WINSTON: 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.
What changed
WINSTON
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€130,040
2024 · €264,846-€134,806
Equity
€3.5m
2024 · €3.4m+€130,040
Cash
€1.2m
2024 · €1.5m-€336,500
Balance sheet total
€5.2m
2024 · €5.2m-€28,189
Largest movements
Assets
- Cash -€336,500
down €336,500 (-22.0%), from €1.5m to €1.2m
mainly Investment in fixed assets (net) (-€482,172) and Debts after one year (-€106,438)
- Tangible fixed assets +€316,374
up €316,374 (+8.8%), from €3.6m to €3.9m
of which Land and buildings: +€331,011
Equity and liabilities
- Reserves +€125,621
up €125,621 (+6.2%), from €2.0m to €2.1m
of which Distributable reserves: +€135,000
- Debts after one year -€106,438
down €106,438 (-14.5%), from €736,331 to €629,893
Income statement
- Other operating charges +€81,524
up €81,524 (+115.8%), from €70,425 to €151,949
- Gross operating margin -€70,308
down €70,308 (-9.8%), from €715,168 to €644,860
- Taxes -€56,719
down €56,719 (-43.1%), from €131,578 to €74,859
- Depreciation -€32,919
down €32,919 (-16.6%), from €198,716 to €165,797
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
€264,846
Gross operating margin
-€70,308
Depreciation
+€32,919
Write-downs
-€33
Other operating charges
-€81,524
Other operating items
-€75,221
Financial income
-€1,103
Financial charges
+€4,000
Taxes
+€56,719
Deferred taxes and other
-€254
Result 2025
€130,040
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.
From operations
+€279,356
Investment
-€482,172
Financing
-€133,684
Cash 2024
€1.5m
From operations (derived)
+€279,356
Net result for the year
+€130,040
Depreciation
+€165,797
Receivables within one year
+€8,220
Deferred charges and accrued income
-€156
Provisions
-€3,940
Trade debts
+€39,431
Tax, wage and social debts
-€37,024
Other debts
-€35,819
Accrued charges and deferred income
+€12,807
Investment (derived)
-€482,172
Investment in fixed assets (net)
-€482,172
Financing
-€133,684
Debts after one year
-€106,438
Current portion of long-term debt
-€27,246
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,184,356 | €5,156,167 | -€28,189 | -0.5% |
| Fixed assets | 21/28 | €3,576,659 | €3,893,033 | +€316,374 | +8.8% |
| Tangible fixed assets | 22/27 | €3,576,659 | €3,893,033 | +€316,374 | +8.8% |
| Land and buildings | 22 | €3,538,174 | €3,869,185 | +€331,011 | +9.4% |
| Plant, machinery and equipment | 23 | €9,392 | €8,094 | -€1,298 | -13.8% |
| Furniture and vehicles | 24 | €29,093 | €15,754 | -€13,339 | -45.9% |
| Current assets | 29/58 | €1,607,697 | €1,263,134 | -€344,563 | -21.4% |
| Amounts receivable within one year | 40/41 | €69,953 | €61,733 | -€8,220 | -11.8% |
| Trade receivables | 40 | €17,225 | €1,738 | -€15,487 | -89.9% |
| Other amounts receivable | 41 | €52,728 | €59,995 | +€7,267 | +13.8% |
| Cash at bank and in hand | 54/58 | €1,531,903 | €1,195,403 | -€336,500 | -22.0% |
| Deferred charges and accrued income | 490/1 | €5,841 | €5,998 | +€156 | +2.7% |
| Total equity and liabilities | 10/49 | €5,184,356 | €5,156,167 | -€28,189 | -0.5% |
| Equity | 10/15 | €3,418,231 | €3,548,271 | +€130,040 | +3.8% |
| Contributions | 10/11 | €72,000 | €72,000 | = | 0.0% |
| Reserves | 13 | €2,011,705 | €2,137,326 | +€125,621 | +6.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €156,446 | €147,066 | -€9,379 | -6.0% |
| Distributable reserves | 133 | €1,855,259 | €1,990,259 | +€135,000 | +7.3% |
| Profit (loss) carried forward | 14 | €1,334,526 | €1,338,946 | +€4,420 | +0.3% |
| Provisions and deferred taxes | 16 | €65,715 | €61,775 | -€3,940 | -6.0% |
| Deferred taxes | 168 | €65,715 | €61,775 | -€3,940 | -6.0% |
| Amounts payable | 17/49 | €1,700,410 | €1,546,121 | -€154,289 | -9.1% |
| Amounts payable after more than one year | 17 | €736,331 | €629,893 | -€106,438 | -14.5% |
| Financial debts | 170/4 | €736,331 | €629,893 | -€106,438 | -14.5% |
| Amounts payable within one year | 42/48 | €931,244 | €870,586 | -€60,658 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €133,684 | €106,438 | -€27,246 | -20.4% |
| Trade debts | 44 | €25,754 | €65,185 | +€39,431 | +153.1% |
| Suppliers | 440/4 | €25,754 | €65,185 | +€39,431 | +153.1% |
| Taxes, remuneration and social security | 45 | €44,497 | €7,473 | -€37,024 | -83.2% |
| Taxes | 450/3 | €44,497 | €7,473 | -€37,024 | -83.2% |
| Other amounts payable | 47/48 | €727,309 | €691,490 | -€35,819 | -4.9% |
| Accrued charges and deferred income | 492/3 | €32,835 | €45,642 | +€12,807 | +39.0% |
| Non-recurring operating income | 76A | €1,555 | €0 | -€1,555 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,716 | €165,797 | -€32,919 | -16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33 | +€33 | |
| Other operating charges | 640/8 | €70,425 | €151,949 | +€81,524 | +115.8% |
| Non-recurring operating charges | 66A | - | €75,221 | +€75,221 | |
| Gross operating margin | 9900 | €715,168 | €644,860 | -€70,308 | -9.8% |
| Operating profit (loss) | 9901 | €446,027 | €251,859 | -€194,168 | -43.5% |
| Financial income | 75/76B | €13,261 | €12,158 | -€1,103 | -8.3% |
| Recurring financial income | 75 | €13,261 | €12,158 | -€1,103 | -8.3% |
| Financial charges | 65/66B | €67,058 | €63,058 | -€4,000 | -6.0% |
| Recurring financial charges | 65 | €67,058 | €63,058 | -€4,000 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €392,230 | €200,959 | -€191,271 | -48.8% |
| Transfer from deferred taxes | 780 | €4,194 | €3,940 | -€254 | -6.1% |
| Income taxes | 67/77 | €131,578 | €74,859 | -€56,719 | -43.1% |
| Profit (loss) for the period | 9904 | €264,846 | €130,040 | -€134,806 | -50.9% |
| Transfer from tax-exempt reserves | 789 | €9,985 | €9,379 | -€605 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €274,830 | €139,420 | -€135,411 | -49.3% |
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 7 October 2026 via checked.be.