A. WELSCH: 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.
A. WELSCH
Largest movements
- Cash +€20,349
up €20,349 (+197%), from €10,335 to €30,684
mainly Depreciation (+€47,696) and Trade debts (+€30,399)
- Receivables within one year +€11,257
up €11,257 (+10.2%), from €109,920 to €121,176
of which Trade receivables: +€12,099
- Debts after one year -€32,551
down €32,551 (-35.3%), from €92,325 to €59,773
of which Financial debts: -€28,915
- Trade debts +€30,399
up €30,399 (+194%), from €15,701 to €46,100
- Profit (loss) carried forward +€25,275
up €25,275 (+49.7%), from -€50,852 to -€25,577
- Tax, wage and social debts +€8,240
up €8,240 (+54.8%), from €15,035 to €23,275
of which Taxes: +€7,645
- Accrued charges and deferred income +€5,424
up €5,424 (+98.8%), from €5,490 to €10,914
- Gross operating margin +€19,393
up €19,393 (+9.5%), from €203,570 to €222,963
- Financial income +€13,613
up €13,613 (+1,125%), from €1,210 to €14,823
- Staff costs +€7,886
up €7,886 (+5.7%), from €138,522 to €146,407
- Depreciation -€3,481
down €3,481 (-6.8%), from €51,176 to €47,696
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 | €332,457 | €364,199 | +€31,742 | +9.5% |
| Fixed assets | 21/28 | €180,204 | €182,894 | +€2,690 | +1.5% |
| Tangible fixed assets | 22/27 | €179,304 | €181,994 | +€2,690 | +1.5% |
| Land and buildings | 22 | €57,038 | €81,182 | +€24,144 | +42.3% |
| Plant, machinery and equipment | 23 | €87,698 | €66,114 | -€21,584 | -24.6% |
| Furniture and vehicles | 24 | €34,568 | €34,698 | +€130 | +0.4% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €152,253 | €181,305 | +€29,052 | +19.1% |
| Stocks and contracts in progress | 3 | €28,088 | €26,447 | -€1,641 | -5.8% |
| Stocks | 30/36 | €28,088 | €26,447 | -€1,641 | -5.8% |
| Amounts receivable within one year | 40/41 | €109,920 | €121,176 | +€11,257 | +10.2% |
| Trade receivables | 40 | €106,998 | €119,097 | +€12,099 | +11.3% |
| Other amounts receivable | 41 | €2,922 | €2,079 | -€843 | -28.8% |
| Cash at bank and in hand | 54/58 | €10,335 | €30,684 | +€20,349 | +197% |
| Deferred charges and accrued income | 490/1 | €3,910 | €2,997 | -€913 | -23.3% |
| Total equity and liabilities | 10/49 | €332,457 | €364,199 | +€31,742 | +9.5% |
| Equity | 10/15 | €98,025 | €126,567 | +€28,543 | +29.1% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €73,877 | €73,877 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €66,377 | €66,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,852 | -€25,577 | +€25,275 | +49.7% |
| Investment grants | 15 | - | €3,267 | +€3,267 | |
| Amounts payable | 17/49 | €234,432 | €237,632 | +€3,199 | +1.4% |
| Amounts payable after more than one year | 17 | €92,325 | €59,773 | -€32,551 | -35.3% |
| Financial debts | 170/4 | €88,688 | €59,773 | -€28,915 | -32.6% |
| Other amounts payable | 178/9 | €3,637 | - | -€3,637 | |
| Amounts payable within one year | 42/48 | €136,618 | €166,944 | +€30,327 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €33,880 | €32,551 | -€1,328 | -3.9% |
| Financial debts | 43 | €67,270 | €65,018 | -€2,251 | -3.3% |
| Other loans | 439 | €67,270 | €65,018 | -€2,251 | -3.3% |
| Trade debts | 44 | €15,701 | €46,100 | +€30,399 | +194% |
| Suppliers | 440/4 | €15,701 | €46,100 | +€30,399 | +194% |
| Advances received on contracts in progress | 46 | €4,733 | - | -€4,733 | |
| Taxes, remuneration and social security | 45 | €15,035 | €23,275 | +€8,240 | +54.8% |
| Taxes | 450/3 | €2,936 | €10,581 | +€7,645 | +260% |
| Remuneration and social security | 454/9 | €12,099 | €12,694 | +€595 | +4.9% |
| Accrued charges and deferred income | 492/3 | €5,490 | €10,914 | +€5,424 | +98.8% |
| Remuneration, social security and pensions | 62 | €138,522 | €146,407 | +€7,886 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,176 | €47,696 | -€3,481 | -6.8% |
| Other operating charges | 640/8 | €9,583 | €10,291 | +€708 | +7.4% |
| Gross operating margin | 9900 | €203,570 | €222,963 | +€19,393 | +9.5% |
| Operating profit (loss) | 9901 | €4,289 | €18,569 | +€14,280 | +333% |
| Financial income | 75/76B | €1,210 | €14,823 | +€13,613 | +1,125% |
| Recurring financial income | 75 | €1,210 | €14,823 | +€13,613 | +1,125% |
| Financial charges | 65/66B | €8,737 | €7,900 | -€837 | -9.6% |
| Recurring financial charges | 65 | €8,737 | €7,900 | -€837 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,238 | €25,492 | +€28,730 | |
| Income taxes | 67/77 | €228 | €216 | -€11 | -5.0% |
| Profit (loss) for the period | 9904 | -€3,466 | €25,275 | +€28,741 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,466 | €25,275 | +€28,741 |
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 17 October 2026 via checked.be.