WINDOWMAKERS: 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.
What changed
WINDOWMAKERS
NACE 25.110, Manufacture of metal structures and parts of structures
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€101,086
2024 · €150,051-€251,137
Equity
€3.2m
2024 · €3.3m-€101,086
Cash
€33,820
2024 · €323,350-€289,530
Balance sheet total
€6.9m
2024 · €5.8m+€1.1m
Largest movements
Assets
- Deferred charges and accrued income +€1.0m
up €1.0m (+1891.7%), from €53,026 to €1.1m
- Current investments -€900,000
no longer reported in 2025 (was €900,000)
- Tangible fixed assets +€714,976
up €714,976 (+87.1%), from €820,818 to €1.5m
of which Land and buildings: +€395,953
- Financial fixed assets +€600,000
new in 2025: €600,000
- Receivables within one year -€308,215
down €308,215 (-14.5%), from €2.1m to €1.8m
of which Trade receivables: -€174,965
Equity and liabilities
- Debts after one year +€784,245
up €784,245 (+122.5%), from €640,185 to €1.4m
- Short-term financial debts +€389,508
new in 2025: €389,508
- Current portion of long-term debt +€205,358
up €205,358 (+97.3%), from €210,980 to €416,338
- Trade debts -€172,941
down €172,941 (-18.6%), from €927,857 to €754,916
- Reserves -€101,086
down €101,086 (-5.5%), from €1.8m to €1.7m
of which Distributable reserves: -€101,086
Income statement
- Goods and materials +€356,917
up €356,917 (+4.0%), from €9.0m to €9.4m
of which Change in stocks: decrease (increase): +€540,508
- Services and other goods +€208,367
up €208,367 (+6.7%), from €3.1m to €3.3m
- Financial income -€164,535
down €164,535 (-90.7%), from €181,387 to €16,852
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
€150,051
Turnover
+€116,613
Other operating income
+€80,710
Goods and materials
-€356,917
Services and other goods
-€208,367
Staff costs
-€146,808
Depreciation
-€2,609
Write-downs
+€17,718
Other operating charges
+€2,618
Other operating items
+€359,734
Financial income
-€164,535
Financial charges
-€16,887
Taxes
+€67,594
Result 2025
-€101,086
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.
From operations
-€915,164
Investment
-€753,476
Financing
+€1.4m
Cash 2024
€323,350
From operations (derived)
-€915,164
Net result for the year
-€101,086
Depreciation
+€338,500
Stocks and contracts
-€264,875
Receivables within one year
+€308,215
Deferred charges and accrued income
-€1.0m
Trade debts
-€172,941
Tax, wage and social debts
+€20,301
Advances received
+€7,288
Accrued charges and deferred income
-€47,478
Investment (derived)
-€753,476
Investment in fixed assets (net)
-€1.7m
Current investments
+€900,000
Financing
+€1.4m
Debts after one year
+€784,245
Current portion of long-term debt
+€205,358
Short-term financial debts
+€389,508
Cash 2025
€33,820
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,785,831 | €6,871,026 | +€1.1m | +18.8% |
| Fixed assets | 21/28 | €820,818 | €2,135,794 | +€1.3m | +160.2% |
| Tangible fixed assets | 22/27 | €820,818 | €1,535,794 | +€714,976 | +87.1% |
| Land and buildings | 22 | €8,313 | €404,266 | +€395,953 | +4762.9% |
| Plant, machinery and equipment | 23 | €208,592 | €370,249 | +€161,657 | +77.5% |
| Furniture and vehicles | 24 | €41,072 | €111,216 | +€70,144 | +170.8% |
| Leasing and similar rights | 25 | €562,841 | €590,547 | +€27,706 | +4.9% |
| Assets under construction and advance payments | 27 | - | €59,516 | +€59,516 | |
| Financial fixed assets | 28 | - | €600,000 | +€600,000 | |
| Affiliated companies | 280/1 | - | €600,000 | +€600,000 | |
| Amounts receivable | 281 | - | €600,000 | +€600,000 | |
| Current assets | 29/58 | €4,965,013 | €4,735,231 | -€229,782 | -4.6% |
| Amounts receivable after more than one year | 29 | €57,150 | €57,150 | = | 0.0% |
| Trade receivables | 290 | €57,150 | €57,150 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,510,982 | €1,775,857 | +€264,875 | +17.5% |
| Stocks | 30/36 | €1,510,982 | €1,775,857 | +€264,875 | +17.5% |
| Raw materials and consumables | 30/31 | €1,258,120 | €1,206,110 | -€52,011 | -4.1% |
| Work in progress | 32 | €108,812 | €359,875 | +€251,062 | +230.7% |
| Finished goods | 33 | €9,545 | €209,873 | +€200,328 | +2098.8% |
| Goods purchased for resale | 34 | €134,505 | - | -€134,505 | |
| Amounts receivable within one year | 40/41 | €2,120,506 | €1,812,291 | -€308,215 | -14.5% |
| Trade receivables | 40 | €1,930,616 | €1,755,651 | -€174,965 | -9.1% |
| Other amounts receivable | 41 | €189,890 | €56,640 | -€133,250 | -70.2% |
