WINTERS MANAGEMENT: what changed
WINTERS MANAGEMENT
Largest movements
- Receivables within one year +€58,655
up €58,655 (+51.5%), from €114,001 to €172,656
of which Trade receivables: +€48,940
- Financial fixed assets -€37,019
down €37,019 (-39.0%), from €95,000 to €57,981
- Tangible fixed assets -€6,481
down €6,481 (-42.6%), from €15,218 to €8,736
of which Furniture and vehicles: -€5,881
- Cash +€4,971
up €4,971 (+68.7%), from €7,230 to €12,201
mainly Investment in fixed assets (net) (+€37,019) and Trade debts (+€22,592)
- Trade debts +€22,592
up €22,592 (+449%), from €5,029 to €27,621
- Tax, wage and social debts +€19,220
up €19,220 (+87.1%), from €22,068 to €41,288
- Reserves -€13,780
down €13,780 (-8.0%), from €173,090 to €159,310
- Debts after one year -€4,598
down €4,598 (-23.2%), from €19,799 to €15,201
- Current portion of long-term debt -€3,281
down €3,281 (-12.5%), from €26,268 to €22,987
- Financial charges +€55,697
up €55,697 (+1,135%), from €4,906 to €60,603
of which Non-recurring financial charges: +€57,490
- Gross operating margin +€27,922
up €27,922 (+58.2%), from €47,944 to €75,866
- Taxes +€13,347
up €13,347 (+152%), from €8,808 to €22,155
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €254,612 | €272,608 | +€17,995 | +7.1% |
| Fixed assets | 21/28 | €110,218 | €66,717 | -€43,500 | -39.5% |
| Tangible fixed assets | 22/27 | €15,218 | €8,736 | -€6,481 | -42.6% |
| Land and buildings | 22 | €1,590 | €990 | -€600 | -37.7% |
| Furniture and vehicles | 24 | €13,628 | €7,747 | -€5,881 | -43.2% |
| Financial fixed assets | 28 | €95,000 | €57,981 | -€37,019 | -39.0% |
| Current assets | 29/58 | €144,395 | €205,890 | +€61,496 | +42.6% |
| Amounts receivable within one year | 40/41 | €114,001 | €172,656 | +€58,655 | +51.5% |
| Trade receivables | 40 | €29,835 | €78,775 | +€48,940 | +164% |
| Other amounts receivable | 41 | €84,166 | €93,882 | +€9,716 | +11.5% |
| Current investments | 50/53 | €17,255 | €17,255 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,230 | €12,201 | +€4,971 | +68.7% |
| Deferred charges and accrued income | 490/1 | €5,909 | €3,778 | -€2,130 | -36.1% |
| Total equity and liabilities | 10/49 | €254,612 | €272,608 | +€17,995 | +7.1% |
| Equity | 10/15 | €179,290 | €165,510 | -€13,780 | -7.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €173,090 | €159,310 | -€13,780 | -8.0% |
| Distributable reserves | 133 | €173,090 | €159,310 | -€13,780 | -8.0% |
| Amounts payable | 17/49 | €75,322 | €107,097 | +€31,775 | +42.2% |
| Amounts payable after more than one year | 17 | €19,799 | €15,201 | -€4,598 | -23.2% |
| Financial debts | 170/4 | €19,799 | €15,201 | -€4,598 | -23.2% |
| Amounts payable within one year | 42/48 | €55,524 | €91,896 | +€36,373 | +65.5% |
| Current portion of amounts payable after more than one year | 42 | €26,268 | €22,987 | -€3,281 | -12.5% |
| Financial debts | 43 | €2,158 | - | -€2,158 | |
| Credit institutions | 430/8 | €2,158 | - | -€2,158 | |
| Trade debts | 44 | €5,029 | €27,621 | +€22,592 | +449% |
| Suppliers | 440/4 | €5,029 | €27,621 | +€22,592 | +449% |
| Taxes, remuneration and social security | 45 | €22,068 | €41,288 | +€19,220 | +87.1% |
| Taxes | 450/3 | €22,068 | €41,288 | +€19,220 | +87.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,564 | €6,481 | -€82 | -1.3% |
| Other operating charges | 640/8 | €678 | €554 | -€124 | -18.3% |
| Non-recurring operating charges | 66A | - | €4,469 | +€4,469 | |
| Gross operating margin | 9900 | €47,944 | €75,866 | +€27,922 | +58.2% |
| Operating profit (loss) | 9901 | €40,702 | €64,363 | +€23,660 | +58.1% |
| Financial income | 75/76B | €5,075 | €4,616 | -€460 | -9.1% |
| Recurring financial income | 75 | €5,075 | €4,616 | -€460 | -9.1% |
| Financial charges | 65/66B | €4,906 | €60,603 | +€55,697 | +1,135% |
| Recurring financial charges | 65 | €4,906 | €3,113 | -€1,793 | -36.5% |
| Non-recurring financial charges | 66B | - | €57,490 | +€57,490 | |
| Profit (loss) for the period before taxes | 9903 | €40,871 | €8,375 | -€32,496 | -79.5% |
| Income taxes | 67/77 | €8,808 | €22,155 | +€13,347 | +152% |
| Profit (loss) for the period | 9904 | €32,063 | -€13,780 | -€45,843 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,063 | -€13,780 | -€45,843 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.