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
- Receivables within one year +€411,257
up €411,257 (+674%), from €61,010 to €472,267
of which Trade receivables: +€433,285
- Stocks and contracts -€344,525
down €344,525 (-15.4%), from €2.2m to €1.9m
- Tangible fixed assets +€179,652
up €179,652 (+631%), from €28,451 to €208,103
of which Land and buildings: +€182,310
- Cash -€50,572
down €50,572 (-99.9%), from €50,644 to €72
mainly Receivables within one year (-€411,257) and Investment in fixed assets (net) (-€187,066)
- Other debts +€118,665
up €118,665 (+13.5%), from €877,880 to €996,545
- Debts after one year +€106,987
up €106,987 (+9.2%), from €1.2m to €1.3m
- Trade debts -€35,523
down €35,523 (-38.5%), from €92,184 to €56,660
- Financial charges +€12,363
up €12,363 (+30.3%), from €40,827 to €53,190
of which Non-recurring financial charges: +€39,562
- Other operating charges +€6,590
up €6,590 (+125%), from €5,255 to €11,845
- Gross operating margin +€6,107
up €6,107 (+8.8%), from €69,614 to €75,720
- Taxes -€4,344
down €4,344 (-67.0%), from €6,482 to €2,138
- Depreciation +€3,605
up €3,605 (+94.6%), from €3,810 to €7,414
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 | €2,402,560 | €2,581,510 | +€178,950 | +7.4% |
| Fixed assets | 21/28 | €28,451 | €208,103 | +€179,652 | +631% |
| Tangible fixed assets | 22/27 | €28,451 | €208,103 | +€179,652 | +631% |
| Land and buildings | 22 | €2,690 | €185,000 | +€182,310 | +6,777% |
| Furniture and vehicles | 24 | €2,802 | €1,237 | -€1,565 | -55.8% |
| Other tangible fixed assets | 26 | €22,959 | €21,866 | -€1,094 | -4.8% |
| Current assets | 29/58 | €2,374,108 | €2,373,407 | -€701 | 0.0% |
| Stocks and contracts in progress | 3 | €2,244,414 | €1,899,888 | -€344,525 | -15.4% |
| Stocks | 30/36 | €2,244,414 | €1,899,888 | -€344,525 | -15.4% |
| Amounts receivable within one year | 40/41 | €61,010 | €472,267 | +€411,257 | +674% |
| Trade receivables | 40 | €38,409 | €471,694 | +€433,285 | +1,128% |
| Other amounts receivable | 41 | €22,601 | €573 | -€22,027 | -97.5% |
| Cash at bank and in hand | 54/58 | €50,644 | €72 | -€50,572 | -99.9% |
| Deferred charges and accrued income | 490/1 | €18,041 | €1,179 | -€16,861 | -93.5% |
| Total equity and liabilities | 10/49 | €2,402,560 | €2,581,510 | +€178,950 | +7.4% |
| Equity | 10/15 | €251,984 | €253,249 | +€1,265 | +0.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €51,984 | €53,249 | +€1,265 | +2.4% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €31,984 | €33,249 | +€1,265 | +4.0% |
| Amounts payable | 17/49 | €2,150,576 | €2,328,261 | +€177,686 | +8.3% |
| Amounts payable after more than one year | 17 | €1,159,983 | €1,266,970 | +€106,987 | +9.2% |
| Financial debts | 170/4 | €1,159,983 | €1,266,970 | +€106,987 | +9.2% |
| Amounts payable within one year | 42/48 | €980,966 | €1,057,512 | +€76,545 | +7.8% |
| Financial debts | 43 | €54 | €56 | +€1 | +2.2% |
| Credit institutions | 430/8 | €54 | €56 | +€1 | +2.2% |
| Trade debts | 44 | €92,184 | €56,660 | -€35,523 | -38.5% |
| Suppliers | 440/4 | €92,184 | €56,660 | -€35,523 | -38.5% |
| Taxes, remuneration and social security | 45 | €10,848 | €4,250 | -€6,598 | -60.8% |
| Taxes | 450/3 | €10,848 | €1,384 | -€9,464 | -87.2% |
| Remuneration and social security | 454/9 | - | €2,867 | +€2,867 | |
| Other amounts payable | 47/48 | €877,880 | €996,545 | +€118,665 | +13.5% |
| Accrued charges and deferred income | 492/3 | €9,627 | €3,780 | -€5,847 | -60.7% |
| Non-recurring operating income | 76A | - | €16,532 | +€16,532 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,810 | €7,414 | +€3,605 | +94.6% |
| Other operating charges | 640/8 | €5,255 | €11,845 | +€6,590 | +125% |
| Non-recurring operating charges | 66A | €2,222 | €0 | -€2,222 | -100% |
| Gross operating margin | 9900 | €69,614 | €75,720 | +€6,107 | +8.8% |
| Operating profit (loss) | 9901 | €58,326 | €56,460 | -€1,866 | -3.2% |
| Financial income | 75/76B | €301 | €132 | -€170 | -56.3% |
| Recurring financial income | 75 | €301 | €132 | -€170 | -56.3% |
| Financial charges | 65/66B | €40,827 | €53,190 | +€12,363 | +30.3% |
| Recurring financial charges | 65 | €40,827 | €13,628 | -€27,199 | -66.6% |
| Non-recurring financial charges | 66B | - | €39,562 | +€39,562 | |
| Profit (loss) for the period before taxes | 9903 | €17,801 | €3,403 | -€14,398 | -80.9% |
| Income taxes | 67/77 | €6,482 | €2,138 | -€4,344 | -67.0% |
| Profit (loss) for the period | 9904 | €11,320 | €1,265 | -€10,055 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,320 | €1,265 | -€10,055 | -88.8% |
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 14 October 2026 via checked.be.