WELDIS: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2025 and 2026
Largest movements
- Receivables within one year +€48,153
up €48,153 (+48.4%), from €99,531 to €147,684
of which Other amounts receivable: +€64,251
- Tangible fixed assets +€44,089
up €44,089 (+26.8%), from €164,405 to €208,495
of which Plant, machinery and equipment: +€45,331
- Cash +€30,981
up €30,981 (+80.5%), from €38,503 to €69,484
mainly Trade debts (+€226,797) and Depreciation (+€51,003)
- Financial fixed assets -€22,112
down €22,112 (-93.6%), from €23,612 to €1,500
- Stocks and contracts +€20,779
up €20,779 (+6.6%), from €316,532 to €337,311
- Trade debts +€226,797
up €226,797 (+50.8%), from €446,284 to €673,081
- Profit (loss) carried forward -€141,508
down €141,508 (-214%), from -€66,066 to -€207,573
- Other debts +€40,197
up €40,197 (+2,037%), from €1,974 to €42,171
- Accrued charges and deferred income -€23,761
down €23,761 (-65.4%), from €36,329 to €12,569
- Tax, wage and social debts -€14,194
down €14,194 (-25.6%), from €55,371 to €41,177
of which Remuneration and social security: -€14,194
- Gross operating margin -€62,616
down €62,616 (-18.0%), from €348,409 to €285,793
- Staff costs +€15,834
up €15,834 (+4.9%), from €324,745 to €340,578
- Depreciation +€6,194
up €6,194 (+13.8%), from €44,809 to €51,003
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €682,132 | €790,819 | +€108,687 | +15.9% |
| Fixed assets | 21/28 | €188,017 | €209,995 | +€21,978 | +11.7% |
| Tangible fixed assets | 22/27 | €164,405 | €208,495 | +€44,089 | +26.8% |
| Plant, machinery and equipment | 23 | €160,851 | €206,182 | +€45,331 | +28.2% |
| Furniture and vehicles | 24 | €3,554 | €2,313 | -€1,242 | -34.9% |
| Financial fixed assets | 28 | €23,612 | €1,500 | -€22,112 | -93.6% |
| Current assets | 29/58 | €494,115 | €580,825 | +€86,709 | +17.5% |
| Stocks and contracts in progress | 3 | €316,532 | €337,311 | +€20,779 | +6.6% |
| Stocks | 30/36 | €316,532 | €337,311 | +€20,779 | +6.6% |
| Amounts receivable within one year | 40/41 | €99,531 | €147,684 | +€48,153 | +48.4% |
| Trade receivables | 40 | €89,282 | €73,185 | -€16,098 | -18.0% |
| Other amounts receivable | 41 | €10,249 | €74,499 | +€64,251 | +627% |
| Cash at bank and in hand | 54/58 | €38,503 | €69,484 | +€30,981 | +80.5% |
| Deferred charges and accrued income | 490/1 | €39,550 | €26,346 | -€13,203 | -33.4% |
| Total equity and liabilities | 10/49 | €682,132 | €790,819 | +€108,687 | +15.9% |
| Equity | 10/15 | €17,687 | -€123,820 | -€141,508 | |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €8,753 | €8,753 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,003 | €5,003 | = | 0.0% |
| Distributable reserves | 133 | €3,750 | €3,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,066 | -€207,573 | -€141,508 | -214% |
| Amounts payable | 17/49 | €664,445 | €914,640 | +€250,195 | +37.7% |
| Amounts payable after more than one year | 17 | €22,588 | €34,161 | +€11,572 | +51.2% |
| Financial debts | 170/4 | €22,588 | €34,161 | +€11,572 | +51.2% |
| Amounts payable within one year | 42/48 | €605,527 | €867,910 | +€262,383 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €1,899 | €11,482 | +€9,583 | +505% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €446,284 | €673,081 | +€226,797 | +50.8% |
| Suppliers | 440/4 | €446,284 | €673,081 | +€226,797 | +50.8% |
| Taxes, remuneration and social security | 45 | €55,371 | €41,177 | -€14,194 | -25.6% |
| Taxes | 450/3 | €83 | €83 | -€0 | -0.3% |
| Remuneration and social security | 454/9 | €55,288 | €41,094 | -€14,194 | -25.7% |
| Other amounts payable | 47/48 | €1,974 | €42,171 | +€40,197 | +2,037% |
| Accrued charges and deferred income | 492/3 | €36,329 | €12,569 | -€23,761 | -65.4% |
| Remuneration, social security and pensions | 62 | €324,745 | €340,578 | +€15,834 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,809 | €51,003 | +€6,194 | +13.8% |
| Other operating charges | 640/8 | €4,616 | €4,854 | +€239 | +5.2% |
| Gross operating margin | 9900 | €348,409 | €285,793 | -€62,616 | -18.0% |
| Operating profit (loss) | 9901 | -€25,761 | -€110,643 | -€84,883 | -330% |
| Financial income | 75/76B | €332 | €885 | +€554 | +167% |
| Recurring financial income | 75 | €332 | €885 | +€554 | +167% |
| Financial charges | 65/66B | €28,859 | €31,668 | +€2,809 | +9.7% |
| Recurring financial charges | 65 | €28,859 | €31,668 | +€2,809 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | -€54,288 | -€141,425 | -€87,138 | -161% |
| Income taxes | 67/77 | €83 | €83 | -€0 | -0.3% |
| Profit (loss) for the period | 9904 | -€54,370 | -€141,508 | -€87,138 | -160% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,370 | -€141,508 | -€87,138 | -160% |
Value
latest balance sheet 28-02-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- -€123,820
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€123,820
Capitalised earnings
- 2026
- -€141,508
- 2025
- -€54,370
- 2024
- €55,181
- 2023
- €17,107
- 2022
- €151,105
- Average result, excluding non-recurring income and charges
- -€46,899
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2026
- -€59,640
- Net financial debt
- €76,159
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 28 February 2025 and 28 February 2026. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 9 November 2026 via checked.be.