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.
Winston
Largest movements
- Stocks and contracts +€424,057
new in 2026: €424,057
- Receivables within one year -€29,528
down €29,528 (-83.4%), from €35,416 to €5,888
of which Trade receivables: -€25,528
- Tangible fixed assets +€26,336
up €26,336 (+4.5%), from €581,815 to €608,152
of which Land and buildings: +€27,751
- Other debts +€255,899
up €255,899 (+736.3%), from €34,756 to €290,655
- Short-term financial debts +€253,936
new in 2026: €253,936
- Reserves -€63,520
down €63,520 (-48.5%), from €131,008 to €67,488
- Tax, wage and social debts -€15,952
down €15,952 (-99.4%), from €16,049 to €97
- Debts after one year -€14,977
down €14,977 (-3.8%), from €398,121 to €383,144
- Financial income -€170,904
down €170,904 (-99.7%), from €171,366 to €462
- Taxes -€16,049
no longer reported in 2026 (was €16,049)
- Gross operating margin +€15,220
up €15,220 (+45.6%), from -€33,410 to -€18,190
- Depreciation -€15,075
down €15,075 (-38.0%), from €39,716 to €24,641
- Financial charges +€2,585
up €2,585 (+15.3%), from €16,846 to €19,430
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €621,156 | €1,039,191 | +€418,036 | +67.3% |
| Fixed assets | 21/28 | €581,815 | €608,152 | +€26,336 | +4.5% |
| Tangible fixed assets | 22/27 | €581,815 | €608,152 | +€26,336 | +4.5% |
| Land and buildings | 22 | €578,458 | €606,210 | +€27,751 | +4.8% |
| Furniture and vehicles | 24 | €3,357 | €1,942 | -€1,415 | -42.2% |
| Current assets | 29/58 | €39,340 | €431,040 | +€391,699 | +995.7% |
| Stocks and contracts in progress | 3 | - | €424,057 | +€424,057 | |
| Stocks | 30/36 | - | €424,057 | +€424,057 | |
| Amounts receivable within one year | 40/41 | €35,416 | €5,888 | -€29,528 | -83.4% |
| Trade receivables | 40 | €31,416 | €5,888 | -€25,528 | -81.3% |
| Other amounts receivable | 41 | €4,000 | - | -€4,000 | |
| Cash at bank and in hand | 54/58 | €3,701 | €596 | -€3,105 | -83.9% |
| Deferred charges and accrued income | 490/1 | €223 | €498 | +€275 | +123.0% |
| Total equity and liabilities | 10/49 | €621,156 | €1,039,191 | +€418,036 | +67.3% |
| Equity | 10/15 | €134,008 | €70,488 | -€63,520 | -47.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €131,008 | €67,488 | -€63,520 | -48.5% |
| Distributable reserves | 133 | €131,008 | €67,488 | -€63,520 | -48.5% |
| Amounts payable | 17/49 | €487,148 | €968,703 | +€481,555 | +98.9% |
| Amounts payable after more than one year | 17 | €398,121 | €383,144 | -€14,977 | -3.8% |
| Financial debts | 170/4 | €398,121 | €383,144 | -€14,977 | -3.8% |
| Amounts payable within one year | 42/48 | €86,395 | €582,929 | +€496,534 | +574.7% |
| Current portion of amounts payable after more than one year | 42 | €14,376 | €14,977 | +€601 | +4.2% |
| Financial debts | 43 | - | €253,936 | +€253,936 | |
| Credit institutions | 430/8 | - | €253,936 | +€253,936 | |
| Trade debts | 44 | €21,214 | €23,264 | +€2,051 | +9.7% |
| Suppliers | 440/4 | €21,214 | €23,264 | +€2,051 | +9.7% |
| Taxes, remuneration and social security | 45 | €16,049 | €97 | -€15,952 | -99.4% |
| Taxes | 450/3 | €16,049 | €97 | -€15,952 | -99.4% |
| Other amounts payable | 47/48 | €34,756 | €290,655 | +€255,899 | +736.3% |
| Accrued charges and deferred income | 492/3 | €2,632 | €2,631 | -€2 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,716 | €24,641 | -€15,075 | -38.0% |
| Other operating charges | 640/8 | €4,094 | €1,721 | -€2,373 | -58.0% |
| Gross operating margin | 9900 | -€33,410 | -€18,190 | +€15,220 | +45.6% |
| Operating profit (loss) | 9901 | -€77,219 | -€44,551 | +€32,668 | +42.3% |
| Financial income | 75/76B | €171,366 | €462 | -€170,904 | -99.7% |
| Recurring financial income | 75 | €171,366 | €462 | -€170,904 | -99.7% |
| Financial charges | 65/66B | €16,846 | €19,430 | +€2,585 | +15.3% |
| Recurring financial charges | 65 | €16,846 | €19,430 | +€2,585 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €77,301 | -€63,520 | -€140,820 | |
| Income taxes | 67/77 | €16,049 | - | -€16,049 | |
| Profit (loss) for the period | 9904 | €61,252 | -€63,520 | -€124,771 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,252 | -€63,520 | -€124,771 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.