WELVACC: 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.
WELVACC
Largest movements
- Receivables after one year -€75,000
no longer reported in 2025 (was €75,000)
- Current investments +€49,995
up €49,995 (+67.3%), from €74,244 to €124,238
- Cash +€31,829
up €31,829 (+28.6%), from €111,252 to €143,081
mainly Other debts (+€94,966) and Receivables after one year (+€75,000)
- Receivables within one year +€3,817
up €3,817 (+19.6%), from €19,486 to €23,302
of which Trade receivables: +€4,826
- Other debts +€94,966
up €94,966 (+5,276%), from €1,800 to €96,766
- Reserves -€83,014
down €83,014 (-31.3%), from €265,152 to €182,139
- Gross operating margin +€3,459
up €3,459 (+4.0%), from €86,335 to €89,794
- Taxes +€1,544
up €1,544 (+6.2%), from €25,072 to €26,616
- Financial income +€1,459
up €1,459 (+48.2%), from €3,026 to €4,485
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 | €286,342 | €297,612 | +€11,270 | +3.9% |
| Fixed assets | 21/28 | €4,323 | €4,125 | -€199 | -4.6% |
| Tangible fixed assets | 22/27 | €3,948 | €3,750 | -€199 | -5.0% |
| Furniture and vehicles | 24 | €740 | €959 | +€218 | +29.5% |
| Other tangible fixed assets | 26 | €3,208 | €2,791 | -€417 | -13.0% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €282,019 | €293,487 | +€11,469 | +4.1% |
| Amounts receivable after more than one year | 29 | €75,000 | - | -€75,000 | |
| Other amounts receivable | 291 | €75,000 | - | -€75,000 | |
| Amounts receivable within one year | 40/41 | €19,486 | €23,302 | +€3,817 | +19.6% |
| Trade receivables | 40 | €18,476 | €23,302 | +€4,826 | +26.1% |
| Other amounts receivable | 41 | €1,010 | - | -€1,010 | |
| Current investments | 50/53 | €74,244 | €124,238 | +€49,995 | +67.3% |
| Cash at bank and in hand | 54/58 | €111,252 | €143,081 | +€31,829 | +28.6% |
| Deferred charges and accrued income | 490/1 | €2,038 | €2,866 | +€828 | +40.6% |
| Total equity and liabilities | 10/49 | €286,342 | €297,612 | +€11,270 | +3.9% |
| Equity | 10/15 | €265,153 | €182,140 | -€83,014 | -31.3% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €265,152 | €182,139 | -€83,014 | -31.3% |
| Distributable reserves | 133 | €265,152 | €182,139 | -€83,014 | -31.3% |
| Amounts payable | 17/49 | €21,189 | €115,473 | +€94,284 | +445% |
| Amounts payable within one year | 42/48 | €21,189 | €115,473 | +€94,284 | +445% |
| Financial debts | 43 | €172 | €1,148 | +€976 | +568% |
| Credit institutions | 430/8 | €172 | €1,148 | +€976 | +568% |
| Trade debts | 44 | €640 | €897 | +€257 | +40.1% |
| Suppliers | 440/4 | €640 | €897 | +€257 | +40.1% |
| Advances received on contracts in progress | 46 | €4,710 | €4,710 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €13,867 | €11,952 | -€1,915 | -13.8% |
| Taxes | 450/3 | €13,867 | €11,952 | -€1,915 | -13.8% |
| Other amounts payable | 47/48 | €1,800 | €96,766 | +€94,966 | +5,276% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €794 | €912 | +€118 | +14.8% |
| Other operating charges | 640/8 | €1,655 | €1,135 | -€520 | -31.4% |
| Gross operating margin | 9900 | €86,335 | €89,794 | +€3,459 | +4.0% |
| Operating profit (loss) | 9901 | €83,886 | €87,747 | +€3,861 | +4.6% |
| Financial income | 75/76B | €3,026 | €4,485 | +€1,459 | +48.2% |
| Recurring financial income | 75 | €3,026 | €4,485 | +€1,459 | +48.2% |
| Financial charges | 65/66B | €109 | €111 | +€2 | +1.9% |
| Recurring financial charges | 65 | €109 | €111 | +€2 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €86,803 | €92,121 | +€5,318 | +6.1% |
| Income taxes | 67/77 | €25,072 | €26,616 | +€1,544 | +6.2% |
| Profit (loss) for the period | 9904 | €61,731 | €65,505 | +€3,774 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,731 | €65,505 | +€3,774 | +6.1% |
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 21 October 2026 via checked.be.