WELUBA: 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.
WELUBA
Largest movements
- Cash +€20,676
up €20,676 (+57.5%), from €35,955 to €56,632
mainly Net result for the year (+€24,423) and Depreciation (+€11,827)
- Tangible fixed assets -€8,771
down €8,771 (-17.4%), from €50,389 to €41,618
of which Plant, machinery and equipment: -€8,350
- Reserves +€14,132
up €14,132 (+38.7%), from €36,481 to €50,613
of which Distributable reserves: +€14,735
- Debts after one year -€7,252
down €7,252 (-25.7%), from €28,227 to €20,975
- Tax, wage and social debts +€3,452
up €3,452 (+93.0%), from €3,714 to €7,166
- Gross operating margin +€17,925
up €17,925 (+51.1%), from €35,075 to €52,999
- Depreciation +€5,236
up €5,236 (+79.4%), from €6,591 to €11,827
- Taxes +€3,915
up €3,915 (+68.1%), from €5,753 to €9,668
- Financial charges +€551
up €551 (+9.9%), from €5,592 to €6,142
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 | €93,602 | €104,932 | +€11,331 | +12.1% |
| Fixed assets | 21/28 | €50,389 | €41,618 | -€8,771 | -17.4% |
| Tangible fixed assets | 22/27 | €50,389 | €41,618 | -€8,771 | -17.4% |
| Plant, machinery and equipment | 23 | €38,573 | €30,223 | -€8,350 | -21.6% |
| Furniture and vehicles | 24 | €3,365 | €1,383 | -€1,982 | -58.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €8,452 | €10,013 | +€1,561 | +18.5% |
| Current assets | 29/58 | €43,213 | €63,314 | +€20,101 | +46.5% |
| Stocks and contracts in progress | 3 | €1,631 | €1,427 | -€204 | -12.5% |
| Stocks | 30/36 | €1,631 | €1,427 | -€204 | -12.5% |
| Amounts receivable within one year | 40/41 | €5,569 | €5,192 | -€377 | -6.8% |
| Trade receivables | 40 | €1,483 | €1,186 | -€297 | -20.0% |
| Other amounts receivable | 41 | €4,086 | €4,006 | -€80 | -2.0% |
| Cash at bank and in hand | 54/58 | €35,955 | €56,632 | +€20,676 | +57.5% |
| Deferred charges and accrued income | 490/1 | €57 | €63 | +€6 | +10.5% |
| Total equity and liabilities | 10/49 | €93,602 | €104,932 | +€11,331 | +12.1% |
| Equity | 10/15 | €48,881 | €63,013 | +€14,132 | +28.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €36,481 | €50,613 | +€14,132 | +38.7% |
| Non-distributable reserves | 130/1 | €602 | - | -€602 | |
| Reserves not available under the articles | 1311 | €602 | - | -€602 | |
| Distributable reserves | 133 | €35,879 | €50,613 | +€14,735 | +41.1% |
| Amounts payable | 17/49 | €44,721 | €41,919 | -€2,802 | -6.3% |
| Amounts payable after more than one year | 17 | €28,227 | €20,975 | -€7,252 | -25.7% |
| Financial debts | 170/4 | €28,227 | €20,975 | -€7,252 | -25.7% |
| Amounts payable within one year | 42/48 | €16,167 | €20,919 | +€4,752 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €6,940 | €7,252 | +€312 | +4.5% |
| Trade debts | 44 | €2,346 | €2,747 | +€401 | +17.1% |
| Suppliers | 440/4 | €2,346 | €2,747 | +€401 | +17.1% |
| Taxes, remuneration and social security | 45 | €3,714 | €7,166 | +€3,452 | +93.0% |
| Taxes | 450/3 | €3,714 | €7,166 | +€3,452 | +93.0% |
| Other amounts payable | 47/48 | €3,168 | €3,754 | +€586 | +18.5% |
| Accrued charges and deferred income | 492/3 | €326 | €25 | -€301 | -92.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,591 | €11,827 | +€5,236 | +79.4% |
| Other operating charges | 640/8 | €865 | €962 | +€97 | +11.3% |
| Gross operating margin | 9900 | €35,075 | €52,999 | +€17,925 | +51.1% |
| Operating profit (loss) | 9901 | €27,618 | €40,210 | +€12,592 | +45.6% |
| Financial income | 75/76B | €25 | €24 | -€1 | -2.6% |
| Recurring financial income | 75 | €25 | €24 | -€1 | -2.6% |
| Financial charges | 65/66B | €5,592 | €6,142 | +€551 | +9.9% |
| Recurring financial charges | 65 | €5,592 | €6,142 | +€551 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €22,052 | €34,092 | +€12,040 | +54.6% |
| Income taxes | 67/77 | €5,753 | €9,668 | +€3,915 | +68.1% |
| Profit (loss) for the period | 9904 | €16,298 | €24,423 | +€8,125 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,298 | €24,423 | +€8,125 | +49.9% |
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 4 October 2026 via checked.be.