Bert 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.
Bert Pauwels
Largest movements
- Cash +€10,082
up €10,082 (+45.7%), from €22,084 to €32,166
mainly Receivables within one year (+€7,926) and Depreciation (+€4,674)
- Receivables within one year -€7,926
down €7,926 (-14.8%), from €53,654 to €45,728
of which Other amounts receivable: -€7,793
- Deferred charges and accrued income -€3,507
down €3,507 (-14.4%), from €24,356 to €20,849
- Stocks and contracts -€1,203
down €1,203 (-25.0%), from €4,809 to €3,606
- Profit (loss) carried forward +€3,745
up €3,745 (+4.7%), from €79,805 to €83,550
- Other debts -€3,293
down €3,293 (-37.8%), from €8,722 to €5,429
- Trade debts -€1,759
down €1,759 (-8.9%), from €19,670 to €17,911
- Accrued charges and deferred income -€1,246
down €1,246 (-86.8%), from €1,436 to €190
- Turnover -€252,902
no longer reported in 2025 (was €252,902)
- Purchases and services -€233,655
no longer reported in 2025 (was €233,655)
- Gross operating margin -€6,905
down €6,905 (-32.1%), from €21,543 to €14,638
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 | €120,213 | €118,285 | -€1,928 | -1.6% |
| Fixed assets | 21/28 | €15,310 | €15,936 | +€626 | +4.1% |
| Tangible fixed assets | 22/27 | €15,310 | €15,936 | +€626 | +4.1% |
| Land and buildings | 22 | €10,481 | €9,302 | -€1,179 | -11.2% |
| Plant, machinery and equipment | 23 | €2,470 | €5,144 | +€2,674 | +108% |
| Furniture and vehicles | 24 | €2,359 | €1,490 | -€869 | -36.8% |
| Current assets | 29/58 | €104,903 | €102,349 | -€2,554 | -2.4% |
| Stocks and contracts in progress | 3 | €4,809 | €3,606 | -€1,203 | -25.0% |
| Stocks | 30/36 | €4,809 | €3,606 | -€1,203 | -25.0% |
| Amounts receivable within one year | 40/41 | €53,654 | €45,728 | -€7,926 | -14.8% |
| Trade receivables | 40 | €37,694 | €37,561 | -€133 | -0.4% |
| Other amounts receivable | 41 | €15,960 | €8,167 | -€7,793 | -48.8% |
| Cash at bank and in hand | 54/58 | €22,084 | €32,166 | +€10,082 | +45.7% |
| Deferred charges and accrued income | 490/1 | €24,356 | €20,849 | -€3,507 | -14.4% |
| Total equity and liabilities | 10/49 | €120,213 | €118,285 | -€1,928 | -1.6% |
| Equity | 10/15 | €87,865 | €91,610 | +€3,745 | +4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,805 | €83,550 | +€3,745 | +4.7% |
| Amounts payable | 17/49 | €32,348 | €26,675 | -€5,673 | -17.5% |
| Amounts payable within one year | 42/48 | €30,912 | €26,485 | -€4,427 | -14.3% |
| Trade debts | 44 | €19,670 | €17,911 | -€1,759 | -8.9% |
| Suppliers | 440/4 | €19,670 | €17,911 | -€1,759 | -8.9% |
| Taxes, remuneration and social security | 45 | €2,521 | €3,145 | +€624 | +24.8% |
| Taxes | 450/3 | €2,521 | €3,145 | +€624 | +24.8% |
| Other amounts payable | 47/48 | €8,722 | €5,429 | -€3,293 | -37.8% |
| Accrued charges and deferred income | 492/3 | €1,436 | €190 | -€1,246 | -86.8% |
| Turnover | 70 | €252,902 | - | -€252,902 | |
| Goods, raw materials, services and sundry goods | 60/61 | €233,655 | - | -€233,655 | |
| Remuneration, social security and pensions | 62 | €1,816 | €2,008 | +€192 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,603 | €4,674 | +€1,071 | +29.7% |
| Other operating charges | 640/8 | €1,769 | €1,773 | +€4 | +0.2% |
| Gross operating margin | 9900 | €21,543 | €14,638 | -€6,905 | -32.1% |
| Operating profit (loss) | 9901 | €14,354 | €6,183 | -€8,171 | -56.9% |
| Financial income | 75/76B | €12 | €6 | -€6 | -47.6% |
| Recurring financial income | 75 | €12 | €6 | -€6 | -47.6% |
| Financial charges | 65/66B | €2,428 | €1,052 | -€1,376 | -56.7% |
| Recurring financial charges | 65 | €2,428 | €1,052 | -€1,376 | -56.7% |
| Profit (loss) for the period before taxes | 9903 | €11,938 | €5,137 | -€6,801 | -57.0% |
| Income taxes | 67/77 | €3,065 | €1,392 | -€1,673 | -54.6% |
| Profit (loss) for the period | 9904 | €8,873 | €3,745 | -€5,128 | -57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,873 | €3,745 | -€5,128 | -57.8% |
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.