Welsies: 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.
Welsies
Largest movements
- Current investments -€233,737
down €233,737 (-100%), from €233,737 to €0
- Cash -€207,179
down €207,179 (-82.1%), from €252,458 to €45,279
mainly Contributions, distributions and other (-€818,106) and Tax, wage and social debts (-€103,072)
- Receivables within one year -€66,661
down €66,661 (-90.3%), from €73,820 to €7,159
of which Trade receivables: -€64,372
- Tangible fixed assets +€38,934
up €38,934 (+662%), from €5,882 to €44,816
- Reserves -€332,924
down €332,924 (-100%), from €332,924 to €0
- Tax, wage and social debts -€103,072
down €103,072 (-77.6%), from €132,759 to €29,687
- Other debts -€58,653
down €58,653 (-48.9%), from €119,836 to €61,182
- Trade debts +€26,007
up €26,007 (+328%), from €7,927 to €33,934
- Gross operating margin +€159,853
up €159,853 (+30.8%), from €519,359 to €679,212
- Taxes +€38,977
up €38,977 (+34.3%), from €113,552 to €152,530
- Financial income +€35,686
up €35,686 (+863%), from €4,135 to €39,820
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
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 | €611,996 | €143,353 | -€468,642 | -76.6% |
| Fixed assets | 21/28 | €5,882 | €44,816 | +€38,934 | +662% |
| Tangible fixed assets | 22/27 | €5,882 | €44,816 | +€38,934 | +662% |
| Other tangible fixed assets | 26 | €5,882 | €44,816 | +€38,934 | +662% |
| Current assets | 29/58 | €606,114 | €98,537 | -€507,577 | -83.7% |
| Amounts receivable after more than one year | 29 | €46,100 | €46,100 | = | 0.0% |
| Other amounts receivable | 291 | €46,100 | €46,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €73,820 | €7,159 | -€66,661 | -90.3% |
| Trade receivables | 40 | €64,372 | €0 | -€64,372 | -100% |
| Other amounts receivable | 41 | €9,448 | €7,159 | -€2,289 | -24.2% |
| Current investments | 50/53 | €233,737 | €0 | -€233,737 | -100% |
| Cash at bank and in hand | 54/58 | €252,458 | €45,279 | -€207,179 | -82.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €611,996 | €143,353 | -€468,642 | -76.6% |
| Equity | 10/15 | €351,474 | €18,550 | -€332,924 | -94.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €332,924 | €0 | -€332,924 | -100% |
| Distributable reserves | 133 | €332,924 | €0 | -€332,924 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €260,522 | €124,803 | -€135,718 | -52.1% |
| Amounts payable within one year | 42/48 | €260,522 | €124,803 | -€135,718 | -52.1% |
| Trade debts | 44 | €7,927 | €33,934 | +€26,007 | +328% |
| Suppliers | 440/4 | €7,927 | €33,934 | +€26,007 | +328% |
| Taxes, remuneration and social security | 45 | €132,759 | €29,687 | -€103,072 | -77.6% |
| Taxes | 450/3 | €132,759 | €29,687 | -€103,072 | -77.6% |
| Other amounts payable | 47/48 | €119,836 | €61,182 | -€58,653 | -48.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,635 | €4,055 | +€1,420 | +53.9% |
| Other operating charges | 640/8 | €73,645 | €76,040 | +€2,395 | +3.3% |
| Gross operating margin | 9900 | €519,359 | €679,212 | +€159,853 | +30.8% |
| Operating profit (loss) | 9901 | €443,080 | €599,117 | +€156,037 | +35.2% |
| Financial income | 75/76B | €4,135 | €39,820 | +€35,686 | +863% |
| Recurring financial income | 75 | €4,135 | €39,820 | +€35,686 | +863% |
| Financial charges | 65/66B | €738 | €1,225 | +€487 | +66.0% |
| Recurring financial charges | 65 | €738 | €1,225 | +€487 | +66.0% |
| Profit (loss) for the period before taxes | 9903 | €446,476 | €637,712 | +€191,236 | +42.8% |
| Income taxes | 67/77 | €113,552 | €152,530 | +€38,977 | +34.3% |
| Profit (loss) for the period | 9904 | €332,924 | €485,182 | +€152,258 | +45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €332,924 | €485,182 | +€152,258 | +45.7% |
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 17 October 2026 via checked.be.