WERLO: 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.
WERLO
Largest movements
- Current investments -€941,982
down €941,982 (-60.2%), from €1.6m to €623,747
- Receivables within one year +€468,142
up €468,142 (+608%), from €77,037 to €545,179
of which Other amounts receivable: +€417,557
- Cash -€197,562
down €197,562 (-55.9%), from €353,716 to €156,154
mainly Receivables within one year (-€468,142) and Debts after one year (-€360,000)
- Stocks and contracts -€192,970
down €192,970 (-25.6%), from €752,508 to €559,539
- Tangible fixed assets +€155,262
up €155,262 (+15.1%), from €1.0m to €1.2m
of which Land and buildings: +€275,717
- Debts after one year -€360,000
down €360,000 (-100%), from €360,000 to €0
- Other debts -€172,808
down €172,808 (-28.5%), from €606,397 to €433,589
- Trade debts -€133,952
down €133,952 (-45.6%), from €293,746 to €159,794
- Gross operating margin -€819,008
down €819,008 (-84.6%), from €967,867 to €148,859
- Taxes -€264,166
down €264,166 (-99.9%), from €264,509 to €343
- Financial income -€67,364
down €67,364 (-55.5%), from €121,326 to €53,962
of which Financial income: -€60,072
- Depreciation +€37,494
up €37,494 (+25.5%), from €147,239 to €184,733
- Financial charges -€18,811
down €18,811 (-74.2%), from €25,348 to €6,537
of which Financial charges: -€21,376
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 | €3,777,669 | €3,093,037 | -€684,632 | -18.1% |
| Fixed assets | 21/28 | €1,028,678 | €1,189,504 | +€160,827 | +15.6% |
| Intangible fixed assets | 21 | €0 | €5,564 | +€5,564 | |
| Tangible fixed assets | 22/27 | €1,028,518 | €1,183,780 | +€155,262 | +15.1% |
| Land and buildings | 22 | €398,440 | €674,157 | +€275,717 | +69.2% |
| Plant, machinery and equipment | 23 | €555,894 | €474,753 | -€81,141 | -14.6% |
| Furniture and vehicles | 24 | €74,184 | €34,870 | -€39,314 | -53.0% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €2,748,991 | €1,903,533 | -€845,458 | -30.8% |
| Stocks and contracts in progress | 3 | €752,508 | €559,539 | -€192,970 | -25.6% |
| Stocks | 30/36 | €752,508 | €559,539 | -€192,970 | -25.6% |
| Amounts receivable within one year | 40/41 | €77,037 | €545,179 | +€468,142 | +608% |
| Trade receivables | 40 | €55,644 | €106,229 | +€50,585 | +90.9% |
| Other amounts receivable | 41 | €21,393 | €438,950 | +€417,557 | +1,952% |
| Current investments | 50/53 | €1,565,729 | €623,747 | -€941,982 | -60.2% |
| Cash at bank and in hand | 54/58 | €353,716 | €156,154 | -€197,562 | -55.9% |
| Deferred charges and accrued income | 490/1 | - | €18,914 | +€18,914 | |
| Total equity and liabilities | 10/49 | €3,777,669 | €3,093,037 | -€684,632 | -18.1% |
| Equity | 10/15 | €2,387,731 | €2,375,501 | -€12,230 | -0.5% |
| Contributions | 10/11 | €790,713 | €790,713 | = | 0.0% |
| Reserves | 13 | €1,597,018 | €1,584,788 | -€12,230 | -0.8% |
| Tax-exempt reserves | 132 | €87,377 | €87,377 | = | 0.0% |
| Distributable reserves | 133 | €1,509,641 | €1,497,412 | -€12,230 | -0.8% |
| Amounts payable | 17/49 | €1,389,938 | €717,536 | -€672,402 | -48.4% |
| Amounts payable after more than one year | 17 | €360,000 | €0 | -€360,000 | -100% |
| Financial debts | 170/4 | €360,000 | €0 | -€360,000 | -100% |
| Amounts payable within one year | 42/48 | €1,029,938 | €717,536 | -€312,402 | -30.3% |
| Trade debts | 44 | €293,746 | €159,794 | -€133,952 | -45.6% |
| Suppliers | 440/4 | €293,746 | €159,794 | -€133,952 | -45.6% |
| Taxes, remuneration and social security | 45 | €129,795 | €124,153 | -€5,642 | -4.3% |
| Taxes | 450/3 | €129,795 | €124,153 | -€5,642 | -4.3% |
| Other amounts payable | 47/48 | €606,397 | €433,589 | -€172,808 | -28.5% |
| Remuneration, social security and pensions | 62 | €525 | €0 | -€525 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,239 | €184,733 | +€37,494 | +25.5% |
| Other operating charges | 640/8 | €21,063 | €23,436 | +€2,373 | +11.3% |
| Gross operating margin | 9900 | €967,867 | €148,859 | -€819,008 | -84.6% |
| Operating profit (loss) | 9901 | €799,040 | -€59,310 | -€858,351 | |
| Financial income | 75/76B | €121,326 | €53,962 | -€67,364 | -55.5% |
| Recurring financial income | 75 | €114,033 | €53,962 | -€60,072 | -52.7% |
| Non-recurring financial income | 76B | €7,292 | €0 | -€7,292 | -100% |
| Financial charges | 65/66B | €25,348 | €6,537 | -€18,811 | -74.2% |
| Recurring financial charges | 65 | €25,348 | €3,972 | -€21,376 | -84.3% |
| Non-recurring financial charges | 66B | - | €2,565 | +€2,565 | |
| Profit (loss) for the period before taxes | 9903 | €895,018 | -€11,886 | -€906,904 | |
| Income taxes | 67/77 | €264,509 | €343 | -€264,166 | -99.9% |
| Profit (loss) for the period | 9904 | €630,509 | -€12,230 | -€642,738 | |
| Profit (loss) for the period to be appropriated | 9905 | €630,509 | -€12,230 | -€642,738 |
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.