Winvestco: 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
Winvestco
NACE 35.150, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€77,545
2024 · €20,295+€57,251
Equity
€5.1m
2024 · €5.1m-€2,455
Cash
€28,288
2024 · €49,711-€21,423
Balance sheet total
€6.7m
2024 · €7.3m-€570,791
Largest movements
Assets
- Receivables within one year -€396,220
down €396,220 (-7.7%), from €5.2m to €4.8m
of which Other amounts receivable: -€393,159
- Tangible fixed assets -€160,168
down €160,168 (-15.6%), from €1.0m to €866,787
of which Leasing and similar rights: -€149,172
Equity and liabilities
- Debts after one year -€211,373
down €211,373 (-40.2%), from €526,007 to €314,634
- Other debts -€181,662
down €181,662 (-17.3%), from €1.0m to €866,049
- Short-term financial debts -€150,000
down €150,000 (-100%), from €150,000 to €0
Income statement
- Gross operating margin +€55,783
up €55,783 (+36.5%), from €152,981 to €208,764
- Financial charges -€21,193
down €21,193 (-32.5%), from €65,283 to €44,090
- Taxes +€11,182
new in 2025: €11,182
- Financial income -€9,502
down €9,502 (-10.4%), from €91,789 to €82,286
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
€20,295
Gross operating margin
+€55,783
Depreciation
+€0
Other operating charges
+€960
Financial income
-€9,502
Financial charges
+€21,193
Taxes
-€11,182
Result 2025
€77,545
raises the resultlowers the result
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.
From operations
+€412,115
Investment
€0
Financing
-€433,538
Cash 2024
€49,711
From operations (derived)
+€412,115
Net result for the year
+€77,545
Depreciation
+€160,168
Receivables within one year
+€396,220
Deferred charges and accrued income
-€7,020
Provisions
-€3,114
Trade debts
-€47,909
Tax, wage and social debts
-€1,418
Other debts
-€181,662
Accrued charges and deferred income
+€19,305
Financing
-€433,538
Debts after one year
-€211,373
Current portion of long-term debt
+€7,835
Short-term financial debts
-€150,000
Contributions, distributions and other
-€80,000
Cash 2025
€28,288
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,278,733 | €6,707,942 | -€570,791 | -7.8% |
| Fixed assets | 21/28 | €2,051,318 | €1,891,149 | -€160,168 | -7.8% |
| Tangible fixed assets | 22/27 | €1,026,955 | €866,787 | -€160,168 | -15.6% |
| Leasing and similar rights | 25 | €951,377 | €802,205 | -€149,172 | -15.7% |
| Other tangible fixed assets | 26 | €75,578 | €64,582 | -€10,996 | -14.5% |
| Financial fixed assets | 28 | €1,024,363 | €1,024,363 | = | 0.0% |
| Current assets | 29/58 | €5,227,416 | €4,816,793 | -€410,623 | -7.9% |
| Amounts receivable within one year | 40/41 | €5,153,643 | €4,757,423 | -€396,220 | -7.7% |
| Trade receivables | 40 | €38,270 | €35,209 | -€3,061 | -8.0% |
| Other amounts receivable | 41 | €5,115,373 | €4,722,214 | -€393,159 | -7.7% |
| Cash at bank and in hand | 54/58 | €49,711 | €28,288 | -€21,423 | -43.1% |
| Deferred charges and accrued income | 490/1 | €24,062 | €31,082 | +€7,020 | +29.2% |
| Total equity and liabilities | 10/49 | €7,278,733 | €6,707,942 | -€570,791 | -7.8% |
| Equity | 10/15 | €5,109,509 | €5,107,055 | -€2,455 | 0.0% |
| Contributions | 10/11 | €3,749,335 | €3,749,335 | = | 0.0% |
| Capital | 10 | €3,335,352 | €3,335,352 | = | 0.0% |
| Issued capital | 100 | €3,335,352 | €3,335,352 | = | 0.0% |
| Contributions outside capital | 11 | €413,982 | €413,982 | = | 0.0% |
| Share premium | 1100/10 | €413,982 | €413,982 | = | 0.0% |
| Reserves | 13 | €1,360,175 | €1,357,720 | -€2,455 | -0.2% |
| Non-distributable reserves | 130/1 | €333,535 | €333,535 | = | 0.0% |
| Legal reserve | 130 | €333,535 | €333,535 | = | 0.0% |
| Tax-exempt reserves | 132 | €203,325 | €156,413 | -€46,911 | -23.1% |
| Distributable reserves | 133 | €823,315 | €867,772 | +€44,457 | +5.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €12,104 | €8,989 | -€3,114 | -25.7% |
| Deferred taxes | 168 | €12,104 | €8,989 | -€3,114 | -25.7% |
| Amounts payable | 17/49 | €2,157,120 | €1,591,898 | -€565,222 | -26.2% |
| Amounts payable after more than one year | 17 | €526,007 | €314,634 | -€211,373 | -40.2% |
| Financial debts | 170/4 | €526,007 | €314,634 | -€211,373 | -40.2% |
| Amounts payable within one year | 42/48 | €1,618,203 | €1,245,049 | -€373,154 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €203,538 | €211,373 | +€7,835 | +3.8% |
| Financial debts | 43 | €150,000 | €0 | -€150,000 | -100% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100% |
| Trade debts | 44 | €214,353 | €166,444 | -€47,909 | -22.4% |
| Suppliers | 440/4 | €214,353 | €166,444 | -€47,909 | -22.4% |
| Taxes, remuneration and social security | 45 | €2,601 | €1,182 | -€1,418 | -54.5% |
| Taxes | 450/3 | €2,601 | €1,182 | -€1,418 | -54.5% |
| Other amounts payable | 47/48 | €1,047,711 | €866,049 | -€181,662 | -17.3% |
| Accrued charges and deferred income | 492/3 | €12,911 | €32,215 | +€19,305 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,168 | €160,168 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,139 | €1,179 | -€960 | -44.9% |
| Gross operating margin | 9900 | €152,981 | €208,764 | +€55,783 | +36.5% |
| Operating profit (loss) | 9901 | -€9,326 | €47,417 | +€56,743 | |
| Financial income | 75/76B | €91,789 | €82,286 | -€9,502 | -10.4% |
| Recurring financial income | 75 | €91,789 | €82,286 | -€9,502 | -10.4% |
| Financial charges | 65/66B | €65,283 | €44,090 | -€21,193 | -32.5% |
| Recurring financial charges | 65 | €65,283 | €44,090 | -€21,193 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €17,180 | €85,614 | +€68,433 | +398% |
| Transfer from deferred taxes | 780 | €3,114 | €3,114 | = | 0.0% |
| Income taxes | 67/77 | - | €11,182 | +€11,182 | |
| Profit (loss) for the period | 9904 | €20,295 | €77,545 | +€57,251 | +282% |
| Transfer from tax-exempt reserves | 789 | €46,911 | €46,911 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,206 | €124,457 | +€57,251 | +85.2% |
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 20 October 2026 via checked.be.