Winston 35: 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 35
Largest movements
- Tangible fixed assets -€185,887
down €185,887 (-3.5%), from €5.3m to €5.1m
of which Land and buildings: -€154,839
- Profit (loss) carried forward -€155,178
down €155,178 (-2.8%), from -€5.5m to -€5.7m
- Depreciation -€133,760
down €133,760 (-33.1%), from €403,725 to €269,965
- Other operating charges +€24,263
up €24,263 (+240%), from €10,122 to €34,385
- Staff costs -€23,736
down €23,736 (-12.1%), from €195,984 to €172,248
- Gross operating margin -€11,334
down €11,334 (-3.0%), from €383,190 to €371,856
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 | €5,329,519 | €5,152,666 | -€176,854 | -3.3% |
| Fixed assets | 21/28 | €5,310,806 | €5,124,919 | -€185,887 | -3.5% |
| Tangible fixed assets | 22/27 | €5,310,306 | €5,124,419 | -€185,887 | -3.5% |
| Land and buildings | 22 | €4,425,726 | €4,270,887 | -€154,839 | -3.5% |
| Plant, machinery and equipment | 23 | €9,545 | €14,146 | +€4,601 | +48.2% |
| Furniture and vehicles | 24 | €66,217 | €61,567 | -€4,650 | -7.0% |
| Other tangible fixed assets | 26 | €808,818 | €777,819 | -€30,999 | -3.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €18,713 | €27,747 | +€9,033 | +48.3% |
| Amounts receivable within one year | 40/41 | €11,590 | €8,590 | -€3,000 | -25.9% |
| Trade receivables | 40 | €3,000 | - | -€3,000 | |
| Other amounts receivable | 41 | €8,590 | €8,590 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,325 | €13,038 | +€11,713 | +884% |
| Deferred charges and accrued income | 490/1 | €5,799 | €6,119 | +€320 | +5.5% |
| Total equity and liabilities | 10/49 | €5,329,519 | €5,152,666 | -€176,854 | -3.3% |
| Equity | 10/15 | €695,662 | €540,484 | -€155,178 | -22.3% |
| Contributions | 10/11 | €6,220,000 | €6,220,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,524,338 | -€5,679,516 | -€155,178 | -2.8% |
| Amounts payable | 17/49 | €4,633,858 | €4,612,181 | -€21,676 | -0.5% |
| Amounts payable within one year | 42/48 | €4,633,858 | €4,612,181 | -€21,676 | -0.5% |
| Trade debts | 44 | €21,704 | €2,457 | -€19,246 | -88.7% |
| Suppliers | 440/4 | €21,704 | €2,457 | -€19,246 | -88.7% |
| Taxes, remuneration and social security | 45 | €28,014 | €13,796 | -€14,217 | -50.8% |
| Taxes | 450/3 | €175 | €175 | = | 0.0% |
| Remuneration and social security | 454/9 | €27,839 | €13,621 | -€14,217 | -51.1% |
| Other amounts payable | 47/48 | €4,584,141 | €4,595,928 | +€11,787 | +0.3% |
| Remuneration, social security and pensions | 62 | €195,984 | €172,248 | -€23,736 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403,725 | €269,965 | -€133,760 | -33.1% |
| Other operating charges | 640/8 | €10,122 | €34,385 | +€24,263 | +240% |
| Gross operating margin | 9900 | €383,190 | €371,856 | -€11,334 | -3.0% |
| Operating profit (loss) | 9901 | -€226,641 | -€104,742 | +€121,899 | +53.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €49,195 | €50,262 | +€1,066 | +2.2% |
| Recurring financial charges | 65 | €49,195 | €50,262 | +€1,066 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€275,836 | -€155,003 | +€120,833 | +43.8% |
| Income taxes | 67/77 | €175 | €174 | -€1 | -0.3% |
| Profit (loss) for the period | 9904 | -€276,011 | -€155,178 | +€120,833 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€276,011 | -€155,178 | +€120,833 | +43.8% |
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.