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
- Stocks and contracts +€66,651
up €66,651 (+90.6%), from €73,588 to €140,238
- Receivables within one year -€23,917
down €23,917 (-8.1%), from €296,015 to €272,098
of which Trade receivables: -€24,497
- Tangible fixed assets -€10,363
down €10,363 (-35.5%), from €29,203 to €18,839
of which Leasing and similar rights: -€7,458
- Other debts +€48,000
up €48,000 (+592.0%), from €8,107 to €56,107
- Trade debts -€44,284
down €44,284 (-72.1%), from €61,453 to €17,169
- Reserves +€38,059
up €38,059 (+13.5%), from €280,890 to €318,949
- Debts after one year -€8,835
down €8,835 (-43.8%), from €20,187 to €11,352
- Gross operating margin +€23,910
up €23,910 (+45.7%), from €52,299 to €76,209
- Financial charges -€8,817
down €8,817 (-44.5%), from €19,807 to €10,989
- Taxes +€8,126
up €8,126 (+98.5%), from €8,251 to €16,377
- Financial income -€1,716
down €1,716 (-22.8%), from €7,528 to €5,812
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.
Cash bridge derived
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 | €465,297 | €497,084 | +€31,787 | +6.8% |
| Fixed assets | 21/28 | €29,203 | €18,839 | -€10,363 | -35.5% |
| Tangible fixed assets | 22/27 | €29,203 | €18,839 | -€10,363 | -35.5% |
| Plant, machinery and equipment | 23 | €2,780 | €1,243 | -€1,537 | -55.3% |
| Furniture and vehicles | 24 | €938 | €189 | -€749 | -79.9% |
| Leasing and similar rights | 25 | €24,642 | €17,184 | -€7,458 | -30.3% |
| Other tangible fixed assets | 26 | €842 | €223 | -€619 | -73.5% |
| Current assets | 29/58 | €436,095 | €478,244 | +€42,150 | +9.7% |
| Stocks and contracts in progress | 3 | €73,588 | €140,238 | +€66,651 | +90.6% |
| Stocks | 30/36 | €73,588 | €140,238 | +€66,651 | +90.6% |
| Amounts receivable within one year | 40/41 | €296,015 | €272,098 | -€23,917 | -8.1% |
| Trade receivables | 40 | €82,857 | €58,360 | -€24,497 | -29.6% |
| Other amounts receivable | 41 | €213,158 | €213,738 | +€581 | +0.3% |
| Cash at bank and in hand | 54/58 | €66,492 | €65,908 | -€584 | -0.9% |
| Total equity and liabilities | 10/49 | €465,297 | €497,084 | +€31,787 | +6.8% |
| Equity | 10/15 | €299,482 | €337,541 | +€38,059 | +12.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €280,890 | €318,949 | +€38,059 | +13.5% |
| Distributable reserves | 133 | €280,890 | €318,949 | +€38,059 | +13.5% |
| Amounts payable | 17/49 | €165,816 | €159,543 | -€6,273 | -3.8% |
| Amounts payable after more than one year | 17 | €20,187 | €11,352 | -€8,835 | -43.8% |
| Financial debts | 170/4 | €20,187 | €11,352 | -€8,835 | -43.8% |
| Amounts payable within one year | 42/48 | €145,629 | €148,191 | +€2,562 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €17,482 | €13,120 | -€4,362 | -24.9% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €61,453 | €17,169 | -€44,284 | -72.1% |
| Suppliers | 440/4 | €61,453 | €17,169 | -€44,284 | -72.1% |
| Taxes, remuneration and social security | 45 | €8,586 | €11,794 | +€3,207 | +37.4% |
| Taxes | 450/3 | €8,586 | €11,794 | +€3,207 | +37.4% |
| Other amounts payable | 47/48 | €8,107 | €56,107 | +€48,000 | +592.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,770 | €10,363 | -€407 | -3.8% |
| Other operating charges | 640/8 | €1,533 | €1,520 | -€13 | -0.8% |
| Non-recurring operating charges | 66A | - | €4,713 | +€4,713 | |
| Gross operating margin | 9900 | €52,299 | €76,209 | +€23,910 | +45.7% |
| Operating profit (loss) | 9901 | €39,996 | €59,614 | +€19,617 | +49.0% |
| Financial income | 75/76B | €7,528 | €5,812 | -€1,716 | -22.8% |
| Recurring financial income | 75 | €7,528 | €5,812 | -€1,716 | -22.8% |
| Financial charges | 65/66B | €19,807 | €10,989 | -€8,817 | -44.5% |
| Recurring financial charges | 65 | €19,807 | €10,989 | -€8,817 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | €27,717 | €54,436 | +€26,719 | +96.4% |
| Income taxes | 67/77 | €8,251 | €16,377 | +€8,126 | +98.5% |
| Profit (loss) for the period | 9904 | €19,466 | €38,059 | +€18,593 | +95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,466 | €38,059 | +€18,593 | +95.5% |
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 10 October 2026 via checked.be.