PAUL DE WAEL: 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.
PAUL DE WAEL
Largest movements
- Cash -€33,726
down €33,726 (-15.2%), from €222,179 to €188,452
mainly Contributions, distributions and other (-€76,920) and Other debts (-€30,092)
- Receivables within one year -€4,505
down €4,505 (-25.1%), from €17,954 to €13,449
of which Trade receivables: -€3,326
- Other debts -€30,092
down €30,092 (-16.5%), from €182,467 to €152,374
- Tax, wage and social debts -€8,129
down €8,129 (-28.8%), from €28,256 to €20,128
- Gross operating margin +€6,295
up €6,295 (+6.5%), from €97,556 to €103,851
- Taxes +€1,178
up €1,178 (+6.3%), from €18,681 to €19,859
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 | €240,133 | €201,901 | -€38,231 | -15.9% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €240,133 | €201,901 | -€38,231 | -15.9% |
| Amounts receivable within one year | 40/41 | €17,954 | €13,449 | -€4,505 | -25.1% |
| Trade receivables | 40 | €16,632 | €13,306 | -€3,326 | -20.0% |
| Other amounts receivable | 41 | €1,322 | €143 | -€1,178 | -89.2% |
| Cash at bank and in hand | 54/58 | €222,179 | €188,452 | -€33,726 | -15.2% |
| Total equity and liabilities | 10/49 | €240,133 | €201,901 | -€38,231 | -15.9% |
| Equity | 10/15 | €28,256 | €28,256 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,600 | €9,656 | +€56 | +0.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €9,600 | €9,656 | +€56 | +0.6% |
| Profit (loss) carried forward | 14 | €56 | €0 | -€56 | -100% |
| Amounts payable | 17/49 | €211,876 | €173,645 | -€38,231 | -18.0% |
| Amounts payable within one year | 42/48 | €211,876 | €173,645 | -€38,231 | -18.0% |
| Trade debts | 44 | €1,153 | €1,143 | -€10 | -0.9% |
| Suppliers | 440/4 | €1,153 | €1,143 | -€10 | -0.9% |
| Taxes, remuneration and social security | 45 | €28,256 | €20,128 | -€8,129 | -28.8% |
| Taxes | 450/3 | €28,256 | €20,128 | -€8,129 | -28.8% |
| Other amounts payable | 47/48 | €182,467 | €152,374 | -€30,092 | -16.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €394 | €0 | -€394 | -100% |
| Other operating charges | 640/8 | €1,090 | €1,124 | +€34 | +3.1% |
| Gross operating margin | 9900 | €97,556 | €103,851 | +€6,295 | +6.5% |
| Operating profit (loss) | 9901 | €96,071 | €102,727 | +€6,655 | +6.9% |
| Financial charges | 65/66B | €5,599 | €5,947 | +€349 | +6.2% |
| Recurring financial charges | 65 | €5,599 | €5,947 | +€349 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €90,473 | €96,779 | +€6,307 | +7.0% |
| Income taxes | 67/77 | €18,681 | €19,859 | +€1,178 | +6.3% |
| Profit (loss) for the period | 9904 | €71,792 | €76,920 | +€5,128 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,792 | €76,920 | +€5,128 | +7.1% |
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 30 October 2026 via checked.be.