WINTHOFF: what changed
Two fiscal 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.
What changed
WINTHOFF
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€3,021
2024 · -€2,990-€30
Equity
€842,967
2024 · €845,988-€3,021
Cash
€88,841
2024 · €92,306-€3,465
Balance sheet total
€978,789
2024 · €990,587-€11,798
Largest movements
Assets
- Tangible fixed assets -€15,524
down €15,524 (-5.7%), from €270,380 to €254,856
of which Land and buildings: -€13,916
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€581
up €581 (+4.5%), from €12,893 to €13,474
- Financial income -€271
down €271 (-15.0%), from €1,808 to €1,537
- Taxes +€227
up €227 (+10.1%), from €2,249 to €2,477
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.
Result 2024
-€2,990
Gross operating margin
+€581
Other operating charges
-€123
Financial income
-€271
Financial charges
+€10
Taxes
-€227
Result 2025
-€3,021
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.
From operations
-€3,570
Investment
+€105
Financing
€0
Cash 2024
€92,306
From operations (derived)
-€3,570
Net result for the year
-€3,021
Depreciation
+€15,524
Receivables within one year
-€5,606
Deferred charges and accrued income
-€1,690
Provisions
-€4,139
Trade debts
+€330
Tax, wage and social debts
+€1,441
Other debts
-€5,579
Accrued charges and deferred income
-€830
Investment (derived)
+€105
Investment in fixed assets (net)
+€105
Cash 2025
€88,841
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €990,587 | €978,789 | -€11,798 | -1.2% |
| Fixed assets | 21/28 | €829,085 | €813,456 | -€15,629 | -1.9% |
| Tangible fixed assets | 22/27 | €270,380 | €254,856 | -€15,524 | -5.7% |
| Land and buildings | 22 | €265,485 | €251,569 | -€13,916 | -5.2% |
| Plant, machinery and equipment | 23 | €4,895 | €3,287 | -€1,608 | -32.8% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €558,705 | €558,600 | -€105 | 0.0% |
| Current assets | 29/58 | €161,502 | €165,333 | +€3,831 | +2.4% |
| Amounts receivable within one year | 40/41 | €69,196 | €74,802 | +€5,606 | +8.1% |
| Other amounts receivable | 41 | €69,196 | €74,802 | +€5,606 | +8.1% |
| Cash at bank and in hand | 54/58 | €92,306 | €88,841 | -€3,465 | -3.8% |
| Deferred charges and accrued income | 490/1 | - | €1,690 | +€1,690 | |
| Total equity and liabilities | 10/49 | €990,587 | €978,789 | -€11,798 | -1.2% |
| Equity | 10/15 | €845,988 | €842,967 | -€3,021 | -0.4% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €120,847 | €113,312 | -€7,535 | -6.2% |
| Non-distributable reserves | 130/1 | €5,631 | €6,134 | +€503 | +8.9% |
| Legal reserve | 130 | €5,631 | €6,134 | +€503 | +8.9% |
| Tax-exempt reserves | 132 | €115,216 | €107,178 | -€8,038 | -7.0% |
| Profit (loss) carried forward | 14 | €375,141 | €379,655 | +€4,514 | +1.2% |
| Provisions and deferred taxes | 16 | €59,327 | €55,188 | -€4,139 | -7.0% |
| Deferred taxes | 168 | €59,327 | €55,188 | -€4,139 | -7.0% |
| Amounts payable | 17/49 | €85,272 | €80,634 | -€4,638 | -5.4% |
| Amounts payable within one year | 42/48 | €83,682 | €79,874 | -€3,808 | -4.6% |
| Trade debts | 44 | €616 | €946 | +€330 | +53.7% |
| Suppliers | 440/4 | €616 | €946 | +€330 | +53.7% |
| Taxes, remuneration and social security | 45 | €2,157 | €3,598 | +€1,441 | +66.8% |
| Taxes | 450/3 | €2,157 | €3,598 | +€1,441 | +66.8% |
| Other amounts payable | 47/48 | €80,909 | €75,330 | -€5,579 | -6.9% |
| Accrued charges and deferred income | 492/3 | €1,590 | €760 | -€830 | -52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,524 | €15,524 | = | 0.0% |
| Other operating charges | 640/8 | €4,020 | €4,143 | +€123 | +3.1% |
| Gross operating margin | 9900 | €12,893 | €13,474 | +€581 | +4.5% |
| Operating profit (loss) | 9901 | -€6,652 | -€6,194 | +€458 | +6.9% |
| Financial income | 75/76B | €1,808 | €1,537 | -€271 | -15.0% |
| Recurring financial income | 75 | €1,808 | €1,537 | -€271 | -15.0% |
| Financial charges | 65/66B | €36 | €26 | -€10 | -28.2% |
| Recurring financial charges | 65 | €36 | €26 | -€10 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,880 | -€4,683 | +€197 | +4.0% |
| Transfer from deferred taxes | 780 | €4,139 | €4,139 | = | 0.0% |
| Income taxes | 67/77 | €2,249 | €2,477 | +€227 | +10.1% |
| Profit (loss) for the period | 9904 | -€2,990 | -€3,021 | -€30 | -1.0% |
| Transfer from tax-exempt reserves | 789 | €8,038 | €8,038 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,048 | €5,018 | -€30 | -0.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.