WELMAC: 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
WELMAC
NACE 46.649, Wholesale of other machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€158,858
2024 · €184,790-€343,647
Equity
€1.4m
2024 · €1.6m-€158,858
Cash
€51,367
2024 · €114,239-€62,872
Balance sheet total
€5.4m
2024 · €5.3m+€99,689
Largest movements
Assets
- Tangible fixed assets +€118,695
up €118,695 (+6.4%), from €1.9m to €2.0m
of which Plant, machinery and equipment: +€192,004
- Receivables within one year +€109,916
up €109,916 (+8.6%), from €1.3m to €1.4m
of which Other amounts receivable: +€60,991
- Stocks and contracts -€78,710
down €78,710 (-4.0%), from €2.0m to €1.9m
of which Stocks: -€69,622
- Cash -€62,872
down €62,872 (-55.0%), from €114,239 to €51,367
mainly Investment in fixed assets (net) (-€505,203) and Net result for the year (-€158,858)
Equity and liabilities
- Other debts +€297,800
up €297,800 (+195.0%), from €152,734 to €450,534
- Profit (loss) carried forward -€158,858
down €158,858 (-31.7%), from €500,790 to €341,932
- Tax, wage and social debts -€106,850
down €106,850 (-17.5%), from €608,983 to €502,133
of which Remuneration and social security: -€84,510
- Short-term financial debts +€102,741
up €102,741 (+12.2%), from €841,542 to €944,283
Income statement
- Turnover -€2.5m
down €2.5m (-18.4%), from €13.6m to €11.1m
- Goods and materials -€1.4m
down €1.4m (-19.9%), from €7.0m to €5.6m
of which Purchases: -€1.5m
- Staff costs -€410,351
down €410,351 (-9.7%), from €4.2m to €3.8m
- Services and other goods -€276,052
down €276,052 (-15.9%), from €1.7m to €1.5m
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
€184,790
Turnover
-€2.5m
Other operating income
+€81,101
Goods and materials
+€1.4m
Services and other goods
+€276,052
Staff costs
+€410,351
Depreciation
-€76,731
Write-downs
-€28,237
Other operating charges
+€49,786
Other operating items
+€36,419
Financial income
-€15,869
Financial charges
-€20,725
Taxes
+€74,075
Result 2025
-€158,858
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
+€361,638
Investment
-€505,203
Financing
+€80,693
Cash 2024
€114,239
From operations (derived)
+€361,638
Net result for the year
-€158,858
Depreciation
+€374,821
Stocks and contracts
+€78,710
Receivables within one year
-€109,916
Deferred charges and accrued income
-€973
Trade debts
+€10,124
Tax, wage and social debts
-€106,850
Advances received
-€27,134
Other debts
+€297,800
Accrued charges and deferred income
+€3,914
Investment (derived)
-€505,203
Investment in fixed assets (net)
-€505,203
Financing
+€80,693
Debts after one year
-€27,401
Current portion of long-term debt
+€5,354
Short-term financial debts
+€102,741
Cash 2025
€51,367
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,272,796 | €5,372,486 | +€99,689 | +1.9% |
| Fixed assets | 21/28 | €1,889,789 | €2,020,172 | +€130,382 | +6.9% |
| Intangible fixed assets | 21 | €21,668 | €33,356 | +€11,687 | +53.9% |
| Tangible fixed assets | 22/27 | €1,857,731 | €1,976,426 | +€118,695 | +6.4% |
| Land and buildings | 22 | €269,225 | €216,568 | -€52,656 | -19.6% |
| Plant, machinery and equipment | 23 | €233,163 | €425,166 | +€192,004 | +82.3% |
| Furniture and vehicles | 24 | €56,532 | €99,427 | +€42,896 | +75.9% |
| Leasing and similar rights | 25 | €1,298,812 | €1,235,264 | -€63,548 | -4.9% |
| Financial fixed assets | 28 | €10,390 | €10,390 | = | 0.0% |
| Other financial fixed assets | 284/8 | €10,390 | €10,390 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €10,390 | €10,390 | = | 0.0% |
| Current assets | 29/58 | €3,383,007 | €3,352,314 | -€30,693 | -0.9% |
| Stocks and contracts in progress | 3 | €1,962,539 | €1,883,829 | -€78,710 | -4.0% |
| Stocks | 30/36 | €1,686,773 | €1,617,151 | -€69,622 | -4.1% |
| Raw materials and consumables | 30/31 | €1,686,773 | €1,617,151 | -€69,622 | -4.1% |
| Contracts in progress | 37 | €275,766 | €266,678 | -€9,088 | -3.3% |
| Amounts receivable within one year | 40/41 | €1,279,330 | €1,389,247 | +€109,916 | +8.6% |
| Trade receivables | 40 | €1,134,011 | €1,182,935 | +€48,925 | +4.3% |
| Other amounts receivable | 41 | €145,320 | €206,311 | +€60,991 | +42.0% |
| Cash at bank and in hand | 54/58 | €114,239 | €51,367 | -€62,872 | -55.0% |
