WELCA: what changed
Two fiscal 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.
WELCA
Largest movements
- Current investments +€89,819
up €89,819 (+79.8%), from €112,499 to €202,318
- Cash -€64,003
down €64,003 (-90.7%), from €70,581 to €6,577
mainly Current investments (-€89,819) and Deferred charges and accrued income (-€1,711)
- Tangible fixed assets -€29,597
down €29,597 (-47.3%), from €62,547 to €32,950
- Reserves -€25,310
down €25,310 (-9.3%), from €272,781 to €247,472
of which Distributable reserves: -€25,310
- Profit (loss) carried forward +€23,866
up €23,866 (+59.3%), from -€40,278 to -€16,411
- Turnover -€26,025
no longer reported in 2025 (was €26,025)
- Gross operating margin +€3,759
up €3,759, from -€3,464 to €295
- Taxes +€2,081
new in 2025: €2,081
- Depreciation -€1,559
down €1,559 (-38.9%), from €4,010 to €2,451
- Financial charges +€596
up €596 (+1526.6%), from €39 to €635
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 | €246,894 | €243,947 | -€2,947 | -1.2% |
| Fixed assets | 21/28 | €62,547 | €32,950 | -€29,597 | -47.3% |
| Tangible fixed assets | 22/27 | €62,547 | €32,950 | -€29,597 | -47.3% |
| Land and buildings | 22 | €62,547 | €32,950 | -€29,597 | -47.3% |
| Current assets | 29/58 | €184,347 | €210,997 | +€26,650 | +14.5% |
| Amounts receivable within one year | 40/41 | €1,267 | €390 | -€877 | -69.2% |
| Other amounts receivable | 41 | €1,267 | €390 | -€877 | -69.2% |
| Current investments | 50/53 | €112,499 | €202,318 | +€89,819 | +79.8% |
| Cash at bank and in hand | 54/58 | €70,581 | €6,577 | -€64,003 | -90.7% |
| Deferred charges and accrued income | 490/1 | - | €1,711 | +€1,711 | |
| Total equity and liabilities | 10/49 | €246,894 | €243,947 | -€2,947 | -1.2% |
| Equity | 10/15 | €244,904 | €243,460 | -€1,443 | -0.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €272,781 | €247,472 | -€25,310 | -9.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,234 | €25,234 | = | 0.0% |
| Distributable reserves | 133 | €245,687 | €220,377 | -€25,310 | -10.3% |
| Profit (loss) carried forward | 14 | -€40,278 | -€16,411 | +€23,866 | +59.3% |
| Amounts payable | 17/49 | €1,991 | €487 | -€1,504 | -75.5% |
| Amounts payable within one year | 42/48 | €1,283 | €87 | -€1,196 | -93.2% |
| Trade debts | 44 | €90 | €87 | -€4 | -4.0% |
| Suppliers | 440/4 | €90 | €87 | -€4 | -4.0% |
| Taxes, remuneration and social security | 45 | €1,193 | - | -€1,193 | |
| Taxes | 450/3 | €1,193 | - | -€1,193 | |
| Accrued charges and deferred income | 492/3 | €708 | €400 | -€308 | -43.5% |
| Turnover | 70 | €26,025 | - | -€26,025 | |
| Non-recurring operating income | 76A | - | €37,854 | +€37,854 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,010 | €2,451 | -€1,559 | -38.9% |
| Other operating charges | 640/8 | €2,503 | €2,416 | -€87 | -3.5% |
| Gross operating margin | 9900 | -€3,464 | €295 | +€3,759 | |
| Operating profit (loss) | 9901 | -€9,978 | -€4,572 | +€5,405 | +54.2% |
| Financial income | 75/76B | €5,466 | €5,845 | +€379 | +6.9% |
| Recurring financial income | 75 | €5,466 | €5,845 | +€379 | +6.9% |
| Financial charges | 65/66B | €39 | €635 | +€596 | +1526.6% |
| Recurring financial charges | 65 | €39 | €635 | +€596 | +1526.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,550 | €638 | +€5,188 | |
| Income taxes | 67/77 | - | €2,081 | +€2,081 | |
| Profit (loss) for the period | 9904 | -€4,550 | -€1,443 | +€3,107 | +68.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,550 | -€1,443 | +€3,107 | +68.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.