PAUELS: 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.
PAUELS
Largest movements
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Cash +€807,829
up €807,829 (+463%), from €174,540 to €982,369
mainly Current investments (+€1.0m) and Net result for the year (+€98,170)
- Tangible fixed assets +€270,845
up €270,845 (+192%), from €140,832 to €411,677
of which Land and buildings: +€271,321
- Financial fixed assets +€100,000
up €100,000 (+3.2%), from €3.1m to €3.2m
- Receivables within one year -€82,708
down €82,708 (-81.8%), from €101,148 to €18,440
of which Trade receivables: -€100,000
- Profit (loss) carried forward +€98,170
up €98,170 (+2.2%), from €4.4m to €4.5m
- Gross operating margin +€117,601
up €117,601 (+197%), from €59,708 to €177,309
- Depreciation +€37,778
up €37,778 (+575%), from €6,568 to €44,345
- Financial income -€24,417
down €24,417 (-91.4%), from €26,706 to €2,289
- Taxes +€14,583
up €14,583 (+77.0%), from €18,937 to €33,519
- Financial charges -€3,178
down €3,178 (-88.4%), from €3,596 to €419
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 | €4,554,458 | €4,650,549 | +€96,091 | +2.1% |
| Fixed assets | 21/28 | €3,277,682 | €3,648,527 | +€370,845 | +11.3% |
| Tangible fixed assets | 22/27 | €140,832 | €411,677 | +€270,845 | +192% |
| Land and buildings | 22 | €140,356 | €411,677 | +€271,321 | +193% |
| Plant, machinery and equipment | 23 | €476 | - | -€476 | |
| Financial fixed assets | 28 | €3,136,850 | €3,236,850 | +€100,000 | +3.2% |
| Current assets | 29/58 | €1,276,775 | €1,002,022 | -€274,754 | -21.5% |
| Amounts receivable within one year | 40/41 | €101,148 | €18,440 | -€82,708 | -81.8% |
| Trade receivables | 40 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 41 | €1,148 | €18,440 | +€17,292 | +1,507% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €174,540 | €982,369 | +€807,829 | +463% |
| Deferred charges and accrued income | 490/1 | €1,088 | €1,213 | +€125 | +11.5% |
| Total equity and liabilities | 10/49 | €4,554,458 | €4,650,549 | +€96,091 | +2.1% |
| Equity | 10/15 | €4,547,342 | €4,645,512 | +€98,170 | +2.2% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €45,195 | €45,195 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €42,221 | €42,221 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,447,147 | €4,545,316 | +€98,170 | +2.2% |
| Amounts payable | 17/49 | €7,115 | €5,037 | -€2,079 | -29.2% |
| Amounts payable within one year | 42/48 | €7,115 | €5,037 | -€2,079 | -29.2% |
| Trade debts | 44 | €430 | €1,517 | +€1,088 | +253% |
| Suppliers | 440/4 | €430 | €1,517 | +€1,088 | +253% |
| Taxes, remuneration and social security | 45 | €5,969 | €3,519 | -€2,450 | -41.0% |
| Taxes | 450/3 | €4,244 | €3,519 | -€725 | -17.1% |
| Remuneration and social security | 454/9 | €1,725 | - | -€1,725 | |
| Other amounts payable | 47/48 | €717 | - | -€717 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,568 | €44,345 | +€37,778 | +575% |
| Other operating charges | 640/8 | €2,413 | €3,145 | +€732 | +30.3% |
| Gross operating margin | 9900 | €59,708 | €177,309 | +€117,601 | +197% |
| Operating profit (loss) | 9901 | €50,727 | €129,819 | +€79,091 | +156% |
| Financial income | 75/76B | €26,706 | €2,289 | -€24,417 | -91.4% |
| Recurring financial income | 75 | €26,706 | €2,289 | -€24,417 | -91.4% |
| Financial charges | 65/66B | €3,596 | €419 | -€3,178 | -88.4% |
| Recurring financial charges | 65 | €3,596 | €419 | -€3,178 | -88.4% |
| Profit (loss) for the period before taxes | 9903 | €73,838 | €131,689 | +€57,852 | +78.3% |
| Income taxes | 67/77 | €18,937 | €33,519 | +€14,583 | +77.0% |
| Profit (loss) for the period | 9904 | €54,901 | €98,170 | +€43,269 | +78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,901 | €98,170 | +€43,269 | +78.8% |
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 17 October 2026 via checked.be.