WINSTON & PARTNERS: 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 & PARTNERS
Largest movements
- Tangible fixed assets -€33,544
down €33,544 (-70.9%), from €47,282 to €13,738
of which Furniture and vehicles: -€32,356
- Receivables within one year +€14,296
up €14,296 (+90.1%), from €15,872 to €30,168
of which Trade receivables: +€24,847
- Cash +€9,527
up €9,527 (+88.5%), from €10,763 to €20,290
mainly Depreciation (+€34,281) and Trade debts (+€16,665)
- Deferred charges and accrued income -€1,716
down €1,716 (-90.3%), from €1,901 to €185
- Trade debts +€16,665
up €16,665 (+482%), from €3,456 to €20,121
- Debts after one year -€16,205
down €16,205 (-45.9%), from €35,326 to €19,121
- Profit (loss) carried forward -€7,671
down €7,671 (-29.8%), from -€25,764 to -€33,435
- Other debts -€3,355
down €3,355 (-13.1%), from €25,676 to €22,322
- Accrued charges and deferred income -€1,543
no longer reported in 2025 (was €1,543)
- Gross operating margin +€17,736
up €17,736 (+120%), from €14,815 to €32,551
- Depreciation -€1,585
down €1,585 (-4.4%), from €35,866 to €34,281
- Other operating charges +€1,418
up €1,418 (+149%), from €948 to €2,366
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 | €80,694 | €68,932 | -€11,762 | -14.6% |
| Fixed assets | 21/28 | €52,159 | €18,290 | -€33,869 | -64.9% |
| Tangible fixed assets | 22/27 | €47,282 | €13,738 | -€33,544 | -70.9% |
| Plant, machinery and equipment | 23 | €4,751 | €3,563 | -€1,188 | -25.0% |
| Furniture and vehicles | 24 | €42,530 | €10,174 | -€32,356 | -76.1% |
| Financial fixed assets | 28 | €4,877 | €4,552 | -€325 | -6.7% |
| Current assets | 29/58 | €28,536 | €50,643 | +€22,107 | +77.5% |
| Amounts receivable within one year | 40/41 | €15,872 | €30,168 | +€14,296 | +90.1% |
| Trade receivables | 40 | €2,934 | €27,781 | +€24,847 | +847% |
| Other amounts receivable | 41 | €12,938 | €2,387 | -€10,551 | -81.6% |
| Cash at bank and in hand | 54/58 | €10,763 | €20,290 | +€9,527 | +88.5% |
| Deferred charges and accrued income | 490/1 | €1,901 | €185 | -€1,716 | -90.3% |
| Total equity and liabilities | 10/49 | €80,694 | €68,932 | -€11,762 | -14.6% |
| Equity | 10/15 | -€5,398 | -€13,069 | -€7,671 | -142% |
| Contributions | 10/11 | €20,366 | €20,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,764 | -€33,435 | -€7,671 | -29.8% |
| Amounts payable | 17/49 | €86,093 | €82,002 | -€4,091 | -4.8% |
| Amounts payable after more than one year | 17 | €35,326 | €19,121 | -€16,205 | -45.9% |
| Financial debts | 170/4 | €35,326 | €19,121 | -€16,205 | -45.9% |
| Amounts payable within one year | 42/48 | €49,224 | €62,881 | +€13,657 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €16,725 | €16,205 | -€520 | -3.1% |
| Financial debts | 43 | €610 | €347 | -€263 | -43.1% |
| Credit institutions | 430/8 | €610 | €347 | -€263 | -43.1% |
| Trade debts | 44 | €3,456 | €20,121 | +€16,665 | +482% |
| Suppliers | 440/4 | €3,456 | €20,121 | +€16,665 | +482% |
| Taxes, remuneration and social security | 45 | €2,756 | €3,886 | +€1,130 | +41.0% |
| Taxes | 450/3 | €2,756 | €3,886 | +€1,130 | +41.0% |
| Other amounts payable | 47/48 | €25,676 | €22,322 | -€3,355 | -13.1% |
| Accrued charges and deferred income | 492/3 | €1,543 | - | -€1,543 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,866 | €34,281 | -€1,585 | -4.4% |
| Other operating charges | 640/8 | €948 | €2,366 | +€1,418 | +149% |
| Gross operating margin | 9900 | €14,815 | €32,551 | +€17,736 | +120% |
| Operating profit (loss) | 9901 | -€21,999 | -€4,096 | +€17,903 | +81.4% |
| Financial income | 75/76B | €24 | €23 | -€1 | -5.2% |
| Recurring financial income | 75 | €24 | €23 | -€1 | -5.2% |
| Financial charges | 65/66B | €3,467 | €3,478 | +€11 | +0.3% |
| Recurring financial charges | 65 | €3,467 | €3,478 | +€11 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€25,442 | -€7,551 | +€17,891 | +70.3% |
| Income taxes | 67/77 | €322 | €120 | -€202 | -62.8% |
| Profit (loss) for the period | 9904 | -€25,764 | -€7,671 | +€18,093 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,764 | -€7,671 | +€18,093 | +70.2% |
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 20 October 2026 via checked.be.