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.
WELLEMAN
Largest movements
- Tangible fixed assets +€317,787
up €317,787 (+192%), from €165,642 to €483,428
of which Land and buildings: +€341,094
- Cash +€154,233
up €154,233 (+169%), from €91,335 to €245,568
- Current investments -€140,000
no longer reported in 2025 (was €140,000)
- Receivables within one year -€13,020
down €13,020 (-16.2%), from €80,199 to €67,179
of which Trade receivables: -€56,445
- Debts after one year +€243,114
up €243,114 (+2,017%), from €12,053 to €255,167
- Reserves +€65,011
up €65,011 (+18.4%), from €353,837 to €418,847
of which Distributable reserves: +€66,361
- Trade debts +€9,916
up €9,916 (+12.6%), from €78,931 to €88,847
- Gross operating margin -€62,153
down €62,153 (-23.4%), from €265,496 to €203,343
- Depreciation +€44,920
up €44,920 (+116%), from €38,679 to €83,599
- Taxes -€36,623
down €36,623 (-52.1%), from €70,255 to €33,633
- Financial charges +€8,324
up €8,324 (+968%), from €860 to €9,184
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.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €480,521 | €797,912 | +€317,391 | +66.1% |
| Fixed assets | 21/28 | €166,352 | €484,138 | +€317,787 | +191% |
| Tangible fixed assets | 22/27 | €165,642 | €483,428 | +€317,787 | +192% |
| Land and buildings | 22 | €116,479 | €457,572 | +€341,094 | +293% |
| Plant, machinery and equipment | 23 | €6,852 | €4,363 | -€2,489 | -36.3% |
| Furniture and vehicles | 24 | €42,311 | €21,493 | -€20,818 | -49.2% |
| Financial fixed assets | 28 | €710 | €710 | = | 0.0% |
| Current assets | 29/58 | €314,169 | €313,773 | -€396 | -0.1% |
| Stocks and contracts in progress | 3 | €2,635 | €1,026 | -€1,609 | -61.1% |
| Stocks | 30/36 | €2,635 | €1,026 | -€1,609 | -61.1% |
| Amounts receivable within one year | 40/41 | €80,199 | €67,179 | -€13,020 | -16.2% |
| Trade receivables | 40 | €66,221 | €9,776 | -€56,445 | -85.2% |
| Other amounts receivable | 41 | €13,978 | €57,403 | +€43,425 | +311% |
| Current investments | 50/53 | €140,000 | - | -€140,000 | |
| Cash at bank and in hand | 54/58 | €91,335 | €245,568 | +€154,233 | +169% |
| Total equity and liabilities | 10/49 | €480,521 | €797,912 | +€317,391 | +66.1% |
| Equity | 10/15 | €375,769 | €440,780 | +€65,011 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €353,837 | €418,847 | +€65,011 | +18.4% |
| Non-distributable reserves | 130/1 | €1,350 | - | -€1,350 | |
| Reserves not available under the articles | 1311 | €1,350 | - | -€1,350 | |
| Distributable reserves | 133 | €352,487 | €418,847 | +€66,361 | +18.8% |
| Profit (loss) carried forward | 14 | €3,333 | €3,333 | = | 0.0% |
| Amounts payable | 17/49 | €104,752 | €357,132 | +€252,380 | +241% |
| Amounts payable after more than one year | 17 | €12,053 | €255,167 | +€243,114 | +2,017% |
| Financial debts | 170/4 | €12,053 | €255,167 | +€243,114 | +2,017% |
| Amounts payable within one year | 42/48 | €92,687 | €94,371 | +€1,684 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €13,372 | €5,523 | -€7,848 | -58.7% |
| Trade debts | 44 | €78,931 | €88,847 | +€9,916 | +12.6% |
| Suppliers | 440/4 | €78,931 | €88,847 | +€9,916 | +12.6% |
| Other amounts payable | 47/48 | €384 | - | -€384 | |
| Accrued charges and deferred income | 492/3 | €12 | €7,594 | +€7,582 | +63,931% |
| Non-recurring operating income | 76A | €1,445 | - | -€1,445 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,679 | €83,599 | +€44,920 | +116% |
| Other operating charges | 640/8 | €3,106 | €5,253 | +€2,148 | +69.2% |
| Gross operating margin | 9900 | €265,496 | €203,343 | -€62,153 | -23.4% |
| Operating profit (loss) | 9901 | €223,711 | €114,490 | -€109,221 | -48.8% |
| Financial income | 75/76B | €3,884 | €4,667 | +€783 | +20.2% |
| Recurring financial income | 75 | €3,884 | €4,667 | +€783 | +20.2% |
| Financial charges | 65/66B | €860 | €9,184 | +€8,324 | +968% |
| Recurring financial charges | 65 | €860 | €9,184 | +€8,324 | +968% |
| Profit (loss) for the period before taxes | 9903 | €226,735 | €109,973 | -€116,762 | -51.5% |
| Income taxes | 67/77 | €70,255 | €33,633 | -€36,623 | -52.1% |
| Profit (loss) for the period | 9904 | €156,480 | €76,340 | -€80,139 | -51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €156,480 | €76,340 | -€80,139 | -51.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.