Pauwels S.: 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 S.
Largest movements
- Receivables within one year -€55,439
down €55,439 (-26.4%), from €209,850 to €154,411
of which Other amounts receivable: -€33,083
- Tangible fixed assets +€40,084
up €40,084 (+371%), from €10,791 to €50,875
of which Furniture and vehicles: +€38,615
- Cash -€8,676
down €8,676 (-3.5%), from €249,883 to €241,207
mainly Contributions, distributions and other (-€433,884) and Investment in fixed assets (net) (-€43,432)
- Reserves -€32,510
down €32,510 (-7.5%), from €433,884 to €401,374
- Other debts +€9,248
up €9,248 (+824%), from €1,122 to €10,370
- Tax, wage and social debts -€5,582
down €5,582 (-38.0%), from €14,687 to €9,106
- Trade debts +€4,812
up €4,812 (+216%), from €2,231 to €7,043
- Gross operating margin -€37,522
down €37,522 (-6.5%), from €573,742 to €536,221
- Taxes -€9,517
down €9,517 (-6.8%), from €139,207 to €129,689
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 | €470,523 | €446,492 | -€24,031 | -5.1% |
| Fixed assets | 21/28 | €10,791 | €50,875 | +€40,084 | +371% |
| Tangible fixed assets | 22/27 | €10,791 | €50,875 | +€40,084 | +371% |
| Plant, machinery and equipment | 23 | - | €2,399 | +€2,399 | |
| Furniture and vehicles | 24 | €2,530 | €41,145 | +€38,615 | +1,526% |
| Other tangible fixed assets | 26 | €8,261 | €7,331 | -€930 | -11.3% |
| Current assets | 29/58 | €459,732 | €395,617 | -€64,115 | -13.9% |
| Amounts receivable within one year | 40/41 | €209,850 | €154,411 | -€55,439 | -26.4% |
| Trade receivables | 40 | €175,876 | €153,520 | -€22,356 | -12.7% |
| Other amounts receivable | 41 | €33,974 | €891 | -€33,083 | -97.4% |
| Cash at bank and in hand | 54/58 | €249,883 | €241,207 | -€8,676 | -3.5% |
| Total equity and liabilities | 10/49 | €470,523 | €446,492 | -€24,031 | -5.1% |
| Equity | 10/15 | €452,484 | €419,974 | -€32,510 | -7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €433,884 | €401,374 | -€32,510 | -7.5% |
| Distributable reserves | 133 | €433,884 | €401,374 | -€32,510 | -7.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,040 | €26,518 | +€8,478 | +47.0% |
| Amounts payable within one year | 42/48 | €18,040 | €26,518 | +€8,478 | +47.0% |
| Trade debts | 44 | €2,231 | €7,043 | +€4,812 | +216% |
| Suppliers | 440/4 | €2,231 | €7,043 | +€4,812 | +216% |
| Taxes, remuneration and social security | 45 | €14,687 | €9,106 | -€5,582 | -38.0% |
| Taxes | 450/3 | €14,687 | €9,106 | -€5,582 | -38.0% |
| Other amounts payable | 47/48 | €1,122 | €10,370 | +€9,248 | +824% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,230 | €3,348 | +€2,118 | +172% |
| Other operating charges | 640/8 | €817 | €1,595 | +€778 | +95.2% |
| Gross operating margin | 9900 | €573,742 | €536,221 | -€37,522 | -6.5% |
| Operating profit (loss) | 9901 | €571,695 | €531,278 | -€40,417 | -7.1% |
| Financial income | 75/76B | €1,192 | €892 | -€299 | -25.1% |
| Recurring financial income | 75 | €1,192 | €892 | -€299 | -25.1% |
| Financial charges | 65/66B | €1,657 | €1,107 | -€550 | -33.2% |
| Recurring financial charges | 65 | €1,657 | €1,107 | -€550 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €571,230 | €531,063 | -€40,167 | -7.0% |
| Income taxes | 67/77 | €139,207 | €129,689 | -€9,517 | -6.8% |
| Profit (loss) for the period | 9904 | €432,024 | €401,374 | -€30,650 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €432,024 | €401,374 | -€30,650 | -7.1% |
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 26 October 2026 via checked.be.