WELCH & DIXON: 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.
WELCH & DIXON
Largest movements
- Tangible fixed assets +€806,730
up €806,730 (+161%), from €502,177 to €1.3m
of which Land and buildings: +€827,676
- Receivables within one year +€41,192
up €41,192 (+126%), from €32,680 to €73,872
of which Trade receivables: +€36,440
- Cash -€31,484
no longer reported in 2025 (was €31,484)
- Debts after one year +€989,674
up €989,674 (+199%), from €497,029 to €1.5m
of which Financial debts: +€664,542
- Other debts -€151,657
down €151,657 (-91.5%), from €165,734 to €14,077
- Profit (loss) carried forward -€65,623
down €65,623 (-1,454%), from -€4,515 to -€70,138
- Current portion of long-term debt +€33,800
up €33,800 (+72.3%), from €46,767 to €80,567
- Gross operating margin +€89,655
up €89,655 (+184%), from €48,814 to €138,469
- Depreciation +€77,819
up €77,819 (+241%), from €32,355 to €110,174
- Financial charges +€59,661
up €59,661 (+425%), from €14,041 to €73,702
- Other operating charges +€11,196
up €11,196 (+124%), from €9,020 to €20,216
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €727,676 | €1,548,717 | +€821,041 | +113% |
| Fixed assets | 21/28 | €502,177 | €1,308,907 | +€806,730 | +161% |
| Tangible fixed assets | 22/27 | €502,177 | €1,308,907 | +€806,730 | +161% |
| Land and buildings | 22 | €446,483 | €1,274,159 | +€827,676 | +185% |
| Plant, machinery and equipment | 23 | €1,168 | €730 | -€438 | -37.5% |
| Furniture and vehicles | 24 | €8,926 | €5,518 | -€3,408 | -38.2% |
| Leasing and similar rights | 25 | €45,600 | €28,500 | -€17,100 | -37.5% |
| Current assets | 29/58 | €225,499 | €239,810 | +€14,311 | +6.3% |
| Amounts receivable within one year | 40/41 | €32,680 | €73,872 | +€41,192 | +126% |
| Trade receivables | 40 | €31,683 | €68,123 | +€36,440 | +115% |
| Other amounts receivable | 41 | €997 | €5,748 | +€4,752 | +477% |
| Current investments | 50/53 | €160,000 | €160,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,484 | - | -€31,484 | |
| Deferred charges and accrued income | 490/1 | €1,335 | €5,939 | +€4,603 | +345% |
| Total equity and liabilities | 10/49 | €727,676 | €1,548,717 | +€821,041 | +113% |
| Equity | 10/15 | €4,840 | -€60,783 | -€65,623 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,155 | €3,155 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Tax-exempt reserves | 132 | €1,300 | €1,300 | = | 0.0% |
| Distributable reserves | 133 | - | €1,855 | +€1,855 | |
| Profit (loss) carried forward | 14 | -€4,515 | -€70,138 | -€65,623 | -1,454% |
| Amounts payable | 17/49 | €722,836 | €1,609,501 | +€886,665 | +123% |
| Amounts payable after more than one year | 17 | €497,029 | €1,486,704 | +€989,674 | +199% |
| Financial debts | 170/4 | €497,029 | €1,161,571 | +€664,542 | +134% |
| Other amounts payable | 178/9 | - | €325,132 | +€325,132 | |
| Amounts payable within one year | 42/48 | €225,807 | €116,022 | -€109,785 | -48.6% |
| Current portion of amounts payable after more than one year | 42 | €46,767 | €80,567 | +€33,800 | +72.3% |
| Financial debts | 43 | - | €1,181 | +€1,181 | |
| Credit institutions | 430/8 | - | €1,181 | +€1,181 | |
| Trade debts | 44 | €12,835 | €19,971 | +€7,136 | +55.6% |
| Suppliers | 440/4 | €12,835 | €19,971 | +€7,136 | +55.6% |
| Taxes, remuneration and social security | 45 | €470 | €226 | -€245 | -52.0% |
| Taxes | 450/3 | €470 | €226 | -€245 | -52.0% |
| Other amounts payable | 47/48 | €165,734 | €14,077 | -€151,657 | -91.5% |
| Accrued charges and deferred income | 492/3 | - | €6,775 | +€6,775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,355 | €110,174 | +€77,819 | +241% |
| Other operating charges | 640/8 | €9,020 | €20,216 | +€11,196 | +124% |
| Gross operating margin | 9900 | €48,814 | €138,469 | +€89,655 | +184% |
| Operating profit (loss) | 9901 | €7,439 | €8,079 | +€639 | +8.6% |
| Financial charges | 65/66B | €14,041 | €73,702 | +€59,661 | +425% |
| Recurring financial charges | 65 | €14,041 | €73,702 | +€59,661 | +425% |
| Profit (loss) for the period before taxes | 9903 | -€6,602 | -€65,623 | -€59,022 | -894% |
| Profit (loss) for the period | 9904 | -€6,602 | -€65,623 | -€59,022 | -894% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,602 | -€65,623 | -€59,022 | -894% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.