WINTERS: 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.
WINTERS
Largest movements
- Receivables within one year +€125,179
up €125,179 (+22.8%), from €549,419 to €674,598
of which Trade receivables: +€116,416
- Cash -€59,071
down €59,071 (-17.5%), from €337,542 to €278,471
mainly Investment in fixed assets (net) (-€256,661) and Receivables within one year (-€125,179)
- Tangible fixed assets -€55,488
down €55,488 (-3.6%), from €1.6m to €1.5m
of which Land and buildings: -€112,803
- Reserves +€50,863
up €50,863 (+5.4%), from €937,834 to €988,697
of which Distributable reserves: +€54,865
- Trade debts -€29,253
down €29,253 (-15.2%), from €192,944 to €163,691
- Staff costs +€45,558
up €45,558 (+15.2%), from €300,363 to €345,921
- Depreciation +€31,396
up €31,396 (+11.2%), from €280,749 to €312,145
- Other operating charges +€17,605
up €17,605 (+35.5%), from €49,561 to €67,166
- Gross operating margin +€12,588
up €12,588 (+1.6%), from €800,752 to €813,340
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 | €2,864,140 | €2,868,801 | +€4,661 | +0.2% |
| Fixed assets | 21/28 | €1,955,140 | €1,899,656 | -€55,484 | -2.8% |
| Tangible fixed assets | 22/27 | €1,551,520 | €1,496,031 | -€55,488 | -3.6% |
| Land and buildings | 22 | €527,398 | €414,595 | -€112,803 | -21.4% |
| Plant, machinery and equipment | 23 | €628,406 | €574,396 | -€54,010 | -8.6% |
| Furniture and vehicles | 24 | €395,716 | €507,040 | +€111,324 | +28.1% |
| Financial fixed assets | 28 | €403,621 | €403,625 | +€4 | 0.0% |
| Current assets | 29/58 | €909,000 | €969,145 | +€60,145 | +6.6% |
| Amounts receivable within one year | 40/41 | €549,419 | €674,598 | +€125,179 | +22.8% |
| Trade receivables | 40 | €272,285 | €388,701 | +€116,416 | +42.8% |
| Other amounts receivable | 41 | €277,135 | €285,897 | +€8,762 | +3.2% |
| Cash at bank and in hand | 54/58 | €337,542 | €278,471 | -€59,071 | -17.5% |
| Deferred charges and accrued income | 490/1 | €22,038 | €16,076 | -€5,962 | -27.1% |
| Total equity and liabilities | 10/49 | €2,864,140 | €2,868,801 | +€4,661 | +0.2% |
| Equity | 10/15 | €1,210,517 | €1,261,380 | +€50,863 | +4.2% |
| Contributions | 10/11 | €272,683 | €272,683 | = | 0.0% |
| Capital | 10 | €272,683 | €272,683 | = | 0.0% |
| Issued capital | 100 | €272,683 | €272,683 | = | 0.0% |
| Reserves | 13 | €937,834 | €988,697 | +€50,863 | +5.4% |
| Non-distributable reserves | 130/1 | €27,268 | €27,268 | = | 0.0% |
| Legal reserve | 130 | €27,268 | €27,268 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,665 | €34,664 | -€4,002 | -10.3% |
| Distributable reserves | 133 | €871,900 | €926,765 | +€54,865 | +6.3% |
| Amounts payable | 17/49 | €1,653,623 | €1,607,421 | -€46,202 | -2.8% |
| Amounts payable after more than one year | 17 | €583,217 | €588,021 | +€4,804 | +0.8% |
| Financial debts | 170/4 | €583,217 | €588,021 | +€4,804 | +0.8% |
| Amounts payable within one year | 42/48 | €1,070,406 | €1,019,400 | -€51,006 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €171,389 | €168,245 | -€3,144 | -1.8% |
| Trade debts | 44 | €192,944 | €163,691 | -€29,253 | -15.2% |
| Suppliers | 440/4 | €192,944 | €163,691 | -€29,253 | -15.2% |
| Taxes, remuneration and social security | 45 | €56,983 | €40,170 | -€16,813 | -29.5% |
| Taxes | 450/3 | €26,426 | €5,312 | -€21,114 | -79.9% |
| Remuneration and social security | 454/9 | €30,557 | €34,858 | +€4,301 | +14.1% |
| Other amounts payable | 47/48 | €649,090 | €647,294 | -€1,796 | -0.3% |
| Non-recurring operating income | 76A | - | €10,963 | +€10,963 | |
| Remuneration, social security and pensions | 62 | €300,363 | €345,921 | +€45,558 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €280,749 | €312,145 | +€31,396 | +11.2% |
| Other operating charges | 640/8 | €49,561 | €67,166 | +€17,605 | +35.5% |
| Gross operating margin | 9900 | €800,752 | €813,340 | +€12,588 | +1.6% |
| Operating profit (loss) | 9901 | €170,079 | €88,108 | -€81,971 | -48.2% |
| Financial income | 75/76B | €5,351 | €5,323 | -€27 | -0.5% |
| Recurring financial income | 75 | €5,351 | €5,323 | -€27 | -0.5% |
| Financial charges | 65/66B | €18,588 | €21,556 | +€2,969 | +16.0% |
| Recurring financial charges | 65 | €18,588 | €21,556 | +€2,969 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €156,842 | €71,875 | -€84,967 | -54.2% |
| Income taxes | 67/77 | €14,691 | €21,012 | +€6,321 | +43.0% |
| Profit (loss) for the period | 9904 | €142,151 | €50,863 | -€91,288 | -64.2% |
| Transfer from tax-exempt reserves | 789 | - | €4,002 | +€4,002 | |
| Transfer to tax-exempt reserves | 689 | €15,050 | - | -€15,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €127,101 | €54,865 | -€72,236 | -56.8% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.