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
- Tangible fixed assets -€37,637
down €37,637 (-39.0%), from €96,438 to €58,801
of which Furniture and vehicles: -€27,400
- Cash +€22,100
up €22,100 (+604%), from €3,659 to €25,759
- Receivables within one year -€20,869
down €20,869 (-57.8%), from €36,136 to €15,267
of which Trade receivables: -€20,869
- Profit (loss) carried forward -€24,970
new in 2025: -€24,970
- Debts after one year -€17,548
down €17,548 (-93.8%), from €18,710 to €1,162
- Other debts +€8,256
up €8,256 (+242%), from €3,406 to €11,662
- Gross operating margin -€14,215
down €14,215 (-40.1%), from €35,422 to €21,207
- Other operating charges +€5,050
up €5,050 (+519%), from €972 to €6,023
- Taxes -€2,549
no longer reported in 2025 (was €2,549)
- Financial charges +€1,156
up €1,156 (+231%), from €501 to €1,657
- Depreciation -€969
down €969 (-4.3%), from €22,475 to €21,507
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €136,233 | €99,827 | -€36,406 | -26.7% |
| Fixed assets | 21/28 | €96,438 | €58,801 | -€37,637 | -39.0% |
| Tangible fixed assets | 22/27 | €96,438 | €58,801 | -€37,637 | -39.0% |
| Plant, machinery and equipment | 23 | €8,957 | - | -€8,957 | |
| Furniture and vehicles | 24 | €35,912 | €8,511 | -€27,400 | -76.3% |
| Other tangible fixed assets | 26 | €51,570 | €50,290 | -€1,280 | -2.5% |
| Current assets | 29/58 | €39,795 | €41,026 | +€1,231 | +3.1% |
| Amounts receivable within one year | 40/41 | €36,136 | €15,267 | -€20,869 | -57.8% |
| Trade receivables | 40 | €35,455 | €14,585 | -€20,869 | -58.9% |
| Other amounts receivable | 41 | €682 | €682 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,659 | €25,759 | +€22,100 | +604% |
| Total equity and liabilities | 10/49 | €136,233 | €99,827 | -€36,406 | -26.7% |
| Equity | 10/15 | €68,760 | €43,790 | -€24,970 | -36.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €58,760 | €58,760 | = | 0.0% |
| Distributable reserves | 133 | €58,760 | €58,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€24,970 | -€24,970 | |
| Amounts payable | 17/49 | €67,473 | €56,037 | -€11,436 | -16.9% |
| Amounts payable after more than one year | 17 | €18,710 | €1,162 | -€17,548 | -93.8% |
| Financial debts | 170/4 | €18,710 | €1,162 | -€17,548 | -93.8% |
| Amounts payable within one year | 42/48 | €48,763 | €54,875 | +€6,112 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €9,137 | €8,328 | -€810 | -8.9% |
| Trade debts | 44 | €5,916 | €4,786 | -€1,131 | -19.1% |
| Suppliers | 440/4 | €5,916 | €4,786 | -€1,131 | -19.1% |
| Taxes, remuneration and social security | 45 | €30,304 | €30,101 | -€203 | -0.7% |
| Taxes | 450/3 | €25,804 | €23,351 | -€2,453 | -9.5% |
| Remuneration and social security | 454/9 | €4,500 | €6,750 | +€2,250 | +50.0% |
| Other amounts payable | 47/48 | €3,406 | €11,662 | +€8,256 | +242% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,475 | €21,507 | -€969 | -4.3% |
| Other operating charges | 640/8 | €972 | €6,023 | +€5,050 | +519% |
| Gross operating margin | 9900 | €35,422 | €21,207 | -€14,215 | -40.1% |
| Operating profit (loss) | 9901 | €11,974 | -€6,322 | -€18,297 | |
| Financial charges | 65/66B | €501 | €1,657 | +€1,156 | +231% |
| Recurring financial charges | 65 | €501 | €1,657 | +€1,156 | +231% |
| Profit (loss) for the period before taxes | 9903 | €11,474 | -€7,979 | -€19,453 | |
| Income taxes | 67/77 | €2,549 | - | -€2,549 | |
| Profit (loss) for the period | 9904 | €8,924 | -€7,979 | -€16,904 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,924 | -€7,979 | -€16,904 |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.