WININVEST: what changed
Two financial 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
WININVEST
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€158,067
2024 · €52,644+€105,422
Equity
€13.1m
2024 · €13.1m+€8,067
Cash
€113,104
2024 · €23,749+€89,355
Balance sheet total
€16.1m
2024 · €18.7m-€2.6m
Largest movements
Assets
- Financial fixed assets -€2.7m
down €2.7m (-18.2%), from €14.7m to €12.0m
Equity and liabilities
- Debts after one year -€2.7m
down €2.7m (-50.6%), from €5.4m to €2.7m
Income statement
- Financial charges -€58,834
down €58,834 (-23.3%), from €252,906 to €194,072
- Financial income +€46,557
up €46,557 (+22.7%), from €204,678 to €251,235
- Other operating charges -€13,755
down €13,755 (-38.9%), from €35,373 to €21,618
- Gross operating margin -€9,549
down €9,549 (-5.2%), from €183,965 to €174,417
- Taxes +€8,764
up €8,764, from -€128 to €8,636
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
€52,644
Gross operating margin
-€9,549
Depreciation
+€4,588
Other operating charges
+€13,755
Financial income
+€46,557
Financial charges
+€58,834
Taxes
-€8,764
Result 2025
€158,067
raises the resultlowers the result
Derived cash bridge
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
+€164,359
Investment
+€2.8m
Financing
-€2.9m
Cash 2024
€23,749
From operations (derived)
+€164,359
Net result for the year
+€158,067
Depreciation
+€44,803
Receivables within one year
-€155,258
Smaller working-capital items
-€1,422
Other debts
+€150,500
Accrued charges and deferred income
-€32,331
Investment (derived)
+€2.8m
Investment in fixed assets (net)
+€2.7m
Current investments
+€130,000
Financing
-€2.9m
Debts after one year
-€2.7m
Short-term financial debts
-€9,064
Contributions, distributions and other
-€150,000
Cash 2025
€113,104
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,707,606 | €16,089,916 | -€2.6m | -14.0% |
| Fixed assets | 21/28 | €17,809,318 | €15,077,015 | -€2.7m | -15.3% |
| Tangible fixed assets | 22/27 | €3,078,504 | €3,033,701 | -€44,803 | -1.5% |
| Land and buildings | 22 | €3,068,142 | €3,026,204 | -€41,938 | -1.4% |
| Plant, machinery and equipment | 23 | €10,362 | €7,497 | -€2,865 | -27.6% |
| Financial fixed assets | 28 | €14,730,814 | €12,043,314 | -€2.7m | -18.2% |
| Current assets | 29/58 | €898,288 | €1,012,901 | +€114,613 | +12.8% |
| Amounts receivable within one year | 40/41 | €102,231 | €257,489 | +€155,258 | +152% |
| Trade receivables | 40 | €3,173 | €5,785 | +€2,612 | +82.3% |
| Other amounts receivable | 41 | €99,058 | €251,704 | +€152,646 | +154% |
| Current investments | 50/53 | €772,308 | €642,308 | -€130,000 | -16.8% |
| Cash at bank and in hand | 54/58 | €23,749 | €113,104 | +€89,355 | +376% |
| Total equity and liabilities | 10/49 | €18,707,606 | €16,089,916 | -€2.6m | -14.0% |
| Equity | 10/15 | €13,128,228 | €13,136,295 | +€8,067 | +0.1% |
| Contributions | 10/11 | €10,900,000 | €10,900,000 | = | 0.0% |
| Capital | 10 | €10,900,000 | €10,900,000 | = | 0.0% |
| Issued capital | 100 | €10,900,000 | €10,900,000 | = | 0.0% |
| Reserves | 13 | €308,893 | €305,894 | -€2,999 | -1.0% |
| Non-distributable reserves | 130/1 | €191,950 | €191,950 | = | 0.0% |
| Legal reserve | 130 | €191,950 | €191,950 | = | 0.0% |
| Tax-exempt reserves | 132 | €116,943 | €113,944 | -€2,999 | -2.6% |
| Profit (loss) carried forward | 14 | €1,919,336 | €1,930,401 | +€11,065 | +0.6% |
| Provisions and deferred taxes | 16 | €60,216 | €58,672 | -€1,544 | -2.6% |
| Deferred taxes | 168 | €60,216 | €58,672 | -€1,544 | -2.6% |
| Amounts payable | 17/49 | €5,519,162 | €2,894,948 | -€2.6m | -47.5% |
| Amounts payable after more than one year | 17 | €5,400,000 | €2,666,560 | -€2.7m | -50.6% |
| Financial debts | 170/4 | €5,400,000 | €2,666,560 | -€2.7m | -50.6% |
| Amounts payable within one year | 42/48 | €63,962 | €205,519 | +€141,558 | +221% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 43 | €11,309 | €2,245 | -€9,064 | -80.1% |
| Credit institutions | 430/8 | €11,309 | €2,245 | -€9,064 | -80.1% |
| Trade debts | 44 | €1,159 | €1,281 | +€122 | +10.5% |
| Suppliers | 440/4 | €1,159 | €1,281 | +€122 | +10.5% |
| Other amounts payable | 47/48 | €1,494 | €151,994 | +€150,500 | +10,076% |
| Accrued charges and deferred income | 492/3 | €55,200 | €22,869 | -€32,331 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,391 | €44,803 | -€4,588 | -9.3% |
| Other operating charges | 640/8 | €35,373 | €21,618 | -€13,755 | -38.9% |
| Gross operating margin | 9900 | €183,965 | €174,417 | -€9,549 | -5.2% |
| Operating profit (loss) | 9901 | €99,201 | €107,996 | +€8,795 | +8.9% |
| Financial income | 75/76B | €204,678 | €251,235 | +€46,557 | +22.7% |
| Recurring financial income | 75 | €204,678 | €251,235 | +€46,557 | +22.7% |
| Financial charges | 65/66B | €252,906 | €194,072 | -€58,834 | -23.3% |
| Recurring financial charges | 65 | €252,906 | €194,072 | -€58,834 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €50,972 | €165,159 | +€114,186 | +224% |
| Transfer from deferred taxes | 780 | €1,544 | €1,544 | = | 0.0% |
| Income taxes | 67/77 | -€128 | €8,636 | +€8,764 | |
| Profit (loss) for the period | 9904 | €52,644 | €158,067 | +€105,422 | +200% |
| Transfer from tax-exempt reserves | 789 | €2,999 | €2,999 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,643 | €161,065 | +€105,422 | +189% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.