Annick Pauwels: 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.
Annick Pauwels
Largest movements
- Cash +€12,785
up €12,785 (+109%), from €11,780 to €24,565
mainly Net result for the year (+€20,703) and Trade debts (+€699)
- Receivables within one year +€6,157
up €6,157 (+46.5%), from €13,235 to €19,392
of which Trade receivables: +€5,000
- Reserves +€20,703
up €20,703 (+165%), from €12,548 to €33,252
- Tax, wage and social debts -€2,302
down €2,302 (-26.7%), from €8,615 to €6,313
of which Remuneration and social security: -€1,200
- Trade debts +€699
up €699 (+100%), from €696 to €1,395
- Taxes -€5,257
down €5,257 (-65.9%), from €7,984 to €2,726
- Financial charges -€1,602
down €1,602 (-93.3%), from €1,717 to €115
- Gross operating margin +€1,271
up €1,271 (+5.7%), from €22,171 to €23,443
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 | €25,044 | €44,137 | +€19,093 | +76.2% |
| Current assets | 29/58 | €25,044 | €44,137 | +€19,093 | +76.2% |
| Amounts receivable within one year | 40/41 | €13,235 | €19,392 | +€6,157 | +46.5% |
| Trade receivables | 40 | €9,680 | €14,680 | +€5,000 | +51.7% |
| Other amounts receivable | 41 | €3,555 | €4,712 | +€1,157 | +32.5% |
| Cash at bank and in hand | 54/58 | €11,780 | €24,565 | +€12,785 | +109% |
| Deferred charges and accrued income | 490/1 | €29 | €180 | +€151 | +518% |
| Total equity and liabilities | 10/49 | €25,044 | €44,137 | +€19,093 | +76.2% |
| Equity | 10/15 | €15,548 | €36,252 | +€20,703 | +133% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €12,548 | €33,252 | +€20,703 | +165% |
| Distributable reserves | 133 | €12,548 | €33,252 | +€20,703 | +165% |
| Amounts payable | 17/49 | €9,496 | €7,885 | -€1,611 | -17.0% |
| Amounts payable within one year | 42/48 | €9,496 | €7,708 | -€1,788 | -18.8% |
| Financial debts | 43 | €185 | €0 | -€185 | -100% |
| Credit institutions | 430/8 | €185 | - | -€185 | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €696 | €1,395 | +€699 | +100% |
| Suppliers | 440/4 | €696 | €1,395 | +€699 | +100% |
| Taxes, remuneration and social security | 45 | €8,615 | €6,313 | -€2,302 | -26.7% |
| Taxes | 450/3 | €7,415 | €6,313 | -€1,102 | -14.9% |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100% |
| Accrued charges and deferred income | 492/3 | - | €177 | +€177 | |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €22,171 | €23,443 | +€1,271 | +5.7% |
| Operating profit (loss) | 9901 | €22,171 | €23,323 | +€1,151 | +5.2% |
| Financial income | 75/76B | €78 | €222 | +€144 | +184% |
| Recurring financial income | 75 | €78 | €222 | +€144 | +184% |
| Financial charges | 65/66B | €1,717 | €115 | -€1,602 | -93.3% |
| Recurring financial charges | 65 | €1,717 | €115 | -€1,602 | -93.3% |
| Profit (loss) for the period before taxes | 9903 | €20,532 | €23,430 | +€2,897 | +14.1% |
| Income taxes | 67/77 | €7,984 | €2,726 | -€5,257 | -65.9% |
| Profit (loss) for the period | 9904 | €12,548 | €20,703 | +€8,155 | +65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,548 | €20,703 | +€8,155 | +65.0% |
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 20 October 2026 via checked.be.