DR. M. 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.
DR. M. PAUWELS
Largest movements
- Receivables within one year +€348,967
up €348,967 (+2,550%), from €13,686 to €362,653
- Current investments -€299,616
down €299,616 (-67.8%), from €441,819 to €142,203
- Cash -€159,105
down €159,105 (-13.5%), from €1.2m to €1.0m
mainly Receivables within one year (-€348,967) and Other debts (-€185,353)
- Tangible fixed assets -€48,406
down €48,406 (-3.6%), from €1.3m to €1.3m
of which Land and buildings: -€42,839
- Other debts -€185,353
down €185,353 (-35.2%), from €526,513 to €341,160
- Gross operating margin -€42,818
down €42,818 (-26.7%), from €160,456 to €117,638
- Financial income -€31,425
down €31,425 (-70.1%), from €44,826 to €13,401
- Taxes -€20,504
down €20,504 (-65.2%), from €31,427 to €10,923
- Other operating charges -€14,342
down €14,342 (-46.1%), from €31,108 to €16,766
- Write-downs +€4,325
no longer reported in 2025 (was -€4,325)
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 | €2,970,565 | €2,809,418 | -€161,147 | -5.4% |
| Fixed assets | 21/28 | €1,330,706 | €1,282,300 | -€48,406 | -3.6% |
| Tangible fixed assets | 22/27 | €1,330,688 | €1,282,282 | -€48,406 | -3.6% |
| Land and buildings | 22 | €1,315,049 | €1,272,211 | -€42,839 | -3.3% |
| Plant, machinery and equipment | 23 | €834 | €525 | -€310 | -37.1% |
| Furniture and vehicles | 24 | €14,804 | €9,547 | -€5,258 | -35.5% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €1,639,859 | €1,527,117 | -€112,741 | -6.9% |
| Amounts receivable within one year | 40/41 | €13,686 | €362,653 | +€348,967 | +2,550% |
| Other amounts receivable | 41 | €13,686 | €362,653 | +€348,967 | +2,550% |
| Current investments | 50/53 | €441,819 | €142,203 | -€299,616 | -67.8% |
| Cash at bank and in hand | 54/58 | €1,177,026 | €1,017,921 | -€159,105 | -13.5% |
| Deferred charges and accrued income | 490/1 | €7,327 | €4,340 | -€2,987 | -40.8% |
| Total equity and liabilities | 10/49 | €2,970,565 | €2,809,418 | -€161,147 | -5.4% |
| Equity | 10/15 | €1,091,712 | €1,110,760 | +€19,048 | +1.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,073,120 | €1,092,168 | +€19,048 | +1.8% |
| Non-distributable reserves | 130/1 | €76,859 | - | -€76,859 | |
| Reserves not available under the articles | 1311 | €76,859 | - | -€76,859 | |
| Distributable reserves | 133 | €996,261 | €1,092,168 | +€95,907 | +9.6% |
| Amounts payable | 17/49 | €1,878,853 | €1,698,658 | -€180,195 | -9.6% |
| Amounts payable after more than one year | 17 | €1,341,500 | €1,341,500 | = | 0.0% |
| Financial debts | 170/4 | €1,341,500 | €1,341,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €529,974 | €345,919 | -€184,055 | -34.7% |
| Trade debts | 44 | €3,461 | €4,759 | +€1,298 | +37.5% |
| Suppliers | 440/4 | €3,461 | €4,759 | +€1,298 | +37.5% |
| Other amounts payable | 47/48 | €526,513 | €341,160 | -€185,353 | -35.2% |
| Accrued charges and deferred income | 492/3 | €7,379 | €11,239 | +€3,860 | +52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,482 | €48,406 | -€76 | -0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,325 | - | +€4,325 | |
| Other operating charges | 640/8 | €31,108 | €16,766 | -€14,342 | -46.1% |
| Gross operating margin | 9900 | €160,456 | €117,638 | -€42,818 | -26.7% |
| Operating profit (loss) | 9901 | €85,191 | €52,466 | -€32,725 | -38.4% |
| Financial income | 75/76B | €44,826 | €13,401 | -€31,425 | -70.1% |
| Recurring financial income | 75 | €44,826 | €13,401 | -€31,425 | -70.1% |
| Financial charges | 65/66B | €34,548 | €35,896 | +€1,348 | +3.9% |
| Recurring financial charges | 65 | €34,548 | €35,896 | +€1,348 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €95,469 | €29,971 | -€65,498 | -68.6% |
| Income taxes | 67/77 | €31,427 | €10,923 | -€20,504 | -65.2% |
| Profit (loss) for the period | 9904 | €64,042 | €19,048 | -€44,994 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,042 | €19,048 | -€44,994 | -70.3% |
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.