Steven Pauwels: what changed
Steven Pauwels
Largest movements
- Tangible fixed assets -€48,548
down €48,548 (-9.7%), from €497,989 to €449,441
of which Furniture and vehicles: -€27,767
- Receivables within one year +€37,853
up €37,853 (+11.6%), from €327,289 to €365,142
of which Other amounts receivable: +€37,514
- Other debts +€213,282
new in 2025: €213,282
- Reserves -€143,909
down €143,909 (-15.1%), from €955,395 to €811,487
of which Distributable reserves: -€143,909
- Tax, wage and social debts -€46,708
down €46,708 (-71.4%), from €65,460 to €18,753
of which Taxes: -€42,708
- Debts after one year -€25,606
down €25,606 (-72.9%), from €35,103 to €9,497
- Gross operating margin +€10,511
up €10,511 (+8.5%), from €123,729 to €134,239
- Financial income +€7,083
up €7,083 (+68.5%), from €10,335 to €17,418
- Taxes +€6,923
up €6,923 (+29.8%), from €23,201 to €30,124
- Depreciation +€3,934
up €3,934 (+8.8%), from €44,614 to €48,548
- Financial charges -€1,584
down €1,584 (-41.6%), from €3,810 to €2,226
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,106,857 | €1,097,764 | -€9,093 | -0.8% |
| Fixed assets | 21/28 | €497,989 | €449,441 | -€48,548 | -9.7% |
| Tangible fixed assets | 22/27 | €497,989 | €449,441 | -€48,548 | -9.7% |
| Land and buildings | 22 | €385,040 | €367,220 | -€17,820 | -4.6% |
| Plant, machinery and equipment | 23 | €5,743 | €4,496 | -€1,247 | -21.7% |
| Furniture and vehicles | 24 | €98,513 | €70,746 | -€27,767 | -28.2% |
| Other tangible fixed assets | 26 | €8,693 | €6,979 | -€1,715 | -19.7% |
| Current assets | 29/58 | €608,869 | €648,324 | +€39,455 | +6.5% |
| Amounts receivable within one year | 40/41 | €327,289 | €365,142 | +€37,853 | +11.6% |
| Trade receivables | 40 | €27,590 | €27,929 | +€339 | +1.2% |
| Other amounts receivable | 41 | €299,699 | €337,213 | +€37,514 | +12.5% |
| Cash at bank and in hand | 54/58 | €278,083 | €279,677 | +€1,594 | +0.6% |
| Deferred charges and accrued income | 490/1 | €3,497 | €3,505 | +€8 | +0.2% |
| Total equity and liabilities | 10/49 | €1,106,857 | €1,097,764 | -€9,093 | -0.8% |
| Equity | 10/15 | €967,895 | €823,987 | -€143,909 | -14.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €955,395 | €811,487 | -€143,909 | -15.1% |
| Tax-exempt reserves | 132 | €21,490 | €21,490 | = | 0.0% |
| Distributable reserves | 133 | €933,906 | €789,997 | -€143,909 | -15.4% |
| Amounts payable | 17/49 | €138,962 | €273,778 | +€134,816 | +97.0% |
| Amounts payable after more than one year | 17 | €35,103 | €9,497 | -€25,606 | -72.9% |
| Financial debts | 170/4 | €35,103 | €9,497 | -€25,606 | -72.9% |
| Amounts payable within one year | 42/48 | €103,859 | €264,281 | +€160,422 | +154% |
| Current portion of amounts payable after more than one year | 42 | €31,536 | €25,606 | -€5,930 | -18.8% |
| Trade debts | 44 | €6,862 | €6,640 | -€222 | -3.2% |
| Suppliers | 440/4 | €6,862 | €6,640 | -€222 | -3.2% |
| Taxes, remuneration and social security | 45 | €65,460 | €18,753 | -€46,708 | -71.4% |
| Taxes | 450/3 | €61,460 | €18,753 | -€42,708 | -69.5% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | - | €213,282 | +€213,282 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,614 | €48,548 | +€3,934 | +8.8% |
| Other operating charges | 640/8 | €2,900 | €1,386 | -€1,514 | -52.2% |
| Non-recurring operating charges | 66A | €5,959 | - | -€5,959 | |
| Gross operating margin | 9900 | €123,729 | €134,239 | +€10,511 | +8.5% |
| Operating profit (loss) | 9901 | €70,255 | €84,305 | +€14,050 | +20.0% |
| Financial income | 75/76B | €10,335 | €17,418 | +€7,083 | +68.5% |
| Recurring financial income | 75 | €10,335 | €17,418 | +€7,083 | +68.5% |
| Financial charges | 65/66B | €3,810 | €2,226 | -€1,584 | -41.6% |
| Recurring financial charges | 65 | €3,810 | €2,226 | -€1,584 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €76,781 | €99,497 | +€22,716 | +29.6% |
| Income taxes | 67/77 | €23,201 | €30,124 | +€6,923 | +29.8% |
| Profit (loss) for the period | 9904 | €53,579 | €69,373 | +€15,794 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,579 | €69,373 | +€15,794 | +29.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.