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.
What changed
WINVEST
NACE 55.100, Hotels and similar accommodation
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€47,861
2023 · €384,643-€432,504
Equity
€12.5m
2023 · €4.1m+€8.4m
Cash
€166,922
2023 · €8,911+€158,011
Balance sheet total
€19.5m
2023 · €11.3m+€8.2m
Largest movements
Assets
- Tangible fixed assets +€7.9m
up €7.9m (+80.5%), from €9.8m to €17.7m
of which Land and buildings: +€7.9m
- Receivables within one year +€197,793
up €197,793 (+13.8%), from €1.4m to €1.6m
of which Other amounts receivable: +€195,474
Equity and liabilities
- Revaluation surpluses +€8.5m
up €8.5m (+189%), from €4.5m to €13.0m
- Debts after one year -€243,137
down €243,137 (-4.3%), from €5.7m to €5.5m
of which Financial debts: -€388,820
Income statement
- Depreciation +€269,247
up €269,247 (+62.3%), from €431,923 to €701,171
- Gross operating margin -€179,361
down €179,361 (-10.1%), from €1.8m to €1.6m
- Staff costs -€53,015
down €53,015 (-11.0%), from €480,332 to €427,317
- Other operating charges +€27,629
up €27,629 (+21.7%), from €127,501 to €155,131
From the 2023 result to the 2024 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 2023
€384,643
Gross operating margin
-€179,361
Staff costs
+€53,015
Depreciation
-€269,247
Other operating charges
-€27,629
Other operating items
-€18
Financial income
+€246
Financial charges
-€9,510
Result 2024
-€47,861
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€573,453
Investment
-€8.6m
Financing
+€8.2m
Cash 2023
€8,911
From operations (derived)
+€573,453
Net result for the year
-€47,861
Depreciation
+€701,171
Receivables within one year
-€197,793
Smaller working-capital items
+€21,822
Trade debts
+€96,115
Investment (derived)
-€8.6m
Investment in fixed assets (net)
-€8.6m
Financing
+€8.2m
Debts after one year
-€243,137
Current portion of long-term debt
-€61,489
Contributions, distributions and other
+€8.5m
Cash 2024
€166,922
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,250,436 | €19,481,635 | +€8.2m | +73.2% |
| Fixed assets | 21/28 | €9,791,307 | €17,670,281 | +€7.9m | +80.5% |
| Intangible fixed assets | 21 | €153 | €0 | -€153 | -100% |
| Tangible fixed assets | 22/27 | €9,786,730 | €17,665,856 | +€7.9m | +80.5% |
| Land and buildings | 22 | €9,564,795 | €17,499,010 | +€7.9m | +83.0% |
| Plant, machinery and equipment | 23 | €98,488 | €78,197 | -€20,290 | -20.6% |
| Furniture and vehicles | 24 | €123,447 | €88,649 | -€34,797 | -28.2% |
| Financial fixed assets | 28 | €4,424 | €4,424 | = | 0.0% |
| Current assets | 29/58 | €1,459,129 | €1,811,355 | +€352,226 | +24.1% |
| Amounts receivable within one year | 40/41 | €1,428,384 | €1,626,177 | +€197,793 | +13.8% |
| Trade receivables | 40 | €60,213 | €62,531 | +€2,318 | +3.9% |
| Other amounts receivable | 41 | €1,368,172 | €1,563,646 | +€195,474 | +14.3% |
| Cash at bank and in hand | 54/58 | €8,911 | €166,922 | +€158,011 | +1,773% |
| Deferred charges and accrued income | 490/1 | €21,834 | €18,255 | -€3,578 | -16.4% |
| Total equity and liabilities | 10/49 | €11,250,436 | €19,481,635 | +€8.2m | +73.2% |
| Equity | 10/15 | €4,059,624 | €12,481,090 | +€8.4m | +207% |
| Contributions | 10/11 | €2,212,888 | €2,212,888 | = | 0.0% |
| Capital | 10 | €2,212,888 | €2,212,888 | = | 0.0% |
| Issued capital | 100 | €2,212,888 | €2,212,888 | = | 0.0% |
| Revaluation surpluses | 12 | €4,509,136 | €13,021,991 | +€8.5m | +189% |
| Reserves | 13 | €450,864 | €450,864 | = | 0.0% |
| Distributable reserves | 133 | €450,864 | €450,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,243,054 | -€3,290,916 | -€47,861 | -1.5% |
| Investment grants | 15 | €129,790 | €86,263 | -€43,527 | -33.5% |
| Amounts payable | 17/49 | €7,190,812 | €7,000,545 | -€190,267 | -2.6% |
| Amounts payable after more than one year | 17 | €5,700,129 | €5,456,992 | -€243,137 | -4.3% |
| Financial debts | 170/4 | €3,884,261 | €3,495,441 | -€388,820 | -10.0% |
| Other amounts payable | 178/9 | €1,815,868 | €1,961,551 | +€145,683 | +8.0% |
| Amounts payable within one year | 42/48 | €1,487,183 | €1,536,553 | +€49,369 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €468,632 | €407,143 | -€61,489 | -13.1% |
| Trade debts | 44 | €382,281 | €478,396 | +€96,115 | +25.1% |
| Suppliers | 440/4 | €382,281 | €478,396 | +€96,115 | +25.1% |
| Advances received on contracts in progress | 46 | €44,283 | €64,951 | +€20,668 | +46.7% |
| Taxes, remuneration and social security | 45 | €89,889 | €88,623 | -€1,267 | -1.4% |
| Taxes | 450/3 | €16,141 | €16,944 | +€804 | +5.0% |
| Remuneration and social security | 454/9 | €73,749 | €71,678 | -€2,071 | -2.8% |
| Other amounts payable | 47/48 | €502,098 | €497,440 | -€4,658 | -0.9% |
| Accrued charges and deferred income | 492/3 | €3,500 | €7,000 | +€3,500 | +100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €480,332 | €427,317 | -€53,015 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €431,923 | €701,171 | +€269,247 | +62.3% |
| Other operating charges | 640/8 | €127,501 | €155,131 | +€27,629 | +21.7% |
| Non-recurring operating charges | 66A | - | €18 | +€18 | |
| Gross operating margin | 9900 | €1,783,831 | €1,604,471 | -€179,361 | -10.1% |
| Operating profit (loss) | 9901 | €744,075 | €320,834 | -€423,241 | -56.9% |
| Financial income | 75/76B | €72,762 | €73,008 | +€246 | +0.3% |
| Recurring financial income | 75 | €72,762 | €73,008 | +€246 | +0.3% |
| Financial charges | 65/66B | €432,194 | €441,704 | +€9,510 | +2.2% |
| Recurring financial charges | 65 | €432,194 | €441,704 | +€9,510 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €384,643 | -€47,861 | -€432,504 | |
| Profit (loss) for the period | 9904 | €384,643 | -€47,861 | -€432,504 | |
| Profit (loss) for the period to be appropriated | 9905 | €384,643 | -€47,861 | -€432,504 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.