| Current investments | 50/53 | €900,000 | - | -€900,000 | |
| Other investments | 51/53 | €900,000 | - | -€900,000 | |
| Cash at bank and in hand | 54/58 | €323,350 | €33,820 | -€289,530 | -89.5% |
| Deferred charges and accrued income | 490/1 | €53,026 | €1,056,114 | +€1.0m | +1891.7% |
| Total equity and liabilities | 10/49 | €5,785,831 | €6,871,026 | +€1.1m | +18.8% |
| Equity | 10/15 | €3,290,917 | €3,189,831 | -€101,086 | -3.1% |
| Contributions | 10/11 | €1,446,000 | €1,446,000 | = | 0.0% |
| Capital | 10 | €1,446,000 | €1,446,000 | = | 0.0% |
| Issued capital | 100 | €1,446,000 | €1,446,000 | = | 0.0% |
| Reserves | 13 | €1,844,917 | €1,743,831 | -€101,086 | -5.5% |
| Non-distributable reserves | 130/1 | €144,600 | €144,600 | = | 0.0% |
| Legal reserve | 130 | €144,600 | €144,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,211 | €10,211 | = | 0.0% |
| Distributable reserves | 133 | €1,690,106 | €1,589,020 | -€101,086 | -6.0% |
| Amounts payable | 17/49 | €2,494,915 | €3,681,195 | +€1.2m | +47.5% |
| Amounts payable after more than one year | 17 | €640,185 | €1,424,430 | +€784,245 | +122.5% |
| Financial debts | 170/4 | €640,185 | €1,424,430 | +€784,245 | +122.5% |
| Leasing and similar obligations | 172 | €85,843 | €272,942 | +€187,099 | +218.0% |
| Other loans | 174 | €554,342 | €1,151,489 | +€597,146 | +107.7% |
| Amounts payable within one year | 42/48 | €1,801,610 | €2,251,124 | +€449,514 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €210,980 | €416,338 | +€205,358 | +97.3% |
| Financial debts | 43 | - | €389,508 | +€389,508 | |
| Credit institutions | 430/8 | - | €389,508 | +€389,508 | |
| Trade debts | 44 | €927,857 | €754,916 | -€172,941 | -18.6% |
| Suppliers | 440/4 | €927,857 | €754,916 | -€172,941 | -18.6% |
| Advances received on contracts in progress | 46 | €50,738 | €58,027 | +€7,288 | +14.4% |
| Taxes, remuneration and social security | 45 | €612,033 | €632,334 | +€20,301 | +3.3% |
| Taxes | 450/3 | €43,168 | €47,647 | +€4,479 | +10.4% |
| Remuneration and social security | 454/9 | €568,866 | €584,687 | +€15,821 | +2.8% |
| Accrued charges and deferred income | 492/3 | €53,120 | €5,641 | -€47,478 | -89.4% |
| Operating income | 70/76A | €15,962,525 | €17,034,652 | +€1.1m | +6.7% |
| Turnover | 70 | €16,329,342 | €16,445,954 | +€116,613 | +0.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€420,798 | €451,390 | +€872,188 | |
| Other operating income | 74 | €52,120 | €132,830 | +€80,710 | +154.9% |
| Non-recurring operating income | 76A | €1,861 | €4,477 | +€2,616 | +140.5% |
| Operating charges | 60/66A | €15,878,877 | €17,088,312 | +€1.2m | +7.6% |
| Goods for resale, raw materials and consumables | 60 | €9,004,802 | €9,361,718 | +€356,917 | +4.0% |
| Purchases | 600/8 | €9,358,794 | €9,175,203 | -€183,591 | -2.0% |
| Change in stocks: decrease (increase) | 609 | -€353,992 | €186,515 | +€540,508 | |
| Services and other goods | 61 | €3,124,490 | €3,332,856 | +€208,367 | +6.7% |
| Remuneration, social security and pensions | 62 | €3,374,397 | €3,521,206 | +€146,808 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,891 | €338,500 | +€2,609 | +0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,718 | - | -€17,718 | |
| Other operating charges | 640/8 | €14,990 | €12,372 | -€2,618 | -17.5% |
| Non-recurring operating charges | 66A | €6,590 | €521,659 | +€515,070 | +7816.5% |
| Operating profit (loss) | 9901 | €83,648 | -€53,660 | -€137,308 | |
| Financial income | 75/76B | €181,387 | €16,852 | -€164,535 | -90.7% |
| Recurring financial income | 75 | €181,387 | €16,852 | -€164,535 | -90.7% |
| Income from current assets | 751 | €22,594 | €16,852 | -€5,742 | -25.4% |
| Other financial income | 752/9 | €158,793 | - | -€158,793 | |
| Financial charges | 65/66B | €44,546 | €61,433 | +€16,887 | +37.9% |
| Recurring financial charges | 65 | €44,546 | €61,433 | +€16,887 | +37.9% |
| Debt charges | 650 | €43,971 | €61,283 | +€17,312 | +39.4% |
| Other financial charges | 652/9 | €575 | €151 | -€424 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €220,489 | -€98,241 | -€318,731 | |
| Income taxes | 67/77 | €70,438 | €2,845 | -€67,594 | -96.0% |
| Taxes | 670/3 | €70,438 | €2,845 | -€67,594 | -96.0% |
| Profit (loss) for the period | 9904 | €150,051 | -€101,086 | -€251,137 | |
| Profit (loss) for the period to be appropriated | 9905 | €150,051 | -€101,086 | -€251,137 |
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.