Pauwels Construct: 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 Construct
Largest movements
- Financial fixed assets -€585,307
down €585,307 (-100.0%), from €585,357 to €50
of which Affiliated companies: -€585,307
- Receivables within one year +€573,020
up €573,020 (+1244.5%), from €46,043 to €619,064
of which Other amounts receivable: +€586,002
- Tangible fixed assets +€31,937
up €31,937 (+24.2%), from €131,760 to €163,697
of which Leasing and similar rights: +€29,914
- Stocks and contracts -€9,524
down €9,524 (-100.0%), from €9,524 to €0
- Other debts +€40,804
up €40,804 (+167.0%), from €24,432 to €65,235
- Debts after one year -€40,257
down €40,257 (-12.4%), from €324,029 to €283,771
- Trade debts -€13,465
down €13,465 (-16.4%), from €82,258 to €68,793
- Profit (loss) carried forward +€10,003
up €10,003 (+8.7%), from €114,807 to €124,809
- Turnover -€53,710
down €53,710 (-21.5%), from €250,000 to €196,290
- Goods and materials -€27,500
down €27,500 (-44.7%), from €61,568 to €34,068
of which Purchases: -€31,812
- Staff costs -€11,613
down €11,613 (-13.7%), from €84,578 to €72,965
- Services and other goods -€6,787
down €6,787 (-11.5%), from €58,967 to €52,180
- Financial charges -€5,791
down €5,791 (-27.1%), from €21,383 to €15,591
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 | €791,473 | €799,706 | +€8,232 | +1.0% |
| Fixed assets | 21/28 | €717,117 | €163,747 | -€553,369 | -77.2% |
| Tangible fixed assets | 22/27 | €131,760 | €163,697 | +€31,937 | +24.2% |
| Land and buildings | 22 | €57,935 | €57,935 | = | 0.0% |
| Plant, machinery and equipment | 23 | €275 | €0 | -€275 | -100.0% |
| Furniture and vehicles | 24 | - | €4,798 | +€4,798 | |
| Leasing and similar rights | 25 | - | €29,914 | +€29,914 | |
| Other tangible fixed assets | 26 | €73,551 | €71,051 | -€2,500 | -3.4% |
| Financial fixed assets | 28 | €585,357 | €50 | -€585,307 | -100.0% |
| Affiliated companies | 280/1 | €585,307 | €0 | -€585,307 | -100.0% |
| Participating interests | 280 | €585,307 | €0 | -€585,307 | -100.0% |
| Other financial fixed assets | 284/8 | €50 | €50 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €74,357 | €635,959 | +€561,602 | +755.3% |
| Stocks and contracts in progress | 3 | €9,524 | €0 | -€9,524 | -100.0% |
| Stocks | 30/36 | €9,524 | €0 | -€9,524 | -100.0% |
| Raw materials and consumables | 30/31 | €9,524 | €0 | -€9,524 | -100.0% |
| Amounts receivable within one year | 40/41 | €46,043 | €619,064 | +€573,020 | +1244.5% |
| Trade receivables | 40 | €46,040 | €33,058 | -€12,982 | -28.2% |
| Other amounts receivable | 41 | €3 | €586,006 | +€586,002 | +17440547.3% |
| Cash at bank and in hand | 54/58 | €18,597 | €16,692 | -€1,905 | -10.2% |
| Deferred charges and accrued income | 490/1 | €192 | €203 | +€10 | +5.4% |
| Total equity and liabilities | 10/49 | €791,473 | €799,706 | +€8,232 | +1.0% |
| Equity | 10/15 | €295,607 | €305,609 | +€10,003 | +3.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €80,800 | €80,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €70,800 | €70,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,807 | €124,809 | +€10,003 | +8.7% |
| Amounts payable | 17/49 | €495,867 | €494,096 | -€1,770 | -0.4% |
| Amounts payable after more than one year | 17 | €324,029 | €283,771 | -€40,257 | -12.4% |
| Financial debts | 170/4 | €324,029 | €283,771 | -€40,257 | -12.4% |
| Leasing and similar obligations | 172 | - | €23,900 | +€23,900 | |
| Credit institutions | 173 | €324,029 | €259,872 | -€64,157 | -19.8% |
| Amounts payable within one year | 42/48 | €171,367 | €209,658 | +€38,290 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €62,851 | €70,198 | +€7,347 | +11.7% |
| Trade debts | 44 | €82,258 | €68,793 | -€13,465 | -16.4% |
| Suppliers | 440/4 | €82,258 | €68,793 | -€13,465 | -16.4% |
| Taxes, remuneration and social security | 45 | €1,827 | €5,432 | +€3,604 | +197.2% |
| Taxes | 450/3 | €1,200 | €4,353 | +€3,153 | +262.7% |
| Remuneration and social security | 454/9 | €627 | €1,078 | +€451 | +71.9% |
| Other amounts payable | 47/48 | €24,432 | €65,235 | +€40,804 | +167.0% |
| Accrued charges and deferred income | 492/3 | €470 | €667 | +€197 | +41.8% |
| Operating income | 70/76A | €256,865 | €201,955 | -€54,910 | -21.4% |
| Turnover | 70 | €250,000 | €196,290 | -€53,710 | -21.5% |
| Other operating income | 74 | €6,865 | €5,665 | -€1,200 | -17.5% |
| Operating charges | 60/66A | €216,399 | €172,668 | -€43,730 | -20.2% |
| Goods for resale, raw materials and consumables | 60 | €61,568 | €34,068 | -€27,500 | -44.7% |
| Purchases | 600/8 | €56,356 | €24,544 | -€31,812 | -56.4% |
| Change in stocks: decrease (increase) | 609 | €5,212 | €9,524 | +€4,312 | +82.7% |
| Services and other goods | 61 | €58,967 | €52,180 | -€6,787 | -11.5% |
| Remuneration, social security and pensions | 62 | €84,578 | €72,965 | -€11,613 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,727 | €5,026 | +€2,299 | +84.3% |
| Other operating charges | 640/8 | €8,559 | €8,429 | -€130 | -1.5% |
| Operating profit (loss) | 9901 | €40,466 | €29,286 | -€11,180 | -27.6% |
| Financial charges | 65/66B | €21,383 | €15,591 | -€5,791 | -27.1% |
| Recurring financial charges | 65 | €21,383 | €15,591 | -€5,791 | -27.1% |
| Debt charges | 650 | €20,768 | €14,602 | -€6,166 | -29.7% |
| Other financial charges | 652/9 | €615 | €989 | +€374 | +60.9% |
| Profit (loss) for the period before taxes | 9903 | €19,083 | €13,695 | -€5,388 | -28.2% |
| Income taxes | 67/77 | €5,000 | €3,693 | -€1,307 | -26.1% |
| Taxes | 670/3 | €5,000 | €3,693 | -€1,307 | -26.1% |
| Profit (loss) for the period | 9904 | €14,083 | €10,003 | -€4,081 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,083 | €10,003 | -€4,081 | -29.0% |
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 9 October 2026 via checked.be.