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
- Receivables within one year -€18,917
down €18,917 (-31.4%), from €60,313 to €41,397
of which Trade receivables: -€18,625
- Cash +€8,086
up €8,086 (+11.5%), from €70,617 to €78,702
mainly Receivables within one year (+€18,917) and Other debts (+€4,920)
- Reserves -€18,080
down €18,080 (-17.3%), from €104,387 to €86,307
of which Distributable reserves: -€18,080
- Other debts +€4,920
new in 2025: €4,920
- Trade debts +€2,468
up €2,468 (+146%), from €1,689 to €4,157
- Gross operating margin -€14,814
down €14,814 (-20.7%), from €71,592 to €56,778
- Staff costs -€9,827
down €9,827 (-16.8%), from €58,368 to €48,541
- Taxes -€1,955
down €1,955 (-36.8%), from €5,311 to €3,356
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 | €134,475 | €123,514 | -€10,961 | -8.2% |
| Fixed assets | 21/28 | €1,619 | €810 | -€810 | -50.0% |
| Tangible fixed assets | 22/27 | €1,619 | €810 | -€810 | -50.0% |
| Plant, machinery and equipment | 23 | €690 | €351 | -€339 | -49.2% |
| Furniture and vehicles | 24 | €929 | €459 | -€470 | -50.6% |
| Current assets | 29/58 | €132,855 | €122,704 | -€10,152 | -7.6% |
| Amounts receivable within one year | 40/41 | €60,313 | €41,397 | -€18,917 | -31.4% |
| Trade receivables | 40 | €27,748 | €9,124 | -€18,625 | -67.1% |
| Other amounts receivable | 41 | €32,565 | €32,273 | -€292 | -0.9% |
| Cash at bank and in hand | 54/58 | €70,617 | €78,702 | +€8,086 | +11.5% |
| Deferred charges and accrued income | 490/1 | €1,925 | €2,605 | +€679 | +35.3% |
| Total equity and liabilities | 10/49 | €134,475 | €123,514 | -€10,961 | -8.2% |
| Equity | 10/15 | €122,979 | €104,899 | -€18,080 | -14.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €104,387 | €86,307 | -€18,080 | -17.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,902 | €6,902 | = | 0.0% |
| Distributable reserves | 133 | €95,626 | €77,546 | -€18,080 | -18.9% |
| Amounts payable | 17/49 | €11,496 | €18,615 | +€7,119 | +61.9% |
| Amounts payable within one year | 42/48 | €11,496 | €18,615 | +€7,119 | +61.9% |
| Trade debts | 44 | €1,689 | €4,157 | +€2,468 | +146% |
| Suppliers | 440/4 | €1,689 | €4,157 | +€2,468 | +146% |
| Taxes, remuneration and social security | 45 | €9,807 | €9,537 | -€270 | -2.8% |
| Taxes | 450/3 | €8,207 | €7,608 | -€599 | -7.3% |
| Remuneration and social security | 454/9 | €1,600 | €1,929 | +€329 | +20.6% |
| Other amounts payable | 47/48 | - | €4,920 | +€4,920 | |
| Remuneration, social security and pensions | 62 | €58,368 | €48,541 | -€9,827 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,172 | €1,165 | -€7 | -0.6% |
| Other operating charges | 640/8 | €1,292 | €1,243 | -€50 | -3.8% |
| Gross operating margin | 9900 | €71,592 | €56,778 | -€14,814 | -20.7% |
| Operating profit (loss) | 9901 | €10,760 | €5,830 | -€4,930 | -45.8% |
| Financial income | 75/76B | €1,303 | €1,583 | +€279 | +21.4% |
| Recurring financial income | 75 | €1,303 | €1,481 | +€178 | +13.7% |
| Non-recurring financial income | 76B | - | €101 | +€101 | |
| Financial charges | 65/66B | €229 | €136 | -€93 | -40.6% |
| Recurring financial charges | 65 | €229 | €136 | -€93 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €11,834 | €7,276 | -€4,558 | -38.5% |
| Income taxes | 67/77 | €5,311 | €3,356 | -€1,955 | -36.8% |
| Profit (loss) for the period | 9904 | €6,524 | €3,920 | -€2,603 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,524 | €3,920 | -€2,603 | -39.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.