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 -€64,946
down €64,946 (-56.7%), from €114,571 to €49,625
mainly Receivables within one year (-€63,117) and Contributions, distributions and other (-€33,733)
- Receivables within one year +€63,117
up €63,117 (+63.1%), from €100,000 to €163,117
of which Trade receivables: +€62,359
- Current investments +€6,916
up €6,916 (+2.1%), from €329,117 to €336,033
- Tax, wage and social debts -€30,872
down €30,872 (-76.8%), from €40,173 to €9,302
- Reserves +€28,491
up €28,491 (+5.7%), from €497,489 to €525,981
- Other debts +€7,465
up €7,465 (+103%), from €7,281 to €14,746
- Gross operating margin -€283,970
down €283,970 (-76.6%), from €370,724 to €86,754
- Taxes -€91,581
down €91,581 (-75.8%), from €120,791 to €29,211
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 | €566,688 | €571,775 | +€5,087 | +0.9% |
| Fixed assets | 21/28 | €23,000 | €23,000 | = | 0.0% |
| Financial fixed assets | 28 | €23,000 | €23,000 | = | 0.0% |
| Current assets | 29/58 | €543,688 | €548,775 | +€5,087 | +0.9% |
| Amounts receivable within one year | 40/41 | €100,000 | €163,117 | +€63,117 | +63.1% |
| Trade receivables | 40 | - | €62,359 | +€62,359 | |
| Other amounts receivable | 41 | €100,000 | €100,758 | +€758 | +0.8% |
| Current investments | 50/53 | €329,117 | €336,033 | +€6,916 | +2.1% |
| Cash at bank and in hand | 54/58 | €114,571 | €49,625 | -€64,946 | -56.7% |
| Total equity and liabilities | 10/49 | €566,688 | €571,775 | +€5,087 | +0.9% |
| Equity | 10/15 | €516,089 | €544,581 | +€28,491 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €497,489 | €525,981 | +€28,491 | +5.7% |
| Distributable reserves | 133 | €497,489 | €525,981 | +€28,491 | +5.7% |
| Amounts payable | 17/49 | €50,599 | €27,195 | -€23,404 | -46.3% |
| Amounts payable within one year | 42/48 | €50,599 | €27,195 | -€23,404 | -46.3% |
| Trade debts | 44 | €3,145 | €3,147 | +€2 | +0.1% |
| Suppliers | 440/4 | €3,145 | €3,147 | +€2 | +0.1% |
| Taxes, remuneration and social security | 45 | €40,173 | €9,302 | -€30,872 | -76.8% |
| Taxes | 450/3 | €40,173 | €9,302 | -€30,872 | -76.8% |
| Other amounts payable | 47/48 | €7,281 | €14,746 | +€7,465 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114 | - | -€114 | |
| Other operating charges | 640/8 | €527 | €540 | +€12 | +2.3% |
| Gross operating margin | 9900 | €370,724 | €86,754 | -€283,970 | -76.6% |
| Operating profit (loss) | 9901 | €370,082 | €86,214 | -€283,868 | -76.7% |
| Financial income | 75/76B | €6,286 | €6,562 | +€276 | +4.4% |
| Recurring financial income | 75 | €6,286 | €6,562 | +€276 | +4.4% |
| Financial charges | 65/66B | €388 | €1,341 | +€952 | +245% |
| Recurring financial charges | 65 | €388 | €1,341 | +€952 | +245% |
| Profit (loss) for the period before taxes | 9903 | €375,979 | €91,435 | -€284,544 | -75.7% |
| Income taxes | 67/77 | €120,791 | €29,211 | -€91,581 | -75.8% |
| Profit (loss) for the period | 9904 | €255,188 | €62,225 | -€192,964 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €255,188 | €62,225 | -€192,964 | -75.6% |
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 21 October 2026 via checked.be.