Brecht 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.
Brecht Pauwels
Largest movements
- Current investments +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Cash +€67,197
up €67,197 (+140%), from €47,849 to €115,046
mainly Net result for the year (+€217,629) and Tax, wage and social debts (+€11,076)
- Tangible fixed assets +€23,917
up €23,917 (+171%), from €13,974 to €37,891
of which Land and buildings: +€33,683
- Reserves +€217,629
up €217,629 (+72.8%), from €299,041 to €516,670
- Other debts -€33,371
down €33,371 (-99.2%), from €33,633 to €263
- Tax, wage and social debts +€11,076
up €11,076 (+19.2%), from €57,612 to €68,688
- Gross operating margin +€51,676
up €51,676 (+20.8%), from €248,483 to €300,159
- Taxes +€11,520
up €11,520 (+20.0%), from €57,511 to €69,032
- Depreciation +€4,433
up €4,433 (+78.5%), from €5,650 to €10,083
- Other operating charges +€4,425
up €4,425 (+1,044%), from €424 to €4,849
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 | €392,872 | €589,616 | +€196,744 | +50.1% |
| Fixed assets | 21/28 | €14,074 | €37,991 | +€23,917 | +170% |
| Tangible fixed assets | 22/27 | €13,974 | €37,891 | +€23,917 | +171% |
| Land and buildings | 22 | - | €33,683 | +€33,683 | |
| Plant, machinery and equipment | 23 | €557 | €91 | -€466 | -83.7% |
| Furniture and vehicles | 24 | €13,416 | €4,116 | -€9,300 | -69.3% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €378,799 | €551,626 | +€172,827 | +45.6% |
| Amounts receivable within one year | 40/41 | €129,732 | €135,069 | +€5,337 | +4.1% |
| Trade receivables | 40 | €129,732 | €135,069 | +€5,337 | +4.1% |
| Current investments | 50/53 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €47,849 | €115,046 | +€67,197 | +140% |
| Deferred charges and accrued income | 490/1 | €1,218 | €1,510 | +€292 | +24.0% |
| Total equity and liabilities | 10/49 | €392,872 | €589,616 | +€196,744 | +50.1% |
| Equity | 10/15 | €300,041 | €517,670 | +€217,629 | +72.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €299,041 | €516,670 | +€217,629 | +72.8% |
| Distributable reserves | 133 | €299,041 | €516,670 | +€217,629 | +72.8% |
| Amounts payable | 17/49 | €92,831 | €71,946 | -€20,885 | -22.5% |
| Amounts payable within one year | 42/48 | €91,271 | €68,977 | -€22,294 | -24.4% |
| Trade debts | 44 | €26 | €27 | +€1 | +2.9% |
| Suppliers | 440/4 | €26 | €27 | +€1 | +2.9% |
| Taxes, remuneration and social security | 45 | €57,612 | €68,688 | +€11,076 | +19.2% |
| Taxes | 450/3 | €57,612 | €68,688 | +€11,076 | +19.2% |
| Other amounts payable | 47/48 | €33,633 | €263 | -€33,371 | -99.2% |
| Accrued charges and deferred income | 492/3 | €1,560 | €2,968 | +€1,409 | +90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,650 | €10,083 | +€4,433 | +78.5% |
| Other operating charges | 640/8 | €424 | €4,849 | +€4,425 | +1,044% |
| Gross operating margin | 9900 | €248,483 | €300,159 | +€51,676 | +20.8% |
| Operating profit (loss) | 9901 | €242,409 | €285,227 | +€42,818 | +17.7% |
| Financial income | 75/76B | €833 | €2,350 | +€1,517 | +182% |
| Recurring financial income | 75 | €833 | €2,350 | +€1,517 | +182% |
| Financial charges | 65/66B | €61 | €917 | +€855 | +1,391% |
| Recurring financial charges | 65 | €61 | €917 | +€855 | +1,391% |
| Profit (loss) for the period before taxes | 9903 | €243,180 | €286,661 | +€43,480 | +17.9% |
| Income taxes | 67/77 | €57,511 | €69,032 | +€11,520 | +20.0% |
| Profit (loss) for the period | 9904 | €185,669 | €217,629 | +€31,960 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €185,669 | €217,629 | +€31,960 | +17.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.