Frédéric Pauls: what changed
Two fiscal 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.
Frédéric Pauls
Largest movements
- Cash +€22,765
up €22,765 (+99.7%), from €22,836 to €45,601
mainly Net result for the year (+€18,287) and Tax, wage and social debts (+€5,218)
- Receivables within one year +€1,605
up €1,605 (+7.4%), from €21,780 to €23,385
of which Trade receivables: +€1,663
- Reserves +€18,287
up €18,287 (+49.3%), from €37,089 to €55,375
- Tax, wage and social debts +€5,218
up €5,218 (+90.4%), from €5,774 to €10,991
- Gross operating margin +€8,291
up €8,291 (+48.6%), from €17,055 to €25,346
- Taxes +€1,538
up €1,538 (+37.9%), from €4,060 to €5,597
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.
Cash bridge derived
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 | €47,619 | €71,313 | +€23,695 | +49.8% |
| Fixed assets | 21/28 | €1,501 | €797 | -€704 | -46.9% |
| Tangible fixed assets | 22/27 | €1,501 | €797 | -€704 | -46.9% |
| Furniture and vehicles | 24 | €1,501 | €797 | -€704 | -46.9% |
| Current assets | 29/58 | €46,118 | €70,517 | +€24,399 | +52.9% |
| Amounts receivable within one year | 40/41 | €21,780 | €23,385 | +€1,605 | +7.4% |
| Trade receivables | 40 | €18,015 | €19,678 | +€1,663 | +9.2% |
| Other amounts receivable | 41 | €3,765 | €3,707 | -€58 | -1.5% |
| Cash at bank and in hand | 54/58 | €22,836 | €45,601 | +€22,765 | +99.7% |
| Deferred charges and accrued income | 490/1 | €1,502 | €1,531 | +€29 | +1.9% |
| Total equity and liabilities | 10/49 | €47,619 | €71,313 | +€23,695 | +49.8% |
| Equity | 10/15 | €40,089 | €58,375 | +€18,287 | +45.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €37,089 | €55,375 | +€18,287 | +49.3% |
| Distributable reserves | 133 | €37,089 | €55,375 | +€18,287 | +49.3% |
| Amounts payable | 17/49 | €7,530 | €12,938 | +€5,408 | +71.8% |
| Amounts payable within one year | 42/48 | €7,530 | €12,938 | +€5,408 | +71.8% |
| Trade debts | 44 | €1,756 | €1,947 | +€190 | +10.8% |
| Suppliers | 440/4 | €1,756 | €1,947 | +€190 | +10.8% |
| Taxes, remuneration and social security | 45 | €5,774 | €10,991 | +€5,218 | +90.4% |
| Taxes | 450/3 | €5,774 | €10,991 | +€5,218 | +90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €612 | €704 | +€92 | +15.1% |
| Other operating charges | 640/8 | €684 | €872 | +€189 | +27.6% |
| Gross operating margin | 9900 | €17,055 | €25,346 | +€8,291 | +48.6% |
| Operating profit (loss) | 9901 | €15,759 | €23,769 | +€8,010 | +50.8% |
| Financial income | 75/76B | €0 | €185 | +€185 | +142000.0% |
| Recurring financial income | 75 | €0 | €185 | +€185 | +142000.0% |
| Financial charges | 65/66B | €82 | €69 | -€12 | -15.2% |
| Recurring financial charges | 65 | €82 | €69 | -€12 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €15,678 | €23,884 | +€8,207 | +52.3% |
| Income taxes | 67/77 | €4,060 | €5,597 | +€1,538 | +37.9% |
| Profit (loss) for the period | 9904 | €11,618 | €18,287 | +€6,669 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,618 | €18,287 | +€6,669 | +57.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.