PAW IMMO: 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.
PAW IMMO
Largest movements
- Tangible fixed assets -€34,039
down €34,039 (-2.6%), from €1.3m to €1.3m
- Cash +€13,512
up €13,512 (+41.3%), from €32,746 to €46,258
mainly Depreciation (+€34,039) and Net result for the year (+€26,949)
- Debts after one year -€59,063
down €59,063 (-6.4%), from €917,177 to €858,114
- Reserves +€23,364
up €23,364 (+44.1%), from €53,000 to €76,364
- Gross operating margin +€8,238
up €8,238 (+7.9%), from €103,963 to €112,201
- Taxes +€3,067
up €3,067 (+33.0%), from €9,296 to €12,363
- Financial charges +€1,192
up €1,192 (+4.6%), from €25,747 to €26,939
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 | €1,338,602 | €1,318,075 | -€20,527 | -1.5% |
| Fixed assets | 21/28 | €1,295,855 | €1,261,816 | -€34,039 | -2.6% |
| Tangible fixed assets | 22/27 | €1,295,855 | €1,261,816 | -€34,039 | -2.6% |
| Land and buildings | 22 | €1,295,855 | €1,261,816 | -€34,039 | -2.6% |
| Current assets | 29/58 | €42,746 | €56,258 | +€13,512 | +31.6% |
| Amounts receivable within one year | 40/41 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,746 | €46,258 | +€13,512 | +41.3% |
| Total equity and liabilities | 10/49 | €1,338,602 | €1,318,075 | -€20,527 | -1.5% |
| Equity | 10/15 | €116,715 | €143,663 | +€26,949 | +23.1% |
| Contributions | 10/11 | €30,000 | €33,000 | +€3,000 | +10.0% |
| Capital | 10 | €30,000 | - | -€30,000 | |
| Issued capital | 100 | €30,000 | - | -€30,000 | |
| Reserves | 13 | €53,000 | €76,364 | +€23,364 | +44.1% |
| Non-distributable reserves | 130/1 | €53,000 | €76,364 | +€23,364 | +44.1% |
| Legal reserve | 130 | €3,000 | - | -€3,000 | |
| Other | 1319 | €50,000 | €76,364 | +€26,364 | +52.7% |
| Profit (loss) carried forward | 14 | €33,715 | €34,299 | +€585 | +1.7% |
| Amounts payable | 17/49 | €1,221,887 | €1,174,411 | -€47,476 | -3.9% |
| Amounts payable after more than one year | 17 | €917,177 | €858,114 | -€59,063 | -6.4% |
| Financial debts | 170/4 | €917,177 | €858,114 | -€59,063 | -6.4% |
| Amounts payable within one year | 42/48 | €303,803 | €315,390 | +€11,587 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €58,074 | €59,063 | +€989 | +1.7% |
| Taxes, remuneration and social security | 45 | €13,346 | €15,908 | +€2,562 | +19.2% |
| Taxes | 450/3 | €13,346 | €15,908 | +€2,562 | +19.2% |
| Other amounts payable | 47/48 | €232,383 | €240,419 | +€8,036 | +3.5% |
| Accrued charges and deferred income | 492/3 | €908 | €908 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,039 | €34,039 | = | 0.0% |
| Other operating charges | 640/8 | €11,488 | €11,912 | +€424 | +3.7% |
| Gross operating margin | 9900 | €103,963 | €112,201 | +€8,238 | +7.9% |
| Operating profit (loss) | 9901 | €58,436 | €66,250 | +€7,814 | +13.4% |
| Financial charges | 65/66B | €25,747 | €26,939 | +€1,192 | +4.6% |
| Recurring financial charges | 65 | €25,747 | €26,939 | +€1,192 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €32,689 | €39,311 | +€6,622 | +20.3% |
| Income taxes | 67/77 | €9,296 | €12,363 | +€3,067 | +33.0% |
| Profit (loss) for the period | 9904 | €23,393 | €26,949 | +€3,556 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,393 | €26,949 | +€3,556 | +15.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.