PAUCO: 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.
PAUCO
Largest movements
- Cash -€42,931
down €42,931 (-41.5%), from €103,414 to €60,484
mainly Other debts (-€61,053) and Tax, wage and social debts (-€9,577)
- Tangible fixed assets -€11,127
down €11,127 (-76.6%), from €14,516 to €3,390
of which Leasing and similar rights: -€7,802
- Receivables within one year +€5,222
up €5,222 (+38.9%), from €13,425 to €18,647
of which Trade receivables: +€5,514
- Other debts -€61,053
down €61,053 (-98.3%), from €62,126 to €1,073
- Reserves +€26,996
up €26,996 (+54.8%), from €49,225 to €76,222
- Tax, wage and social debts -€9,577
down €9,577 (-49.7%), from €19,278 to €9,702
- Current portion of long-term debt -€7,194
down €7,194 (-100.0%), from €7,194 to €0
- Trade debts +€2,350
up €2,350 (+530.3%), from €443 to €2,793
- Gross operating margin -€8,765
down €8,765 (-15.0%), from €58,272 to €49,508
- Taxes -€1,708
down €1,708 (-17.9%), from €9,528 to €7,821
- Depreciation -€879
down €879 (-6.4%), from €13,659 to €12,779
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 | €142,556 | €93,789 | -€48,767 | -34.2% |
| Fixed assets | 21/28 | €21,956 | €10,830 | -€11,127 | -50.7% |
| Tangible fixed assets | 22/27 | €14,516 | €3,390 | -€11,127 | -76.6% |
| Plant, machinery and equipment | 23 | €3,639 | €1,640 | -€2,000 | -54.9% |
| Furniture and vehicles | 24 | €3,075 | €1,750 | -€1,325 | -43.1% |
| Leasing and similar rights | 25 | €7,802 | €0 | -€7,802 | -100.0% |
| Financial fixed assets | 28 | €7,440 | €7,440 | = | 0.0% |
| Current assets | 29/58 | €120,599 | €82,959 | -€37,640 | -31.2% |
| Amounts receivable within one year | 40/41 | €13,425 | €18,647 | +€5,222 | +38.9% |
| Trade receivables | 40 | €12,953 | €18,467 | +€5,514 | +42.6% |
| Other amounts receivable | 41 | €472 | €179 | -€292 | -62.0% |
| Cash at bank and in hand | 54/58 | €103,414 | €60,484 | -€42,931 | -41.5% |
| Deferred charges and accrued income | 490/1 | €3,760 | €3,829 | +€69 | +1.8% |
| Total equity and liabilities | 10/49 | €142,556 | €93,789 | -€48,767 | -34.2% |
| Equity | 10/15 | €53,225 | €80,222 | +€26,996 | +50.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €49,225 | €76,222 | +€26,996 | +54.8% |
| Distributable reserves | 133 | €49,225 | €76,222 | +€26,996 | +54.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €89,330 | €13,567 | -€75,763 | -84.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €89,041 | €13,567 | -€75,474 | -84.8% |
| Current portion of amounts payable after more than one year | 42 | €7,194 | €0 | -€7,194 | -100.0% |
| Trade debts | 44 | €443 | €2,793 | +€2,350 | +530.3% |
| Suppliers | 440/4 | €443 | €2,793 | +€2,350 | +530.3% |
| Taxes, remuneration and social security | 45 | €19,278 | €9,702 | -€9,577 | -49.7% |
| Taxes | 450/3 | €19,278 | €9,702 | -€9,577 | -49.7% |
| Other amounts payable | 47/48 | €62,126 | €1,073 | -€61,053 | -98.3% |
| Accrued charges and deferred income | 492/3 | €289 | €0 | -€289 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,659 | €12,779 | -€879 | -6.4% |
| Other operating charges | 640/8 | €1,708 | €1,648 | -€60 | -3.5% |
| Gross operating margin | 9900 | €58,272 | €49,508 | -€8,765 | -15.0% |
| Operating profit (loss) | 9901 | €42,905 | €35,080 | -€7,825 | -18.2% |
| Financial income | 75/76B | €8 | €1 | -€8 | -93.6% |
| Recurring financial income | 75 | €8 | €1 | -€8 | -93.6% |
| Financial charges | 65/66B | €284 | €263 | -€20 | -7.2% |
| Recurring financial charges | 65 | €284 | €263 | -€20 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €42,630 | €34,817 | -€7,813 | -18.3% |
| Income taxes | 67/77 | €9,528 | €7,821 | -€1,708 | -17.9% |
| Profit (loss) for the period | 9904 | €33,102 | €26,996 | -€6,105 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,102 | €26,996 | -€6,105 | -18.4% |
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 9 October 2026 via checked.be.