PAUWLUS: 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.
PAUWLUS
Largest movements
- Financial fixed assets -€61,000
down €61,000 (-6.6%), from €921,733 to €860,733
- Receivables within one year -€29,634
down €29,634 (-39.8%), from €74,517 to €44,883
of which Other amounts receivable: -€29,658
- Current investments +€26,286
up €26,286 (+22.1%), from €119,025 to €145,311
- Cash -€22,298
down €22,298 (-34.5%), from €64,717 to €42,419
mainly Debts after one year (-€132,817) and Other debts (-€61,525)
- Tangible fixed assets -€17,356
down €17,356 (-3.5%), from €502,350 to €484,994
of which Land and buildings: -€15,701
- Debts after one year -€132,817
down €132,817 (-16.7%), from €796,927 to €664,110
of which Financial debts: -€132,817
- Profit (loss) carried forward +€109,581
up €109,581 (+104%), from €105,436 to €215,017
- Other debts -€61,525
down €61,525 (-37.6%), from €163,704 to €102,179
- Financial income +€51,180
up €51,180 (+391%), from €13,075 to €64,255
- Financial charges +€42,540
up €42,540 (+106%), from €40,060 to €82,599
of which Non-recurring financial charges: +€52,000
- Gross operating margin -€2,877
down €2,877 (-1.3%), from €213,275 to €210,399
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 | €1,684,075 | €1,578,785 | -€105,290 | -6.3% |
| Fixed assets | 21/28 | €1,424,084 | €1,345,728 | -€78,356 | -5.5% |
| Tangible fixed assets | 22/27 | €502,350 | €484,994 | -€17,356 | -3.5% |
| Land and buildings | 22 | €499,973 | €484,272 | -€15,701 | -3.1% |
| Plant, machinery and equipment | 23 | €927 | - | -€927 | |
| Furniture and vehicles | 24 | €1,451 | €722 | -€729 | -50.2% |
| Financial fixed assets | 28 | €921,733 | €860,733 | -€61,000 | -6.6% |
| Current assets | 29/58 | €259,991 | €233,057 | -€26,934 | -10.4% |
| Amounts receivable within one year | 40/41 | €74,517 | €44,883 | -€29,634 | -39.8% |
| Trade receivables | 40 | €2,699 | €2,723 | +€24 | +0.9% |
| Other amounts receivable | 41 | €71,818 | €42,160 | -€29,658 | -41.3% |
| Current investments | 50/53 | €119,025 | €145,311 | +€26,286 | +22.1% |
| Cash at bank and in hand | 54/58 | €64,717 | €42,419 | -€22,298 | -34.5% |
| Deferred charges and accrued income | 490/1 | €1,732 | €444 | -€1,288 | -74.4% |
| Total equity and liabilities | 10/49 | €1,684,075 | €1,578,785 | -€105,290 | -6.3% |
| Equity | 10/15 | €551,147 | €660,728 | +€109,581 | +19.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €425,711 | €425,711 | = | 0.0% |
| Distributable reserves | 133 | €425,711 | €425,711 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,436 | €215,017 | +€109,581 | +104% |
| Amounts payable | 17/49 | €1,132,928 | €918,057 | -€214,871 | -19.0% |
| Amounts payable after more than one year | 17 | €796,927 | €664,110 | -€132,817 | -16.7% |
| Financial debts | 170/4 | €792,427 | €659,610 | -€132,817 | -16.8% |
| Other amounts payable | 178/9 | €4,500 | €4,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €335,887 | €253,946 | -€81,941 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €161,843 | €147,817 | -€14,026 | -8.7% |
| Trade debts | 44 | €7,899 | €1,460 | -€6,439 | -81.5% |
| Suppliers | 440/4 | €7,899 | €1,460 | -€6,439 | -81.5% |
| Taxes, remuneration and social security | 45 | €2,441 | €2,490 | +€49 | +2.0% |
| Taxes | 450/3 | - | €14 | +€14 | |
| Remuneration and social security | 454/9 | €2,441 | €2,476 | +€35 | +1.4% |
| Other amounts payable | 47/48 | €163,704 | €102,179 | -€61,525 | -37.6% |
| Accrued charges and deferred income | 492/3 | €113 | - | -€113 | |
| Remuneration, social security and pensions | 62 | €22,000 | €23,081 | +€1,081 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,127 | €17,356 | -€771 | -4.3% |
| Other operating charges | 640/8 | €2,529 | €2,187 | -€342 | -13.5% |
| Gross operating margin | 9900 | €213,275 | €210,399 | -€2,877 | -1.3% |
| Operating profit (loss) | 9901 | €170,620 | €167,774 | -€2,846 | -1.7% |
| Financial income | 75/76B | €13,075 | €64,255 | +€51,180 | +391% |
| Recurring financial income | 75 | €13,075 | €64,255 | +€51,180 | +391% |
| Financial charges | 65/66B | €40,060 | €82,599 | +€42,540 | +106% |
| Recurring financial charges | 65 | €28,460 | €18,999 | -€9,460 | -33.2% |
| Non-recurring financial charges | 66B | €11,600 | €63,600 | +€52,000 | +448% |
| Profit (loss) for the period before taxes | 9903 | €143,635 | €149,429 | +€5,794 | +4.0% |
| Income taxes | 67/77 | €38,199 | €39,848 | +€1,649 | +4.3% |
| Profit (loss) for the period | 9904 | €105,436 | €109,581 | +€4,146 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,436 | €109,581 | +€4,146 | +3.9% |
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 27 October 2026 via checked.be.