WELMAN PROJECTS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 22 days after the deadline Filed on 22 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00414828.
Annual accounts 2025 filed on 22-08-2026 at the NBB all 6 filings
Turnover
≈ €1.1m
Estimated: probably between €680,000 and €1.5m
Total assets
€316,651▲ 3.2%
2024 · €306,975
Net result
€8,235▲ 196%
2024 · €2,786
Working capital
-€69,572▼ 597%
2024 · -€9,987
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€16,105
▲ 144%
2025
20202025
Net result
€8,235
▲ 196%
2025
middle half of the sector
20202025
Equity
€59,543
▲ 16.1%
2025
middle half of the sector
20202025
Total assets
€316,651
▲ 3.2%
2025
highest quarter of the sector
20202025
Debt
€257,108
▲ 0.6%
2025
20202025
Working capital
-€69,572
▼ 597%
2025
lowest quarter of the sector
20202025
Solvency
18.8%
▲ 2.1pp
2025
lowest quarter of the sector
20202025
Current ratio
0.68
▼ 0.27
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
2.6%
▲ 1.7pp
2025
middle half of the sector
20202025
Staff (FTE)
4.3
▲ 65.4%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€34,733-€6,141▼ 82.3%€4,032▼ 34.3%€15,367▲ 281%€6,599▼ 57.1%€16,105▲ 144%
Net result€28,626within the sector's middle half-€5,780within the sector's middle half▼ 79.8%€1,794within the sector's middle half▼ 69.0%€11,822within the sector's middle half▲ 559%€2,786within the sector's middle half▼ 76.4%€8,235within the sector's middle half▲ 196%
Equity€29,126below the sector's middle half-€34,906within the sector's middle half▲ 19.8%€36,700within the sector's middle half▲ 5.1%€48,522within the sector's middle half▲ 32.2%€51,308within the sector's middle half▲ 5.7%€59,543within the sector's middle half▲ 16.1%
Total assets€68,333below the sector's middle half-€114,075within the sector's middle half▲ 66.9%€147,279within the sector's middle half▲ 29.1%€172,611within the sector's middle half▲ 17.2%€306,975above the sector's middle half▲ 77.8%€316,651above the sector's middle half▲ 3.2%
Debt€39,207-€79,169▲ 102%€110,579▲ 39.7%€124,089▲ 12.2%€255,667▲ 106%€257,108▲ 0.6%
Working capital€9,287below the sector's middle half-€6,165within the sector's middle half▼ 33.6%€18,101within the sector's middle half▲ 194%€26,880within the sector's middle half▲ 48.5%-€9,987below the sector's middle half-€69,572below the sector's middle half▼ 597%
Solvency42.6%within the sector's middle half-30.6%within the sector's middle half▼ 12.0pp24.9%within the sector's middle half▼ 5.7pp28.1%within the sector's middle half▲ 3.2pp16.7%below the sector's middle half▼ 11.4pp18.8%below the sector's middle half▲ 2.1pp
Current ratio1.34within the sector's middle half-1.11within the sector's middle half▼ 0.231.31within the sector's middle half▲ 0.201.39within the sector's middle half▲ 0.090.96below the sector's middle half▼ 0.440.68below the sector's middle half▼ 0.27
Return on assets (ROA)41.9%above the sector's middle half-5.1%within the sector's middle half▼ 36.8pp1.2%within the sector's middle half▼ 3.8pp6.8%within the sector's middle half▲ 5.6pp0.9%within the sector's middle half▼ 5.9pp2.6%within the sector's middle half▲ 1.7pp
Staff (FTE)0.81.7▲ 113%2.5▲ 47.1%2.6▲ 4.0%4.3▲ 65.4%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 144% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €316,651
Fixed assets
€167,866 ▲ 85.4%
Current assets
€148,785 ▼ 31.2%
Equity and liabilities €316,651
