Barthel PAULS: 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.
What changed
Barthel PAULS
NACE 16.110, Sawmilling and planing of wood
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · -€1.3m+€4.0m
Equity
€32.8m
2024 · €31.1m+€1.7m
Cash
€1.3m
2024 · €1.9m-€644,660
Balance sheet total
€55.5m
2024 · €48.3m+€7.2m
Largest movements
Assets
- Stocks and contracts +€8.7m
up €8.7m (+24.4%), from €35.5m to €44.1m
- Receivables within one year -€671,571
down €671,571 (-13.9%), from €4.8m to €4.2m
of which Other amounts receivable: -€626,498
- Cash -€644,660
down €644,660 (-33.5%), from €1.9m to €1.3m
mainly Stocks and contracts (-€8.7m) and Trade debts (-€1.1m)
Equity and liabilities
- Short-term financial debts +€6.4m
new in 2025: €6.4m
- Trade debts -€1.1m
down €1.1m (-7.3%), from €14.7m to €13.6m
- Profit (loss) carried forward +€1.1m
up €1.1m (+4.2%), from €25.2m to €26.2m
- Other debts +€1.0m
new in 2025: €1.0m
- Debts after one year -€875,000
down €875,000 (-59.6%), from €1.5m to €593,750
Income statement
- Turnover +€8.2m
up €8.2m (+13.9%), from €59.3m to €67.5m
- Goods and materials +€3.6m
up €3.6m (+7.0%), from €52.0m to €55.6m
of which Purchases: +€5.9m
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.
Result 2024
-€1.3m
Turnover
+€8.2m
Other operating income
-€68
Goods and materials
-€3.6m
Services and other goods
+€277,455
Staff costs
-€121,952
Depreciation
+€11,250
Write-downs
-€624,999
Other operating charges
+€531
Other operating items
+€685,405
Financial income
-€2,636
Financial charges
-€287,759
Taxes
-€530,978
Result 2025
€2.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€5.1m
Investment
-€23,307
Financing
+€4.5m
Cash 2024
€1.9m
From operations (derived)
-€5.1m
Net result for the year
+€2.7m
Depreciation
+€128,567
Stocks and contracts
-€8.7m
Receivables within one year
+€671,571
Smaller working-capital items
+€33,362
Trade debts
-€1.1m
Other debts
+€1.0m
Investment (derived)
-€23,307
Investment in fixed assets (net)
-€23,307
Financing
+€4.5m
Debts after one year
-€875,000
Short-term financial debts
+€6.4m
Contributions, distributions and other
-€1.0m
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,283,170 | €55,497,302 | +€7.2m | +14.9% |
| Fixed assets | 21/28 | €2,950,970 | €2,845,710 | -€105,260 | -3.6% |
| Tangible fixed assets | 22/27 | €441,570 | €313,003 | -€128,567 | -29.1% |
| Furniture and vehicles | 24 | €441,570 | €313,003 | -€128,567 | -29.1% |
| Financial fixed assets | 28 | €2,509,400 | €2,532,707 | +€23,307 | +0.9% |
| Affiliated companies | 280/1 | €2,477,696 | €2,495,390 | +€17,694 | +0.7% |
| Participating interests | 280 | €2,477,696 | €2,495,390 | +€17,694 | +0.7% |
| Other financial fixed assets | 284/8 | €31,704 | €37,317 | +€5,613 | +17.7% |
| Shares | 284 | €6,932 | €6,932 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €24,772 | €30,385 | +€5,613 | +22.7% |
| Current assets | 29/58 | €45,332,200 | €52,651,592 | +€7.3m | +16.1% |
| Stocks and contracts in progress | 3 | €35,456,068 | €44,107,918 | +€8.7m | +24.4% |
| Stocks | 30/36 | €35,456,068 | €44,107,918 | +€8.7m | +24.4% |
| Raw materials and consumables | 30/31 | €30,771,902 | €39,102,528 | +€8.3m | +27.1% |
| Finished goods | 33 | €4,684,166 | €5,005,390 | +€321,224 | +6.9% |
| Amounts receivable within one year | 40/41 | €4,841,423 | €4,169,852 | -€671,571 | -13.9% |
| Trade receivables | 40 | €3,082,900 | €3,037,827 | -€45,073 | -1.5% |
| Other amounts receivable | 41 | €1,758,523 | €1,132,025 | -€626,498 | -35.6% |
| Current investments | 50/53 | €3,093,640 | €3,093,640 | = | 0.0% |
| Own shares | 50 | €3,093,640 | €3,093,640 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,922,157 | €1,277,497 | -€644,660 | -33.5% |
| Deferred charges and accrued income | 490/1 | €18,912 | €2,685 | -€16,227 | -85.8% |
| Total equity and liabilities | 10/49 | €48,283,170 | €55,497,302 | +€7.2m | +14.9% |
| Equity | 10/15 | €31,107,024 | €32,815,623 | +€1.7m | +5.5% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €3,431,822 | €4,072,812 | +€640,990 | +18.7% |
