DE PAUW: 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.
DE PAUW
Largest movements
- Cash +€661,569
up €661,569 (+194%), from €341,375 to €1.0m
mainly Current investments (+€500,000) and Net result for the year (+€177,356)
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Tangible fixed assets -€43,557
down €43,557 (-4.1%), from €1.1m to €1.0m
of which Land and buildings: -€32,511
- Other debts +€84,718
up €84,718 (+14.1%), from €602,196 to €686,914
- Reserves +€63,054
up €63,054 (+10.6%), from €595,764 to €658,818
of which Distributable reserves: +€88,203
- Financial charges -€43,586
down €43,586 (-91.8%), from €47,473 to €3,887
- Taxes +€27,368
up €27,368 (+51.5%), from €53,159 to €80,527
- Gross operating margin +€18,543
up €18,543 (+6.4%), from €289,296 to €307,839
- Financial income +€8,355
up €8,355 (+282%), from €2,958 to €11,313
- Depreciation -€5,855
down €5,855 (-11.1%), from €52,622 to €46,767
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 | €1,927,063 | €2,046,606 | +€119,543 | +6.2% |
| Fixed assets | 21/28 | €1,075,440 | €1,031,883 | -€43,557 | -4.1% |
| Tangible fixed assets | 22/27 | €1,075,440 | €1,031,883 | -€43,557 | -4.1% |
| Land and buildings | 22 | €1,014,389 | €981,878 | -€32,511 | -3.2% |
| Plant, machinery and equipment | 23 | €60,681 | €49,803 | -€10,878 | -17.9% |
| Furniture and vehicles | 24 | €370 | €202 | -€168 | -45.5% |
| Current assets | 29/58 | €851,623 | €1,014,723 | +€163,100 | +19.2% |
| Stocks and contracts in progress | 3 | €2,862 | €2,862 | = | 0.0% |
| Stocks | 30/36 | €2,862 | €2,862 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €310 | €559 | +€248 | +80.0% |
| Trade receivables | 40 | €310 | €559 | +€248 | +80.0% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €341,375 | €1,002,944 | +€661,569 | +194% |
| Deferred charges and accrued income | 490/1 | €7,076 | €8,358 | +€1,283 | +18.1% |
| Total equity and liabilities | 10/49 | €1,927,063 | €2,046,606 | +€119,543 | +6.2% |
| Equity | 10/15 | €1,037,964 | €1,101,018 | +€63,054 | +6.1% |
| Contributions | 10/11 | €442,200 | €442,200 | = | 0.0% |
| Reserves | 13 | €595,764 | €658,818 | +€63,054 | +10.6% |
| Non-distributable reserves | 130/1 | €25,149 | - | -€25,149 | |
| Reserves not available under the articles | 1311 | €25,149 | - | -€25,149 | |
| Distributable reserves | 133 | €570,615 | €658,818 | +€88,203 | +15.5% |
| Amounts payable | 17/49 | €889,099 | €945,588 | +€56,489 | +6.4% |
| Amounts payable after more than one year | 17 | €236,229 | €220,726 | -€15,503 | -6.6% |
| Financial debts | 170/4 | €236,229 | €220,726 | -€15,503 | -6.6% |
| Amounts payable within one year | 42/48 | €650,770 | €722,762 | +€71,992 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €15,267 | €15,503 | +€236 | +1.5% |
| Trade debts | 44 | €6,598 | €4,461 | -€2,137 | -32.4% |
| Suppliers | 440/4 | €6,598 | €4,461 | -€2,137 | -32.4% |
| Taxes, remuneration and social security | 45 | €26,709 | €15,884 | -€10,825 | -40.5% |
| Taxes | 450/3 | €22,297 | €11,447 | -€10,850 | -48.7% |
| Remuneration and social security | 454/9 | €4,412 | €4,437 | +€25 | +0.6% |
| Other amounts payable | 47/48 | €602,196 | €686,914 | +€84,718 | +14.1% |
| Accrued charges and deferred income | 492/3 | €2,100 | €2,100 | = | 0.0% |
| Non-recurring operating income | 76A | - | €210 | +€210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,622 | €46,767 | -€5,855 | -11.1% |
| Other operating charges | 640/8 | €10,967 | €10,615 | -€352 | -3.2% |
| Gross operating margin | 9900 | €289,296 | €307,839 | +€18,543 | +6.4% |
| Operating profit (loss) | 9901 | €225,707 | €250,456 | +€24,750 | +11.0% |
| Financial income | 75/76B | €2,958 | €11,313 | +€8,355 | +282% |
| Recurring financial income | 75 | €2,958 | €11,313 | +€8,355 | +282% |
| Financial charges | 65/66B | €47,473 | €3,887 | -€43,586 | -91.8% |
| Recurring financial charges | 65 | €47,473 | €3,887 | -€43,586 | -91.8% |
| Profit (loss) for the period before taxes | 9903 | €181,191 | €257,883 | +€76,691 | +42.3% |
| Income taxes | 67/77 | €53,159 | €80,527 | +€27,368 | +51.5% |
| Profit (loss) for the period | 9904 | €128,033 | €177,356 | +€49,323 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €128,033 | €177,356 | +€49,323 | +38.5% |
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 18 October 2026 via checked.be.