WELSCH: 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.
WELSCH
Largest movements
- Receivables within one year +€5,206
up €5,206, from €0 to €5,206
- Cash -€2,206
down €2,206 (-3.9%), from €56,501 to €54,295
mainly Tax, wage and social debts (-€5,625) and Receivables within one year (-€5,206)
- Deferred charges and accrued income -€1,490
down €1,490 (-100.0%), from €1,490 to €0
- Reserves +€8,544
up €8,544 (+39.5%), from €21,658 to €30,202
- Tax, wage and social debts -€5,625
down €5,625 (-46.7%), from €12,054 to €6,428
- Other debts -€976
down €976 (-19.9%), from €4,905 to €3,929
- Gross operating margin -€11,052
down €11,052 (-43.3%), from €25,541 to €14,489
- Taxes -€1,321
down €1,321 (-26.6%), from €4,967 to €3,646
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 | €59,484 | €61,397 | +€1,913 | +3.2% |
| Fixed assets | 21/28 | €1,494 | €1,896 | +€403 | +27.0% |
| Tangible fixed assets | 22/27 | €1,494 | €1,896 | +€403 | +27.0% |
| Plant, machinery and equipment | 23 | €1,369 | €989 | -€380 | -27.8% |
| Furniture and vehicles | 24 | €125 | €907 | +€783 | +628.4% |
| Current assets | 29/58 | €57,991 | €59,501 | +€1,510 | +2.6% |
| Amounts receivable within one year | 40/41 | €0 | €5,206 | +€5,206 | |
| Trade receivables | 40 | €0 | €5,206 | +€5,206 | |
| Cash at bank and in hand | 54/58 | €56,501 | €54,295 | -€2,206 | -3.9% |
| Deferred charges and accrued income | 490/1 | €1,490 | €0 | -€1,490 | -100.0% |
| Total equity and liabilities | 10/49 | €59,484 | €61,397 | +€1,913 | +3.2% |
| Equity | 10/15 | €42,243 | €50,787 | +€8,544 | +20.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €21,658 | €30,202 | +€8,544 | +39.5% |
| Distributable reserves | 133 | €21,658 | €30,202 | +€8,544 | +39.5% |
| Profit (loss) carried forward | 14 | €18,585 | €18,585 | = | 0.0% |
| Amounts payable | 17/49 | €17,241 | €10,610 | -€6,631 | -38.5% |
| Amounts payable within one year | 42/48 | €16,958 | €10,357 | -€6,601 | -38.9% |
| Taxes, remuneration and social security | 45 | €12,054 | €6,428 | -€5,625 | -46.7% |
| Taxes | 450/3 | €12,054 | €6,428 | -€5,625 | -46.7% |
| Other amounts payable | 47/48 | €4,905 | €3,929 | -€976 | -19.9% |
| Accrued charges and deferred income | 492/3 | €283 | €253 | -€30 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €471 | €625 | +€155 | +32.9% |
| Other operating charges | 640/8 | €300 | €444 | +€144 | +48.0% |
| Non-recurring operating charges | 66A | - | €87 | +€87 | |
| Gross operating margin | 9900 | €25,541 | €14,489 | -€11,052 | -43.3% |
| Operating profit (loss) | 9901 | €24,770 | €13,332 | -€11,438 | -46.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €359 | €310 | -€50 | -13.9% |
| Recurring financial charges | 65 | €359 | €310 | -€50 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €24,411 | €13,023 | -€11,388 | -46.7% |
| Income taxes | 67/77 | €4,967 | €3,646 | -€1,321 | -26.6% |
| Profit (loss) for the period | 9904 | €19,444 | €9,377 | -€10,067 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,444 | €9,377 | -€10,067 | -51.8% |
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 6 October 2026 via checked.be.