WELACO: 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.
WELACO
Largest movements
- Cash -€485,803
down €485,803 (-39.3%), from €1.2m to €750,871
mainly Other debts (-€475,000) and Current investments (-€170,500)
- Current investments +€170,500
up €170,500 (+50.0%), from €340,917 to €511,417
- Receivables within one year +€128,425
up €128,425 (+52.9%), from €242,948 to €371,373
of which Trade receivables: +€129,551
- Other debts -€475,000
no longer reported in 2025 (was €475,000)
- Reserves +€319,000
up €319,000 (+28.5%), from €1.1m to €1.4m
of which Distributable reserves: +€384,242
- Tax, wage and social debts -€30,167
down €30,167 (-32.6%), from €92,611 to €62,444
- Gross operating margin +€269,861
up €269,861 (+130%), from €206,899 to €476,759
- Taxes +€83,245
up €83,245 (+130%), from €63,838 to €147,082
- Financial income -€10,349
down €10,349 (-100.0%), from €10,350 to €1
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 | €1,825,072 | €1,636,508 | -€188,564 | -10.3% |
| Fixed assets | 21/28 | €4,533 | €2,847 | -€1,686 | -37.2% |
| Tangible fixed assets | 22/27 | €4,533 | €2,847 | -€1,686 | -37.2% |
| Plant, machinery and equipment | 23 | €1,944 | €861 | -€1,084 | -55.7% |
| Furniture and vehicles | 24 | €2,589 | €1,986 | -€602 | -23.3% |
| Current assets | 29/58 | €1,820,539 | €1,633,661 | -€186,879 | -10.3% |
| Amounts receivable within one year | 40/41 | €242,948 | €371,373 | +€128,425 | +52.9% |
| Trade receivables | 40 | €118,159 | €247,710 | +€129,551 | +110% |
| Other amounts receivable | 41 | €124,789 | €123,663 | -€1,126 | -0.9% |
| Current investments | 50/53 | €340,917 | €511,417 | +€170,500 | +50.0% |
| Cash at bank and in hand | 54/58 | €1,236,674 | €750,871 | -€485,803 | -39.3% |
| Total equity and liabilities | 10/49 | €1,825,072 | €1,636,508 | -€188,564 | -10.3% |
| Equity | 10/15 | €1,222,863 | €1,542,749 | +€319,886 | +26.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,118,728 | €1,437,728 | +€319,000 | +28.5% |
| Non-distributable reserves | 130/1 | €65,242 | - | -€65,242 | |
| Reserves not available under the articles | 1311 | €65,242 | - | -€65,242 | |
| Distributable reserves | 133 | €1,053,486 | €1,437,728 | +€384,242 | +36.5% |
| Profit (loss) carried forward | 14 | €97,935 | €98,821 | +€886 | +0.9% |
| Amounts payable | 17/49 | €602,209 | €93,759 | -€508,451 | -84.4% |
| Amounts payable within one year | 42/48 | €602,209 | €93,759 | -€508,451 | -84.4% |
| Trade debts | 44 | €34,599 | €31,315 | -€3,283 | -9.5% |
| Suppliers | 440/4 | €34,599 | €31,315 | -€3,283 | -9.5% |
| Taxes, remuneration and social security | 45 | €92,611 | €62,444 | -€30,167 | -32.6% |
| Taxes | 450/3 | €92,611 | €62,444 | -€30,167 | -32.6% |
| Other amounts payable | 47/48 | €475,000 | - | -€475,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,155 | €3,855 | -€2,300 | -37.4% |
| Other operating charges | 640/8 | €4,460 | €3,407 | -€1,053 | -23.6% |
| Gross operating margin | 9900 | €206,899 | €476,759 | +€269,861 | +130% |
| Operating profit (loss) | 9901 | €196,283 | €469,497 | +€273,213 | +139% |
| Financial income | 75/76B | €10,350 | €1 | -€10,349 | -100.0% |
| Recurring financial income | 75 | €10,350 | €1 | -€10,349 | -100.0% |
| Financial charges | 65/66B | €1,055 | €2,529 | +€1,474 | +140% |
| Recurring financial charges | 65 | €1,055 | €2,529 | +€1,474 | +140% |
| Profit (loss) for the period before taxes | 9903 | €205,578 | €466,968 | +€261,390 | +127% |
| Income taxes | 67/77 | €63,838 | €147,082 | +€83,245 | +130% |
| Profit (loss) for the period | 9904 | €141,740 | €319,886 | +€178,146 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €141,740 | €319,886 | +€178,146 | +126% |
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 14 October 2026 via checked.be.