WELF: 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.
WELF
Largest movements
- Receivables within one year +€145,411
up €145,411 (+361.1%), from €40,271 to €185,682
of which Other amounts receivable: +€143,065
- Cash -€100,018
down €100,018 (-85.4%), from €117,054 to €17,036
mainly Receivables within one year (-€145,411) and Contributions, distributions and other (-€55,377)
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Tangible fixed assets +€48,702
up €48,702 (+71.3%), from €68,333 to €117,035
of which Furniture and vehicles: +€52,221
- Reserves -€6,149
down €6,149 (-2.5%), from €245,435 to €239,286
- Gross operating margin +€19,569
up €19,569 (+31.4%), from €62,252 to €81,821
- Taxes +€6,346
up €6,346 (+37.7%), from €16,842 to €23,188
- Depreciation -€2,844
down €2,844 (-30.6%), from €9,289 to €6,446
- Other operating charges +€2,311
up €2,311 (+42.3%), from €5,466 to €7,777
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 | €329,896 | €322,769 | -€7,127 | -2.2% |
| Fixed assets | 21/28 | €68,333 | €117,035 | +€48,702 | +71.3% |
| Tangible fixed assets | 22/27 | €68,333 | €117,035 | +€48,702 | +71.3% |
| Land and buildings | 22 | €60,143 | €58,213 | -€1,931 | -3.2% |
| Plant, machinery and equipment | 23 | €4,100 | €2,512 | -€1,588 | -38.7% |
| Furniture and vehicles | 24 | €4,090 | €56,311 | +€52,221 | +1276.7% |
| Current assets | 29/58 | €261,562 | €205,734 | -€55,829 | -21.3% |
| Amounts receivable within one year | 40/41 | €40,271 | €185,682 | +€145,411 | +361.1% |
| Trade receivables | 40 | €5,356 | €7,702 | +€2,347 | +43.8% |
| Other amounts receivable | 41 | €34,915 | €177,980 | +€143,065 | +409.8% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €117,054 | €17,036 | -€100,018 | -85.4% |
| Deferred charges and accrued income | 490/1 | €4,238 | €3,016 | -€1,222 | -28.8% |
| Total equity and liabilities | 10/49 | €329,896 | €322,769 | -€7,127 | -2.2% |
| Equity | 10/15 | €314,320 | €308,171 | -€6,149 | -2.0% |
| Contributions | 10/11 | €68,885 | €68,885 | = | 0.0% |
| Reserves | 13 | €245,435 | €239,286 | -€6,149 | -2.5% |
| Distributable reserves | 133 | €245,435 | €239,286 | -€6,149 | -2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,575 | €14,598 | -€978 | -6.3% |
| Amounts payable within one year | 42/48 | €15,575 | €14,598 | -€978 | -6.3% |
| Trade debts | 44 | €2,347 | €811 | -€1,537 | -65.5% |
| Suppliers | 440/4 | €2,347 | €811 | -€1,537 | -65.5% |
| Taxes, remuneration and social security | 45 | €11,510 | €12,121 | +€611 | +5.3% |
| Taxes | 450/3 | €11,510 | €12,121 | +€611 | +5.3% |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,289 | €6,446 | -€2,844 | -30.6% |
| Other operating charges | 640/8 | €5,466 | €7,777 | +€2,311 | +42.3% |
| Gross operating margin | 9900 | €62,252 | €81,821 | +€19,569 | +31.4% |
| Operating profit (loss) | 9901 | €47,497 | €67,598 | +€20,101 | +42.3% |
| Financial income | 75/76B | €4,989 | €5,041 | +€52 | +1.0% |
| Recurring financial income | 75 | €4,989 | €5,041 | +€52 | +1.0% |
| Financial charges | 65/66B | €184 | €224 | +€39 | +21.3% |
| Recurring financial charges | 65 | €184 | €224 | +€39 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | €52,302 | €72,416 | +€20,114 | +38.5% |
| Income taxes | 67/77 | €16,842 | €23,188 | +€6,346 | +37.7% |
| Profit (loss) for the period | 9904 | €35,460 | €49,228 | +€13,768 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,460 | €49,228 | +€13,768 | +38.8% |
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 9 October 2026 via checked.be.