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 +€173,401
up €173,401 (+4059.0%), from €4,272 to €177,673
of which Land and buildings: +€171,734
- Cash -€4,151
down €4,151 (-8.3%), from €49,794 to €45,644
mainly Investment in fixed assets (net) (-€199,896) and Contributions, distributions and other (-€10,000)
- Receivables within one year -€2,827
down €2,827 (-16.6%), from €16,989 to €14,162
- Debts after one year +€147,338
new in 2025: €147,338
- Profit (loss) carried forward +€15,000
up €15,000, from €0 to €15,000
- Reserves -€9,938
down €9,938 (-19.7%), from €50,457 to €40,520
- Current portion of long-term debt +€7,662
new in 2025: €7,662
- Tax, wage and social debts +€4,619
up €4,619 (+22.2%), from €20,799 to €25,418
of which Taxes: +€4,619
- Depreciation +€25,639
up €25,639 (+2995.5%), from €856 to €26,495
- Taxes -€7,133
down €7,133 (-59.4%), from €12,014 to €4,881
- Gross operating margin -€5,250
down €5,250 (-9.1%), from €57,769 to €52,519
- Financial charges +€4,883
up €4,883 (+9033.5%), from €54 to €4,937
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 | €78,400 | €244,834 | +€166,434 | +212.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €4,272 | €177,673 | +€173,401 | +4059.0% |
| Tangible fixed assets | 22/27 | €4,272 | €177,673 | +€173,401 | +4059.0% |
| Land and buildings | 22 | - | €171,734 | +€171,734 | |
| Furniture and vehicles | 24 | €4,272 | €3,486 | -€786 | -18.4% |
| Other tangible fixed assets | 26 | - | €2,453 | +€2,453 | |
| Current assets | 29/58 | €74,128 | €67,161 | -€6,967 | -9.4% |
| Amounts receivable within one year | 40/41 | €16,989 | €14,162 | -€2,827 | -16.6% |
| Trade receivables | 40 | €16,989 | €14,162 | -€2,827 | -16.6% |
| Current investments | 50/53 | €6,133 | €6,133 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,794 | €45,644 | -€4,151 | -8.3% |
| Deferred charges and accrued income | 490/1 | €1,211 | €1,222 | +€11 | +0.9% |
| Total equity and liabilities | 10/49 | €78,400 | €244,834 | +€166,434 | +212.3% |
| Equity | 10/15 | €52,457 | €57,520 | +€5,062 | +9.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €50,457 | €40,520 | -€9,938 | -19.7% |
| Distributable reserves | 133 | €50,457 | €40,520 | -€9,938 | -19.7% |
| Profit (loss) carried forward | 14 | €0 | €15,000 | +€15,000 | |
| Amounts payable | 17/49 | €25,943 | €187,315 | +€161,372 | +622.0% |
| Amounts payable after more than one year | 17 | - | €147,338 | +€147,338 | |
| Financial debts | 170/4 | - | €147,338 | +€147,338 | |
| Amounts payable within one year | 42/48 | €23,322 | €39,898 | +€16,577 | +71.1% |
| Current portion of amounts payable after more than one year | 42 | - | €7,662 | +€7,662 | |
| Trade debts | 44 | €1,499 | €3,343 | +€1,844 | +123.0% |
| Suppliers | 440/4 | €1,499 | €3,343 | +€1,844 | +123.0% |
| Taxes, remuneration and social security | 45 | €20,799 | €25,418 | +€4,619 | +22.2% |
| Taxes | 450/3 | €20,799 | €25,418 | +€4,619 | +22.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,024 | €3,476 | +€2,451 | +239.3% |
| Accrued charges and deferred income | 492/3 | €2,621 | €78 | -€2,543 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €856 | €26,495 | +€25,639 | +2995.5% |
| Other operating charges | 640/8 | €762 | €1,144 | +€382 | +50.2% |
| Gross operating margin | 9900 | €57,769 | €52,519 | -€5,250 | -9.1% |
| Operating profit (loss) | 9901 | €56,151 | €24,880 | -€31,271 | -55.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €54 | €4,937 | +€4,883 | +9033.5% |
| Recurring financial charges | 65 | €54 | €4,937 | +€4,883 | +9033.5% |
| Profit (loss) for the period before taxes | 9903 | €56,097 | €19,943 | -€36,154 | -64.4% |
| Income taxes | 67/77 | €12,014 | €4,881 | -€7,133 | -59.4% |
| Profit (loss) for the period | 9904 | €44,083 | €15,062 | -€29,021 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,083 | €15,062 | -€29,021 | -65.8% |
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 3 October 2026 via checked.be.