PAUWELYN: 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.
PAUWELYN
Largest movements
- Receivables after one year -€57,503
down €57,503 (-72.7%), from €79,050 to €21,548
- Tangible fixed assets +€27,988
up €27,988 (+43.3%), from €64,687 to €92,675
of which Furniture and vehicles: +€33,233
- Cash +€15,944
up €15,944 (+454%), from €3,513 to €19,458
mainly Net result for the year (+€188,221) and Receivables after one year (+€57,503)
- Receivables within one year +€14,753
up €14,753 (+25.6%), from €57,730 to €72,483
of which Other amounts receivable: +€12,613
- Debts after one year -€140,604
down €140,604 (-29.7%), from €472,952 to €332,348
- Reserves +€119,123
up €119,123 (+29.3%), from €405,998 to €525,122
of which Distributable reserves: +€115,150
- Tax, wage and social debts +€28,311
up €28,311 (+69.8%), from €40,567 to €68,878
of which Taxes: +€25,502
- Current portion of long-term debt -€14,108
down €14,108 (-13.5%), from €104,512 to €90,404
- Financial income -€114,477
down €114,477 (-49.2%), from €232,750 to €118,273
- Gross operating margin +€91,036
up €91,036 (+57.1%), from €159,315 to €250,351
- Depreciation +€21,065
up €21,065 (+65.9%), from €31,950 to €53,016
- Financial charges -€6,250
down €6,250 (-29.5%), from €21,214 to €14,964
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 | €1,067,030 | €1,059,431 | -€7,598 | -0.7% |
| Fixed assets | 21/28 | €899,822 | €927,810 | +€27,988 | +3.1% |
| Tangible fixed assets | 22/27 | €64,687 | €92,675 | +€27,988 | +43.3% |
| Plant, machinery and equipment | 23 | €20,391 | €15,337 | -€5,055 | -24.8% |
| Furniture and vehicles | 24 | €42,723 | €75,956 | +€33,233 | +77.8% |
| Other tangible fixed assets | 26 | €1,573 | €1,382 | -€191 | -12.1% |
| Financial fixed assets | 28 | €835,135 | €835,135 | = | 0.0% |
| Current assets | 29/58 | €167,208 | €131,622 | -€35,586 | -21.3% |
| Amounts receivable after more than one year | 29 | €79,050 | €21,548 | -€57,503 | -72.7% |
| Other amounts receivable | 291 | €79,050 | €21,548 | -€57,503 | -72.7% |
| Amounts receivable within one year | 40/41 | €57,730 | €72,483 | +€14,753 | +25.6% |
| Trade receivables | 40 | €33,198 | €35,337 | +€2,139 | +6.4% |
| Other amounts receivable | 41 | €24,533 | €37,146 | +€12,613 | +51.4% |
| Cash at bank and in hand | 54/58 | €3,513 | €19,458 | +€15,944 | +454% |
| Deferred charges and accrued income | 490/1 | €26,914 | €18,133 | -€8,781 | -32.6% |
| Total equity and liabilities | 10/49 | €1,067,030 | €1,059,431 | -€7,598 | -0.7% |
| Equity | 10/15 | €424,699 | €543,754 | +€119,055 | +28.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €405,998 | €525,122 | +€119,123 | +29.3% |
| Tax-exempt reserves | 132 | €50,798 | €54,772 | +€3,973 | +7.8% |
| Distributable reserves | 133 | €355,200 | €470,350 | +€115,150 | +32.4% |
| Profit (loss) carried forward | 14 | €100 | €32 | -€68 | -67.7% |
| Provisions and deferred taxes | 16 | €1,726 | €2,719 | +€993 | +57.5% |
| Deferred taxes | 168 | €1,726 | €2,719 | +€993 | +57.5% |
| Amounts payable | 17/49 | €640,605 | €512,958 | -€127,647 | -19.9% |
| Amounts payable after more than one year | 17 | €472,952 | €332,348 | -€140,604 | -29.7% |
| Financial debts | 170/4 | €472,952 | €332,348 | -€140,604 | -29.7% |
| Amounts payable within one year | 42/48 | €167,361 | €180,610 | +€13,249 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €104,512 | €90,404 | -€14,108 | -13.5% |
| Trade debts | 44 | €6,389 | €9,970 | +€3,582 | +56.1% |
| Suppliers | 440/4 | €6,389 | €9,970 | +€3,582 | +56.1% |
| Taxes, remuneration and social security | 45 | €40,567 | €68,878 | +€28,311 | +69.8% |
| Taxes | 450/3 | €34,896 | €60,398 | +€25,502 | +73.1% |
| Remuneration and social security | 454/9 | €5,671 | €8,480 | +€2,809 | +49.5% |
| Other amounts payable | 47/48 | €15,893 | €11,358 | -€4,536 | -28.5% |
| Accrued charges and deferred income | 492/3 | €293 | €0 | -€293 | -100% |
| Non-recurring operating income | 76A | - | €16,095 | +€16,095 | |
| Remuneration, social security and pensions | 62 | €75,376 | €76,573 | +€1,197 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,950 | €53,016 | +€21,065 | +65.9% |
| Other operating charges | 640/8 | €2,785 | €2,960 | +€174 | +6.3% |
| Gross operating margin | 9900 | €159,315 | €250,351 | +€91,036 | +57.1% |
| Operating profit (loss) | 9901 | €49,203 | €117,803 | +€68,599 | +139% |
| Financial income | 75/76B | €232,750 | €118,273 | -€114,477 | -49.2% |
| Recurring financial income | 75 | €232,750 | €118,273 | -€114,477 | -49.2% |
| Financial charges | 65/66B | €21,214 | €14,964 | -€6,250 | -29.5% |
| Recurring financial charges | 65 | €21,214 | €14,964 | -€6,250 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €260,739 | €221,112 | -€39,628 | -15.2% |
| Transfer from deferred taxes | 780 | €1,000 | €2,003 | +€1,003 | +100% |
| Transfer to deferred taxes | 680 | - | €2,996 | +€2,996 | |
| Income taxes | 67/77 | €31,939 | €31,897 | -€42 | -0.1% |
| Profit (loss) for the period | 9904 | €229,800 | €188,221 | -€41,579 | -18.1% |
| Transfer from tax-exempt reserves | 789 | €4,000 | €8,011 | +€4,011 | +100% |
| Transfer to tax-exempt reserves | 689 | - | €11,984 | +€11,984 | |
| Profit (loss) for the period to be appropriated | 9905 | €233,800 | €184,248 | -€49,552 | -21.2% |
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 16 October 2026 via checked.be.