PAUMEN-MICHIELS: 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.
PAUMEN-MICHIELS
Largest movements
- Cash -€86,288
down €86,288 (-97.4%), from €88,626 to €2,338
mainly Contributions, distributions and other (-€147,010) and Debts after one year (-€94,963)
- Debts after one year -€94,963
down €94,963 (-9.4%), from €1.0m to €917,565
- Other debts +€43,990
up €43,990 (+3.4%), from €1.3m to €1.3m
- Reserves -€38,927
down €38,927 (-4.9%), from €801,656 to €762,729
of which Distributable reserves: -€38,927
- Gross operating margin -€87,800
down €87,800 (-23.7%), from €370,578 to €282,778
- Taxes -€16,069
down €16,069 (-26.1%), from €61,629 to €45,560
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 | €3,808,818 | €3,708,160 | -€100,658 | -2.6% |
| Fixed assets | 21/28 | €3,690,951 | €3,653,385 | -€37,566 | -1.0% |
| Tangible fixed assets | 22/27 | €2,124,474 | €2,086,907 | -€37,566 | -1.8% |
| Land and buildings | 22 | €451,447 | €479,090 | +€27,643 | +6.1% |
| Furniture and vehicles | 24 | €1,898 | €1,438 | -€460 | -24.2% |
| Other tangible fixed assets | 26 | €21,682 | €21,682 | -€0 | 0.0% |
| Assets under construction and advance payments | 27 | €1,649,447 | €1,584,698 | -€64,749 | -3.9% |
| Financial fixed assets | 28 | €1,566,478 | €1,566,478 | = | 0.0% |
| Current assets | 29/58 | €117,867 | €54,775 | -€63,091 | -53.5% |
| Amounts receivable within one year | 40/41 | €27,846 | €50,455 | +€22,609 | +81.2% |
| Trade receivables | 40 | €26,015 | €26,015 | = | 0.0% |
| Other amounts receivable | 41 | €1,831 | €24,440 | +€22,609 | +1,235% |
| Cash at bank and in hand | 54/58 | €88,626 | €2,338 | -€86,288 | -97.4% |
| Deferred charges and accrued income | 490/1 | €1,394 | €1,982 | +€588 | +42.2% |
| Total equity and liabilities | 10/49 | €3,808,818 | €3,708,160 | -€100,658 | -2.6% |
| Equity | 10/15 | €1,349,822 | €1,310,894 | -€38,927 | -2.9% |
| Contributions | 10/11 | €542,300 | €542,300 | = | 0.0% |
| Reserves | 13 | €801,656 | €762,729 | -€38,927 | -4.9% |
| Non-distributable reserves | 130/1 | €38,482 | €38,482 | = | 0.0% |
| Reserves not available under the articles | 1311 | €38,482 | €38,482 | = | 0.0% |
| Distributable reserves | 133 | €763,174 | €724,247 | -€38,927 | -5.1% |
| Profit (loss) carried forward | 14 | €5,865 | €5,865 | = | 0.0% |
| Amounts payable | 17/49 | €2,458,997 | €2,397,266 | -€61,731 | -2.5% |
| Amounts payable after more than one year | 17 | €1,012,527 | €917,565 | -€94,963 | -9.4% |
| Financial debts | 170/4 | €1,012,527 | €917,565 | -€94,963 | -9.4% |
| Amounts payable within one year | 42/48 | €1,430,920 | €1,464,606 | +€33,686 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €94,022 | €94,963 | +€941 | +1.0% |
| Trade debts | 44 | €13,659 | €15,223 | +€1,564 | +11.5% |
| Suppliers | 440/4 | €13,659 | €15,223 | +€1,564 | +11.5% |
| Taxes, remuneration and social security | 45 | €18,934 | €6,125 | -€12,809 | -67.6% |
| Taxes | 450/3 | €18,934 | €6,125 | -€12,809 | -67.6% |
| Other amounts payable | 47/48 | €1,304,306 | €1,348,295 | +€43,990 | +3.4% |
| Accrued charges and deferred income | 492/3 | €15,549 | €15,095 | -€454 | -2.9% |
| Non-recurring operating income | 76A | €22,323 | €652 | -€21,671 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,437 | €97,027 | +€1,590 | +1.7% |
| Other operating charges | 640/8 | €7,059 | €6,875 | -€183 | -2.6% |
| Gross operating margin | 9900 | €370,578 | €282,778 | -€87,800 | -23.7% |
| Operating profit (loss) | 9901 | €268,082 | €178,876 | -€89,206 | -33.3% |
| Financial charges | 65/66B | €23,640 | €25,232 | +€1,593 | +6.7% |
| Recurring financial charges | 65 | €23,640 | €25,232 | +€1,593 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €244,442 | €153,643 | -€90,799 | -37.1% |
| Income taxes | 67/77 | €61,629 | €45,560 | -€16,069 | -26.1% |
| Profit (loss) for the period | 9904 | €182,813 | €108,083 | -€74,730 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €182,813 | €108,083 | -€74,730 | -40.9% |
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 23 October 2026 via checked.be.