WELCO: 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.
WELCO
Largest movements
- Receivables after one year +€73,593
up €73,593 (+4.8%), from €1.5m to €1.6m
- Tangible fixed assets -€24,311
down €24,311 (-4.1%), from €588,005 to €563,694
of which Land and buildings: -€14,387
- Reserves +€52,781
up €52,781 (+3.5%), from €1.5m to €1.6m
of which Distributable reserves: +€50,141
- Gross operating margin +€15,415
up €15,415 (+11.3%), from €136,984 to €152,400
- Depreciation +€4,344
up €4,344 (+6.3%), from €68,906 to €73,250
- Financial income -€2,900
down €2,900 (-15.3%), from €18,928 to €16,028
of which Non-recurring financial income: -€3,456
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,333,964 | €2,369,880 | +€35,916 | +1.5% |
| Fixed assets | 21/28 | €588,253 | €563,942 | -€24,311 | -4.1% |
| Tangible fixed assets | 22/27 | €588,005 | €563,694 | -€24,311 | -4.1% |
| Land and buildings | 22 | €376,954 | €362,567 | -€14,387 | -3.8% |
| Plant, machinery and equipment | 23 | €211,051 | €201,127 | -€9,924 | -4.7% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €1,745,711 | €1,805,938 | +€60,227 | +3.4% |
| Amounts receivable after more than one year | 29 | €1,545,756 | €1,619,349 | +€73,593 | +4.8% |
| Other amounts receivable | 291 | €1,545,756 | €1,619,349 | +€73,593 | +4.8% |
| Amounts receivable within one year | 40/41 | €23,066 | €3,964 | -€19,103 | -82.8% |
| Trade receivables | 40 | €4,843 | €2,206 | -€2,637 | -54.5% |
| Other amounts receivable | 41 | €18,224 | €1,758 | -€16,465 | -90.4% |
| Cash at bank and in hand | 54/58 | €151,381 | €171,835 | +€20,454 | +13.5% |
| Deferred charges and accrued income | 490/1 | €25,508 | €10,790 | -€14,718 | -57.7% |
| Total equity and liabilities | 10/49 | €2,333,964 | €2,369,880 | +€35,916 | +1.5% |
| Equity | 10/15 | €2,299,273 | €2,352,054 | +€52,781 | +2.3% |
| Contributions | 10/11 | €780,865 | €780,865 | = | 0.0% |
| Capital | 10 | €780,865 | €780,865 | = | 0.0% |
| Issued capital | 100 | €780,865 | €780,865 | = | 0.0% |
| Reserves | 13 | €1,518,409 | €1,571,190 | +€52,781 | +3.5% |
| Non-distributable reserves | 130/1 | €76,362 | €79,002 | +€2,640 | +3.5% |
| Legal reserve | 130 | €76,362 | €79,002 | +€2,640 | +3.5% |
| Distributable reserves | 133 | €1,442,047 | €1,492,188 | +€50,141 | +3.5% |
| Amounts payable | 17/49 | €34,690 | €17,825 | -€16,865 | -48.6% |
| Amounts payable within one year | 42/48 | €34,690 | €17,825 | -€16,865 | -48.6% |
| Trade debts | 44 | €8,100 | €6,235 | -€1,865 | -23.0% |
| Suppliers | 440/4 | €8,100 | €6,235 | -€1,865 | -23.0% |
| Taxes, remuneration and social security | 45 | €11,590 | €11,590 | = | 0.0% |
| Taxes | 450/3 | €3,930 | €3,930 | = | 0.0% |
| Remuneration and social security | 454/9 | €7,660 | €7,660 | = | 0.0% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,906 | €73,250 | +€4,344 | +6.3% |
| Other operating charges | 640/8 | €28,157 | €28,975 | +€819 | +2.9% |
| Gross operating margin | 9900 | €136,984 | €152,400 | +€15,415 | +11.3% |
| Operating profit (loss) | 9901 | €39,922 | €50,175 | +€10,253 | +25.7% |
| Financial income | 75/76B | €18,928 | €16,028 | -€2,900 | -15.3% |
| Recurring financial income | 75 | €15,472 | €16,028 | +€556 | +3.6% |
| Non-recurring financial income | 76B | €3,456 | - | -€3,456 | |
| Financial charges | 65/66B | €154 | €181 | +€26 | +17.1% |
| Recurring financial charges | 65 | €154 | €181 | +€26 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €58,696 | €66,023 | +€7,326 | +12.5% |
| Income taxes | 67/77 | €11,776 | €13,242 | +€1,465 | +12.4% |
| Profit (loss) for the period | 9904 | €46,920 | €52,781 | +€5,861 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,920 | €52,781 | +€5,861 | +12.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.