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.
PAUWELS
Largest movements
- Cash +€61,205
up €61,205 (+36.5%), from €167,637 to €228,842
mainly Depreciation (+€64,088) and Receivables within one year (+€60,164)
- Receivables within one year -€60,164
down €60,164 (-22.8%), from €264,073 to €203,909
of which Trade receivables: -€59,499
- Tangible fixed assets -€37,746
down €37,746 (-25.2%), from €149,550 to €111,804
of which Plant, machinery and equipment: -€29,317
- Stocks and contracts +€17,302
up €17,302 (+12.8%), from €134,968 to €152,270
- Debts after one year -€35,550
down €35,550 (-39.3%), from €90,477 to €54,927
- Other debts +€22,190
up €22,190 (+12.9%), from €172,477 to €194,666
- Gross operating margin -€19,031
down €19,031 (-5.7%), from €334,733 to €315,703
- Staff costs -€16,242
down €16,242 (-6.9%), from €235,801 to €219,560
- Depreciation -€5,644
down €5,644 (-8.1%), from €69,733 to €64,088
- Taxes +€4,535
up €4,535 (+43.5%), from €10,423 to €14,958
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 | €716,704 | €698,497 | -€18,207 | -2.5% |
| Fixed assets | 21/28 | €149,550 | €111,804 | -€37,746 | -25.2% |
| Tangible fixed assets | 22/27 | €149,550 | €111,804 | -€37,746 | -25.2% |
| Land and buildings | 22 | €2,182 | €1,713 | -€469 | -21.5% |
| Plant, machinery and equipment | 23 | €81,998 | €52,682 | -€29,317 | -35.8% |
| Furniture and vehicles | 24 | €46,446 | €55,786 | +€9,340 | +20.1% |
| Leasing and similar rights | 25 | €18,924 | €1,624 | -€17,300 | -91.4% |
| Current assets | 29/58 | €567,154 | €586,693 | +€19,539 | +3.4% |
| Stocks and contracts in progress | 3 | €134,968 | €152,270 | +€17,302 | +12.8% |
| Stocks | 30/36 | €134,968 | €152,270 | +€17,302 | +12.8% |
| Amounts receivable within one year | 40/41 | €264,073 | €203,909 | -€60,164 | -22.8% |
| Trade receivables | 40 | €247,558 | €188,058 | -€59,499 | -24.0% |
| Other amounts receivable | 41 | €16,515 | €15,850 | -€665 | -4.0% |
| Cash at bank and in hand | 54/58 | €167,637 | €228,842 | +€61,205 | +36.5% |
| Deferred charges and accrued income | 490/1 | €475 | €1,672 | +€1,197 | +252% |
| Total equity and liabilities | 10/49 | €716,704 | €698,497 | -€18,207 | -2.5% |
| Equity | 10/15 | €116,869 | €117,464 | +€595 | +0.5% |
| Contributions | 10/11 | €81,805 | €81,805 | = | 0.0% |
| Reserves | 13 | €29,748 | €29,748 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,962 | €4,962 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,962 | €4,962 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,296 | €4,296 | = | 0.0% |
| Distributable reserves | 133 | €20,490 | €20,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,317 | €5,911 | +€595 | +11.2% |
| Provisions and deferred taxes | 16 | €2,498 | €2,498 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,498 | €2,498 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,498 | €2,498 | = | 0.0% |
| Amounts payable | 17/49 | €597,336 | €578,535 | -€18,801 | -3.1% |
| Amounts payable after more than one year | 17 | €90,477 | €54,927 | -€35,550 | -39.3% |
| Financial debts | 170/4 | €90,477 | €54,927 | -€35,550 | -39.3% |
| Amounts payable within one year | 42/48 | €506,859 | €523,607 | +€16,748 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €38,854 | €35,550 | -€3,304 | -8.5% |
| Trade debts | 44 | €249,191 | €252,381 | +€3,190 | +1.3% |
| Suppliers | 440/4 | €249,191 | €252,381 | +€3,190 | +1.3% |
| Advances received on contracts in progress | 46 | €285 | €285 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €46,052 | €40,725 | -€5,327 | -11.6% |
| Taxes | 450/3 | €22,499 | €18,371 | -€4,128 | -18.3% |
| Remuneration and social security | 454/9 | €23,554 | €22,354 | -€1,200 | -5.1% |
| Other amounts payable | 47/48 | €172,477 | €194,666 | +€22,190 | +12.9% |
| Non-recurring operating income | 76A | - | €6,777 | +€6,777 | |
| Remuneration, social security and pensions | 62 | €235,801 | €219,560 | -€16,242 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,733 | €64,088 | -€5,644 | -8.1% |
| Other operating charges | 640/8 | €7,588 | €6,422 | -€1,166 | -15.4% |
| Non-recurring operating charges | 66A | - | €5,424 | +€5,424 | |
| Gross operating margin | 9900 | €334,733 | €315,703 | -€19,031 | -5.7% |
| Operating profit (loss) | 9901 | €21,611 | €20,208 | -€1,403 | -6.5% |
| Financial income | 75/76B | €278 | €378 | +€100 | +36.0% |
| Recurring financial income | 75 | €278 | €378 | +€100 | +36.0% |
| Financial charges | 65/66B | €6,149 | €5,033 | -€1,116 | -18.1% |
| Recurring financial charges | 65 | €6,149 | €5,033 | -€1,116 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €15,740 | €15,553 | -€187 | -1.2% |
| Income taxes | 67/77 | €10,423 | €14,958 | +€4,535 | +43.5% |
| Profit (loss) for the period | 9904 | €5,317 | €595 | -€4,722 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,317 | €595 | -€4,722 | -88.8% |
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 30 October 2026 via checked.be.