WELD MANAGEMENT: 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.
WELD MANAGEMENT
Largest movements
- Tangible fixed assets +€387,636
up €387,636 (+22840.8%), from €1,697 to €389,333
of which Land and buildings: +€376,664
- Receivables within one year -€46,231
down €46,231 (-71.1%), from €65,036 to €18,805
of which Trade receivables: -€43,293
- Cash -€24,229
down €24,229 (-51.7%), from €46,853 to €22,625
mainly Investment in fixed assets (net) (-€418,266) and Trade debts (-€5,459)
- Intangible fixed assets -€21,721
down €21,721 (-7.1%), from €304,028 to €282,307
- Debts after one year +€194,012
up €194,012 (+40.3%), from €481,259 to €675,271
- Reserves +€77,220
up €77,220 (+25.4%), from €304,325 to €381,545
- Current portion of long-term debt +€25,102
up €25,102 (+26.4%), from €95,210 to €120,312
- Gross operating margin +€31,867
up €31,867 (+21.0%), from €151,837 to €183,704
- Depreciation +€29,430
up €29,430 (+128.4%), from €22,920 to €52,350
- Taxes +€5,265
up €5,265 (+24.0%), from €21,893 to €27,158
- Financial charges +€2,162
up €2,162 (+9.2%), from €23,392 to €25,553
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 | €969,960 | €1,265,730 | +€295,770 | +30.5% |
| Fixed assets | 21/28 | €855,725 | €1,221,640 | +€365,915 | +42.8% |
| Intangible fixed assets | 21 | €304,028 | €282,307 | -€21,721 | -7.1% |
| Tangible fixed assets | 22/27 | €1,697 | €389,333 | +€387,636 | +22840.8% |
| Land and buildings | 22 | - | €376,664 | +€376,664 | |
| Plant, machinery and equipment | 23 | €0 | €3,556 | +€3,556 | |
| Furniture and vehicles | 24 | €1,697 | €9,113 | +€7,415 | +436.9% |
| Financial fixed assets | 28 | €550,000 | €550,000 | = | 0.0% |
| Current assets | 29/58 | €114,235 | €44,090 | -€70,145 | -61.4% |
| Amounts receivable within one year | 40/41 | €65,036 | €18,805 | -€46,231 | -71.1% |
| Trade receivables | 40 | €61,844 | €18,552 | -€43,293 | -70.0% |
| Other amounts receivable | 41 | €3,192 | €254 | -€2,938 | -92.1% |
| Cash at bank and in hand | 54/58 | €46,853 | €22,625 | -€24,229 | -51.7% |
| Deferred charges and accrued income | 490/1 | €2,345 | €2,660 | +€314 | +13.4% |
| Total equity and liabilities | 10/49 | €969,960 | €1,265,730 | +€295,770 | +30.5% |
| Equity | 10/15 | €354,325 | €431,545 | +€77,220 | +21.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €304,325 | €381,545 | +€77,220 | +25.4% |
| Distributable reserves | 133 | €304,325 | €381,545 | +€77,220 | +25.4% |
| Amounts payable | 17/49 | €615,635 | €834,185 | +€218,550 | +35.5% |
| Amounts payable after more than one year | 17 | €481,259 | €675,271 | +€194,012 | +40.3% |
| Financial debts | 170/4 | €481,259 | €675,271 | +€194,012 | +40.3% |
| Amounts payable within one year | 42/48 | €134,376 | €158,915 | +€24,538 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €95,210 | €120,312 | +€25,102 | +26.4% |
| Financial debts | 43 | €117 | €0 | -€117 | -100.0% |
| Credit institutions | 430/8 | €117 | €0 | -€117 | -100.0% |
| Trade debts | 44 | €25,852 | €20,393 | -€5,459 | -21.1% |
| Suppliers | 440/4 | €25,852 | €20,393 | -€5,459 | -21.1% |
| Taxes, remuneration and social security | 45 | €12,638 | €14,983 | +€2,345 | +18.6% |
| Taxes | 450/3 | €12,638 | €14,983 | +€2,345 | +18.6% |
| Other amounts payable | 47/48 | €560 | €3,227 | +€2,667 | +476.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,920 | €52,350 | +€29,430 | +128.4% |
| Other operating charges | 640/8 | €747 | €1,553 | +€806 | +107.8% |
| Gross operating margin | 9900 | €151,837 | €183,704 | +€31,867 | +21.0% |
| Operating profit (loss) | 9901 | €128,170 | €129,800 | +€1,631 | +1.3% |
| Financial income | 75/76B | - | €131 | +€131 | |
| Recurring financial income | 75 | - | €131 | +€131 | |
| Financial charges | 65/66B | €23,392 | €25,553 | +€2,162 | +9.2% |
| Recurring financial charges | 65 | €23,392 | €25,553 | +€2,162 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €104,778 | €104,378 | -€400 | -0.4% |
| Income taxes | 67/77 | €21,893 | €27,158 | +€5,265 | +24.0% |
| Profit (loss) for the period | 9904 | €82,885 | €77,220 | -€5,665 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €82,885 | €77,220 | -€5,665 | -6.8% |
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 3 October 2026 via checked.be.