WINNERS DEVELOPMENT: 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.
WINNERS DEVELOPMENT
Largest movements
- Cash -€30,085
down €30,085 (-52.7%), from €57,094 to €27,009
mainly Investment in fixed assets (net) (-€26,274) and Debts after one year (-€12,814)
- Tangible fixed assets +€12,008
up €12,008 (+2.4%), from €492,118 to €504,126
of which Land and buildings: +€6,325
- Debts after one year -€12,814
down €12,814 (-85.6%), from €14,967 to €2,153
- Gross operating margin -€8,226
down €8,226 (-32.0%), from €25,669 to €17,443
- Taxes -€2,557
down €2,557 (-100%), from €2,557 to €0
- Depreciation +€2,384
up €2,384 (+20.1%), from €11,881 to €14,266
- Financial income +€319
up €319 (+21.2%), from €1,501 to €1,819
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €581,587 | €569,394 | -€12,193 | -2.1% |
| Fixed assets | 21/28 | €492,118 | €504,126 | +€12,008 | +2.4% |
| Tangible fixed assets | 22/27 | €492,118 | €504,126 | +€12,008 | +2.4% |
| Land and buildings | 22 | €492,118 | €498,444 | +€6,325 | +1.3% |
| Plant, machinery and equipment | 23 | - | €5,683 | +€5,683 | |
| Current assets | 29/58 | €89,469 | €65,268 | -€24,201 | -27.0% |
| Amounts receivable within one year | 40/41 | €32,374 | €37,944 | +€5,570 | +17.2% |
| Other amounts receivable | 41 | €32,374 | €37,944 | +€5,570 | +17.2% |
| Cash at bank and in hand | 54/58 | €57,094 | €27,009 | -€30,085 | -52.7% |
| Deferred charges and accrued income | 490/1 | - | €314 | +€314 | |
| Total equity and liabilities | 10/49 | €581,587 | €569,394 | -€12,193 | -2.1% |
| Equity | 10/15 | €553,984 | €553,675 | -€309 | -0.1% |
| Contributions | 10/11 | €68,592 | €68,592 | = | 0.0% |
| Reserves | 13 | €485,392 | €485,083 | -€309 | -0.1% |
| Distributable reserves | 133 | €485,392 | €485,083 | -€309 | -0.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €27,603 | €15,720 | -€11,884 | -43.1% |
| Amounts payable after more than one year | 17 | €14,967 | €2,153 | -€12,814 | -85.6% |
| Financial debts | 170/4 | €14,967 | €2,153 | -€12,814 | -85.6% |
| Amounts payable within one year | 42/48 | €12,637 | €13,567 | +€930 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €12,637 | €12,814 | +€177 | +1.4% |
| Trade debts | 44 | €0 | €753 | +€753 | |
| Suppliers | 440/4 | €0 | €753 | +€753 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,881 | €14,266 | +€2,384 | +20.1% |
| Other operating charges | 640/8 | €4,714 | €4,861 | +€147 | +3.1% |
| Gross operating margin | 9900 | €25,669 | €17,443 | -€8,226 | -32.0% |
| Operating profit (loss) | 9901 | €9,074 | -€1,683 | -€10,757 | |
| Financial income | 75/76B | €1,501 | €1,819 | +€319 | +21.2% |
| Recurring financial income | 75 | €1,501 | €1,819 | +€319 | +21.2% |
| Financial charges | 65/66B | €617 | €445 | -€172 | -27.9% |
| Recurring financial charges | 65 | €617 | €445 | -€172 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €9,957 | -€309 | -€10,266 | |
| Income taxes | 67/77 | €2,557 | €0 | -€2,557 | -100% |
| Profit (loss) for the period | 9904 | €7,400 | -€309 | -€7,709 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,400 | -€309 | -€7,709 |
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 14 October 2026 via checked.be.