Welda: 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.
Welda
Largest movements
- Tangible fixed assets +€678,006
up €678,006 (+9.3%), from €7.3m to €8.0m
of which Land and buildings: +€625,759
- Cash +€92,844
up €92,844 (+202%), from €45,929 to €138,773
mainly Other debts (+€1.3m) and Depreciation (+€431,629)
- Other debts +€1.3m
up €1.3m, from €0 to €1.3m
- Trade debts -€417,846
down €417,846 (-94.7%), from €441,170 to €23,324
- Profit (loss) carried forward +€184,046
up €184,046 (+112%), from €164,518 to €348,564
- Debts after one year -€154,997
down €154,997 (-27.4%), from €564,997 to €410,000
- Gross operating margin +€388,303
up €388,303 (+91.8%), from €422,863 to €811,166
- Financial income -€149,896
down €149,896 (-91.1%), from €164,597 to €14,701
- Depreciation +€105,615
up €105,615 (+32.4%), from €326,013 to €431,629
- Financial charges -€78,727
down €78,727 (-52.9%), from €148,846 to €70,119
- Taxes +€57,742
up €57,742 (+208%), from €27,758 to €85,500
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
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 | €7,723,650 | €8,490,595 | +€766,945 | +9.9% |
| Fixed assets | 21/28 | €7,311,502 | €7,989,508 | +€678,006 | +9.3% |
| Tangible fixed assets | 22/27 | €7,311,502 | €7,989,508 | +€678,006 | +9.3% |
| Land and buildings | 22 | €7,311,502 | €7,937,262 | +€625,759 | +8.6% |
| Plant, machinery and equipment | 23 | - | €52,246 | +€52,246 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €412,148 | €501,087 | +€88,940 | +21.6% |
| Amounts receivable within one year | 40/41 | €358,395 | €353,766 | -€4,630 | -1.3% |
| Trade receivables | 40 | €1,269 | €47,985 | +€46,716 | +3,681% |
| Other amounts receivable | 41 | €357,126 | €305,780 | -€51,346 | -14.4% |
| Cash at bank and in hand | 54/58 | €45,929 | €138,773 | +€92,844 | +202% |
| Deferred charges and accrued income | 490/1 | €7,823 | €8,549 | +€726 | +9.3% |
| Total equity and liabilities | 10/49 | €7,723,650 | €8,490,595 | +€766,945 | +9.9% |
| Equity | 10/15 | €6,257,991 | €6,402,016 | +€144,024 | +2.3% |
| Contributions | 10/11 | €4,315,000 | €4,315,000 | = | 0.0% |
| Capital | 10 | €4,315,000 | €4,315,000 | = | 0.0% |
| Issued capital | 100 | €4,315,000 | €4,315,000 | = | 0.0% |
| Reserves | 13 | €1,778,474 | €1,738,452 | -€40,022 | -2.3% |
| Non-distributable reserves | 130/1 | €27,130 | €36,816 | +€9,687 | +35.7% |
| Legal reserve | 130 | €27,130 | €36,816 | +€9,687 | +35.7% |
| Tax-exempt reserves | 132 | €615,891 | €566,182 | -€49,709 | -8.1% |
| Distributable reserves | 133 | €1,135,453 | €1,135,453 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,518 | €348,564 | +€184,046 | +112% |
| Provisions and deferred taxes | 16 | €198,746 | €182,176 | -€16,570 | -8.3% |
| Deferred taxes | 168 | €198,746 | €182,176 | -€16,570 | -8.3% |
| Amounts payable | 17/49 | €1,266,913 | €1,906,404 | +€639,491 | +50.5% |
| Amounts payable after more than one year | 17 | €564,997 | €410,000 | -€154,997 | -27.4% |
| Financial debts | 170/4 | €564,997 | €410,000 | -€154,997 | -27.4% |
| Amounts payable within one year | 42/48 | €631,166 | €1,430,404 | +€799,238 | +127% |
| Current portion of amounts payable after more than one year | 42 | €179,996 | €154,997 | -€24,999 | -13.9% |
| Trade debts | 44 | €441,170 | €23,324 | -€417,846 | -94.7% |
| Suppliers | 440/4 | €441,170 | €23,324 | -€417,846 | -94.7% |
| Taxes, remuneration and social security | 45 | €10,000 | €0 | -€10,000 | -100% |
| Taxes | 450/3 | €10,000 | €0 | -€10,000 | -100% |
| Other amounts payable | 47/48 | €0 | €1,252,083 | +€1.3m | |
| Accrued charges and deferred income | 492/3 | €70,750 | €66,000 | -€4,750 | -6.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326,013 | €431,629 | +€105,615 | +32.4% |
| Other operating charges | 640/8 | €83,081 | €111,138 | +€28,057 | +33.8% |
| Non-recurring operating charges | 66A | - | €27 | +€27 | |
| Gross operating margin | 9900 | €422,863 | €811,166 | +€388,303 | +91.8% |
| Operating profit (loss) | 9901 | €13,768 | €268,372 | +€254,604 | +1,849% |
| Financial income | 75/76B | €164,597 | €14,701 | -€149,896 | -91.1% |
| Recurring financial income | 75 | €164,597 | €14,701 | -€149,896 | -91.1% |
| Financial charges | 65/66B | €148,846 | €70,119 | -€78,727 | -52.9% |
| Recurring financial charges | 65 | €148,846 | €70,119 | -€78,727 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | €29,519 | €212,954 | +€183,435 | +621% |
| Transfer from deferred taxes | 780 | €16,570 | €16,570 | = | 0.0% |
| Income taxes | 67/77 | €27,758 | €85,500 | +€57,742 | +208% |
| Profit (loss) for the period | 9904 | €18,331 | €144,024 | +€125,693 | +686% |
| Transfer from tax-exempt reserves | 789 | €49,709 | €49,709 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,040 | €193,733 | +€125,693 | +185% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.