | +112% |
| Financial debts | 170/4 | €405,084 | €860,047 | +€454,963 | +112% |
| Amounts payable within one year | 42/48 | €763,350 | €960,073 | +€196,724 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €47,722 | €99,374 | +€51,652 | +108% |
| Financial debts | 43 | €250,000 | €375,077 | +€125,077 | +50.0% |
| Credit institutions | 430/8 | €250,000 | €375,077 | +€125,077 | +50.0% |
| Trade debts | 44 | €388,602 | €280,431 | -€108,171 | -27.8% |
| Suppliers | 440/4 | €388,602 | €280,431 | -€108,171 | -27.8% |
| Taxes, remuneration and social security | 45 | €21,735 | €105,189 | +€83,454 | +384% |
| Taxes | 450/3 | €534 | €48,051 | +€47,517 | +8,903% |
| Remuneration and social security | 454/9 | €21,201 | €57,138 | +€35,937 | +170% |
| Other amounts payable | 47/48 | €55,292 | €100,003 | +€44,711 | +80.9% |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Remuneration, social security and pensions | 62 | €209,876 | €665,277 | +€455,401 | +217% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,660 | €145,566 | +€81,907 | +129% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,029 | +€18,029 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €45,654 | €51,245 | +€5,591 | +12.2% |
| Other operating charges | 640/8 | €11,736 | €19,967 | +€8,231 | +70.1% |
| Gross operating margin | 9900 | €393,685 | €1,096,154 | +€702,469 | +178% |
| Operating profit (loss) | 9901 | €62,760 | €196,070 | +€133,310 | +212% |
| Financial income | 75/76B | €22,408 | €37,464 | +€15,056 | +67.2% |
| Recurring financial income | 75 | €22,408 | €37,464 | +€15,056 | +67.2% |
| Financial charges | 65/66B | €72,218 | €102,752 | +€30,534 | +42.3% |
| Recurring financial charges | 65 | €72,218 | €102,752 | +€30,534 | +42.3% |
| Profit (loss) for the period before taxes | 9903 | €12,950 | €130,783 | +€117,833 | +910% |
| Income taxes | 67/77 | €3,405 | €41,221 | +€37,815 | +1,110% |
| Profit (loss) for the period | 9904 | €9,544 | €89,562 | +€80,018 | +838% |
| Profit (loss) for the period to be appropriated | 9905 | €9,544 | €89,562 | +€80,018 | +838% |
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 13 October 2026 via checked.be.