PAUWELS
ActivePAUWELS has been active since 1978 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €782k and a net result of €-239k. Equity is shrinking by ~11.4% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 13% of 2029 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
41
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability18▼-7
Solvency38▼-4
Growth30=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days only on tighter terms
Liquidity short (current ratio 0.64 against 0.74 in 2024; short-term debt: 63.7% and cash: 1.2% of total assets), and 87.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Ten signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Sector 25
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
12.5%
Return on assets
-3.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-239k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 2029 sector peers (2025).
NBB · sector comparisonPosition among 2029 sector peers
Solvency
better than 13%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
31 d early
2023
118 d late
2022
30 d late
2021
26 d late
2020
37 d early
2019
51 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€5.40M▼ 1.2%
2024 · €5.47M
2018: €6.39M
2019: €6.35M
2020: €6.58M
2021: €7.33M
2022: €7.40M
2023: €6.60M
2024: €5.47M
2018 → 2025
EBIT margin
-2.4%▼ 1.8pp
2024 · -0.6%
2018: -2.2%
2019: -0.1%
2020: 0.8%
2021: 5.5%
2022: 3.5%
2023: 1.3%
2024: -0.6%
2018 → 2025
Net result
€-239k▼ 157%
2024 · €-93k
2018: €-68k
2019: €-4k
2020: €-49k
2021: €225k
2022: €312k
2023: €-2.77M
2024: €-93k
2018 → 2025
Working capital
€-1.44M▼ 71.1%
2024 · €-840k
2018: €928k
2019: €105k
2020: €228k
2021: €131k
2022: €274k
2023: €-367k
2024: €-840k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€7.33M-€7.40M▲ 1.0%€6.60M▼ 10.7%€5.47M▼ 17.2%€5.40M▼ 1.2%
Equity€3.58M-€3.89M▲ 8.7%€1.11M▼ 71.3%€1.02M▼ 8.4%€782k▼ 23.4%
Operating result€405k-€259k▼ 36.1%€83k▼ 68.0%€-33k€-132k▼ 295%
Net result€225k-€312k▲ 38.4%€-2.77M€-93k▲ 96.6%€-239k▼ 157%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €132k in 2025 against €33k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.25M
Fixed assets
€3.71M▼ 1.7%
Current assets
€2.54M▲ 7.3%
Equity and liabilities €6.25M
Equity
€782k▼ 23.4%
Debt
€5.47M▲ 6.8%
The debt ratio rises from 83.4% to 87.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€26k▼
2024 · €118k
Cash flow
€-81k▼
2024 · €59k
Solvency
12.5%▼
2024 · 16.6%
Current ratio
0.64▼
2024 · 0.74
Quick ratio
0.32▼
2024 · 0.33
Debt / equity
6.99▲
2024 · 5.01
ROE
-30.5%▼
2024 · -9.1%
ROA
-3.8%▼
2024 · -1.5%
Interest coverage
0.21▼
2024 · 0.69
Debt
€5.47M▲
2024 · €5.12M
Debt ≤ 1 year
€3.98M▲
2024 · €3.21M
Debt > 1 year
€1.47M▼
2024 · €1.83M
Income taxes
€1k▼
2024 · €1k
Staff costs
€2.18M▼
2024 · €2.31M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€6.14M€6.25M▲
Fixed assets21/28€3.77M€3.71M▼
Intangible fixed assets21€2k€3k▲
Tangible fixed assets22/27€620k€526k▼
Land and buildings22€192k€189k▼
Plant, machinery and equipment23€320k€269k▼
Furniture and vehicles24€94k€55k▼
Other tangible fixed assets26€15k€13k▼
Financial fixed assets28€3.15M€3.18M▲
Affiliated companies280/1€3.15M€3.18M▲
Participating interests280€3.15M€3.18M▲
Other financial fixed assets284/8€2k€2k=
Amounts receivable and cash guarantees285/8€2k€2k=
Current assets29/58€2.37M€2.54M▲
Stocks and contracts in progress3€1.31M€1.27M▼
Stocks30/36€834k€835k=
Raw materials and consumables30/31€834k€835k=
Contracts in progress37€474k€434k▼
Amounts receivable within one year40/41€866k€1.15M▲
Trade receivables40€728k€989k▲
Other amounts receivable41€137k€160k▲
Cash at bank and in hand54/58€144k€78k▼
Deferred charges and accrued income490/1€50k€47k▼
Equity and liabilities
Total equity and liabilities10/49€6.14M€6.25M▲
Equity10/15€1.02M€782k▼
Contributions10/11€620k€620k=
Capital10€620k€620k=
Issued capital100€620k€620k=
Reserves13€2.85M€2.85M=
Non-distributable reserves130/1€62k€62k=
Legal reserve130€62k€62k=
Tax-exempt reserves132€2.79M€2.79M=
Profit (loss) carried forward14€-2.45M€-2.69M▼
Amounts payable17/49€5.12M€5.47M▲
Amounts payable after more than one year17€1.83M€1.47M▼
Financial debts170/4€1.83M€1.47M▼
Credit institutions173€1.83M€1.47M▼
Amounts payable within one year42/48€3.21M€3.98M▲
Current portion of amounts payable after more than one year42€405k€366k▼
Financial debts43€532k€665k▲
Credit institutions430/8€532k€665k▲
Trade debts44€748k€819k▲
Suppliers440/4€748k€819k▲
