WELLEMAN: 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.
What changed
WELLEMAN
NACE 43.320, Joinery installation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€120,593
2024 · €228,624-€108,031
Equity
€1.8m
2024 · €1.7m+€74,822
Cash
€536,625
2024 · €521,287+€15,338
Balance sheet total
€4.7m
2024 · €4.4m+€229,192
Largest movements
Assets
- Tangible fixed assets -€210,732
down €210,732 (-9.4%), from €2.2m to €2.0m
of which Land and buildings: -€247,154
- Receivables after one year +€195,363
up €195,363 (+51.9%), from €376,299 to €571,662
- Stocks and contracts +€120,246
up €120,246 (+32.1%), from €374,154 to €494,400
of which Contracts in progress: +€177,827
- Receivables within one year +€65,013
up €65,013 (+8.5%), from €762,715 to €827,728
of which Trade receivables: +€51,111
Equity and liabilities
- Advances received +€302,778
up €302,778 (+369%), from €82,050 to €384,828
- Reserves +€73,472
up €73,472 (+4.4%), from €1.7m to €1.7m
of which Tax-exempt reserves: +€76,259
- Current portion of long-term debt -€63,580
down €63,580 (-22.0%), from €289,567 to €225,987
Income statement
- Staff costs +€127,357
up €127,357 (+19.9%), from €638,806 to €766,163
- Taxes -€58,312
down €58,312 (-54.7%), from €106,617 to €48,305
- Gross operating margin -€53,125
down €53,125 (-3.8%), from €1.4m to €1.4m
- Financial charges -€36,837
down €36,837 (-23.9%), from €154,102 to €117,264
- Depreciation +€35,401
up €35,401 (+11.0%), from €320,522 to €355,923
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
€228,624
Gross operating margin
-€53,125
Staff costs
-€127,357
Depreciation
-€35,401
Other operating charges
-€3,151
Other operating items
+€597
Financial income
+€15,257
Financial charges
+€36,837
Taxes
+€58,312
Result 2025
€120,593
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€334,632
Investment
-€162,334
Financing
-€156,961
Cash 2024
€521,287
From operations (derived)
+€334,632
Net result for the year
+€120,593
Depreciation
+€355,923
Receivables after one year
-€195,363
Stocks and contracts
-€120,246
Receivables within one year
-€65,013
Deferred charges and accrued income
-€26,822
Provisions
-€1,985
Trade debts
-€44,985
Tax, wage and social debts
+€4,700
Advances received
+€302,778
Other debts
-€52
Accrued charges and deferred income
+€5,105
Investment (derived)
-€162,334
Investment in fixed assets (net)
-€161,860
Current investments
-€474
Financing
-€156,961
Debts after one year
-€29,015
Current portion of long-term debt
-€63,580
Short-term financial debts
-€18,595
Contributions, distributions and other
-€45,771
Cash 2025
€536,625
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,437,507 | €4,666,699 | +€229,192 | +5.2% |
| Fixed assets | 21/28 | €2,351,979 | €2,157,916 | -€194,063 | -8.3% |
| Tangible fixed assets | 22/27 | €2,245,168 | €2,034,435 | -€210,732 | -9.4% |
| Land and buildings | 22 | €1,939,306 | €1,692,152 | -€247,154 | -12.7% |
| Plant, machinery and equipment | 23 | €155,959 | €151,367 | -€4,591 | -2.9% |
| Furniture and vehicles | 24 | €17,020 | €13,533 | -€3,487 | -20.5% |
| Leasing and similar rights | 25 | €132,882 | €177,383 | +€44,500 | +33.5% |
| Financial fixed assets | 28 | €106,811 | €123,480 | +€16,669 | +15.6% |
| Current assets | 29/58 | €2,085,528 | €2,508,784 | +€423,256 | +20.3% |
| Amounts receivable after more than one year | 29 | €376,299 | €571,662 | +€195,363 | +51.9% |
| Other amounts receivable | 291 | €376,299 | €571,662 | +€195,363 | +51.9% |
| Stocks and contracts in progress | 3 | €374,154 | €494,400 | +€120,246 | +32.1% |
| Stocks | 30/36 | €374,154 | €316,572 | -€57,581 | -15.4% |
| Contracts in progress | 37 | - | €177,827 | +€177,827 | |
