WELVAERT: 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.
WELVAERT
Largest movements
- Cash +€64,874
up €64,874 (+142.9%), from €45,392 to €110,266
mainly Net result for the year (+€65,233) and Accrued charges and deferred income (+€12,550)
- Deferred charges and accrued income +€3,086
up €3,086 (+547.4%), from €564 to €3,650
- Tangible fixed assets -€1,741
down €1,741 (-45.8%), from €3,798 to €2,057
of which Furniture and vehicles: -€941
- Reserves +€54,925
up €54,925 (+209.3%), from €26,248 to €81,173
- Other debts -€14,559
down €14,559 (-79.3%), from €18,359 to €3,800
- Accrued charges and deferred income +€12,550
up €12,550 (+244.2%), from €5,138 to €17,689
- Tax, wage and social debts +€9,661
up €9,661 (+71.9%), from €13,431 to €23,093
of which Taxes: +€7,337
- Profit (loss) carried forward +€6,508
up €6,508, from -€6,508 to €0
- Gross operating margin +€92,614
up €92,614, from -€709 to €91,906
- Taxes +€22,478
up €22,478 (+1742.9%), from €1,290 to €23,768
- Other operating charges -€1,406
down €1,406 (-57.1%), from €2,463 to €1,057
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 | €68,293 | €133,213 | +€64,920 | +95.1% |
| Fixed assets | 21/28 | €3,798 | €2,057 | -€1,741 | -45.8% |
| Tangible fixed assets | 22/27 | €3,798 | €2,057 | -€1,741 | -45.8% |
| Furniture and vehicles | 24 | €2,007 | €1,067 | -€941 | -46.9% |
| Other tangible fixed assets | 26 | €1,791 | €991 | -€800 | -44.7% |
| Current assets | 29/58 | €64,495 | €131,156 | +€66,661 | +103.4% |
| Amounts receivable within one year | 40/41 | €18,540 | €17,240 | -€1,299 | -7.0% |
| Trade receivables | 40 | €15,138 | €1,645 | -€13,493 | -89.1% |
| Other amounts receivable | 41 | €3,402 | €15,595 | +€12,193 | +358.4% |
| Cash at bank and in hand | 54/58 | €45,392 | €110,266 | +€64,874 | +142.9% |
| Deferred charges and accrued income | 490/1 | €564 | €3,650 | +€3,086 | +547.4% |
| Total equity and liabilities | 10/49 | €68,293 | €133,213 | +€64,920 | +95.1% |
| Equity | 10/15 | €20,740 | €82,173 | +€61,433 | +296.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €26,248 | €81,173 | +€54,925 | +209.3% |
| Distributable reserves | 133 | €26,248 | €81,173 | +€54,925 | +209.3% |
| Profit (loss) carried forward | 14 | -€6,508 | €0 | +€6,508 | |
| Amounts payable | 17/49 | €47,553 | €51,041 | +€3,487 | +7.3% |
| Amounts payable within one year | 42/48 | €42,415 | €33,352 | -€9,063 | -21.4% |
| Trade debts | 44 | €10,625 | €6,460 | -€4,166 | -39.2% |
| Suppliers | 440/4 | €10,625 | €6,460 | -€4,166 | -39.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,431 | €23,093 | +€9,661 | +71.9% |
| Taxes | 450/3 | €13,431 | €20,768 | +€7,337 | +54.6% |
| Remuneration and social security | 454/9 | - | €2,325 | +€2,325 | |
| Other amounts payable | 47/48 | €18,359 | €3,800 | -€14,559 | -79.3% |
| Accrued charges and deferred income | 492/3 | €5,138 | €17,689 | +€12,550 | +244.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,511 | €1,741 | +€229 | +15.2% |
| Other operating charges | 640/8 | €2,463 | €1,057 | -€1,406 | -57.1% |
| Gross operating margin | 9900 | -€709 | €91,906 | +€92,614 | |
| Operating profit (loss) | 9901 | -€4,683 | €89,108 | +€93,791 | |
| Financial income | 75/76B | €0 | €317 | +€317 | +1584300.0% |
| Recurring financial income | 75 | €0 | €317 | +€317 | +1584300.0% |
| Financial charges | 65/66B | €535 | €424 | -€112 | -20.8% |
| Recurring financial charges | 65 | €535 | €424 | -€112 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,218 | €89,001 | +€94,219 | |
| Income taxes | 67/77 | €1,290 | €23,768 | +€22,478 | +1742.9% |
| Profit (loss) for the period | 9904 | -€6,508 | €65,233 | +€71,741 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,508 | €65,233 | +€71,741 |
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 3 October 2026 via checked.be.