PAWA: 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.
PAWA
Largest movements
- Receivables within one year +€23,473
up €23,473 (+92.4%), from €25,393 to €48,866
of which Trade receivables: +€23,473
- Cash +€15,594
up €15,594 (+103%), from €15,164 to €30,758
mainly Other debts (+€33,375) and Net result for the year (+€31,071)
- Intangible fixed assets -€1,900
down €1,900 (-43.7%), from €4,344 to €2,444
- Other debts +€33,375
up €33,375 (+629%), from €5,310 to €38,685
- Tax, wage and social debts +€8,048
up €8,048 (+85.4%), from €9,429 to €17,476
- Trade debts -€2,352
down €2,352 (-96.6%), from €2,434 to €82
- Accrued charges and deferred income -€1,797
no longer reported in 2025 (was €1,797)
- Investment grants -€1,225
down €1,225 (-45.0%), from €2,725 to €1,500
- Gross operating margin +€64,201
up €64,201, from -€27,033 to €37,168
- Taxes +€3,808
new in 2025: €3,808
- Depreciation +€922
up €922 (+37.7%), from €2,446 to €3,368
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 | €55,901 | €93,022 | +€37,120 | +66.4% |
| Fixed assets | 21/28 | €15,336 | €13,398 | -€1,938 | -12.6% |
| Intangible fixed assets | 21 | €4,344 | €2,444 | -€1,900 | -43.7% |
| Tangible fixed assets | 22/27 | €5,992 | €5,954 | -€38 | -0.6% |
| Furniture and vehicles | 24 | €5,992 | €5,954 | -€38 | -0.6% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €40,565 | €79,623 | +€39,058 | +96.3% |
| Amounts receivable within one year | 40/41 | €25,393 | €48,866 | +€23,473 | +92.4% |
| Trade receivables | 40 | €18 | €23,491 | +€23,473 | +134,132% |
| Other amounts receivable | 41 | €25,375 | €25,375 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,164 | €30,758 | +€15,594 | +103% |
| Deferred charges and accrued income | 490/1 | €9 | - | -€9 | |
| Total equity and liabilities | 10/49 | €55,901 | €93,022 | +€37,120 | +66.4% |
| Equity | 10/15 | €36,931 | €36,778 | -€154 | -0.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,206 | €15,278 | +€1,071 | +7.5% |
| Investment grants | 15 | €2,725 | €1,500 | -€1,225 | -45.0% |
| Amounts payable | 17/49 | €18,970 | €56,244 | +€37,274 | +196% |
| Amounts payable within one year | 42/48 | €17,173 | €56,244 | +€39,071 | +228% |
| Trade debts | 44 | €2,434 | €82 | -€2,352 | -96.6% |
| Suppliers | 440/4 | €2,434 | €82 | -€2,352 | -96.6% |
| Taxes, remuneration and social security | 45 | €9,429 | €17,476 | +€8,048 | +85.4% |
| Taxes | 450/3 | €9,429 | €17,476 | +€8,048 | +85.4% |
| Other amounts payable | 47/48 | €5,310 | €38,685 | +€33,375 | +629% |
| Accrued charges and deferred income | 492/3 | €1,797 | - | -€1,797 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,446 | €3,368 | +€922 | +37.7% |
| Gross operating margin | 9900 | -€27,033 | €37,168 | +€64,201 | |
| Operating profit (loss) | 9901 | -€29,480 | €33,799 | +€63,279 | |
| Financial income | 75/76B | €1,230 | €1,225 | -€5 | -0.4% |
| Recurring financial income | 75 | €1,230 | €1,225 | -€5 | -0.4% |
| Financial charges | 65/66B | €123 | €146 | +€23 | +18.7% |
| Recurring financial charges | 65 | €123 | €146 | +€23 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,372 | €34,879 | +€63,251 | |
| Income taxes | 67/77 | - | €3,808 | +€3,808 | |
| Profit (loss) for the period | 9904 | -€28,372 | €31,071 | +€59,443 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,372 | €31,071 | +€59,443 |
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.