P.A.W.: what changed
Two fiscal 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.
P.A.W.
Largest movements
- Tangible fixed assets -€29,554
down €29,554 (-10.5%), from €281,784 to €252,230
- Profit (loss) carried forward -€28,414
down €28,414 (-4.6%), from -€622,507 to -€650,921
- Other debts -€8,650
down €8,650 (-6.1%), from €142,106 to €133,456
- Accrued charges and deferred income +€7,650
up €7,650 (+10.0%), from €76,500 to €84,150
- Gross operating margin +€8,408
up €8,408 (+184.0%), from €4,569 to €12,977
- Financial income +€131
up €131 (+74.9%), from €175 to €306
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.
Cash bridge derived
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 | €354,813 | €325,518 | -€29,295 | -8.3% |
| Fixed assets | 21/28 | €281,784 | €252,230 | -€29,554 | -10.5% |
| Tangible fixed assets | 22/27 | €281,784 | €252,230 | -€29,554 | -10.5% |
| Land and buildings | 22 | €281,784 | €252,230 | -€29,554 | -10.5% |
| Current assets | 29/58 | €73,029 | €73,288 | +€259 | +0.4% |
| Current investments | 50/53 | €72,942 | €73,244 | +€302 | +0.4% |
| Cash at bank and in hand | 54/58 | €87 | €44 | -€43 | -49.4% |
| Total equity and liabilities | 10/49 | €354,813 | €325,518 | -€29,295 | -8.3% |
| Equity | 10/15 | -€123,350 | -€151,764 | -€28,414 | -23.0% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Revaluation surpluses | 12 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€622,507 | -€650,921 | -€28,414 | -4.6% |
| Amounts payable | 17/49 | €478,163 | €477,282 | -€881 | -0.2% |
| Amounts payable after more than one year | 17 | €255,000 | €255,000 | = | 0.0% |
| Other amounts payable | 178/9 | €255,000 | €255,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €146,663 | €138,132 | -€8,531 | -5.8% |
| Trade debts | 44 | €4,557 | €4,676 | +€119 | +2.6% |
| Suppliers | 440/4 | €4,557 | €4,676 | +€119 | +2.6% |
| Other amounts payable | 47/48 | €142,106 | €133,456 | -€8,650 | -6.1% |
| Accrued charges and deferred income | 492/3 | €76,500 | €84,150 | +€7,650 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,555 | €29,554 | -€1 | 0.0% |
| Other operating charges | 640/8 | €4,307 | €4,429 | +€122 | +2.8% |
| Gross operating margin | 9900 | €4,569 | €12,977 | +€8,408 | +184.0% |
| Operating profit (loss) | 9901 | -€29,293 | -€21,006 | +€8,287 | +28.3% |
| Financial income | 75/76B | €175 | €306 | +€131 | +74.9% |
| Recurring financial income | 75 | €175 | €306 | +€131 | +74.9% |
| Financial charges | 65/66B | €7,717 | €7,711 | -€6 | -0.1% |
| Recurring financial charges | 65 | €7,717 | €7,711 | -€6 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€36,835 | -€28,411 | +€8,424 | +22.9% |
| Income taxes | 67/77 | - | €3 | +€3 | |
| Profit (loss) for the period | 9904 | -€36,835 | -€28,414 | +€8,421 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,835 | -€28,414 | +€8,421 | +22.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.