Welda: 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.
Welda
Largest movements
- Current investments -€769,856
down €769,856 (-100.0%), from €769,856 to €0
- Tangible fixed assets +€296,948
up €296,948 (+60.1%), from €493,832 to €790,780
of which Plant, machinery and equipment: +€163,373
- Financial fixed assets +€245,420
new in 2025: €245,420
- Deferred charges and accrued income +€239,317
up €239,317 (+1091.6%), from €21,924 to €261,241
- Cash +€118,326
up €118,326 (+26.9%), from €439,559 to €557,885
mainly Current investments (+€769,856) and Depreciation (+€221,666)
- Current portion of long-term debt -€493,737
down €493,737 (-80.4%), from €614,401 to €120,664
- Reserves +€181,910
up €181,910 (+126.4%), from €143,940 to €325,850
- Tax, wage and social debts +€174,776
up €174,776 (+50.3%), from €347,146 to €521,922
of which Remuneration and social security: +€115,512
- Trade debts +€139,002
up €139,002 (+34.8%), from €399,323 to €538,325
- Gross operating margin +€749,412
up €749,412 (+25.6%), from €2.9m to €3.7m
- Staff costs +€456,043
up €456,043 (+18.3%), from €2.5m to €3.0m
- Financial charges +€425,119
up €425,119 (+615.6%), from €69,055 to €494,174
- Financial income +€249,826
up €249,826 (+3813.0%), from €6,552 to €256,378
- Depreciation +€100,636
up €100,636 (+83.1%), from €121,030 to €221,666
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 | €3,913,076 | €3,929,347 | +€16,271 | +0.4% |
| Fixed assets | 21/28 | €1,421,700 | €1,864,069 | +€442,368 | +31.1% |
| Intangible fixed assets | 21 | €927,869 | €827,869 | -€100,000 | -10.8% |
| Tangible fixed assets | 22/27 | €493,832 | €790,780 | +€296,948 | +60.1% |
| Plant, machinery and equipment | 23 | €189,312 | €352,685 | +€163,373 | +86.3% |
| Furniture and vehicles | 24 | - | €87,372 | +€87,372 | |
| Leasing and similar rights | 25 | €199,123 | €166,422 | -€32,701 | -16.4% |
| Other tangible fixed assets | 26 | €105,397 | €184,301 | +€78,905 | +74.9% |
| Financial fixed assets | 28 | - | €245,420 | +€245,420 | |
| Current assets | 29/58 | €2,491,375 | €2,065,278 | -€426,097 | -17.1% |
| Stocks and contracts in progress | 3 | €866,623 | €833,160 | -€33,463 | -3.9% |
| Stocks | 30/36 | €866,623 | €833,160 | -€33,463 | -3.9% |
| Amounts receivable within one year | 40/41 | €393,412 | €412,991 | +€19,579 | +5.0% |
| Trade receivables | 40 | €363,661 | €412,791 | +€49,130 | +13.5% |
| Other amounts receivable | 41 | €29,751 | €201 | -€29,551 | -99.3% |
| Current investments | 50/53 | €769,856 | €0 | -€769,856 | -100.0% |
| Cash at bank and in hand | 54/58 | €439,559 | €557,885 | +€118,326 | +26.9% |
| Deferred charges and accrued income | 490/1 | €21,924 | €261,241 | +€239,317 | +1091.6% |
| Total equity and liabilities | 10/49 | €3,913,076 | €3,929,347 | +€16,271 | +0.4% |
| Equity | 10/15 | €243,940 | €425,850 | +€181,910 | +74.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Outside capital | 11 | €100,000 | - | -€100,000 | |
| Other | 1109/19 | €100,000 | - | -€100,000 | |
| Reserves | 13 | €143,940 | €325,850 | +€181,910 | +126.4% |
| Distributable reserves | 133 | €143,940 | €325,850 | +€181,910 | +126.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,669,136 | €3,503,496 | -€165,640 | -4.5% |
| Amounts payable after more than one year | 17 | €2,237,005 | €2,266,940 | +€29,935 | +1.3% |
| Financial debts | 170/4 | €583,891 | €539,370 | -€44,520 | -7.6% |
| Trade debts | 175 | €1,653,114 | €1,727,570 | +€74,455 | +4.5% |
| Amounts payable within one year | 42/48 | €1,423,329 | €1,227,533 | -€195,796 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €614,401 | €120,664 | -€493,737 | -80.4% |
| Trade debts | 44 | €399,323 | €538,325 | +€139,002 | +34.8% |
| Suppliers | 440/4 | €399,323 | €538,325 | +€139,002 | +34.8% |
| Taxes, remuneration and social security | 45 | €347,146 | €521,922 | +€174,776 | +50.3% |
| Taxes | 450/3 | €61,517 | €120,781 | +€59,264 | +96.3% |
| Remuneration and social security | 454/9 | €285,629 | €401,141 | +€115,512 | +40.4% |
| Other amounts payable | 47/48 | €62,460 | €46,623 | -€15,837 | -25.4% |
| Accrued charges and deferred income | 492/3 | €8,802 | €9,023 | +€222 | +2.5% |
| Remuneration, social security and pensions | 62 | €2,497,178 | €2,953,222 | +€456,043 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,030 | €221,666 | +€100,636 | +83.1% |
| Other operating charges | 640/8 | €3,083 | €9,099 | +€6,016 | +195.1% |
| Gross operating margin | 9900 | €2,931,182 | €3,680,594 | +€749,412 | +25.6% |
| Operating profit (loss) | 9901 | €309,891 | €496,608 | +€186,718 | +60.3% |
| Financial income | 75/76B | €6,552 | €256,378 | +€249,826 | +3813.0% |
| Recurring financial income | 75 | €6,552 | €256,378 | +€249,826 | +3813.0% |
| Financial charges | 65/66B | €69,055 | €494,174 | +€425,119 | +615.6% |
| Recurring financial charges | 65 | €69,055 | €494,174 | +€425,119 | +615.6% |
| Profit (loss) for the period before taxes | 9903 | €247,388 | €258,813 | +€11,425 | +4.6% |
| Income taxes | 67/77 | €63,448 | €76,902 | +€13,455 | +21.2% |
| Profit (loss) for the period | 9904 | €183,940 | €181,910 | -€2,030 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €183,940 | €181,910 | -€2,030 | -1.1% |
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 1 October 2026 via checked.be.