WELSON: 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.
WELSON
Largest movements
- Receivables within one year +€6,325
up €6,325 (+3046.7%), from €208 to €6,533
of which Other amounts receivable: +€4,149
- Cash +€936
up €936 (+12.9%), from €7,268 to €8,204
mainly Net result for the year (+€5,936) and Tax, wage and social debts (+€1,235)
- Tangible fixed assets -€282
no longer reported in 2025 (was €282)
- Profit (loss) carried forward +€5,936
up €5,936 (+29.0%), from -€20,492 to -€14,556
- Tax, wage and social debts +€1,235
up €1,235 (+24.3%), from €5,081 to €6,316
of which Remuneration and social security: +€2,193
- Trade debts -€193
down €193 (-6.6%), from €2,932 to €2,739
- Gross operating margin +€7,494
up €7,494 (+14.6%), from €51,262 to €58,756
- Staff costs +€6,953
up €6,953 (+15.5%), from €44,904 to €51,857
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 | €7,758 | €14,737 | +€6,979 | +90.0% |
| Fixed assets | 21/28 | €282 | - | -€282 | |
| Tangible fixed assets | 22/27 | €282 | - | -€282 | |
| Furniture and vehicles | 24 | €282 | - | -€282 | |
| Current assets | 29/58 | €7,476 | €14,737 | +€7,261 | +97.1% |
| Amounts receivable within one year | 40/41 | €208 | €6,533 | +€6,325 | +3046.7% |
| Trade receivables | 40 | - | €2,176 | +€2,176 | |
| Other amounts receivable | 41 | €208 | €4,356 | +€4,149 | +1998.4% |
| Cash at bank and in hand | 54/58 | €7,268 | €8,204 | +€936 | +12.9% |
| Total equity and liabilities | 10/49 | €7,758 | €14,737 | +€6,979 | +90.0% |
| Equity | 10/15 | -€255 | €5,681 | +€5,936 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,645 | €1,645 | = | 0.0% |
| Distributable reserves | 133 | €1,645 | €1,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,492 | -€14,556 | +€5,936 | +29.0% |
| Amounts payable | 17/49 | €8,013 | €9,055 | +€1,043 | +13.0% |
| Amounts payable within one year | 42/48 | €8,013 | €9,055 | +€1,043 | +13.0% |
| Trade debts | 44 | €2,932 | €2,739 | -€193 | -6.6% |
| Suppliers | 440/4 | €2,932 | €2,739 | -€193 | -6.6% |
| Taxes, remuneration and social security | 45 | €5,081 | €6,316 | +€1,235 | +24.3% |
| Taxes | 450/3 | €2,749 | €1,791 | -€958 | -34.8% |
| Remuneration and social security | 454/9 | €2,332 | €4,525 | +€2,193 | +94.0% |
| Remuneration, social security and pensions | 62 | €44,904 | €51,857 | +€6,953 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €864 | €282 | -€582 | -67.3% |
| Other operating charges | 640/8 | €856 | €544 | -€312 | -36.5% |
| Non-recurring operating charges | 66A | €3,550 | - | -€3,550 | |
| Gross operating margin | 9900 | €51,262 | €58,756 | +€7,494 | +14.6% |
| Operating profit (loss) | 9901 | €1,088 | €6,073 | +€4,985 | +458.1% |
| Financial charges | 65/66B | €112 | €136 | +€24 | +21.7% |
| Recurring financial charges | 65 | €112 | €136 | +€24 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €976 | €5,936 | +€4,960 | +508.3% |
| Profit (loss) for the period | 9904 | €976 | €5,936 | +€4,960 | +508.3% |
| Profit (loss) for the period to be appropriated | 9905 | €976 | €5,936 | +€4,960 | +508.3% |
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 7 October 2026 via checked.be.