Winston: 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.
Winston
Largest movements
- Receivables after one year -€77,186
down €77,186 (-70.7%), from €109,186 to €32,000
- Receivables within one year +€54,731
up €54,731 (+88.1%), from €62,108 to €116,839
of which Other amounts receivable: +€70,465
- Cash +€19,001
up €19,001 (+61.2%), from €31,032 to €50,032
mainly Receivables after one year (+€77,186) and Net result for the year (+€37,571)
- Tangible fixed assets -€13,368
down €13,368 (-20.5%), from €65,136 to €51,768
of which Leasing and similar rights: -€15,809
- Reserves +€37,571
up €37,571 (+28.0%), from €134,174 to €171,744
- Trade debts -€27,154
down €27,154 (-79.3%), from €34,255 to €7,101
- Debts after one year -€23,572
down €23,572 (-36.2%), from €65,171 to €41,599
- Tax, wage and social debts -€4,340
down €4,340 (-35.6%), from €12,186 to €7,846
- Gross operating margin -€8,880
down €8,880 (-11.3%), from €78,450 to €69,571
- Financial income -€1,549
down €1,549 (-30.1%), from €5,141 to €3,591
of which Financial income: -€1,549
- Taxes -€910
down €910 (-7.1%), from €12,836 to €11,926
- Financial charges -€909
down €909 (-20.1%), from €4,532 to €3,623
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 | €273,488 | €256,861 | -€16,627 | -6.1% |
| Fixed assets | 21/28 | €65,241 | €51,768 | -€13,473 | -20.7% |
| Tangible fixed assets | 22/27 | €65,136 | €51,768 | -€13,368 | -20.5% |
| Plant, machinery and equipment | 23 | €3,194 | €5,635 | +€2,441 | +76.4% |
| Leasing and similar rights | 25 | €61,942 | €46,133 | -€15,809 | -25.5% |
| Financial fixed assets | 28 | €105 | €0 | -€105 | -100.0% |
| Current assets | 29/58 | €208,247 | €205,093 | -€3,154 | -1.5% |
| Amounts receivable after more than one year | 29 | €109,186 | €32,000 | -€77,186 | -70.7% |
| Other amounts receivable | 291 | €109,186 | €32,000 | -€77,186 | -70.7% |
| Amounts receivable within one year | 40/41 | €62,108 | €116,839 | +€54,731 | +88.1% |
| Trade receivables | 40 | €30,495 | €14,762 | -€15,734 | -51.6% |
| Other amounts receivable | 41 | €31,613 | €102,078 | +€70,465 | +222.9% |
| Cash at bank and in hand | 54/58 | €31,032 | €50,032 | +€19,001 | +61.2% |
| Deferred charges and accrued income | 490/1 | €5,921 | €6,222 | +€300 | +5.1% |
| Total equity and liabilities | 10/49 | €273,488 | €256,861 | -€16,627 | -6.1% |
| Equity | 10/15 | €139,174 | €176,744 | +€37,571 | +27.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €134,174 | €171,744 | +€37,571 | +28.0% |
| Distributable reserves | 133 | €134,174 | €171,744 | +€37,571 | +28.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €134,315 | €80,117 | -€54,198 | -40.4% |
| Amounts payable after more than one year | 17 | €65,171 | €41,599 | -€23,572 | -36.2% |
| Financial debts | 170/4 | €65,171 | €41,599 | -€23,572 | -36.2% |
| Amounts payable within one year | 42/48 | €69,144 | €38,518 | -€30,626 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €22,704 | €23,572 | +€868 | +3.8% |
| Trade debts | 44 | €34,255 | €7,101 | -€27,154 | -79.3% |
| Suppliers | 440/4 | €34,255 | €7,101 | -€27,154 | -79.3% |
| Taxes, remuneration and social security | 45 | €12,186 | €7,846 | -€4,340 | -35.6% |
| Taxes | 450/3 | €12,186 | €7,846 | -€4,340 | -35.6% |
| Non-recurring operating income | 76A | €31 | €0 | -€31 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,298 | €16,636 | +€338 | +2.1% |
| Other operating charges | 640/8 | €2,920 | €2,815 | -€104 | -3.6% |
| Non-recurring operating charges | 66A | - | €591 | +€591 | |
| Gross operating margin | 9900 | €78,450 | €69,571 | -€8,880 | -11.3% |
| Operating profit (loss) | 9901 | €59,233 | €49,528 | -€9,705 | -16.4% |
| Financial income | 75/76B | €5,141 | €3,591 | -€1,549 | -30.1% |
| Recurring financial income | 75 | €5,141 | €3,591 | -€1,549 | -30.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,532 | €3,623 | -€909 | -20.1% |
| Recurring financial charges | 65 | €4,532 | €3,623 | -€909 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €59,841 | €49,496 | -€10,345 | -17.3% |
| Income taxes | 67/77 | €12,836 | €11,926 | -€910 | -7.1% |
| Profit (loss) for the period | 9904 | €47,005 | €37,571 | -€9,434 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,005 | €37,571 | -€9,434 | -20.1% |
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 12 October 2026 via checked.be.