Equity
€59,543 ▲ 16.1%
Debt
€257,108 ▲ 0.6%
Debt's share of the balance-sheet total falls from 83.3% to 81.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€76,091▲
2024 · €48,509
Cash flow
€68,221▲
2024 · €44,696
Quick ratio
0.57▼
2024 · 0.83
Debt to equity
4.32▼
2024 · 4.98
ROE
13.8%▲
2024 · 5.4%
Interest coverage
10.48▼
2024 · 14.94
Debt ≤ 1 year
€218,357▼
2024 · €226,401
Debt > 1 year
€38,751▲
2024 · €28,060
Income taxes
€1,040▲
2024 · €809
Staff costs
€278,207▲
2024 · €158,850
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 3 | 4 | 4 |
| full-time | 1 | 2 | 3 | 4 | 4 |
| in full-time equivalents | 1 | 2 | 3 | 4 | 4 |
| Average over the year, in full-time equivalents | 0.8 | 1.7 | 2.5 | 2.6 | 4.3 |
| On a permanent contract | 1 | 2 | 3 | 3 | 4 |
| Joined | 1 | 1 | 4 | 4 | 3 |
| Left | 0 | 0 | 3 | 3 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €53,398 | €51,273 | €42,948 | €55,010 | €137,291 |
| Depreciation and write-downs of the year | €21,668 | €33,078 | €35,978 | €41,910 | €59,986 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €1,390 awarded · €1,221 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €60 | €451 |
| 2024 | 1 | €1,160 | €600 |
| 2023 | 1 | €170 | €170 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €41,756 | €75,473 | €128,221 | €158,850 | €278,207 | ▲ 75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,256 | €21,668 | €33,078 | €35,978 | €41,910 | €59,986 | ▲ 43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €8,000 | - | €380 | €286 | ▼ 24.7% |
| Other operating charges640/8 | - | €1,024 | €1,562 | €2,197 | €2,418 | €1,884 | ▼ 22.1% |
| Gross operating margin9900 | €47,999 | €70,589 | €122,145 | €181,763 | €210,157 | €356,468 | ▲ 69.6% |
| Operating profit (loss)9901 | €34,733 | €6,141 | €4,032 | €15,367 | €6,599 | €16,105 | ▲ 144% |
| Financial income75/76B | - | - | €51 | €2 | €242 | €428 | ▲ 76.9% |
| Recurring financial income75 | - | - | €51 | €2 | €242 | €428 | ▲ 76.9% |
| Financial charges65/66B | - | €361 | €2,289 | €3,145 | €3,246 | €7,258 | ▲ 124% |
| Recurring financial charges65 | €439 | €361 | €2,289 | €3,145 | €3,246 | €7,258 | ▲ 124% |
| Profit (loss) for the period before taxes9903 | €34,294 | €5,780 | €1,794 | €12,224 | €3,595 | €9,275 | ▲ 158% |
| Income taxes67/77 | €5,668 | - | - | €402 | €809 | €1,040 | ▲ 28.6% |
| Profit (loss) for the period9904 | €28,626 | €5,780 | €1,794 | €11,822 | €2,786 | €8,235 | ▲ 196% |
| Profit (loss) for the period to be appropriated9905 | €28,626 | €5,780 | €1,794 | €11,822 | €2,786 | €8,235 | ▲ 196% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €68,333 | €114,075 | €147,279 | €172,611 | €306,975 | €316,651 | ▲ 3.2% |
| Fixed assets21/28 | €31,708 | €52,296 | €70,491 | €77,461 | €90,561 | €167,866 | ▲ 85.4% |
| Intangible fixed assets21 | €2,175 | €1,175 | €175 | - | - | - | - |
| Tangible fixed assets22/27 | €29,533 | €51,121 | €70,316 | €77,461 | €90,561 | €167,866 | ▲ 85.4% |
| Plant, machinery and equipment23 | - | €3,279 | €11,413 | €42,695 | €33,385 | €27,681 | ▼ 17.1% |
| Furniture and vehicles24 | - | €47,842 | €58,903 | €34,766 | €10,771 | €54,325 | ▲ 404% |
| Leasing and similar rights25 | - | - | - | - | €46,405 | €85,860 | ▲ 85.0% |
| Current assets29/58 | €36,625 | €61,779 | €76,788 | €95,150 | €216,414 | €148,785 | ▼ 31.2% |
| Stocks and contracts in progress3 | - | €10,392 | €20,784 | €13,694 | €28,781 | €25,365 | ▼ 11.9% |
