WELFOOD: 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.
WELFOOD
Largest movements
- Tangible fixed assets +€152,900
up €152,900 (+11.0%), from €1.4m to €1.5m
of which Leasing and similar rights: +€173,017
- Receivables within one year +€64,405
up €64,405 (+9.4%), from €687,763 to €752,168
of which Trade receivables: +€46,787
- Cash -€54,140
down €54,140 (-16.0%), from €337,928 to €283,788
mainly Investment in fixed assets (net) (-€634,601) and Contributions, distributions and other (-€318,947)
- Stocks and contracts -€52,135
down €52,135 (-15.1%), from €344,312 to €292,177
- Trade debts +€164,889
up €164,889 (+33.9%), from €487,064 to €651,953
- Other debts -€82,553
down €82,553 (-20.6%), from €401,500 to €318,947
- Current portion of long-term debt +€66,815
up €66,815 (+15.1%), from €441,922 to €508,737
- Tax, wage and social debts -€32,131
down €32,131 (-50.8%), from €63,248 to €31,117
of which Taxes: -€19,540
- Gross operating margin -€317,905
down €317,905 (-21.0%), from €1.5m to €1.2m
- Staff costs -€87,934
down €87,934 (-30.1%), from €292,084 to €204,150
- Taxes -€87,679
down €87,679 (-45.2%), from €193,797 to €106,118
- Depreciation +€70,656
up €70,656 (+17.3%), from €408,244 to €478,901
- Other operating charges +€16,168
up €16,168 (+55.4%), from €29,205 to €45,373
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 | €2,787,981 | €2,924,090 | +€136,109 | +4.9% |
| Fixed assets | 21/28 | €1,393,423 | €1,549,124 | +€155,700 | +11.2% |
| Tangible fixed assets | 22/27 | €1,391,243 | €1,544,144 | +€152,900 | +11.0% |
| Plant, machinery and equipment | 23 | €114,540 | €100,728 | -€13,812 | -12.1% |
| Furniture and vehicles | 24 | €16,195 | €9,891 | -€6,304 | -38.9% |
| Leasing and similar rights | 25 | €1,260,508 | €1,433,525 | +€173,017 | +13.7% |
| Financial fixed assets | 28 | €2,180 | €4,980 | +€2,800 | +128.4% |
| Current assets | 29/58 | €1,394,558 | €1,374,967 | -€19,591 | -1.4% |
| Stocks and contracts in progress | 3 | €344,312 | €292,177 | -€52,135 | -15.1% |
| Stocks | 30/36 | €344,312 | €292,177 | -€52,135 | -15.1% |
| Amounts receivable within one year | 40/41 | €687,763 | €752,168 | +€64,405 | +9.4% |
| Trade receivables | 40 | €687,754 | €734,541 | +€46,787 | +6.8% |
| Other amounts receivable | 41 | €8 | €17,626 | +€17,618 | +214852.3% |
| Cash at bank and in hand | 54/58 | €337,928 | €283,788 | -€54,140 | -16.0% |
| Deferred charges and accrued income | 490/1 | €24,556 | €46,834 | +€22,279 | +90.7% |
| Total equity and liabilities | 10/49 | €2,787,981 | €2,924,090 | +€136,109 | +4.9% |
| Equity | 10/15 | €697,579 | €700,000 | +€2,421 | +0.3% |
| Contributions | 10/11 | €644,000 | €644,000 | = | 0.0% |
| Reserves | 13 | €52,500 | €52,500 | = | 0.0% |
| Distributable reserves | 133 | €52,500 | €52,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,079 | €3,500 | +€2,421 | +224.5% |
| Amounts payable | 17/49 | €2,090,402 | €2,224,090 | +€133,688 | +6.4% |
| Amounts payable after more than one year | 17 | €695,885 | €713,081 | +€17,196 | +2.5% |
| Financial debts | 170/4 | €695,885 | €713,081 | +€17,196 | +2.5% |
| Amounts payable within one year | 42/48 | €1,393,733 | €1,510,754 | +€117,021 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €441,922 | €508,737 | +€66,815 | +15.1% |
| Trade debts | 44 | €487,064 | €651,953 | +€164,889 | +33.9% |
| Suppliers | 440/4 | €487,064 | €651,953 | +€164,889 | +33.9% |
| Taxes, remuneration and social security | 45 | €63,248 | €31,117 | -€32,131 | -50.8% |
| Taxes | 450/3 | €36,334 | €16,794 | -€19,540 | -53.8% |
| Remuneration and social security | 454/9 | €26,914 | €14,323 | -€12,591 | -46.8% |
| Other amounts payable | 47/48 | €401,500 | €318,947 | -€82,553 | -20.6% |
| Accrued charges and deferred income | 492/3 | €784 | €255 | -€529 | -67.4% |
| Remuneration, social security and pensions | 62 | €292,084 | €204,150 | -€87,934 | -30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €408,244 | €478,901 | +€70,656 | +17.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,043 | €8,124 | -€2,919 | -26.4% |
| Other operating charges | 640/8 | €29,205 | €45,373 | +€16,168 | +55.4% |
| Gross operating margin | 9900 | €1,512,929 | €1,195,025 | -€317,905 | -21.0% |
| Operating profit (loss) | 9901 | €772,353 | €458,477 | -€313,876 | -40.6% |
| Financial income | 75/76B | €20,746 | €19,407 | -€1,339 | -6.5% |
| Recurring financial income | 75 | €20,746 | €19,407 | -€1,339 | -6.5% |
| Financial charges | 65/66B | €52,924 | €50,397 | -€2,527 | -4.8% |
| Recurring financial charges | 65 | €52,924 | €50,397 | -€2,527 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €740,176 | €427,487 | -€312,689 | -42.2% |
| Income taxes | 67/77 | €193,797 | €106,118 | -€87,679 | -45.2% |
| Profit (loss) for the period | 9904 | €546,378 | €321,368 | -€225,010 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €546,378 | €321,368 | -€225,010 | -41.2% |
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 4 October 2026 via checked.be.