WINDSOR: 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.
WINDSOR
Largest movements
- Current investments +€105,291
up €105,291 (+30.0%), from €351,545 to €456,836
- Tangible fixed assets -€48,999
down €48,999 (-11.0%), from €446,448 to €397,449
- Reserves +€46,400
up €46,400 (+33.5%), from €138,600 to €185,000
of which Distributable reserves: +€46,400
- Financial charges -€37,502
down €37,502 (-99.7%), from €37,630 to €128
- Gross operating margin +€23,274
up €23,274 (+11.0%), from €211,644 to €234,918
- Taxes +€17,820
up €17,820 (+47.6%), from €37,472 to €55,292
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,527,701 | €1,579,884 | +€52,183 | +3.4% |
| Fixed assets | 21/28 | €1,153,777 | €1,104,778 | -€48,999 | -4.2% |
| Tangible fixed assets | 22/27 | €446,448 | €397,449 | -€48,999 | -11.0% |
| Land and buildings | 22 | €446,448 | €397,449 | -€48,999 | -11.0% |
| Financial fixed assets | 28 | €707,329 | €707,329 | = | 0.0% |
| Current assets | 29/58 | €373,924 | €475,106 | +€101,182 | +27.1% |
| Amounts receivable within one year | 40/41 | €12,323 | €15,576 | +€3,253 | +26.4% |
| Other amounts receivable | 41 | €12,323 | €15,576 | +€3,253 | +26.4% |
| Current investments | 50/53 | €351,545 | €456,836 | +€105,291 | +30.0% |
| Cash at bank and in hand | 54/58 | €10,056 | €2,695 | -€7,361 | -73.2% |
| Total equity and liabilities | 10/49 | €1,527,701 | €1,579,884 | +€52,183 | +3.4% |
| Equity | 10/15 | €859,914 | €907,300 | +€47,386 | +5.5% |
| Contributions | 10/11 | €670,000 | €670,000 | = | 0.0% |
| Capital | 10 | €670,000 | €670,000 | = | 0.0% |
| Issued capital | 100 | €670,000 | €670,000 | = | 0.0% |
| Reserves | 13 | €138,600 | €185,000 | +€46,400 | +33.5% |
| Non-distributable reserves | 130/1 | €67,000 | €67,000 | = | 0.0% |
| Legal reserve | 130 | €67,000 | €67,000 | = | 0.0% |
| Distributable reserves | 133 | €71,600 | €118,000 | +€46,400 | +64.8% |
| Profit (loss) carried forward | 14 | €51,314 | €52,300 | +€986 | +1.9% |
| Amounts payable | 17/49 | €667,787 | €672,584 | +€4,798 | +0.7% |
| Amounts payable after more than one year | 17 | €550,000 | €550,000 | = | 0.0% |
| Other amounts payable | 178/9 | €550,000 | €550,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €83,128 | €86,627 | +€3,499 | +4.2% |
| Trade debts | 44 | €737 | €143 | -€594 | -80.7% |
| Suppliers | 440/4 | €737 | €143 | -€594 | -80.7% |
| Advances received on contracts in progress | 46 | €9,791 | €5,620 | -€4,172 | -42.6% |
| Taxes, remuneration and social security | 45 | - | €9,265 | +€9,265 | |
| Taxes | 450/3 | - | €9,265 | +€9,265 | |
| Other amounts payable | 47/48 | €72,600 | €71,600 | -€1,000 | -1.4% |
| Accrued charges and deferred income | 492/3 | €34,659 | €35,958 | +€1,299 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,473 | €48,999 | -€474 | -1.0% |
| Other operating charges | 640/8 | €14,651 | €15,196 | +€545 | +3.7% |
| Gross operating margin | 9900 | €211,644 | €234,918 | +€23,274 | +11.0% |
| Operating profit (loss) | 9901 | €147,520 | €170,723 | +€23,204 | +15.7% |
| Financial income | 75/76B | €2,492 | €3,683 | +€1,191 | +47.8% |
| Recurring financial income | 75 | €2,492 | €3,683 | +€1,191 | +47.8% |
| Financial charges | 65/66B | €37,630 | €128 | -€37,502 | -99.7% |
| Recurring financial charges | 65 | €37,630 | €128 | -€37,502 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | €112,382 | €174,278 | +€61,896 | +55.1% |
| Income taxes | 67/77 | €37,472 | €55,292 | +€17,820 | +47.6% |
| Profit (loss) for the period | 9904 | €74,909 | €118,986 | +€44,076 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,909 | €118,986 | +€44,076 | +58.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.