Advances received on contracts in progress46€181k€333k▲
Taxes, remuneration and social security45€267k€300k▲
Taxes450/3€36k€70k▲
Remuneration and social security454/9€232k€230k▼
Other amounts payable47/48€1.07M€1.50M▲
Accrued charges and deferred income492/3€75k€19k▼
Income statement
Code20242025
Operating income70/76A€5.64M€5.55M▼
Turnover70€5.47M€5.40M▼
Change in stocks of work in progress, finished goods and contracts in progress71€-5k€-40k▼
Other operating income74€182k€194k▲
Operating charges60/66A€5.68M€5.68M▲
Goods for resale, raw materials and consumables60€1.87M€1.87M▼
Purchases600/8€1.84M€1.87M▲
Change in stocks: decrease (increase)609€32k€-9k▼
Services and other goods61€1.31M€1.45M▲
Remuneration, social security and pensions62€2.31M€2.18M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€152k€158k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€5k€-79k▼
Other operating charges640/8€31k€109k▲
Operating profit (loss)9901€-33k€-132k▼
Financial income75/76B€127k€32k▼
Recurring financial income75€673€2k▲
Income from current assets751€121€2k▲
Other financial income752/9€552€9▼
Non-recurring financial income76B€126k€30k▼
Financial charges65/66B€185k€138k▼
Recurring financial charges65€185k€138k▼
Debt charges650€171k€125k▼
Other financial charges652/9€15k€13k▼
Non-recurring financial charges66B€0-
Profit (loss) for the period before taxes9903€-92k€-238k▼
Income taxes67/77€1k€1k▼
Taxes670/3€1k€1k▼
Tax adjustments and reversals of tax provisions77€130€0▼
Profit (loss) for the period9904€-93k€-239k▼
Profit (loss) for the period to be appropriated9905€-93k€-239k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-2.45M€-2.69M▼
Profit (loss) brought forward from the previous period14P€-2.36M€-2.45M▼
Social balance
Average headcount (FTE)908735.933.1▼
The notes to these accounts (88 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
26-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 118 days late
2023
31-12
Financial
Weakest financial yearnet €-2.77M ▼989%
Net result drops to €-2.77M, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
31-12
Financial
Highest result since 2018net €312k ▲38.4%
Net result €312k, the highest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 26 days late
2021
31-12
Financial
Back to profitnet €225k
Net result €225k after 3 loss-making years.
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
10-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
15-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
23-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
15 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ninove · 3 establishment units since 2000
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Ten Beukeboom(App) 119400 NinoveGround area
1.4 ha
Building footprint
6,335 m²
Volume, LiDAR
44,320 m³
3 parcels, Flanders · tallest building 10.9 m, ±3 floors. Linked by address, not a title deed.
3 establishment units
PAUWELS NV
since 20002.014.457.495
Pauwels - Kapittel
since 20102.208.835.993
Pauwels - G&G Construct
since 20192.285.547.157
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41003A0316/00D000 | Flanders | 5,890 m² | 1 · 3,168 m² | 10.9 m · 2 fl. |
| 41003A0320/00G000 | Flanders | 5,092 m² | 1 · 1,646 m² | 7.3 m · 2 fl. |
| 41003A0325/00R000 | Flanders | 3,376 m² | 1 · 1,521 m² | 9.3 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 3,086 EUR awarded · 3,072 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 593 EUR | 703 EUR |
| 2024 | 1 | 1,306 EUR | 1,182 EUR |
| 2023 | 1 | 885 EUR | 885 EUR |
| 2022 | 1 | 302 EUR | 302 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Recognised contractor
1 categoryPAUWELS NV30277
Similar companies · same sector, comparable size
DEROO
BE 0453.993.058
Torhout · Eq €783k
Ferronnerie d'Art Dejeond-Delarge
BE 0414.014.806
Liège · Eq €784k
PORTES SERVICES
BE 0469.395.866
Charleroi · Eq €788k
VABO
BE 0429.038.126
Begijnendijk · Eq €788k
PROFIPLAST
BE 0443.835.871
Somme-Leuze · Eq €789k
Of 908 companies in sector 25120 we hold annual accounts for 677. 508 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded01-01-1978
Fiscal year end31-12
Activities, NACEBEL
25120Manufacture of fabricated metal products, except machinery and equipment
28120
43320Joinery installation
45422
25110Manufacture of metal structures and parts of structures
28110
Sources
Crossroads Bank for EnterprisesNational Bank · 48 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.