The transfer window in Europe is closed, but which clubs came out on top, and which suffered? We break down the winners and losers.

WINNERS

NEWCASTLE UNITED

Rafa Benitez must have woken up pinching himself this morning. Squeezing funds out of Mike Ashley tends to require Herculean effort, but Newcastle now have a new club-record signing, and there is every chance that, at around £20 million, Miguel Almiron will provide the kind of value their owner seeks.

Newcastle have been short of playmaking flair for so long, and Almiron, who bewitched Major League Soccer fans in his two years with Atlanta United, should add that in spades. His arrival is significant, as it suggests that Newcastle can finally land the serious targets that can keep them away from the relegation battle, and they might just persuade Benitez to open negotiations for a new contract too.

Antonio Barreca, a left-back who has arrived on loan from Monaco, was their only other winter recruit, though he was second choice behind Jordan Lukaku, for whom a move fell through.

CHELSEA

Given the state of Chelsea's Premier League campaign, it seems counterintuitive to say they have had a good January. But transfer windows are about the long term as much as quick fixes, and on that count, the Stamford Bridge club scored well.

Securing Christian Pulisic's signature from Borussia Dortmund for next season for €64 million was a coup, and it might have been equally significant that they managed to fend off Bayern Munich's €40 million pursuit of Callum Hudson-Odoi. That one might be back on the table next summer, but they now have at least four months to convince the player of their commitment to his future.

Gonzalo Higuain, signed on a relatively risk-free loan from Juventus, might not have hit the ground running, but it is hard to see him firing blanks for long, and in terms of his finishing, he should be an upgrade on Alvaro Morata, whose loan to Atletico Madrid came as little surprise.

AC MILAN

Chelsea might feel they did good business enlisting Higuain, but his replacement at Milan, where the Argentine had been on loan, has wasted little time proving his worth. Krzystof Piatek, 23, arrived for £30.9 million from Genoa and, in only his second appearance, scored both goals in a 2-0 Coppa Italian win over Napoli. The free-scoring Poland international, who was playing in his domestic league for Cracovia only eight months ago, looks like the real deal and could help fire Milan closer to Serie A's top three.

Lucas Paqueta, an extravagantly talented 21-year-old midfielder, arrived from Flamengo for a similar fee after a deal was agreed in the autumn, and while their outlay this winter has been hefty, Milan have spent it on two players who should only get better.

RB LEIPZIG

The German club's trusty line of communication with Red Bull Salzburg came good again in the form of Amadou Haidara, an outstandingly multifaceted midfielder who looks a worthy successor to Naby Keita. "There aren't too many players of his age who have so much potential," the RB Leipzig manager Ralf Rangnick said of Haidara, a 20-year-old Mali international whose £19 million move was confirmed just before Christmas.

Further intrigue comes in the form of Tyler Adams, who arrives from New York Red Bulls and was pitched quickly into Bundesliga action at the end of January. Adams, 19, looks a tremendous prospect, and Leipzig might now have tied down their midfield for the next few years.

Also arriving is Emile Smith-Rowe, the young attacking midfielder from Arsenal, who signed on loan. Anything he can produce will be a bonus, but RB Leipzig's window has reinforced their reputation as a club intent on developing dynamic young talent.