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
- Receivables within one year -€133,505
down €133,505 (-95.9%), from €139,196 to €5,690
of which Other amounts receivable: -€138,637
- Receivables after one year +€109,600
new in 2025: €109,600
- Current investments +€94,764
up €94,764 (+78.7%), from €120,448 to €215,212
- Stocks and contracts -€12,890
down €12,890 (-6.7%), from €191,640 to €178,750
- Other debts +€48,175
up €48,175 (+12.2%), from €393,656 to €441,832
- Reserves +€12,500
up €12,500 (+2.7%), from €464,533 to €477,033
of which Distributable reserves: +€12,500
- Gross operating margin -€32,158
down €32,158 (-27.7%), from €115,906 to €83,748
- Financial income +€16,164
up €16,164 (+44.6%), from €36,234 to €52,397
- Taxes -€5,247
down €5,247 (-15.2%), from €34,533 to €29,285
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 | €1,072,282 | €1,130,114 | +€57,832 | +5.4% |
| Fixed assets | 21/28 | €16,552 | €13,492 | -€3,060 | -18.5% |
| Tangible fixed assets | 22/27 | €16,552 | €13,492 | -€3,060 | -18.5% |
| Plant, machinery and equipment | 23 | €1,608 | €1,000 | -€608 | -37.8% |
| Furniture and vehicles | 24 | €6,341 | €5,011 | -€1,330 | -21.0% |
| Other tangible fixed assets | 26 | €8,603 | €7,481 | -€1,122 | -13.0% |
| Current assets | 29/58 | €1,055,730 | €1,116,622 | +€60,892 | +5.8% |
| Amounts receivable after more than one year | 29 | - | €109,600 | +€109,600 | |
| Other amounts receivable | 291 | - | €109,600 | +€109,600 | |
| Stocks and contracts in progress | 3 | €191,640 | €178,750 | -€12,890 | -6.7% |
| Stocks | 30/36 | €191,640 | €178,750 | -€12,890 | -6.7% |
| Amounts receivable within one year | 40/41 | €139,196 | €5,690 | -€133,505 | -95.9% |
| Trade receivables | 40 | €241 | €5,373 | +€5,132 | +2129.9% |
| Other amounts receivable | 41 | €138,955 | €318 | -€138,637 | -99.8% |
| Current investments | 50/53 | €120,448 | €215,212 | +€94,764 | +78.7% |
| Cash at bank and in hand | 54/58 | €603,114 | €605,128 | +€2,014 | +0.3% |
| Deferred charges and accrued income | 490/1 | €1,331 | €2,242 | +€911 | +68.4% |
| Total equity and liabilities | 10/49 | €1,072,282 | €1,130,114 | +€57,832 | +5.4% |
| Equity | 10/15 | €646,039 | €654,856 | +€8,816 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €4,773 | €0 | -€4,773 | -100.0% |
| Reserves | 13 | €464,533 | €477,033 | +€12,500 | +2.7% |
| Tax-exempt reserves | 132 | €173 | €173 | = | 0.0% |
| Distributable reserves | 133 | €464,360 | €476,860 | +€12,500 | +2.7% |
| Profit (loss) carried forward | 14 | €158,133 | €159,223 | +€1,090 | +0.7% |
| Amounts payable | 17/49 | €426,243 | €475,258 | +€49,016 | +11.5% |
| Amounts payable within one year | 42/48 | €426,243 | €475,258 | +€49,016 | +11.5% |
| Financial debts | 43 | €66 | €345 | +€279 | +422.5% |
| Credit institutions | 430/8 | €66 | €345 | +€279 | +422.5% |
| Trade debts | 44 | €5,284 | €4,408 | -€876 | -16.6% |
| Suppliers | 440/4 | €5,284 | €4,408 | -€876 | -16.6% |
| Taxes, remuneration and social security | 45 | €27,237 | €28,674 | +€1,437 | +5.3% |
| Taxes | 450/3 | €27,237 | €28,674 | +€1,437 | +5.3% |
| Other amounts payable | 47/48 | €393,656 | €441,832 | +€48,175 | +12.2% |
| Remuneration, social security and pensions | 62 | €1,473 | €1,554 | +€81 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,919 | €3,060 | -€859 | -21.9% |
| Other operating charges | 640/8 | €7,572 | €7,727 | +€155 | +2.0% |
| Gross operating margin | 9900 | €115,906 | €83,748 | -€32,158 | -27.7% |
| Operating profit (loss) | 9901 | €102,942 | €71,407 | -€31,535 | -30.6% |
| Financial income | 75/76B | €36,234 | €52,397 | +€16,164 | +44.6% |
| Recurring financial income | 75 | €36,234 | €52,397 | +€16,164 | +44.6% |
| Financial charges | 65/66B | €32,507 | €33,429 | +€922 | +2.8% |
| Recurring financial charges | 65 | €32,507 | €33,429 | +€922 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €106,669 | €90,375 | -€16,294 | -15.3% |
| Income taxes | 67/77 | €34,533 | €29,285 | -€5,247 | -15.2% |
| Profit (loss) for the period | 9904 | €72,136 | €61,090 | -€11,047 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,136 | €61,090 | -€11,047 | -15.3% |
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.