| Non-distributable reserves | 130/1 | €3,334,150 | €3,343,640 | +€9,490 | +0.3% |
| Legal reserve | 130 | €240,510 | €250,000 | +€9,490 | +3.9% |
| Own shares acquired | 1312 | €3,093,640 | €3,093,640 | = | 0.0% |
| Tax-exempt reserves | 132 | €97,672 | €729,172 | +€631,500 | +647% |
| Profit (loss) carried forward | 14 | €25,175,202 | €26,242,811 | +€1.1m | +4.2% |
| Amounts payable | 17/49 | €17,176,146 | €22,681,679 | +€5.5m | +32.1% |
| Amounts payable after more than one year | 17 | €1,468,750 | €593,750 | -€875,000 | -59.6% |
| Financial debts | 170/4 | €1,468,750 | €593,750 | -€875,000 | -59.6% |
| Subordinated loans | 170 | €1,468,750 | €593,750 | -€875,000 | -59.6% |
| Amounts payable within one year | 42/48 | €15,707,396 | €22,087,929 | +€6.4m | +40.6% |
| Current portion of amounts payable after more than one year | 42 | €875,000 | €875,000 | = | 0.0% |
| Financial debts | 43 | - | €6,420,403 | +€6.4m | |
| Other loans | 439 | - | €6,420,403 | +€6.4m | |
| Trade debts | 44 | €14,699,867 | €13,623,582 | -€1.1m | -7.3% |
| Suppliers | 440/4 | €14,699,867 | €13,623,582 | -€1.1m | -7.3% |
| Advances received on contracts in progress | 46 | €3,315 | - | -€3,315 | |
| Taxes, remuneration and social security | 45 | €129,214 | €149,664 | +€20,450 | +15.8% |
| Taxes | 450/3 | €1,735 | €1,546 | -€189 | -10.9% |
| Remuneration and social security | 454/9 | €127,479 | €148,118 | +€20,639 | +16.2% |
| Other amounts payable | 47/48 | - | €1,019,280 | +€1.0m | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €58,884,220 | €67,805,954 | +€8.9m | +15.2% |
| Turnover | 70 | €59,254,857 | €67,491,379 | +€8.2m | +13.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€448,896 | €236,384 | +€685,280 | |
| Other operating income | 74 | €78,259 | €78,191 | -€68 | -0.1% |
| Operating charges | 60/66A | €59,794,032 | €63,869,405 | +€4.1m | +6.8% |
| Goods for resale, raw materials and consumables | 60 | €51,980,572 | €55,598,355 | +€3.6m | +7.0% |
| Purchases | 600/8 | €58,029,641 | €63,979,434 | +€5.9m | +10.3% |
| Change in stocks: decrease (increase) | 609 | -€6,049,069 | -€8,381,079 | -€2.3m | -38.6% |
| Services and other goods | 61 | €7,047,763 | €6,770,308 | -€277,455 | -3.9% |
| Remuneration, social security and pensions | 62 | €1,278,214 | €1,400,166 | +€121,952 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,817 | €128,567 | -€11,250 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€659,386 | -€34,387 | +€624,999 | +94.8% |
| Other operating charges | 640/8 | €6,927 | €6,396 | -€531 | -7.7% |
| Non-recurring operating charges | 66A | €125 | - | -€125 | |
| Operating profit (loss) | 9901 | -€909,812 | €3,936,549 | +€4.8m | |
| Financial income | 75/76B | €298,523 | €295,887 | -€2,636 | -0.9% |
| Recurring financial income | 75 | €298,523 | €208,387 | -€90,136 | -30.2% |
| Income from current assets | 751 | €101,186 | €43,953 | -€57,233 | -56.6% |
| Other financial income | 752/9 | €197,337 | €164,434 | -€32,903 | -16.7% |
| Non-recurring financial income | 76B | - | €87,500 | +€87,500 | |
| Financial charges | 65/66B | €686,469 | €974,228 | +€287,759 | +41.9% |
| Recurring financial charges | 65 | €686,469 | €974,228 | +€287,759 | +41.9% |
| Debt charges | 650 | €146,758 | €254,215 | +€107,457 | +73.2% |
| Other financial charges | 652/9 | €539,711 | €720,013 | +€180,302 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,297,758 | €3,258,208 | +€4.6m | |
| Income taxes | 67/77 | -€649 | €530,329 | +€530,978 | |
| Taxes | 670/3 | €23,375 | €563,186 | +€539,811 | +2,309% |
| Tax adjustments and reversals of tax provisions | 77 | €24,024 | €32,857 | +€8,833 | +36.8% |
| Profit (loss) for the period | 9904 | -€1,297,109 | €2,727,879 | +€4.0m | |
| Transfer to tax-exempt reserves | 689 | - | €631,500 | +€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,297,109 | €2,096,379 | +€3.4m |
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 31 October 2026 via checked.be.