| Amounts receivable within one year | 40/41 | €762,715 | €827,728 | +€65,013 | +8.5% |
| Trade receivables | 40 | €669,609 | €720,720 | +€51,111 | +7.6% |
| Other amounts receivable | 41 | €93,106 | €107,008 | +€13,902 | +14.9% |
| Current investments | 50/53 | €6,000 | €6,474 | +€474 | +7.9% |
| Cash at bank and in hand | 54/58 | €521,287 | €536,625 | +€15,338 | +2.9% |
| Deferred charges and accrued income | 490/1 | €45,073 | €71,896 | +€26,822 | +59.5% |
| Total equity and liabilities | 10/49 | €4,437,507 | €4,666,699 | +€229,192 | +5.2% |
| Equity | 10/15 | €1,677,289 | €1,752,112 | +€74,822 | +4.5% |
| Contributions | 10/11 | €17,250 | €18,600 | +€1,350 | +7.8% |
| Reserves | 13 | €1,660,039 | €1,733,512 | +€73,472 | +4.4% |
| Tax-exempt reserves | 132 | €278,951 | €355,209 | +€76,259 | +27.3% |
| Distributable reserves | 133 | €1,381,089 | €1,378,303 | -€2,786 | -0.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €23,824 | €21,839 | -€1,985 | -8.3% |
| Deferred taxes | 168 | €23,824 | €21,839 | -€1,985 | -8.3% |
| Amounts payable | 17/49 | €2,736,394 | €2,892,749 | +€156,356 | +5.7% |
| Amounts payable after more than one year | 17 | €1,571,788 | €1,542,773 | -€29,015 | -1.8% |
| Financial debts | 170/4 | €1,474,033 | €1,357,991 | -€116,042 | -7.9% |
| Other amounts payable | 178/9 | €97,755 | €184,782 | +€87,027 | +89.0% |
| Amounts payable within one year | 42/48 | €1,158,518 | €1,338,784 | +€180,266 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €289,567 | €225,987 | -€63,580 | -22.0% |
| Financial debts | 43 | €418,595 | €400,000 | -€18,595 | -4.4% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Other loans | 439 | €18,595 | €0 | -€18,595 | -100% |
| Trade debts | 44 | €363,252 | €318,267 | -€44,985 | -12.4% |
| Suppliers | 440/4 | €363,252 | €318,267 | -€44,985 | -12.4% |
| Advances received on contracts in progress | 46 | €82,050 | €384,828 | +€302,778 | +369% |
| Taxes, remuneration and social security | 45 | €3,336 | €8,036 | +€4,700 | +141% |
| Taxes | 450/3 | €3,336 | €0 | -€3,336 | -100% |
| Remuneration and social security | 454/9 | - | €8,036 | +€8,036 | |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Accrued charges and deferred income | 492/3 | €6,087 | €11,192 | +€5,105 | +83.9% |
| Non-recurring operating income | 76A | €7,042 | €0 | -€7,042 | -100% |
| Remuneration, social security and pensions | 62 | €638,806 | €766,163 | +€127,357 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €320,522 | €355,923 | +€35,401 | +11.0% |
| Other operating charges | 640/8 | €13,734 | €16,885 | +€3,151 | +22.9% |
| Non-recurring operating charges | 66A | €597 | €0 | -€597 | -100% |
| Gross operating margin | 9900 | €1,413,220 | €1,360,095 | -€53,125 | -3.8% |
| Operating profit (loss) | 9901 | €439,562 | €221,124 | -€218,437 | -49.7% |
| Financial income | 75/76B | €47,796 | €63,052 | +€15,257 | +31.9% |
| Recurring financial income | 75 | €47,796 | €63,052 | +€15,257 | +31.9% |
| Financial charges | 65/66B | €154,102 | €117,264 | -€36,837 | -23.9% |
| Recurring financial charges | 65 | €154,102 | €117,264 | -€36,837 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €333,256 | €166,912 | -€166,343 | -49.9% |
| Transfer from deferred taxes | 780 | €1,985 | €1,985 | = | 0.0% |
| Income taxes | 67/77 | €106,617 | €48,305 | -€58,312 | -54.7% |
| Profit (loss) for the period | 9904 | €228,624 | €120,593 | -€108,031 | -47.3% |
| Transfer from tax-exempt reserves | 789 | €113,191 | €7,941 | -€105,250 | -93.0% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €84,200 | +€42,100 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €299,715 | €44,334 | -€255,381 | -85.2% |
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 14 October 2026 via checked.be.