WELVECO: 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.
WELVECO
Largest movements
- Cash +€325,979
up €325,979 (+251%), from €130,031 to €456,010
mainly Net result for the year (+€306,279) and Tax, wage and social debts (+€48,556)
- Receivables within one year -€14,324
down €14,324 (-94.9%), from €15,093 to €769
- Tangible fixed assets -€9,628
down €9,628 (-9.8%), from €98,676 to €89,048
of which Furniture and vehicles: -€13,698
- Reserves +€229,487
up €229,487 (+117%), from €196,406 to €425,893
of which Distributable reserves: +€229,487
- Tax, wage and social debts +€48,556
up €48,556 (+421%), from €11,547 to €60,102
of which Taxes: +€50,200
- Other debts +€40,061
up €40,061 (+843%), from €4,754 to €44,815
- Debts after one year -€8,818
down €8,818 (-100%), from €8,818 to €0
- Gross operating margin +€331,972
up €331,972 (+190%), from €175,055 to €507,027
- Taxes +€113,388
up €113,388 (+412%), from €27,545 to €140,934
- Staff costs -€29,040
down €29,040 (-49.7%), from €58,447 to €29,408
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 | €247,228 | €549,882 | +€302,653 | +122% |
| Fixed assets | 21/28 | €98,676 | €89,048 | -€9,628 | -9.8% |
| Tangible fixed assets | 22/27 | €98,676 | €89,048 | -€9,628 | -9.8% |
| Land and buildings | 22 | €24,410 | €25,064 | +€653 | +2.7% |
| Plant, machinery and equipment | 23 | €4,295 | €7,711 | +€3,416 | +79.6% |
| Furniture and vehicles | 24 | €69,971 | €56,273 | -€13,698 | -19.6% |
| Current assets | 29/58 | €148,552 | €460,834 | +€312,282 | +210% |
| Amounts receivable within one year | 40/41 | €15,093 | €769 | -€14,324 | -94.9% |
| Other amounts receivable | 41 | €15,093 | €769 | -€14,324 | -94.9% |
| Cash at bank and in hand | 54/58 | €130,031 | €456,010 | +€325,979 | +251% |
| Deferred charges and accrued income | 490/1 | €3,429 | €4,055 | +€626 | +18.3% |
| Total equity and liabilities | 10/49 | €247,228 | €549,882 | +€302,653 | +122% |
| Equity | 10/15 | €200,406 | €429,893 | +€229,487 | +115% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €196,406 | €425,893 | +€229,487 | +117% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €190,209 | €419,696 | +€229,487 | +121% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,822 | €119,988 | +€73,166 | +156% |
| Amounts payable after more than one year | 17 | €8,818 | €0 | -€8,818 | -100% |
| Financial debts | 170/4 | €8,818 | €0 | -€8,818 | -100% |
| Amounts payable within one year | 42/48 | €38,004 | €119,988 | +€81,985 | +216% |
| Current portion of amounts payable after more than one year | 42 | €10,237 | €8,818 | -€1,418 | -13.9% |
| Financial debts | 43 | €3,380 | €0 | -€3,380 | -100% |
| Credit institutions | 430/8 | €3,380 | €0 | -€3,380 | -100% |
| Trade debts | 44 | €8,086 | €6,253 | -€1,833 | -22.7% |
| Suppliers | 440/4 | €8,086 | €6,253 | -€1,833 | -22.7% |
| Taxes, remuneration and social security | 45 | €11,547 | €60,102 | +€48,556 | +421% |
| Taxes | 450/3 | €9,903 | €60,102 | +€50,200 | +507% |
| Remuneration and social security | 454/9 | €1,644 | €0 | -€1,644 | -100% |
| Other amounts payable | 47/48 | €4,754 | €44,815 | +€40,061 | +843% |
| Remuneration, social security and pensions | 62 | €58,447 | €29,408 | -€29,040 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,523 | €25,511 | -€1,012 | -3.8% |
| Other operating charges | 640/8 | €4,266 | €4,318 | +€52 | +1.2% |
| Gross operating margin | 9900 | €175,055 | €507,027 | +€331,972 | +190% |
| Operating profit (loss) | 9901 | €85,819 | €447,790 | +€361,971 | +422% |
| Financial income | 75/76B | €347 | €59 | -€288 | -82.9% |
| Recurring financial income | 75 | €347 | €59 | -€288 | -82.9% |
| Financial charges | 65/66B | €996 | €637 | -€359 | -36.1% |
| Recurring financial charges | 65 | €996 | €637 | -€359 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €85,170 | €447,213 | +€362,042 | +425% |
| Income taxes | 67/77 | €27,545 | €140,934 | +€113,388 | +412% |
| Profit (loss) for the period | 9904 | €57,625 | €306,279 | +€248,654 | +432% |
| Profit (loss) for the period to be appropriated | 9905 | €57,625 | €306,279 | +€248,654 | +432% |
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 13 October 2026 via checked.be.