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
- Current investments -€8,864
down €8,864 (-3.4%), from €262,402 to €253,538
- Receivables within one year -€7,023
down €7,023 (-73.0%), from €9,625 to €2,602
of which Other amounts receivable: -€6,043
- Tangible fixed assets -€6,939
down €6,939 (-72.0%), from €9,635 to €2,696
- Cash -€2,908
down €2,908 (-59.1%), from €4,924 to €2,016
mainly Net result for the year (-€24,129) and Tax, wage and social debts (-€1,605)
- Profit (loss) carried forward -€24,129
down €24,129 (-311%), from -€7,771 to -€31,900
- Gross operating margin -€20,688
down €20,688 (-1,190%), from -€1,739 to -€22,427
- Financial income +€7,943
up €7,943 (+4,477%), from €177 to €8,120
- Depreciation -€5,139
down €5,139 (-42.5%), from €12,077 to €6,939
- Taxes +€1,444
up €1,444 (+516%), from €280 to €1,724
- Financial charges -€1,302
down €1,302 (-80.8%), from €1,611 to €309
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 | €286,587 | €260,852 | -€25,734 | -9.0% |
| Fixed assets | 21/28 | €9,635 | €2,696 | -€6,939 | -72.0% |
| Tangible fixed assets | 22/27 | €9,635 | €2,696 | -€6,939 | -72.0% |
| Furniture and vehicles | 24 | €9,635 | €2,696 | -€6,939 | -72.0% |
| Current assets | 29/58 | €276,952 | €258,156 | -€18,796 | -6.8% |
| Amounts receivable within one year | 40/41 | €9,625 | €2,602 | -€7,023 | -73.0% |
| Trade receivables | 40 | €1,125 | €145 | -€980 | -87.1% |
| Other amounts receivable | 41 | €8,500 | €2,457 | -€6,043 | -71.1% |
| Current investments | 50/53 | €262,402 | €253,538 | -€8,864 | -3.4% |
| Cash at bank and in hand | 54/58 | €4,924 | €2,016 | -€2,908 | -59.1% |
| Total equity and liabilities | 10/49 | €286,587 | €260,852 | -€25,734 | -9.0% |
| Equity | 10/15 | €284,982 | €260,852 | -€24,129 | -8.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €272,753 | €272,753 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €13,200 | +€13,200 | |
| Reserves not available under the articles | 1311 | - | €13,200 | +€13,200 | |
| Distributable reserves | 133 | €272,753 | €259,553 | -€13,200 | -4.8% |
| Profit (loss) carried forward | 14 | -€7,771 | -€31,900 | -€24,129 | -311% |
| Amounts payable | 17/49 | €1,605 | - | -€1,605 | |
| Amounts payable within one year | 42/48 | €1,605 | - | -€1,605 | |
| Taxes, remuneration and social security | 45 | €1,605 | - | -€1,605 | |
| Taxes | 450/3 | €1,605 | - | -€1,605 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,077 | €6,939 | -€5,139 | -42.5% |
| Other operating charges | 640/8 | €830 | €852 | +€22 | +2.6% |
| Non-recurring operating charges | 66A | €2,020 | - | -€2,020 | |
| Gross operating margin | 9900 | -€1,739 | -€22,427 | -€20,688 | -1,190% |
| Operating profit (loss) | 9901 | -€16,666 | -€30,217 | -€13,550 | -81.3% |
| Financial income | 75/76B | €177 | €8,120 | +€7,943 | +4,477% |
| Recurring financial income | 75 | €177 | €8,120 | +€7,943 | +4,477% |
| Financial charges | 65/66B | €1,611 | €309 | -€1,302 | -80.8% |
| Recurring financial charges | 65 | €1,611 | €309 | -€1,302 | -80.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,100 | -€22,406 | -€4,305 | -23.8% |
| Income taxes | 67/77 | €280 | €1,724 | +€1,444 | +516% |
| Profit (loss) for the period | 9904 | -€18,380 | -€24,129 | -€5,749 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,380 | -€24,129 | -€5,749 | -31.3% |
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.