WELEC: 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.
What changed
WELEC
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €1.1m+€102,483
Equity
€9.5m
2024 · €8.3m+€1.2m
Cash
€2.9m
2024 · €2.3m+€567,248
Balance sheet total
€13.7m
2024 · €12.8m+€978,906
Largest movements
Assets
- Cash +€567,248
up €567,248 (+24.4%), from €2.3m to €2.9m
mainly Net result for the year (+€1.2m) and Depreciation (+€323,676)
- Stocks and contracts +€182,843
up €182,843 (+7.0%), from €2.6m to €2.8m
of which Contracts in progress: +€217,725
Equity and liabilities
- Reserves +€1.2m
up €1.2m (+18.7%), from €6.4m to €7.6m
of which Distributable reserves: +€1.2m
- Trade debts -€287,612
down €287,612 (-9.9%), from €2.9m to €2.6m
Income statement
- Turnover +€1.1m
up €1.1m (+4.9%), from €22.5m to €23.6m
- Staff costs +€726,305
up €726,305 (+12.3%), from €5.9m to €6.6m
- Services and other goods +€389,347
up €389,347 (+7.8%), from €5.0m to €5.4m
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.
Result 2024
€1.1m
Turnover
+€1.1m
Other operating income
+€49,417
Goods and materials
-€16,287
Services and other goods
-€389,347
Staff costs
-€726,305
Depreciation
+€72,221
Write-downs
+€19,927
Other operating charges
-€9,318
Other operating items
-€41,471
Financial income
+€48,277
Financial charges
-€5,339
Taxes
-€5,399
Result 2025
€1.2m
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.
From operations
+€903,901
Investment
-€302,688
Financing
-€33,965
Cash 2024
€2.3m
From operations (derived)
+€903,901
Net result for the year
+€1.2m
Depreciation
+€323,676
Receivables after one year
-€120,928
Stocks and contracts
-€182,843
Receivables within one year
-€128,437
Deferred charges and accrued income
-€439
Trade debts
-€287,612
Tax, wage and social debts
+€70,635
Advances received
+€131,534
Accrued charges and deferred income
-€101,118
Investment (derived)
-€302,688
Investment in fixed assets (net)
-€302,688
Financing
-€33,965
Current portion of long-term debt
-€33,965
Cash 2025
€2.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,762,564 | €13,741,470 | +€978,906 | +7.7% |
| Fixed assets | 21/28 | €1,087,424 | €1,066,436 | -€20,988 | -1.9% |
| Tangible fixed assets | 22/27 | €927,808 | €908,430 | -€19,378 | -2.1% |
| Land and buildings | 22 | €256,025 | €229,860 | -€26,165 | -10.2% |
| Plant, machinery and equipment | 23 | €231,898 | €206,019 | -€25,879 | -11.2% |
| Furniture and vehicles | 24 | €439,885 | €472,552 | +€32,667 | +7.4% |
| Financial fixed assets | 28 | €159,616 | €158,006 | -€1,610 | -1.0% |
| Other financial fixed assets | 284/8 | €159,616 | €158,006 | -€1,610 | -1.0% |
| Amounts receivable and cash guarantees | 285/8 | €159,616 | €158,006 | -€1,610 | -1.0% |
| Current assets | 29/58 | €11,675,140 | €12,675,034 | +€999,894 | +8.6% |
| Amounts receivable after more than one year | 29 | - | €120,928 | +€120,928 | |
| Other amounts receivable | 291 | - | €120,928 | +€120,928 | |
| Stocks and contracts in progress | 3 | €2,613,469 | €2,796,311 | +€182,843 | +7.0% |
| Stocks | 30/36 | €940,870 | €905,988 | -€34,882 | -3.7% |
| Goods purchased for resale | 34 | €940,870 | €905,988 | -€34,882 | -3.7% |
| Contracts in progress | 37 | €1,672,599 | €1,890,323 | +€217,725 | +13.0% |
| Amounts receivable within one year | 40/41 | €5,439,665 | €5,568,102 | +€128,437 | +2.4% |
| Trade receivables | 40 | €5,079,816 | €5,156,624 | +€76,808 | +1.5% |
| Other amounts receivable | 41 | €359,849 | €411,478 | +€51,628 | +14.3% |
| Current investments | 50/53 | €1,264,603 | €1,264,603 | = | 0.0% |
| Other investments | 51/53 | €1,264,603 | €1,264,603 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,321,730 | €2,888,978 | +€567,248 | +24.4% |
| Deferred charges and accrued income | 490/1 | €35,674 | €36,113 | +€439 | +1.2% |
| Total equity and liabilities | 10/49 | €12,762,564 | €13,741,470 | +€978,906 | +7.7% |
