WELCOMEBACK: 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.
WELCOMEBACK
Largest movements
- Cash +€49,133
up €49,133 (+113.4%), from €43,335 to €92,467
mainly Net result for the year (+€30,195) and Debts after one year (+€23,088)
- Current investments +€40,000
new in 2025: €40,000
- Receivables within one year -€20,309
down €20,309 (-11.5%), from €177,266 to €156,956
of which Trade receivables: -€12,864
- Deferred charges and accrued income -€17,795
down €17,795 (-94.9%), from €18,758 to €963
- Reserves +€30,000
up €30,000 (+48.4%), from €62,000 to €92,000
- Debts after one year +€23,088
up €23,088 (+2201.5%), from €1,049 to €24,137
- Trade debts -€15,723
down €15,723 (-17.3%), from €90,726 to €75,004
- Tax, wage and social debts +€6,197
up €6,197 (+27.2%), from €22,810 to €29,006
of which Taxes: +€4,252
- Current portion of long-term debt +€5,992
up €5,992 (+193.7%), from €3,094 to €9,086
- Gross operating margin +€38,112
up €38,112 (+63.7%), from €59,843 to €97,955
- Taxes +€13,694
up €13,694 (+624.3%), from €2,193 to €15,887
- Other operating charges -€3,088
down €3,088 (-51.4%), from €6,004 to €2,916
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 | €259,872 | €307,898 | +€48,026 | +18.5% |
| Fixed assets | 21/28 | €12,061 | €8,732 | -€3,329 | -27.6% |
| Intangible fixed assets | 21 | €4,101 | €3,123 | -€978 | -23.8% |
| Tangible fixed assets | 22/27 | €6,067 | €3,716 | -€2,351 | -38.8% |
| Plant, machinery and equipment | 23 | €4,016 | €2,602 | -€1,414 | -35.2% |
| Furniture and vehicles | 24 | €2,051 | €1,114 | -€937 | -45.7% |
| Financial fixed assets | 28 | €1,893 | €1,893 | = | 0.0% |
| Current assets | 29/58 | €247,810 | €299,165 | +€51,355 | +20.7% |
| Stocks and contracts in progress | 3 | €8,452 | €8,779 | +€327 | +3.9% |
| Stocks | 30/36 | €8,452 | €8,779 | +€327 | +3.9% |
| Amounts receivable within one year | 40/41 | €177,266 | €156,956 | -€20,309 | -11.5% |
| Trade receivables | 40 | €118,064 | €105,200 | -€12,864 | -10.9% |
| Other amounts receivable | 41 | €59,201 | €51,756 | -€7,445 | -12.6% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €43,335 | €92,467 | +€49,133 | +113.4% |
| Deferred charges and accrued income | 490/1 | €18,758 | €963 | -€17,795 | -94.9% |
| Total equity and liabilities | 10/49 | €259,872 | €307,898 | +€48,026 | +18.5% |
| Equity | 10/15 | €137,745 | €167,940 | +€30,195 | +21.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €62,000 | €92,000 | +€30,000 | +48.4% |
| Distributable reserves | 133 | €62,000 | €92,000 | +€30,000 | +48.4% |
| Profit (loss) carried forward | 14 | €55,745 | €55,940 | +€195 | +0.3% |
| Amounts payable | 17/49 | €122,127 | €139,958 | +€17,831 | +14.6% |
| Amounts payable after more than one year | 17 | €1,049 | €24,137 | +€23,088 | +2201.5% |
| Financial debts | 170/4 | €1,049 | €24,137 | +€23,088 | +2201.5% |
| Amounts payable within one year | 42/48 | €118,352 | €114,818 | -€3,534 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €3,094 | €9,086 | +€5,992 | +193.7% |
| Trade debts | 44 | €90,726 | €75,004 | -€15,723 | -17.3% |
| Suppliers | 440/4 | €90,726 | €75,004 | -€15,723 | -17.3% |
| Advances received on contracts in progress | 46 | €1,722 | €1,722 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €22,810 | €29,006 | +€6,197 | +27.2% |
| Taxes | 450/3 | €17,897 | €22,149 | +€4,252 | +23.8% |
| Remuneration and social security | 454/9 | €4,913 | €6,858 | +€1,945 | +39.6% |
| Accrued charges and deferred income | 492/3 | €2,726 | €1,003 | -€1,723 | -63.2% |
| Remuneration, social security and pensions | 62 | €46,259 | €46,776 | +€517 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,332 | €3,329 | -€3 | -0.1% |
| Other operating charges | 640/8 | €6,004 | €2,916 | -€3,088 | -51.4% |
| Gross operating margin | 9900 | €59,843 | €97,955 | +€38,112 | +63.7% |
| Operating profit (loss) | 9901 | €4,248 | €44,934 | +€40,686 | +957.8% |
| Financial income | 75/76B | €2,670 | €3,418 | +€748 | +28.0% |
| Recurring financial income | 75 | €2,670 | €3,418 | +€748 | +28.0% |
| Financial charges | 65/66B | €1,728 | €2,270 | +€542 | +31.3% |
| Recurring financial charges | 65 | €1,728 | €2,270 | +€542 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | €5,190 | €46,082 | +€40,892 | +787.9% |
| Income taxes | 67/77 | €2,193 | €15,887 | +€13,694 | +624.3% |
| Profit (loss) for the period | 9904 | €2,996 | €30,195 | +€27,198 | +907.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,996 | €30,195 | +€27,198 | +907.7% |
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 2 October 2026 via checked.be.