| Deferred charges and accrued income | 490/1 | €26,898 | €27,871 | +€973 | +3.6% |
| Total equity and liabilities | 10/49 | €5,272,796 | €5,372,486 | +€99,689 | +1.9% |
| Equity | 10/15 | €1,555,898 | €1,397,041 | -€158,858 | -10.2% |
| Contributions | 10/11 | €1,025,000 | €1,025,000 | = | 0.0% |
| Capital | 10 | €1,025,000 | €1,025,000 | = | 0.0% |
| Issued capital | 100 | €1,025,000 | €1,025,000 | = | 0.0% |
| Reserves | 13 | €30,109 | €30,109 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,109 | €30,109 | = | 0.0% |
| Legal reserve | 130 | €30,109 | €30,109 | = | 0.0% |
| Profit (loss) carried forward | 14 | €500,790 | €341,932 | -€158,858 | -31.7% |
| Amounts payable | 17/49 | €3,716,898 | €3,975,445 | +€258,547 | +7.0% |
| Amounts payable after more than one year | 17 | €1,011,242 | €983,841 | -€27,401 | -2.7% |
| Financial debts | 170/4 | €1,011,242 | €983,841 | -€27,401 | -2.7% |
| Leasing and similar obligations | 172 | €955,352 | €821,534 | -€133,819 | -14.0% |
| Credit institutions | 173 | €55,890 | €162,307 | +€106,417 | +190.4% |
| Amounts payable within one year | 42/48 | €2,694,934 | €2,976,968 | +€282,034 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €292,497 | €297,851 | +€5,354 | +1.8% |
| Financial debts | 43 | €841,542 | €944,283 | +€102,741 | +12.2% |
| Credit institutions | 430/8 | €841,542 | €944,283 | +€102,741 | +12.2% |
| Trade debts | 44 | €772,044 | €782,168 | +€10,124 | +1.3% |
| Suppliers | 440/4 | €772,044 | €782,168 | +€10,124 | +1.3% |
| Advances received on contracts in progress | 46 | €27,134 | €0 | -€27,134 | -100.0% |
| Taxes, remuneration and social security | 45 | €608,983 | €502,133 | -€106,850 | -17.5% |
| Taxes | 450/3 | €92,330 | €69,990 | -€22,340 | -24.2% |
| Remuneration and social security | 454/9 | €516,653 | €432,143 | -€84,510 | -16.4% |
| Other amounts payable | 47/48 | €152,734 | €450,534 | +€297,800 | +195.0% |
| Accrued charges and deferred income | 492/3 | €10,722 | €14,636 | +€3,914 | +36.5% |
| Operating income | 70/76A | €13,680,192 | €11,270,572 | -€2.4m | -17.6% |
| Turnover | 70 | €13,637,109 | €11,121,308 | -€2.5m | -18.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€13,407 | -€9,088 | +€4,319 | +32.2% |
| Other operating income | 74 | €53,864 | €134,965 | +€81,101 | +150.6% |
| Non-recurring operating income | 76A | €2,626 | €23,387 | +€20,761 | +790.4% |
| Operating charges | 60/66A | €13,340,507 | €11,312,016 | -€2.0m | -15.2% |
| Goods for resale, raw materials and consumables | 60 | €6,974,013 | €5,588,083 | -€1.4m | -19.9% |
| Purchases | 600/8 | €7,002,389 | €5,518,461 | -€1.5m | -21.2% |
| Change in stocks: decrease (increase) | 609 | -€28,376 | €69,622 | +€97,998 | |
| Services and other goods | 61 | €1,730,942 | €1,454,890 | -€276,052 | -15.9% |
| Remuneration, social security and pensions | 62 | €4,236,530 | €3,826,179 | -€410,351 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €298,090 | €374,821 | +€76,731 | +25.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,000 | €3,237 | +€28,237 | |
| Other operating charges | 640/8 | €114,592 | €64,806 | -€49,786 | -43.4% |
| Non-recurring operating charges | 66A | €11,339 | €0 | -€11,339 | -100.0% |
| Operating profit (loss) | 9901 | €339,685 | -€41,444 | -€381,129 | |
| Financial income | 75/76B | €21,386 | €5,517 | -€15,869 | -74.2% |
| Recurring financial income | 75 | €21,386 | €5,517 | -€15,869 | -74.2% |
| Other financial income | 752/9 | €21,386 | €5,517 | -€15,869 | -74.2% |
| Financial charges | 65/66B | €100,260 | €120,985 | +€20,725 | +20.7% |
| Recurring financial charges | 65 | €100,260 | €120,985 | +€20,725 | +20.7% |
| Debt charges | 650 | €98,527 | €118,601 | +€20,074 | +20.4% |
| Other financial charges | 652/9 | €1,733 | €2,384 | +€651 | +37.5% |
| Profit (loss) for the period before taxes | 9903 | €260,811 | -€156,912 | -€417,723 | |
| Income taxes | 67/77 | €76,021 | €1,946 | -€74,075 | -97.4% |
| Taxes | 670/3 | €76,021 | €1,946 | -€74,075 | -97.4% |
| Profit (loss) for the period | 9904 | €184,790 | -€158,858 | -€343,647 | |
| Profit (loss) for the period to be appropriated | 9905 | €184,790 | -€158,858 | -€343,647 |
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 9 October 2026 via checked.be.