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
- Intangible fixed assets +€387,561
up €387,561 (+80891.9%), from €479 to €388,040
- Cash +€233,292
up €233,292 (+87.2%), from €267,405 to €500,697
mainly Net result for the year (+€250,363) and Contributions, distributions and other (+€185,700)
- Receivables within one year +€137,497
up €137,497 (+71.9%), from €191,183 to €328,680
of which Trade receivables: +€82,273
- Investment grants +€305,700
new in 2025: €305,700
- Debts after one year +€145,759
new in 2025: €145,759
- Other debts +€140,268
new in 2025: €140,268
- Reserves +€130,363
up €130,363 (+192.8%), from €67,607 to €197,969
- Trade debts +€74,277
up €74,277 (+124.8%), from €59,527 to €133,804
- Gross operating margin +€262,665
up €262,665 (+148.6%), from €176,801 to €439,466
- Staff costs +€129,348
up €129,348 (+172.9%), from €74,813 to €204,161
- Financial income +€76,360
up €76,360 (+94271.1%), from €81 to €76,441
- Depreciation +€43,863
up €43,863 (+1143.9%), from €3,834 to €47,697
- Taxes -€23,650
down €23,650 (-91.4%), from €25,869 to €2,219
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 | €464,213 | €1,229,121 | +€764,908 | +164.8% |
| Fixed assets | 21/28 | €5,186 | €399,429 | +€394,243 | +7602.1% |
| Intangible fixed assets | 21 | €479 | €388,040 | +€387,561 | +80891.9% |
| Tangible fixed assets | 22/27 | €4,622 | €9,396 | +€4,775 | +103.3% |
| Furniture and vehicles | 24 | €4,622 | €9,396 | +€4,775 | +103.3% |
| Financial fixed assets | 28 | €85 | €1,993 | +€1,908 | +2244.2% |
| Current assets | 29/58 | €459,027 | €829,692 | +€370,665 | +80.8% |
| Amounts receivable within one year | 40/41 | €191,183 | €328,680 | +€137,497 | +71.9% |
| Trade receivables | 40 | €135,828 | €218,101 | +€82,273 | +60.6% |
| Other amounts receivable | 41 | €55,355 | €110,579 | +€55,224 | +99.8% |
| Cash at bank and in hand | 54/58 | €267,405 | €500,697 | +€233,292 | +87.2% |
| Deferred charges and accrued income | 490/1 | €438 | €315 | -€123 | -28.1% |
| Total equity and liabilities | 10/49 | €464,213 | €1,229,121 | +€764,908 | +164.8% |
| Equity | 10/15 | €274,019 | €710,082 | +€436,063 | +159.1% |
| Contributions | 10/11 | €206,412 | €206,412 | = | 0.0% |
| Reserves | 13 | €67,607 | €197,969 | +€130,363 | +192.8% |
| Distributable reserves | 133 | €67,607 | €197,969 | +€130,363 | +192.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | - | €305,700 | +€305,700 | |
| Amounts payable | 17/49 | €190,194 | €519,039 | +€328,846 | +172.9% |
| Amounts payable after more than one year | 17 | - | €145,759 | +€145,759 | |
| Financial debts | 170/4 | - | €145,759 | +€145,759 | |
| Amounts payable within one year | 42/48 | €120,191 | €335,573 | +€215,382 | +179.2% |
| Current portion of amounts payable after more than one year | 42 | - | €41,804 | +€41,804 | |
| Trade debts | 44 | €59,527 | €133,804 | +€74,277 | +124.8% |
| Suppliers | 440/4 | €59,527 | €133,804 | +€74,277 | +124.8% |
| Taxes, remuneration and social security | 45 | €60,665 | €19,698 | -€40,967 | -67.5% |
| Taxes | 450/3 | €50,171 | €5,954 | -€44,217 | -88.1% |
| Remuneration and social security | 454/9 | €10,494 | €13,744 | +€3,250 | +31.0% |
| Other amounts payable | 47/48 | - | €140,268 | +€140,268 | |
| Accrued charges and deferred income | 492/3 | €70,002 | €37,708 | -€32,295 | -46.1% |
| Remuneration, social security and pensions | 62 | €74,813 | €204,161 | +€129,348 | +172.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,834 | €47,697 | +€43,863 | +1143.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,098 | -€125 | -€4,223 | |
| Other operating charges | 640/8 | €586 | €4,258 | +€3,672 | +626.8% |
| Gross operating margin | 9900 | €176,801 | €439,466 | +€262,665 | +148.6% |
| Operating profit (loss) | 9901 | €93,470 | €183,476 | +€90,005 | +96.3% |
| Financial income | 75/76B | €81 | €76,441 | +€76,360 | +94271.1% |
| Recurring financial income | 75 | €81 | €76,441 | +€76,360 | +94271.1% |
| Financial charges | 65/66B | €76 | €7,335 | +€7,259 | +9600.7% |
| Recurring financial charges | 65 | €76 | €7,335 | +€7,259 | +9600.7% |
| Profit (loss) for the period before taxes | 9903 | €93,476 | €252,582 | +€159,106 | +170.2% |
| Income taxes | 67/77 | €25,869 | €2,219 | -€23,650 | -91.4% |
| Profit (loss) for the period | 9904 | €67,607 | €250,363 | +€182,756 | +270.3% |
| Profit (loss) for the period to be appropriated | 9905 | €67,607 | €250,363 | +€182,756 | +270.3% |
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 10 October 2026 via checked.be.