| Equity | 10/15 | €8,324,391 | €9,523,822 | +€1.2m | +14.4% |
| Contributions | 10/11 | €1,900,000 | €1,900,000 | = | 0.0% |
| Capital | 10 | €1,900,000 | €1,900,000 | = | 0.0% |
| Issued capital | 100 | €1,900,000 | €1,900,000 | = | 0.0% |
| Reserves | 13 | €6,424,391 | €7,623,822 | +€1.2m | +18.7% |
| Non-distributable reserves | 130/1 | €190,000 | €190,000 | = | 0.0% |
| Legal reserve | 130 | €190,000 | €190,000 | = | 0.0% |
| Distributable reserves | 133 | €6,234,391 | €7,433,822 | +€1.2m | +19.2% |
| Provisions and deferred taxes | 16 | €129,500 | €129,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €129,500 | €129,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €129,500 | €129,500 | = | 0.0% |
| Amounts payable | 17/49 | €4,308,674 | €4,088,148 | -€220,526 | -5.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Credit institutions | 173 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,067,028 | €3,947,620 | -€119,408 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €33,965 | €0 | -€33,965 | -100.0% |
| Trade debts | 44 | €2,916,872 | €2,629,261 | -€287,612 | -9.9% |
| Suppliers | 440/4 | €2,916,872 | €2,629,261 | -€287,612 | -9.9% |
| Advances received on contracts in progress | 46 | - | €131,534 | +€131,534 | |
| Taxes, remuneration and social security | 45 | €1,116,191 | €1,186,826 | +€70,635 | +6.3% |
| Taxes | 450/3 | €175,642 | €82,162 | -€93,480 | -53.2% |
| Remuneration and social security | 454/9 | €940,548 | €1,104,663 | +€164,115 | +17.4% |
| Accrued charges and deferred income | 492/3 | €241,646 | €140,528 | -€101,118 | -41.8% |
| Operating income | 70/76A | €23,095,436 | €24,211,785 | +€1.1m | +4.8% |
| Turnover | 70 | €22,487,929 | €23,594,037 | +€1.1m | +4.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €256,901 | €217,725 | -€39,176 | -15.2% |
| Other operating income | 74 | €350,606 | €400,023 | +€49,417 | +14.1% |
| Operating charges | 60/66A | €21,579,453 | €22,630,857 | +€1.1m | +4.9% |
| Goods for resale, raw materials and consumables | 60 | €10,189,292 | €10,205,579 | +€16,287 | +0.2% |
| Purchases | 600/8 | €10,293,461 | €10,199,073 | -€94,388 | -0.9% |
| Change in stocks: decrease (increase) | 609 | -€104,168 | €6,506 | +€110,675 | |
| Services and other goods | 61 | €5,011,440 | €5,400,787 | +€389,347 | +7.8% |
| Remuneration, social security and pensions | 62 | €5,911,523 | €6,637,828 | +€726,305 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395,897 | €323,676 | -€72,221 | -18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €48,303 | €28,376 | -€19,927 | -41.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €22,999 | €32,316 | +€9,318 | +40.5% |
| Non-recurring operating charges | 66A | - | €2,295 | +€2,295 | |
| Operating profit (loss) | 9901 | €1,515,983 | €1,580,927 | +€64,944 | +4.3% |
| Financial income | 75/76B | €58,884 | €107,160 | +€48,277 | +82.0% |
| Recurring financial income | 75 | €58,884 | €107,160 | +€48,277 | +82.0% |
| Income from current assets | 751 | €905 | €59,041 | +€58,136 | +6424.4% |
| Other financial income | 752/9 | €57,979 | €48,119 | -€9,860 | -17.0% |
| Financial charges | 65/66B | €20,031 | €25,370 | +€5,339 | +26.7% |
| Recurring financial charges | 65 | €20,031 | €25,370 | +€5,339 | +26.7% |
| Debt charges | 650 | €8,327 | €13,404 | +€5,078 | +61.0% |
| Other financial charges | 652/9 | €11,705 | €11,966 | +€261 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €1,554,835 | €1,662,717 | +€107,882 | +6.9% |
| Income taxes | 67/77 | €457,887 | €463,286 | +€5,399 | +1.2% |
| Taxes | 670/3 | €457,887 | €463,286 | +€5,399 | +1.2% |
| Profit (loss) for the period | 9904 | €1,096,948 | €1,199,432 | +€102,483 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,096,948 | €1,199,432 | +€102,483 | +9.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.