PAUWELS NST: what changed
PAUWELS NST
Largest movements
- Current investments +€300,614
new in 2025: €300,614
- Tangible fixed assets +€283,649
up €283,649 (+11.6%), from €2.5m to €2.7m
of which Land and buildings: +€310,640
- Stocks and contracts +€247,990
up €247,990 (+78.4%), from €316,508 to €564,497
of which Stocks: +€188,123
- Receivables within one year +€128,949
up €128,949 (+279%), from €46,144 to €175,093
of which Trade receivables: +€130,384
- Cash -€75,136
down €75,136 (-17.1%), from €439,689 to €364,552
mainly Investment in fixed assets (net) (-€503,784) and Current investments (-€300,614)
- Debts after one year +€500,743
up €500,743 (+31.5%), from €1.6m to €2.1m
- Other debts +€170,667
up €170,667 (+26.6%), from €641,611 to €812,278
- Reserves +€149,310
up €149,310 (+18.4%), from €813,187 to €962,497
- Tax, wage and social debts +€76,990
up €76,990 (+255%), from €30,235 to €107,224
of which Taxes: +€73,391
- Gross operating margin +€230,937
up €230,937 (+47.0%), from €491,264 to €722,201
- Taxes +€54,004
up €54,004 (+445%), from €12,145 to €66,149
- Depreciation +€30,730
up €30,730 (+16.2%), from €189,405 to €220,135
- Financial charges +€11,383
up €11,383 (+24.4%), from €46,729 to €58,112
- Other operating charges +€9,924
up €9,924 (+44.2%), from €22,447 to €32,371
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,264,915 | €4,165,311 | +€900,396 | +27.6% |
| Fixed assets | 21/28 | €2,452,878 | €2,736,527 | +€283,649 | +11.6% |
| Tangible fixed assets | 22/27 | €2,452,878 | €2,736,527 | +€283,649 | +11.6% |
| Land and buildings | 22 | €2,342,921 | €2,653,560 | +€310,640 | +13.3% |
| Plant, machinery and equipment | 23 | €83,660 | €70,803 | -€12,857 | -15.4% |
| Furniture and vehicles | 24 | €26,297 | €12,163 | -€14,134 | -53.7% |
| Current assets | 29/58 | €812,037 | €1,428,784 | +€616,747 | +76.0% |
| Stocks and contracts in progress | 3 | €316,508 | €564,497 | +€247,990 | +78.4% |
| Stocks | 30/36 | €297,459 | €485,582 | +€188,123 | +63.2% |
| Contracts in progress | 37 | €19,049 | €78,915 | +€59,866 | +314% |
| Amounts receivable within one year | 40/41 | €46,144 | €175,093 | +€128,949 | +279% |
| Trade receivables | 40 | €42,140 | €172,524 | +€130,384 | +309% |
| Other amounts receivable | 41 | €4,004 | €2,569 | -€1,435 | -35.8% |
| Current investments | 50/53 | - | €300,614 | +€300,614 | |
| Cash at bank and in hand | 54/58 | €439,689 | €364,552 | -€75,136 | -17.1% |
| Deferred charges and accrued income | 490/1 | €9,697 | €24,028 | +€14,332 | +148% |
| Total equity and liabilities | 10/49 | €3,264,915 | €4,165,311 | +€900,396 | +27.6% |
| Equity | 10/15 | €819,387 | €968,697 | +€149,310 | +18.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €813,187 | €962,497 | +€149,310 | +18.4% |
| Distributable reserves | 133 | €813,187 | €962,497 | +€149,310 | +18.4% |
| Amounts payable | 17/49 | €2,445,528 | €3,196,614 | +€751,086 | +30.7% |
| Amounts payable after more than one year | 17 | €1,589,757 | €2,090,500 | +€500,743 | +31.5% |
| Financial debts | 170/4 | €1,589,757 | €2,090,500 | +€500,743 | +31.5% |
| Amounts payable within one year | 42/48 | €849,437 | €1,100,317 | +€250,880 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €172,438 | €170,029 | -€2,410 | -1.4% |
| Trade debts | 44 | €5,154 | €10,787 | +€5,633 | +109% |
| Suppliers | 440/4 | €5,154 | €10,787 | +€5,633 | +109% |
| Taxes, remuneration and social security | 45 | €30,235 | €107,224 | +€76,990 | +255% |
| Taxes | 450/3 | €30,235 | €103,625 | +€73,391 | +243% |
| Remuneration and social security | 454/9 | - | €3,599 | +€3,599 | |
| Other amounts payable | 47/48 | €641,611 | €812,278 | +€170,667 | +26.6% |
| Accrued charges and deferred income | 492/3 | €6,334 | €5,797 | -€537 | -8.5% |
| Remuneration, social security and pensions | 62 | €194,204 | €203,188 | +€8,984 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,405 | €220,135 | +€30,730 | +16.2% |
| Other operating charges | 640/8 | €22,447 | €32,371 | +€9,924 | +44.2% |
| Gross operating margin | 9900 | €491,264 | €722,201 | +€230,937 | +47.0% |
| Operating profit (loss) | 9901 | €85,208 | €266,507 | +€181,298 | +213% |
| Financial income | 75/76B | €2,858 | €7,065 | +€4,207 | +147% |
| Recurring financial income | 75 | €2,858 | €7,065 | +€4,207 | +147% |
| Financial charges | 65/66B | €46,729 | €58,112 | +€11,383 | +24.4% |
| Recurring financial charges | 65 | €46,729 | €58,112 | +€11,383 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €41,337 | €215,459 | +€174,122 | +421% |
| Income taxes | 67/77 | €12,145 | €66,149 | +€54,004 | +445% |
| Profit (loss) for the period | 9904 | €29,193 | €149,310 | +€120,118 | +411% |
| Profit (loss) for the period to be appropriated | 9905 | €29,193 | €149,310 | +€120,118 | +411% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.