| Stocks30/36 | - | €10,392 | €20,784 | €13,694 | €28,781 | €25,365 | ▼ 11.9% |
| Amounts receivable within one year40/41 | €2,663 | €38,789 | €38,467 | €61,698 | €70,038 | €123,420 | ▲ 76.2% |
| Trade receivables40 | - | €17,177 | €5,550 | €23,015 | €28,205 | €97,740 | ▲ 247% |
| Other amounts receivable41 | - | €21,612 | €32,917 | €38,683 | €41,833 | €25,680 | ▼ 38.6% |
| Cash at bank and in hand54/58 | €33,962 | €12,598 | €17,537 | €19,758 | €117,577 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €18 | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €68,333 | €114,075 | €147,279 | €172,611 | €306,975 | €316,651 | ▲ 3.2% |
| Equity10/15 | €29,126 | €34,906 | €36,700 | €48,522 | €51,308 | €59,543 | ▲ 16.1% |
| Contributions10/11 | - | €500 | €500 | €500 | €500 | €500 | = |
| Profit (loss) carried forward14 | €28,626 | €34,406 | €36,200 | €48,022 | €50,808 | €59,043 | ▲ 16.2% |
| Amounts payable17/49 | €39,207 | €79,169 | €110,579 | €124,089 | €255,667 | €257,108 | ▲ 0.6% |
| Amounts payable after more than one year17 | €11,156 | €23,555 | €51,892 | €54,615 | €28,060 | €38,751 | ▲ 38.1% |
| Financial debts170/4 | - | €23,555 | €51,892 | €54,615 | €28,060 | €38,751 | ▲ 38.1% |
| Amounts payable within one year42/48 | €27,338 | €55,614 | €58,687 | €68,270 | €226,401 | €218,357 | ▼ 3.6% |
| Current portion of amounts payable after more than one year42 | - | €8,427 | €19,335 | €25,451 | €76,555 | €73,596 | ▼ 3.9% |
| Financial debts43 | - | - | - | - | - | €25,635 | - |
| Credit institutions430/8 | - | - | - | - | - | €25,635 | - |
| Trade debts44 | €15,404 | €20,142 | €20,840 | €24,338 | €128,556 | €90,644 | ▼ 29.5% |
| Suppliers440/4 | - | €20,142 | €20,840 | €24,338 | €128,556 | €90,644 | ▼ 29.5% |
| Taxes, remuneration and social security45 | - | €9,320 | €4,910 | €6,527 | €5,464 | - | - |
| Taxes450/3 | - | €5,667 | - | - | - | - | - |
| Remuneration and social security454/9 | - | €3,653 | €4,910 | €6,527 | €5,464 | - | - |
| Other amounts payable47/48 | - | €17,725 | €13,602 | €11,954 | €15,826 | €28,482 | ▲ 80.0% |
| Accrued charges and deferred income492/3 | - | - | - | €1,204 | €1,206 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,626 | €5,780 | €1,794 | €11,822 | €2,786 | €8,235 | ▲ 196% |
| + Depreciation and write-downs630 | €12,256 | €21,668 | €33,078 | €35,978 | €41,910 | €59,986 | ▲ 43.1% |
| Operating cash flow (approximation) | €40,882 | €27,448 | €34,872 | €47,800 | €44,696 | €68,221 | ▲ 52.6% |
| Investment in fixed assets (approximation) | - | -€42,256 | -€51,273 | -€42,948 | -€55,010 | -€137,291 | ▼ 150% |
| Change in cash | - | -€21,364 | €4,939 | €2,221 | €97,819 | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,274 companies had the same profile as WELMAN PROJECTS has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WELMAN PROJECTS itself: 1.8% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,274 companies, not a prediction for WELMAN PROJECTS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-08-2026 | 2026-00414828 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00428279 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00388800 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00388067 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20366970 | |
| 31-12-2020 | abbreviated format | 24-08-2021 | 2021-54600552 |