Winvest: 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.
Winvest
Largest movements
- Cash -€168,457
down €168,457 (-79.9%), from €210,952 to €42,496
mainly Investment in fixed assets (net) (-€201,082) and Net result for the year (-€56,803)
- Tangible fixed assets +€123,920
up €123,920 (+5.9%), from €2.1m to €2.2m
of which Land and buildings: +€69,419
- Other debts +€51,216
up €51,216 (+14.6%), from €350,844 to €402,060
- Profit (loss) carried forward -€48,966
down €48,966, from €32,701 to -€16,264
- Debts after one year -€36,960
down €36,960 (-12.6%), from €293,589 to €256,629
- Depreciation +€19,092
up €19,092 (+32.9%), from €58,070 to €77,162
- Gross operating margin -€10,727
down €10,727 (-27.4%), from €39,155 to €28,428
- Other operating charges -€846
down €846 (-14.4%), from €5,880 to €5,034
- Financial charges -€633
down €633 (-10.1%), from €6,280 to €5,648
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 | €2,346,847 | €2,302,335 | -€44,513 | -1.9% |
| Fixed assets | 21/28 | €2,091,049 | €2,214,969 | +€123,920 | +5.9% |
| Tangible fixed assets | 22/27 | €2,091,049 | €2,214,969 | +€123,920 | +5.9% |
| Land and buildings | 22 | €2,091,049 | €2,160,469 | +€69,419 | +3.3% |
| Other tangible fixed assets | 26 | - | €54,500 | +€54,500 | |
| Current assets | 29/58 | €255,798 | €87,365 | -€168,432 | -65.8% |
| Amounts receivable within one year | 40/41 | €44,179 | €44,184 | +€5 | 0.0% |
| Trade receivables | 40 | €30,179 | €30,184 | +€5 | 0.0% |
| Other amounts receivable | 41 | €14,000 | €14,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €210,952 | €42,496 | -€168,457 | -79.9% |
| Deferred charges and accrued income | 490/1 | €667 | €686 | +€19 | +2.8% |
| Total equity and liabilities | 10/49 | €2,346,847 | €2,302,335 | -€44,513 | -1.9% |
| Equity | 10/15 | €1,456,851 | €1,400,048 | -€56,803 | -3.9% |
| Contributions | 10/11 | €70,515 | €70,515 | = | 0.0% |
| Revaluation surpluses | 12 | €717,250 | €717,250 | = | 0.0% |
| Reserves | 13 | €636,384 | €628,547 | -€7,837 | -1.2% |
| Non-distributable reserves | 130/1 | €7,052 | €7,052 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,052 | €7,052 | = | 0.0% |
| Tax-exempt reserves | 132 | €627,752 | €619,915 | -€7,837 | -1.2% |
| Distributable reserves | 133 | €1,580 | €1,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,701 | -€16,264 | -€48,966 | |
| Provisions and deferred taxes | 16 | €209,251 | €206,638 | -€2,612 | -1.2% |
| Deferred taxes | 168 | €209,251 | €206,638 | -€2,612 | -1.2% |
| Amounts payable | 17/49 | €680,746 | €695,649 | +€14,903 | +2.2% |
| Amounts payable after more than one year | 17 | €293,589 | €256,629 | -€36,960 | -12.6% |
| Financial debts | 170/4 | €293,589 | €256,629 | -€36,960 | -12.6% |
| Amounts payable within one year | 42/48 | €387,157 | €439,020 | +€51,863 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €36,313 | €36,960 | +€647 | +1.8% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €350,844 | €402,060 | +€51,216 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,070 | €77,162 | +€19,092 | +32.9% |
| Other operating charges | 640/8 | €5,880 | €5,034 | -€846 | -14.4% |
| Gross operating margin | 9900 | €39,155 | €28,428 | -€10,727 | -27.4% |
| Operating profit (loss) | 9901 | -€24,795 | -€53,768 | -€28,973 | -117% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €6,280 | €5,648 | -€633 | -10.1% |
| Recurring financial charges | 65 | €6,280 | €5,648 | -€633 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€31,075 | -€59,416 | -€28,340 | -91.2% |
| Transfer from deferred taxes | 780 | €2,612 | €2,612 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€28,463 | -€56,803 | -€28,340 | -99.6% |
| Transfer from tax-exempt reserves | 789 | €7,837 | €7,837 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,625 | -€48,966 | -€28,340 | -137% |
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 16 October 2026 via checked.be.