PAU Project Studio: 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.
PAU Project Studio
Largest movements
- Receivables within one year -€470,140
down €470,140 (-74.9%), from €627,763 to €157,623
of which Trade receivables: -€421,764
- Receivables after one year -€150,320
down €150,320 (-100%), from €150,320 to €0
- Deferred charges and accrued income -€10,822
down €10,822 (-100%), from €10,822 to €0
- Profit (loss) carried forward -€225,220
down €225,220 (-42.1%), from -€535,236 to -€760,456
- Debts after one year -€150,864
down €150,864 (-16.5%), from €914,932 to €764,068
- Short-term financial debts -€122,394
down €122,394 (-84.2%), from €145,437 to €23,043
- Trade debts -€116,374
down €116,374 (-55.8%), from €208,609 to €92,236
- Tax, wage and social debts -€14,373
down €14,373 (-36.0%), from €39,979 to €25,605
of which Remuneration and social security: -€10,541
- Staff costs -€2.0m
down €2.0m (-91.0%), from €2.2m to €198,228
- Gross operating margin -€1.8m
down €1.8m (-99.3%), from €1.8m to €13,331
- Financial charges -€86,717
down €86,717 (-70.5%), from €123,076 to €36,358
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 | €807,901 | €169,177 | -€638,725 | -79.1% |
| Fixed assets | 21/28 | €5,427 | €3,166 | -€2,261 | -41.7% |
| Tangible fixed assets | 22/27 | €5,427 | €3,166 | -€2,261 | -41.7% |
| Plant, machinery and equipment | 23 | €5,427 | €3,166 | -€2,261 | -41.7% |
| Current assets | 29/58 | €802,474 | €166,011 | -€636,464 | -79.3% |
| Amounts receivable after more than one year | 29 | €150,320 | €0 | -€150,320 | -100% |
| Other amounts receivable | 291 | €150,320 | €0 | -€150,320 | -100% |
| Amounts receivable within one year | 40/41 | €627,763 | €157,623 | -€470,140 | -74.9% |
| Trade receivables | 40 | €508,544 | €86,780 | -€421,764 | -82.9% |
| Other amounts receivable | 41 | €119,219 | €70,843 | -€48,376 | -40.6% |
| Cash at bank and in hand | 54/58 | €13,568 | €8,387 | -€5,181 | -38.2% |
| Deferred charges and accrued income | 490/1 | €10,822 | €0 | -€10,822 | -100% |
| Total equity and liabilities | 10/49 | €807,901 | €169,177 | -€638,725 | -79.1% |
| Equity | 10/15 | -€529,035 | -€754,255 | -€225,220 | -42.6% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€535,236 | -€760,456 | -€225,220 | -42.1% |
| Amounts payable | 17/49 | €1,336,936 | €923,432 | -€413,505 | -30.9% |
| Amounts payable after more than one year | 17 | €914,932 | €764,068 | -€150,864 | -16.5% |
| Other amounts payable | 178/9 | €914,932 | €764,068 | -€150,864 | -16.5% |
| Amounts payable within one year | 42/48 | €395,132 | €141,991 | -€253,140 | -64.1% |
| Financial debts | 43 | €145,437 | €23,043 | -€122,394 | -84.2% |
| Credit institutions | 430/8 | €145,437 | €23,043 | -€122,394 | -84.2% |
| Trade debts | 44 | €208,609 | €92,236 | -€116,374 | -55.8% |
| Suppliers | 440/4 | €208,609 | €92,236 | -€116,374 | -55.8% |
| Taxes, remuneration and social security | 45 | €39,979 | €25,605 | -€14,373 | -36.0% |
| Taxes | 450/3 | €10,042 | €6,210 | -€3,832 | -38.2% |
| Remuneration and social security | 454/9 | €29,937 | €19,396 | -€10,541 | -35.2% |
| Other amounts payable | 47/48 | €1,107 | €1,107 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €26,872 | €17,372 | -€9,500 | -35.4% |
| Remuneration, social security and pensions | 62 | €2,204,410 | €198,228 | -€2.0m | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,974 | €2,261 | -€7,713 | -77.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,108 | +€3,108 | |
| Other operating charges | 640/8 | €16,244 | €1,522 | -€14,722 | -90.6% |
| Gross operating margin | 9900 | €1,807,293 | €13,331 | -€1.8m | -99.3% |
| Operating profit (loss) | 9901 | -€423,335 | -€191,788 | +€231,547 | +54.7% |
| Financial income | 75/76B | €1,690 | €3,292 | +€1,602 | +94.8% |
| Recurring financial income | 75 | €1,690 | €3,292 | +€1,602 | +94.8% |
| Financial charges | 65/66B | €123,076 | €36,358 | -€86,717 | -70.5% |
| Recurring financial charges | 65 | €123,076 | €36,358 | -€86,717 | -70.5% |
| Profit (loss) for the period before taxes | 9903 | -€544,721 | -€224,855 | +€319,866 | +58.7% |
| Income taxes | 67/77 | €5,359 | €365 | -€4,993 | -93.2% |
| Profit (loss) for the period | 9904 | -€550,079 | -€225,220 | +€324,859 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€550,079 | -€225,220 | +€324,859 | +59.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.