WELDER: what changed
WELDER
Largest movements
- Tangible fixed assets +€25,700
up €25,700 (+15.2%), from €169,515 to €195,215
of which Plant, machinery and equipment: +€29,155
- Deferred charges and accrued income -€24,529
down €24,529 (-75.2%), from €32,618 to €8,090
- Receivables within one year +€24,464
up €24,464 (+24.7%), from €99,049 to €123,513
of which Other amounts receivable: +€34,110
- Cash -€14,433
down €14,433 (-52.5%), from €27,480 to €13,046
mainly Investment in fixed assets (net) (-€66,408) and Receivables within one year (-€24,464)
- Stocks and contracts +€4,000
up €4,000 (+100%), from €4,000 to €8,000
- Trade debts -€15,284
down €15,284 (-12.4%), from €122,785 to €107,502
- Current portion of long-term debt +€12,582
up €12,582 (+44.6%), from €28,193 to €40,775
- Profit (loss) carried forward +€7,804
up €7,804 (+653%), from €1,194 to €8,999
- Debts after one year +€6,541
up €6,541 (+6.2%), from €105,459 to €112,000
- Gross operating margin +€74,702
up €74,702 (+144%), from €51,877 to €126,579
- Staff costs +€61,486
new in 2025: €61,486
- Depreciation +€17,156
up €17,156 (+72.8%), from €23,551 to €40,708
- Financial charges +€2,249
up €2,249 (+29.8%), from €7,551 to €9,800
- Other operating charges +€1,351
up €1,351 (+56.2%), from €2,403 to €3,753
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €342,596 | €357,799 | +€15,202 | +4.4% |
| Fixed assets | 21/28 | €179,449 | €205,150 | +€25,700 | +14.3% |
| Tangible fixed assets | 22/27 | €169,515 | €195,215 | +€25,700 | +15.2% |
| Plant, machinery and equipment | 23 | €85,021 | €114,176 | +€29,155 | +34.3% |
| Furniture and vehicles | 24 | €72,764 | €69,789 | -€2,975 | -4.1% |
| Other tangible fixed assets | 26 | €11,729 | €11,250 | -€479 | -4.1% |
| Financial fixed assets | 28 | €9,935 | €9,935 | = | 0.0% |
| Current assets | 29/58 | €163,147 | €152,649 | -€10,498 | -6.4% |
| Stocks and contracts in progress | 3 | €4,000 | €8,000 | +€4,000 | +100% |
| Stocks | 30/36 | €4,000 | €8,000 | +€4,000 | +100% |
| Amounts receivable within one year | 40/41 | €99,049 | €123,513 | +€24,464 | +24.7% |
| Trade receivables | 40 | €92,978 | €83,333 | -€9,646 | -10.4% |
| Other amounts receivable | 41 | €6,071 | €40,180 | +€34,110 | +562% |
| Cash at bank and in hand | 54/58 | €27,480 | €13,046 | -€14,433 | -52.5% |
| Deferred charges and accrued income | 490/1 | €32,618 | €8,090 | -€24,529 | -75.2% |
| Total equity and liabilities | 10/49 | €342,596 | €357,799 | +€15,202 | +4.4% |
| Equity | 10/15 | €21,194 | €28,999 | +€7,804 | +36.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,194 | €8,999 | +€7,804 | +653% |
| Amounts payable | 17/49 | €321,402 | €328,800 | +€7,398 | +2.3% |
| Amounts payable after more than one year | 17 | €105,459 | €112,000 | +€6,541 | +6.2% |
| Financial debts | 170/4 | €105,459 | €112,000 | +€6,541 | +6.2% |
| Amounts payable within one year | 42/48 | €215,943 | €213,262 | -€2,682 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €28,193 | €40,775 | +€12,582 | +44.6% |
| Financial debts | 43 | €15,000 | €15,000 | = | 0.0% |
| Credit institutions | 430/8 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €122,785 | €107,502 | -€15,284 | -12.4% |
| Suppliers | 440/4 | €122,785 | €107,502 | -€15,284 | -12.4% |
| Other amounts payable | 47/48 | €49,965 | €49,985 | +€20 | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €3,538 | +€3,538 | |
| Remuneration, social security and pensions | 62 | - | €61,486 | +€61,486 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,551 | €40,708 | +€17,156 | +72.8% |
| Other operating charges | 640/8 | €2,403 | €3,753 | +€1,351 | +56.2% |
| Gross operating margin | 9900 | €51,877 | €126,579 | +€74,702 | +144% |
| Operating profit (loss) | 9901 | €25,923 | €20,631 | -€5,291 | -20.4% |
| Financial income | 75/76B | €502 | €369 | -€133 | -26.5% |
| Recurring financial income | 75 | €502 | €140 | -€361 | -72.0% |
| Non-recurring financial income | 76B | - | €228 | +€228 | |
| Financial charges | 65/66B | €7,551 | €9,800 | +€2,249 | +29.8% |
| Recurring financial charges | 65 | €7,551 | €9,800 | +€2,249 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €18,874 | €11,200 | -€7,673 | -40.7% |
| Income taxes | 67/77 | €2,679 | €3,396 | +€717 | +26.8% |
| Profit (loss) for the period | 9904 | €16,194 | €7,804 | -€8,390 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,194 | €7,804 | -€8,390 | -51.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.