WINSQUARED: 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.
WINSQUARED
Largest movements
- Tangible fixed assets -€61,865
down €61,865 (-8.5%), from €727,478 to €665,612
- Financial fixed assets +€41,250
up €41,250 (+40.2%), from €102,500 to €143,750
- Cash +€9,829
up €9,829 (+85.3%), from €11,519 to €21,348
mainly Net result for the year (+€120,205) and Depreciation (+€61,865)
- Debts after one year -€49,448
down €49,448 (-12.9%), from €381,860 to €332,412
- Reserves +€40,205
up €40,205 (+11.0%), from €365,457 to €405,663
- Short-term financial debts -€10,786
down €10,786 (-15.5%), from €69,448 to €58,663
- Gross operating margin -€42,982
down €42,982 (-15.5%), from €277,279 to €234,297
- Financial charges -€12,406
down €12,406 (-58.4%), from €21,249 to €8,844
- Taxes -€9,443
down €9,443 (-19.0%), from €49,719 to €40,276
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 | €864,321 | €850,913 | -€13,408 | -1.6% |
| Fixed assets | 21/28 | €829,978 | €809,362 | -€20,615 | -2.5% |
| Tangible fixed assets | 22/27 | €727,478 | €665,612 | -€61,865 | -8.5% |
| Land and buildings | 22 | €648,046 | €621,698 | -€26,348 | -4.1% |
| Plant, machinery and equipment | 23 | €10,538 | €5,858 | -€4,681 | -44.4% |
| Furniture and vehicles | 24 | €65,393 | €34,557 | -€30,836 | -47.2% |
| Other tangible fixed assets | 26 | €3,500 | €3,500 | = | 0.0% |
| Financial fixed assets | 28 | €102,500 | €143,750 | +€41,250 | +40.2% |
| Current assets | 29/58 | €34,343 | €41,551 | +€7,208 | +21.0% |
| Amounts receivable within one year | 40/41 | €19,711 | €18,249 | -€1,462 | -7.4% |
| Trade receivables | 40 | €17,103 | €16,984 | -€119 | -0.7% |
| Other amounts receivable | 41 | €2,608 | €1,265 | -€1,344 | -51.5% |
| Cash at bank and in hand | 54/58 | €11,519 | €21,348 | +€9,829 | +85.3% |
| Deferred charges and accrued income | 490/1 | €3,113 | €1,954 | -€1,159 | -37.2% |
| Total equity and liabilities | 10/49 | €864,321 | €850,913 | -€13,408 | -1.6% |
| Equity | 10/15 | €384,057 | €424,263 | +€40,205 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €365,457 | €405,663 | +€40,205 | +11.0% |
| Distributable reserves | 133 | €365,457 | €405,663 | +€40,205 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €480,263 | €426,650 | -€53,613 | -11.2% |
| Amounts payable after more than one year | 17 | €381,860 | €332,412 | -€49,448 | -12.9% |
| Financial debts | 170/4 | €381,860 | €332,412 | -€49,448 | -12.9% |
| Amounts payable within one year | 42/48 | €95,591 | €94,238 | -€1,353 | -1.4% |
| Financial debts | 43 | €69,448 | €58,663 | -€10,786 | -15.5% |
| Credit institutions | 430/8 | €69,448 | €58,663 | -€10,786 | -15.5% |
| Trade debts | 44 | €8,517 | €9,930 | +€1,413 | +16.6% |
| Suppliers | 440/4 | €8,517 | €9,930 | +€1,413 | +16.6% |
| Taxes, remuneration and social security | 45 | €27 | €8,191 | +€8,164 | +30,159% |
| Taxes | 450/3 | €27 | €8,191 | +€8,164 | +30,159% |
| Other amounts payable | 47/48 | €17,599 | €17,455 | -€144 | -0.8% |
| Accrued charges and deferred income | 492/3 | €2,812 | €0 | -€2,812 | -100% |
| Non-recurring operating income | 76A | - | €25,272 | +€25,272 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,102 | €61,865 | -€237 | -0.4% |
| Other operating charges | 640/8 | €3,395 | €3,106 | -€289 | -8.5% |
| Gross operating margin | 9900 | €277,279 | €234,297 | -€42,982 | -15.5% |
| Operating profit (loss) | 9901 | €211,781 | €169,325 | -€42,456 | -20.0% |
| Financial income | 75/76B | €7 | €0 | -€7 | -100% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -100% |
| Financial charges | 65/66B | €21,249 | €8,844 | -€12,406 | -58.4% |
| Recurring financial charges | 65 | €21,249 | €8,844 | -€12,406 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €190,539 | €160,481 | -€30,058 | -15.8% |
| Income taxes | 67/77 | €49,719 | €40,276 | -€9,443 | -19.0% |
| Profit (loss) for the period | 9904 | €140,820 | €120,205 | -€20,615 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €140,820 | €120,205 | -€20,615 | -14.6% |
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 15 October 2026 via checked.be.