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 +€31,537
up €31,537 (+19.3%), from €163,112 to €194,649
mainly Net result for the year (+€62,871) and Current portion of long-term debt (+€22,500)
- Stocks and contracts -€17,763
down €17,763 (-18.8%), from €94,608 to €76,845
- Receivables within one year -€13,902
down €13,902 (-16.4%), from €84,880 to €70,978
of which Other amounts receivable: -€14,462
- Tangible fixed assets +€4,456
up €4,456 (+7.8%), from €57,043 to €61,499
of which Land and buildings: +€5,897
- Short-term financial debts -€75,000
no longer reported in 2025 (was €75,000)
- Reserves +€62,871
up €62,871 (+53.5%), from €117,471 to €180,342
- Current portion of long-term debt +€22,500
up €22,500 (+675%), from €3,333 to €25,833
- Trade debts -€15,234
down €15,234 (-8.2%), from €185,030 to €169,796
- Tax, wage and social debts +€7,171
up €7,171 (+76.0%), from €9,442 to €16,613
of which Taxes: +€8,144
- Gross operating margin +€66,831
up €66,831 (+93.7%), from €71,311 to €138,142
- Taxes +€19,741
up €19,741 (+168%), from €11,721 to €31,462
- Other operating charges +€2,672
up €2,672 (+39.0%), from €6,857 to €9,529
- Financial charges -€1,961
down €1,961 (-14.9%), from €13,133 to €11,172
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 | €424,641 | €430,007 | +€5,366 | +1.3% |
| Fixed assets | 21/28 | €57,043 | €61,499 | +€4,456 | +7.8% |
| Tangible fixed assets | 22/27 | €57,043 | €61,499 | +€4,456 | +7.8% |
| Land and buildings | 22 | €26,928 | €32,825 | +€5,897 | +21.9% |
| Plant, machinery and equipment | 23 | €6,941 | €9,215 | +€2,274 | +32.8% |
| Furniture and vehicles | 24 | €23,174 | €19,459 | -€3,716 | -16.0% |
| Current assets | 29/58 | €367,597 | €368,508 | +€910 | +0.2% |
| Stocks and contracts in progress | 3 | €94,608 | €76,845 | -€17,763 | -18.8% |
| Stocks | 30/36 | €94,608 | €76,845 | -€17,763 | -18.8% |
| Amounts receivable within one year | 40/41 | €84,880 | €70,978 | -€13,902 | -16.4% |
| Trade receivables | 40 | €16,874 | €17,435 | +€561 | +3.3% |
| Other amounts receivable | 41 | €68,006 | €53,543 | -€14,462 | -21.3% |
| Cash at bank and in hand | 54/58 | €163,112 | €194,649 | +€31,537 | +19.3% |
| Deferred charges and accrued income | 490/1 | €24,997 | €26,036 | +€1,039 | +4.2% |
| Total equity and liabilities | 10/49 | €424,641 | €430,007 | +€5,366 | +1.3% |
| Equity | 10/15 | €136,071 | €198,942 | +€62,871 | +46.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €117,471 | €180,342 | +€62,871 | +53.5% |
| Distributable reserves | 133 | €117,471 | €180,342 | +€62,871 | +53.5% |
| Amounts payable | 17/49 | €288,569 | €231,065 | -€57,504 | -19.9% |
| Amounts payable within one year | 42/48 | €288,569 | €231,065 | -€57,504 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €3,333 | €25,833 | +€22,500 | +675% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €185,030 | €169,796 | -€15,234 | -8.2% |
| Suppliers | 440/4 | €185,030 | €169,796 | -€15,234 | -8.2% |
| Taxes, remuneration and social security | 45 | €9,442 | €16,613 | +€7,171 | +76.0% |
| Taxes | 450/3 | €8,469 | €16,613 | +€8,144 | +96.2% |
| Remuneration and social security | 454/9 | €973 | - | -€973 | |
| Other amounts payable | 47/48 | €15,765 | €18,823 | +€3,058 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,878 | €19,832 | -€46 | -0.2% |
| Other operating charges | 640/8 | €6,857 | €9,529 | +€2,672 | +39.0% |
| Non-recurring operating charges | 66A | - | €4,300 | +€4,300 | |
| Gross operating margin | 9900 | €71,311 | €138,142 | +€66,831 | +93.7% |
| Operating profit (loss) | 9901 | €44,576 | €104,482 | +€59,906 | +134% |
| Financial income | 75/76B | €1,132 | €1,022 | -€110 | -9.7% |
| Recurring financial income | 75 | €1,132 | €1,022 | -€110 | -9.7% |
| Financial charges | 65/66B | €13,133 | €11,172 | -€1,961 | -14.9% |
| Recurring financial charges | 65 | €13,133 | €11,172 | -€1,961 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €32,576 | €94,333 | +€61,757 | +190% |
| Income taxes | 67/77 | €11,721 | €31,462 | +€19,741 | +168% |
| Profit (loss) for the period | 9904 | €20,855 | €62,871 | +€42,016 | +201% |
| Profit (loss) for the period to be appropriated | 9905 | €20,855 | €62,871 | +€42,016 | +201% |
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 22 October 2026 via checked.be.