Tack-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.
Tack-Pauwelyn
Largest movements
- Tangible fixed assets +€344,380
up €344,380 (+31.3%), from €1.1m to €1.4m
of which Land and buildings: +€341,687
- Cash +€63,682
up €63,682 (+162%), from €39,330 to €103,012
mainly Debts after one year (+€341,802) and Net result for the year (+€63,346)
- Debts after one year +€341,802
up €341,802 (+51.7%), from €660,613 to €1.0m
- Reserves +€66,849
up €66,849 (+16.3%), from €410,000 to €476,849
- Gross operating margin +€22,746
up €22,746 (+13.8%), from €164,655 to €187,400
- Other operating charges +€12,543
up €12,543 (+76.0%), from €16,500 to €29,044
- Taxes +€3,042
up €3,042 (+16.0%), from €18,982 to €22,023
- Staff costs -€2,686
down €2,686 (-6.1%), from €44,027 to €41,341
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 | €1,175,815 | €1,584,798 | +€408,983 | +34.8% |
| Fixed assets | 21/28 | €1,103,468 | €1,447,848 | +€344,380 | +31.2% |
| Tangible fixed assets | 22/27 | €1,101,893 | €1,446,273 | +€344,380 | +31.3% |
| Land and buildings | 22 | €1,101,893 | €1,443,581 | +€341,687 | +31.0% |
| Plant, machinery and equipment | 23 | - | €2,693 | +€2,693 | |
| Financial fixed assets | 28 | €1,575 | €1,575 | = | 0.0% |
| Current assets | 29/58 | €72,346 | €136,950 | +€64,603 | +89.3% |
| Amounts receivable within one year | 40/41 | €29,377 | €31,407 | +€2,030 | +6.9% |
| Trade receivables | 40 | €18,185 | €17,238 | -€947 | -5.2% |
| Other amounts receivable | 41 | €11,192 | €14,169 | +€2,977 | +26.6% |
| Cash at bank and in hand | 54/58 | €39,330 | €103,012 | +€63,682 | +162% |
| Deferred charges and accrued income | 490/1 | €3,640 | €2,531 | -€1,109 | -30.5% |
| Total equity and liabilities | 10/49 | €1,175,815 | €1,584,798 | +€408,983 | +34.8% |
| Equity | 10/15 | €463,504 | €526,849 | +€63,346 | +13.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €410,000 | €476,849 | +€66,849 | +16.3% |
| Distributable reserves | 133 | €410,000 | €476,849 | +€66,849 | +16.3% |
| Profit (loss) carried forward | 14 | €3,504 | €0 | -€3,504 | -100% |
| Amounts payable | 17/49 | €712,311 | €1,057,949 | +€345,637 | +48.5% |
| Amounts payable after more than one year | 17 | €660,613 | €1,002,415 | +€341,802 | +51.7% |
| Financial debts | 170/4 | €660,613 | €1,002,415 | +€341,802 | +51.7% |
| Amounts payable within one year | 42/48 | €48,712 | €52,983 | +€4,271 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €19,411 | €19,702 | +€291 | +1.5% |
| Trade debts | 44 | €323 | €3,110 | +€2,787 | +863% |
| Suppliers | 440/4 | €323 | €3,110 | +€2,787 | +863% |
| Taxes, remuneration and social security | 45 | €24,869 | €26,320 | +€1,452 | +5.8% |
| Taxes | 450/3 | €19,768 | €21,038 | +€1,270 | +6.4% |
| Remuneration and social security | 454/9 | €5,101 | €5,282 | +€182 | +3.6% |
| Other amounts payable | 47/48 | €4,109 | €3,851 | -€258 | -6.3% |
| Accrued charges and deferred income | 492/3 | €2,986 | €2,550 | -€436 | -14.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €44,027 | €41,341 | -€2,686 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,871 | €21,199 | +€328 | +1.6% |
| Other operating charges | 640/8 | €16,500 | €29,044 | +€12,543 | +76.0% |
| Gross operating margin | 9900 | €164,655 | €187,400 | +€22,746 | +13.8% |
| Operating profit (loss) | 9901 | €83,257 | €95,817 | +€12,560 | +15.1% |
| Financial income | 75/76B | €379 | €2 | -€377 | -99.5% |
| Recurring financial income | 75 | €379 | €2 | -€377 | -99.5% |
| Financial charges | 65/66B | €11,328 | €10,450 | -€878 | -7.8% |
| Recurring financial charges | 65 | €11,328 | €10,450 | -€878 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €72,308 | €85,369 | +€13,061 | +18.1% |
| Income taxes | 67/77 | €18,982 | €22,023 | +€3,042 | +16.0% |
| Profit (loss) for the period | 9904 | €53,326 | €63,346 | +€10,019 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,326 | €63,346 | +€10,019 | +18.8% |
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 22 October 2026 via checked.be.