Windward: 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.
Windward
Largest movements
- Tangible fixed assets -€28,087
down €28,087 (-3.7%), from €758,354 to €730,267
- Debts after one year -€39,822
down €39,822 (-5.7%), from €696,298 to €656,476
- Reserves +€11,991
up €11,991 (+38.0%), from €31,583 to €43,574
- Gross operating margin +€745
up €745 (+1.2%), from €61,367 to €62,112
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 | €777,913 | €751,665 | -€26,249 | -3.4% |
| Fixed assets | 21/28 | €758,354 | €730,267 | -€28,087 | -3.7% |
| Tangible fixed assets | 22/27 | €758,354 | €730,267 | -€28,087 | -3.7% |
| Land and buildings | 22 | €758,354 | €730,267 | -€28,087 | -3.7% |
| Current assets | 29/58 | €19,559 | €21,398 | +€1,839 | +9.4% |
| Amounts receivable within one year | 40/41 | €9,643 | €5,656 | -€3,987 | -41.3% |
| Trade receivables | 40 | €7,183 | €3,400 | -€3,783 | -52.7% |
| Other amounts receivable | 41 | €2,460 | €2,256 | -€204 | -8.3% |
| Cash at bank and in hand | 54/58 | €9,916 | €15,741 | +€5,826 | +58.8% |
| Total equity and liabilities | 10/49 | €777,913 | €751,665 | -€26,249 | -3.4% |
| Equity | 10/15 | €37,783 | €49,774 | +€11,991 | +31.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €31,583 | €43,574 | +€11,991 | +38.0% |
| Distributable reserves | 133 | €31,583 | €43,574 | +€11,991 | +38.0% |
| Amounts payable | 17/49 | €740,130 | €701,891 | -€38,239 | -5.2% |
| Amounts payable after more than one year | 17 | €696,298 | €656,476 | -€39,822 | -5.7% |
| Financial debts | 170/4 | €696,298 | €656,476 | -€39,822 | -5.7% |
| Amounts payable within one year | 42/48 | €40,332 | €40,415 | +€83 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €39,360 | €39,822 | +€461 | +1.2% |
| Trade debts | 44 | €126 | €0 | -€126 | -100.0% |
| Suppliers | 440/4 | €126 | €0 | -€126 | -100.0% |
| Taxes, remuneration and social security | 45 | €599 | €346 | -€253 | -42.3% |
| Taxes | 450/3 | €599 | €346 | -€253 | -42.3% |
| Other amounts payable | 47/48 | €247 | €247 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,500 | €5,000 | +€1,500 | +42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,087 | €28,087 | +€0 | 0.0% |
| Other operating charges | 640/8 | €8,277 | €7,936 | -€340 | -4.1% |
| Gross operating margin | 9900 | €61,367 | €62,112 | +€745 | +1.2% |
| Operating profit (loss) | 9901 | €25,003 | €26,089 | +€1,086 | +4.3% |
| Financial charges | 65/66B | €8,979 | €8,502 | -€477 | -5.3% |
| Recurring financial charges | 65 | €8,979 | €8,502 | -€477 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €16,024 | €17,586 | +€1,562 | +9.8% |
| Income taxes | 67/77 | €5,099 | €5,596 | +€497 | +9.8% |
| Profit (loss) for the period | 9904 | €10,925 | €11,991 | +€1,065 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,925 | €11,991 | +€1,065 | +9.8% |
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 1 October 2026 via checked.be.