TOP WELD: 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.
TOP WELD
Largest movements
- Receivables within one year +€61,001
up €61,001 (+25.8%), from €236,376 to €297,378
of which Trade receivables: +€57,435
- Tangible fixed assets -€30,132
down €30,132 (-25.8%), from €116,963 to €86,831
of which Furniture and vehicles: -€27,124
- Cash -€10,163
down €10,163 (-92.9%), from €10,940 to €777
mainly Other debts (-€76,035) and Receivables within one year (-€61,001)
- Trade debts +€127,883
up €127,883 (+98.1%), from €130,358 to €258,241
- Other debts -€76,035
no longer reported in 2025 (was €76,035)
- Debts after one year -€22,391
down €22,391 (-35.5%), from €63,023 to €40,632
- Profit (loss) carried forward -€21,952
new in 2025: -€21,952
- Short-term financial debts +€5,833
new in 2025: €5,833
- Gross operating margin -€43,580
down €43,580 (-58.7%), from €74,293 to €30,713
- Taxes -€13,273
down €13,273 (-96.6%), from €13,739 to €466
- Financial charges +€11,665
up €11,665 (+282.6%), from €4,127 to €15,793
- Depreciation -€1,948
down €1,948 (-5.2%), from €37,805 to €35,857
- Financial income -€1,149
down €1,149 (-23.6%), from €4,878 to €3,729
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.
Cash bridge derived
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 | €368,881 | €386,941 | +€18,061 | +4.9% |
| Fixed assets | 21/28 | €118,313 | €88,181 | -€30,132 | -25.5% |
| Tangible fixed assets | 22/27 | €116,963 | €86,831 | -€30,132 | -25.8% |
| Plant, machinery and equipment | 23 | €16,888 | €13,998 | -€2,889 | -17.1% |
| Furniture and vehicles | 24 | €99,957 | €72,832 | -€27,124 | -27.1% |
| Leasing and similar rights | 25 | €119 | - | -€119 | |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €250,568 | €298,761 | +€48,193 | +19.2% |
| Amounts receivable within one year | 40/41 | €236,376 | €297,378 | +€61,001 | +25.8% |
| Trade receivables | 40 | €170,905 | €228,341 | +€57,435 | +33.6% |
| Other amounts receivable | 41 | €65,471 | €69,037 | +€3,566 | +5.4% |
| Cash at bank and in hand | 54/58 | €10,940 | €777 | -€10,163 | -92.9% |
| Deferred charges and accrued income | 490/1 | €3,251 | €606 | -€2,645 | -81.4% |
| Total equity and liabilities | 10/49 | €368,881 | €386,941 | +€18,061 | +4.9% |
| Equity | 10/15 | €18,550 | -€3,402 | -€21,952 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,952 | -€21,952 | |
| Amounts payable | 17/49 | €350,331 | €390,343 | +€40,012 | +11.4% |
| Amounts payable after more than one year | 17 | €63,023 | €40,632 | -€22,391 | -35.5% |
| Financial debts | 170/4 | €63,023 | €40,632 | -€22,391 | -35.5% |
| Amounts payable within one year | 42/48 | €284,431 | €344,870 | +€60,439 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €22,801 | €22,391 | -€410 | -1.8% |
| Financial debts | 43 | - | €5,833 | +€5,833 | |
| Credit institutions | 430/8 | - | €5,833 | +€5,833 | |
| Trade debts | 44 | €130,358 | €258,241 | +€127,883 | +98.1% |
| Suppliers | 440/4 | €130,358 | €258,241 | +€127,883 | +98.1% |
| Advances received on contracts in progress | 46 | - | €2,750 | +€2,750 | |
| Taxes, remuneration and social security | 45 | €55,237 | €55,655 | +€417 | +0.8% |
| Taxes | 450/3 | €55,237 | €53,357 | -€1,880 | -3.4% |
| Remuneration and social security | 454/9 | - | €2,297 | +€2,297 | |
| Other amounts payable | 47/48 | €76,035 | - | -€76,035 | |
| Accrued charges and deferred income | 492/3 | €2,877 | €4,841 | +€1,965 | +68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,805 | €35,857 | -€1,948 | -5.2% |
| Other operating charges | 640/8 | €3,181 | €4,278 | +€1,097 | +34.5% |
| Gross operating margin | 9900 | €74,293 | €30,713 | -€43,580 | -58.7% |
| Operating profit (loss) | 9901 | €33,306 | -€9,423 | -€42,729 | |
| Financial income | 75/76B | €4,878 | €3,729 | -€1,149 | -23.6% |
| Recurring financial income | 75 | €4,878 | €3,729 | -€1,149 | -23.6% |
| Financial charges | 65/66B | €4,127 | €15,793 | +€11,665 | +282.6% |
| Recurring financial charges | 65 | €4,127 | €15,793 | +€11,665 | +282.6% |
| Profit (loss) for the period before taxes | 9903 | €34,057 | -€21,486 | -€55,543 | |
| Income taxes | 67/77 | €13,739 | €466 | -€13,273 | -96.6% |
| Profit (loss) for the period | 9904 | €20,318 | -€21,952 | -€42,270 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,318 | -€21,952 | -€42,270 |
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 12 October 2026 via checked.be.