WELVAERE: 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.
WELVAERE
Largest movements
- Tangible fixed assets -€121,177
down €121,177 (-57.5%), from €210,660 to €89,483
of which Plant, machinery and equipment: -€102,424
- Receivables within one year -€91,316
down €91,316 (-42.6%), from €214,367 to €123,051
of which Trade receivables: -€91,728
- Other debts -€133,252
down €133,252 (-35.8%), from €371,893 to €238,641
- Trade debts -€64,251
down €64,251 (-95.4%), from €67,345 to €3,094
- Debts after one year -€23,909
down €23,909 (-16.6%), from €143,909 to €120,000
of which Financial debts: -€143,909
- Profit (loss) carried forward +€21,465
up €21,465 (+8.5%), from -€252,027 to -€230,563
- Tax, wage and social debts -€13,413
down €13,413 (-27.1%), from €49,581 to €36,168
of which Taxes: -€11,185
- Gross operating margin +€61,018
up €61,018 (+19.8%), from €307,781 to €368,799
- Depreciation -€35,687
down €35,687 (-64.2%), from €55,581 to €19,894
- Staff costs +€23,283
up €23,283 (+10.4%), from €223,692 to €246,975
- Financial charges +€19,485
up €19,485 (+257.4%), from €7,570 to €27,055
- Other operating charges +€3,693
up €3,693 (+217.3%), from €1,699 to €5,392
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 | €433,310 | €217,176 | -€216,134 | -49.9% |
| Fixed assets | 21/28 | €210,660 | €89,483 | -€121,177 | -57.5% |
| Tangible fixed assets | 22/27 | €210,660 | €89,483 | -€121,177 | -57.5% |
| Plant, machinery and equipment | 23 | €105,506 | €3,083 | -€102,424 | -97.1% |
| Furniture and vehicles | 24 | €1,559 | €955 | -€604 | -38.7% |
| Leasing and similar rights | 25 | €8,650 | €4,128 | -€4,522 | -52.3% |
| Other tangible fixed assets | 26 | €94,944 | €81,317 | -€13,627 | -14.4% |
| Current assets | 29/58 | €222,650 | €127,693 | -€94,957 | -42.6% |
| Amounts receivable within one year | 40/41 | €214,367 | €123,051 | -€91,316 | -42.6% |
| Trade receivables | 40 | €213,442 | €121,714 | -€91,728 | -43.0% |
| Other amounts receivable | 41 | €925 | €1,336 | +€411 | +44.5% |
| Cash at bank and in hand | 54/58 | €1,558 | €255 | -€1,303 | -83.6% |
| Deferred charges and accrued income | 490/1 | €6,724 | €4,387 | -€2,338 | -34.8% |
| Total equity and liabilities | 10/49 | €433,310 | €217,176 | -€216,134 | -49.9% |
| Equity | 10/15 | -€232,027 | -€210,563 | +€21,465 | +9.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€252,027 | -€230,563 | +€21,465 | +8.5% |
| Amounts payable | 17/49 | €665,337 | €427,739 | -€237,598 | -35.7% |
| Amounts payable after more than one year | 17 | €143,909 | €120,000 | -€23,909 | -16.6% |
| Financial debts | 170/4 | €143,909 | €0 | -€143,909 | -100.0% |
| Other amounts payable | 178/9 | - | €120,000 | +€120,000 | |
| Amounts payable within one year | 42/48 | €513,435 | €301,813 | -€211,622 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €24,615 | €23,909 | -€706 | -2.9% |
| Trade debts | 44 | €67,345 | €3,094 | -€64,251 | -95.4% |
| Suppliers | 440/4 | €67,345 | €3,094 | -€64,251 | -95.4% |
| Taxes, remuneration and social security | 45 | €49,581 | €36,168 | -€13,413 | -27.1% |
| Taxes | 450/3 | €11,471 | €286 | -€11,185 | -97.5% |
| Remuneration and social security | 454/9 | €38,110 | €35,882 | -€2,228 | -5.8% |
| Other amounts payable | 47/48 | €371,893 | €238,641 | -€133,252 | -35.8% |
| Accrued charges and deferred income | 492/3 | €7,993 | €5,926 | -€2,067 | -25.9% |
| Remuneration, social security and pensions | 62 | €223,692 | €246,975 | +€23,283 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,581 | €19,894 | -€35,687 | -64.2% |
| Other operating charges | 640/8 | €1,699 | €5,392 | +€3,693 | +217.3% |
| Non-recurring operating charges | 66A | - | €48,747 | +€48,747 | |
| Gross operating margin | 9900 | €307,781 | €368,799 | +€61,018 | +19.8% |
| Operating profit (loss) | 9901 | €26,809 | €47,791 | +€20,982 | +78.3% |
| Financial income | 75/76B | €1 | €920 | +€919 | +104428.4% |
| Recurring financial income | 75 | €1 | €920 | +€919 | +104428.4% |
| Financial charges | 65/66B | €7,570 | €27,055 | +€19,485 | +257.4% |
| Recurring financial charges | 65 | €7,570 | €27,055 | +€19,485 | +257.4% |
| Profit (loss) for the period before taxes | 9903 | €19,239 | €21,655 | +€2,416 | +12.6% |
| Income taxes | 67/77 | €192 | €190 | -€1 | -0.8% |
| Profit (loss) for the period | 9904 | €19,047 | €21,465 | +€2,418 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,047 | €21,465 | +€2,418 | +12.7% |
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.