WELMAN PROJECTS: what changed
WELMAN PROJECTS
Largest movements
- Cash -€117,577
no longer reported in 2025 (was €117,577)
mainly Investment in fixed assets (net) (-€137,291) and Receivables within one year (-€53,382)
- Tangible fixed assets +€77,305
up €77,305 (+85.4%), from €90,561 to €167,866
of which Furniture and vehicles: +€43,554
- Receivables within one year +€53,382
up €53,382 (+76.2%), from €70,038 to €123,420
of which Trade receivables: +€69,535
- Stocks and contracts -€3,416
down €3,416 (-11.9%), from €28,781 to €25,365
- Trade debts -€37,912
down €37,912 (-29.5%), from €128,556 to €90,644
- Short-term financial debts +€25,635
new in 2025: €25,635
- Other debts +€12,656
up €12,656 (+80.0%), from €15,826 to €28,482
- Debts after one year +€10,691
up €10,691 (+38.1%), from €28,060 to €38,751
- Profit (loss) carried forward +€8,235
up €8,235 (+16.2%), from €50,808 to €59,043
- Gross operating margin +€146,311
up €146,311 (+69.6%), from €210,157 to €356,468
- Staff costs +€119,357
up €119,357 (+75.1%), from €158,850 to €278,207
- Depreciation +€18,076
up €18,076 (+43.1%), from €41,910 to €59,986
- Financial charges +€4,012
up €4,012 (+124%), from €3,246 to €7,258
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €306,975 | €316,651 | +€9,676 | +3.2% |
| Fixed assets | 21/28 | €90,561 | €167,866 | +€77,305 | +85.4% |
| Tangible fixed assets | 22/27 | €90,561 | €167,866 | +€77,305 | +85.4% |
| Plant, machinery and equipment | 23 | €33,385 | €27,681 | -€5,704 | -17.1% |
| Furniture and vehicles | 24 | €10,771 | €54,325 | +€43,554 | +404% |
| Leasing and similar rights | 25 | €46,405 | €85,860 | +€39,455 | +85.0% |
| Current assets | 29/58 | €216,414 | €148,785 | -€67,629 | -31.2% |
| Stocks and contracts in progress | 3 | €28,781 | €25,365 | -€3,416 | -11.9% |
| Stocks | 30/36 | €28,781 | €25,365 | -€3,416 | -11.9% |
| Amounts receivable within one year | 40/41 | €70,038 | €123,420 | +€53,382 | +76.2% |
| Trade receivables | 40 | €28,205 | €97,740 | +€69,535 | +247% |
| Other amounts receivable | 41 | €41,833 | €25,680 | -€16,153 | -38.6% |
| Cash at bank and in hand | 54/58 | €117,577 | - | -€117,577 | |
| Deferred charges and accrued income | 490/1 | €18 | - | -€18 | |
| Total equity and liabilities | 10/49 | €306,975 | €316,651 | +€9,676 | +3.2% |
| Equity | 10/15 | €51,308 | €59,543 | +€8,235 | +16.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,808 | €59,043 | +€8,235 | +16.2% |
| Amounts payable | 17/49 | €255,667 | €257,108 | +€1,441 | +0.6% |
| Amounts payable after more than one year | 17 | €28,060 | €38,751 | +€10,691 | +38.1% |
| Financial debts | 170/4 | €28,060 | €38,751 | +€10,691 | +38.1% |
| Amounts payable within one year | 42/48 | €226,401 | €218,357 | -€8,044 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €76,555 | €73,596 | -€2,959 | -3.9% |
| Financial debts | 43 | - | €25,635 | +€25,635 | |
| Credit institutions | 430/8 | - | €25,635 | +€25,635 | |
| Trade debts | 44 | €128,556 | €90,644 | -€37,912 | -29.5% |
| Suppliers | 440/4 | €128,556 | €90,644 | -€37,912 | -29.5% |
| Taxes, remuneration and social security | 45 | €5,464 | - | -€5,464 | |
| Remuneration and social security | 454/9 | €5,464 | - | -€5,464 | |
| Other amounts payable | 47/48 | €15,826 | €28,482 | +€12,656 | +80.0% |
| Accrued charges and deferred income | 492/3 | €1,206 | - | -€1,206 | |
| Remuneration, social security and pensions | 62 | €158,850 | €278,207 | +€119,357 | +75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,910 | €59,986 | +€18,076 | +43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €380 | €286 | -€94 | -24.7% |
| Other operating charges | 640/8 | €2,418 | €1,884 | -€534 | -22.1% |
| Gross operating margin | 9900 | €210,157 | €356,468 | +€146,311 | +69.6% |
| Operating profit (loss) | 9901 | €6,599 | €16,105 | +€9,506 | +144% |
| Financial income | 75/76B | €242 | €428 | +€186 | +76.9% |
| Recurring financial income | 75 | €242 | €428 | +€186 | +76.9% |
| Financial charges | 65/66B | €3,246 | €7,258 | +€4,012 | +124% |
| Recurring financial charges | 65 | €3,246 | €7,258 | +€4,012 | +124% |
| Profit (loss) for the period before taxes | 9903 | €3,595 | €9,275 | +€5,680 | +158% |
| Income taxes | 67/77 | €809 | €1,040 | +€231 | +28.6% |
| Profit (loss) for the period | 9904 | €2,786 | €8,235 | +€5,449 | +196% |
| Profit (loss) for the period to be appropriated | 9905 | €2,786 | €8,235 | +€5,449 | +196% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.