Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 25 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 24.9 to 21.6.
Financials
Financial year 2025
Barthel PAULS from Gouvy, company number BE0416461184, closed financial year 2025 with a result of € 2.7 million after tax. For that financial year Barthel PAULS recorded revenue of € 67.5 million and equity of € 32.8 million. Compared with financial year 2024, the result moved from € -1.3 million to € 2.7 million. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 15, 2026.
€ 32.8 million
▲ 5% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 2.7 million
▲ still € 1.3 million loss in 2024
Profit after tax over the fiscal year.
€ 1.3 million
▼ 34% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 1 million paid out
37 % of the profit went to the shareholders, mostly to SOCIETE GESTION CONSEIL (84 % of the shares). That is where the money ends up.
People and assets in 2025
21.6
▼ 3.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.4 million
▲ 10% vs 2024
€ 64,800 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 313,003
▼ 29% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 7.9 million
▲ 237% vs 2024
€ 875,000 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 13.6 million
▼ 7% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 80 days on average.
€ 149,664
▲ 16% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 72,332,036 | € 54,820,775 | € 59,254,857 | € 67,491,379 | ▲ 14% |
| Profit after taxes | € 11,819,347 | € 222,526 | € -1,297,109 | € 2,727,879 | ▲ € 4 million |
| Equity | € 33,250,887 | € 32,404,133 | € 31,107,024 | € 32,815,623 | ▲ 5% |
| Total debts | € 13,296,296 | € 11,505,633 | € 17,176,146 | € 22,681,679 | ▲ 32% |
| Cash | € 1,334,545 | € 1,090,566 | € 1,922,157 | € 1,277,497 | ▼ 34% |
| Retained profit | € 30,907,287 | € 29,904,133 | € 28,607,024 | € 30,315,623 | ▲ 6% |
| Dividend | € 1,069,280 | € 1,069,280 | € 0 | € 1,019,280 | |
| Bank debt | € 5,023,750 | € 3,296,054 | € 2,343,750 | € 7,889,153 | ▲ 237% |
| Balance sheet total | € 46,547,183 | € 43,909,766 | € 48,283,170 | € 55,497,302 | ▲ 15% |
| Employees (FTE) | 26.3 | 24.9 | 24.8 | 21.6 | ▼ 3.2 |
Key figures of Barthel PAULS, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Barthel PAULS?
What happened at Barthel PAULS in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- SPARAXIS SA stepped down as director. NBB
- Marc Tinant stepped down as director. NBB
- Societe de Gestion et Conseil stepped down as director. NBB
- GESAPA SRL stepped down as director. NBB
- SOGINVEST SPRL stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 2.7 million. Source: NBB ↗
- Societe de Gestion et Conseil became a director. NBB
- GESAPA SRL became a director. NBB
In short
From € 11.8 million profit in 2022 to € 2.7 million profit in 2025.
Paid € 4.5 million in corporate taxes since 2022.
Best year ever: 2022, with € 11.8 million profit.
Paid out € 3.2 million in dividends to the owners in total.
Management
The stake of SOCIETE GESTION CONSEIL, Wallonie Entreprendre comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Barthel PAULSThe shares are held by SOCIETE GESTION CONSEIL (84.4%) and Wallonie Entreprendre (14.4%). It owns 100% of Holzindustrie Pauls SA itself.
Directors
According to the 2025 annual accounts
Managing director · represented by MANFRED PAULS
Also active at: HOLZINDUSTRIE PAULS, BP IMMO
since 2024 · until 2030
Director · represented by ANNETTE PAULS
Also active at: HOLZINDUSTRIE PAULS, SOCIETE GESTION CONSEIL, BP IMMO
since 2024 · until 2030
Director · represented by YVES MEURICE
Also active at: C.P. Bourg, A.M.B., Jean Goldschmidt International, Ateliers Pierre Cerfontaine, Floridienne, Fonderies J. Marichal Ketin et Cie, JUNGLING, MEBF +224 more
since 2024 · until 2031
since 2024 · until 2031
Director · represented by ANDRE KILESSE
Also active at: Polca, PCSI, ORTIS, HOLDING PCS, R-PACK TRADING, FINAWIRS, BROPTIMIZE ENERGY, CAMAC +6 more
since 2024 · until 2030
Shareholders
84.4%
14.4%
Participations
Establishments
Establishment units
Physical locations of this company
Pôle Ardenne Bois de Gouvy 1
6671 Gouvy
Brückberg 29
4760 Büllingen
Active since 4 September 1976
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Certifications & Partners
Hosting & Email
Email provider
Microsoft 365
Hosting
GD-EMEA-DC-SXB1, DE
Domain
Domain
pauls.be
Registered
2000-12-13
Website info
Features
Security
Details
- Company number
- 0416.461.184
- VAT number
- BE 0416.461.184
- Registered office
- Pôle Ardenne Bois de Gouvy 1, 6671 Gouvy
- Names & denominations
- Barthel PAULS
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 4 September 1976
- Peppol
- Active · Active since 14 May 2025
- Contact
- pauls.be
- Activities · NACE
Zagen en schaven van hout
Groothandel in hout