WELIN: 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.
WELIN
Largest movements
- Cash -€9,609
down €9,609 (-42.2%), from €22,747 to €13,138
- Receivables within one year -€6,625
down €6,625 (-16.4%), from €40,469 to €33,844
of which Other amounts receivable: -€10,274
- Intangible fixed assets -€4,562
down €4,562 (-100%), from €4,562 to €0
- Stocks and contracts +€2,772
up €2,772 (+11.4%), from €24,232 to €27,004
- Trade debts -€20,981
down €20,981 (-88.3%), from €23,771 to €2,790
- Profit (loss) carried forward +€8,011
up €8,011 (+14.9%), from €53,724 to €61,735
- Accrued charges and deferred income -€2,713
no longer reported in 2025 (was €2,713)
- Tax, wage and social debts -€2,462
down €2,462 (-41.9%), from €5,871 to €3,409
of which Remuneration and social security: -€1,712
- Staff costs +€12,208
up €12,208 (+91.8%), from €13,305 to €25,513
- Financial charges -€3,686
down €3,686 (-85.9%), from €4,292 to €606
- Gross operating margin +€2,886
up €2,886 (+10.8%), from €26,733 to €29,619
- Taxes -€1,786
no longer reported in 2025 (was €1,786)
- Depreciation -€1,727
down €1,727 (-97.6%), from €1,769 to €42
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,447 | €74,301 | -€18,146 | -19.6% |
| Fixed assets | 21/28 | €4,797 | €0 | -€4,797 | -100% |
| Intangible fixed assets | 21 | €4,562 | €0 | -€4,562 | -100% |
| Tangible fixed assets | 22/27 | €236 | - | -€236 | |
| Plant, machinery and equipment | 23 | €236 | - | -€236 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €87,649 | €74,301 | -€13,348 | -15.2% |
| Stocks and contracts in progress | 3 | €24,232 | €27,004 | +€2,772 | +11.4% |
| Stocks | 30/36 | €24,232 | €27,004 | +€2,772 | +11.4% |
| Amounts receivable within one year | 40/41 | €40,469 | €33,844 | -€6,625 | -16.4% |
| Trade receivables | 40 | €24,055 | €27,703 | +€3,648 | +15.2% |
| Other amounts receivable | 41 | €16,415 | €6,141 | -€10,274 | -62.6% |
| Cash at bank and in hand | 54/58 | €22,747 | €13,138 | -€9,609 | -42.2% |
| Deferred charges and accrued income | 490/1 | €201 | €315 | +€114 | +56.5% |
| Total equity and liabilities | 10/49 | €92,447 | €74,301 | -€18,146 | -19.6% |
| Equity | 10/15 | €60,091 | €68,102 | +€8,011 | +13.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €167 | €167 | +€1 | +0.3% |
| Non-distributable reserves | 130/1 | €167 | €167 | +€1 | +0.3% |
| Reserves not available under the articles | 1311 | €167 | €167 | +€1 | +0.3% |
| Profit (loss) carried forward | 14 | €53,724 | €61,735 | +€8,011 | +14.9% |
| Amounts payable | 17/49 | €32,356 | €6,199 | -€26,157 | -80.8% |
| Amounts payable within one year | 42/48 | €29,642 | €6,199 | -€23,443 | -79.1% |
| Trade debts | 44 | €23,771 | €2,790 | -€20,981 | -88.3% |
| Suppliers | 440/4 | €23,771 | €2,790 | -€20,981 | -88.3% |
| Taxes, remuneration and social security | 45 | €5,871 | €3,409 | -€2,462 | -41.9% |
| Taxes | 450/3 | €4,159 | €3,409 | -€750 | -18.0% |
| Remuneration and social security | 454/9 | €1,712 | - | -€1,712 | |
| Accrued charges and deferred income | 492/3 | €2,713 | - | -€2,713 | |
| Remuneration, social security and pensions | 62 | €13,305 | €25,513 | +€12,208 | +91.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,769 | €42 | -€1,727 | -97.6% |
| Other operating charges | 640/8 | €106 | €1,583 | +€1,477 | +1,390% |
| Gross operating margin | 9900 | €26,733 | €29,619 | +€2,886 | +10.8% |
| Operating profit (loss) | 9901 | €11,552 | €2,481 | -€9,071 | -78.5% |
| Financial income | 75/76B | €804 | - | -€804 | |
| Recurring financial income | 75 | €804 | - | -€804 | |
| Financial charges | 65/66B | €4,292 | €606 | -€3,686 | -85.9% |
| Recurring financial charges | 65 | €4,292 | €606 | -€3,686 | -85.9% |
| Profit (loss) for the period before taxes | 9903 | €8,064 | €1,875 | -€6,189 | -76.7% |
| Income taxes | 67/77 | €1,786 | - | -€1,786 | |
| Profit (loss) for the period | 9904 | €6,278 | €1,875 | -€4,403 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,278 | €1,875 | -€4,403 | -70.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.