DR.STEVEN PAULI: 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.
DR.STEVEN PAULI
Largest movements
- Tangible fixed assets -€135,313
down €135,313 (-22.3%), from €606,267 to €470,954
of which Land and buildings: -€77,883
- Cash +€84,764
up €84,764 (+211%), from €40,101 to €124,865
mainly Depreciation (+€141,925) and Other debts (+€76,759)
- Other debts +€76,759
up €76,759 (+82.9%), from €92,570 to €169,329
- Debts after one year -€55,937
down €55,937 (-37.1%), from €150,589 to €94,652
- Current portion of long-term debt -€41,006
down €41,006 (-42.3%), from €96,943 to €55,937
- Reserves -€36,271
down €36,271 (-22.0%), from €164,754 to €128,483
of which Distributable reserves: -€36,271
- Financial charges +€33,944
up €33,944 (+47.3%), from €71,821 to €105,766
- Gross operating margin +€20,738
up €20,738 (+8.2%), from €252,943 to €273,681
- Taxes -€7,533
down €7,533 (-44.0%), from €17,101 to €9,569
- Depreciation +€7,187
up €7,187 (+5.3%), from €134,738 to €141,925
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 | €709,017 | €654,551 | -€54,466 | -7.7% |
| Fixed assets | 21/28 | €606,517 | €471,204 | -€135,313 | -22.3% |
| Tangible fixed assets | 22/27 | €606,267 | €470,954 | -€135,313 | -22.3% |
| Land and buildings | 22 | €375,989 | €298,106 | -€77,883 | -20.7% |
| Plant, machinery and equipment | 23 | €4,583 | €2,921 | -€1,662 | -36.3% |
| Furniture and vehicles | 24 | €225,695 | €169,927 | -€55,768 | -24.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €102,499 | €183,346 | +€80,847 | +78.9% |
| Amounts receivable within one year | 40/41 | €5,871 | €5,513 | -€357 | -6.1% |
| Other amounts receivable | 41 | €5,871 | €5,513 | -€357 | -6.1% |
| Cash at bank and in hand | 54/58 | €40,101 | €124,865 | +€84,764 | +211% |
| Deferred charges and accrued income | 490/1 | €56,528 | €52,968 | -€3,560 | -6.3% |
| Total equity and liabilities | 10/49 | €709,017 | €654,551 | -€54,466 | -7.7% |
| Equity | 10/15 | €346,354 | €310,083 | -€36,271 | -10.5% |
| Contributions | 10/11 | €181,600 | €181,600 | = | 0.0% |
| Contributions outside capital | 11 | €181,600 | €181,600 | = | 0.0% |
| Other | 1109/19 | €181,600 | €181,600 | = | 0.0% |
| Reserves | 13 | €164,754 | €128,483 | -€36,271 | -22.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €144,144 | €107,873 | -€36,271 | -25.2% |
| Amounts payable | 17/49 | €362,662 | €344,468 | -€18,194 | -5.0% |
| Amounts payable after more than one year | 17 | €150,589 | €94,652 | -€55,937 | -37.1% |
| Financial debts | 170/4 | €150,589 | €94,652 | -€55,937 | -37.1% |
| Amounts payable within one year | 42/48 | €212,073 | €249,816 | +€37,743 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €96,943 | €55,937 | -€41,006 | -42.3% |
| Financial debts | 43 | €5,921 | €6,462 | +€541 | +9.1% |
| Other loans | 439 | €5,921 | €6,462 | +€541 | +9.1% |
| Trade debts | 44 | €10,618 | €11,852 | +€1,233 | +11.6% |
| Suppliers | 440/4 | €10,618 | €11,852 | +€1,233 | +11.6% |
| Taxes, remuneration and social security | 45 | €6,021 | €6,236 | +€215 | +3.6% |
| Taxes | 450/3 | €6,021 | €6,236 | +€215 | +3.6% |
| Other amounts payable | 47/48 | €92,570 | €169,329 | +€76,759 | +82.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,738 | €141,925 | +€7,187 | +5.3% |
| Other operating charges | 640/8 | €4,045 | €4,254 | +€209 | +5.2% |
| Gross operating margin | 9900 | €252,943 | €273,681 | +€20,738 | +8.2% |
| Operating profit (loss) | 9901 | €114,160 | €127,501 | +€13,342 | +11.7% |
| Financial income | 75/76B | €1,820 | €2,611 | +€791 | +43.5% |
| Recurring financial income | 75 | €1,820 | €2,611 | +€791 | +43.5% |
| Financial charges | 65/66B | €71,821 | €105,766 | +€33,944 | +47.3% |
| Recurring financial charges | 65 | €71,821 | €105,766 | +€33,944 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €44,158 | €24,347 | -€19,811 | -44.9% |
| Income taxes | 67/77 | €17,101 | €9,569 | -€7,533 | -44.0% |
| Profit (loss) for the period | 9904 | €27,057 | €14,778 | -€12,279 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,057 | €14,778 | -€12,279 | -45.4% |
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 30 October 2026 via checked.be.