PAUCOLI: 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.
PAUCOLI
Largest movements
- Cash -€92,714
down €92,714 (-47.8%), from €193,927 to €101,212
mainly Contributions, distributions and other (-€349,000) and Tax, wage and social debts (-€24,898)
- Tangible fixed assets -€13,088
down €13,088 (-59.9%), from €21,836 to €8,749
- Current investments +€8,493
new in 2025: €8,493
- Receivables within one year +€7,497
up €7,497 (+41.4%), from €18,117 to €25,615
of which Trade receivables: +€4,505
- Reserves -€202,041
down €202,041 (-99.9%), from €202,201 to €160
- Other debts +€148,917
up €148,917 (+111,024%), from €134 to €149,051
- Tax, wage and social debts -€24,898
down €24,898 (-68.2%), from €36,515 to €11,617
- Current portion of long-term debt -€7,664
down €7,664 (-74.9%), from €10,238 to €2,574
- Gross operating margin +€81,115
up €81,115 (+65.6%), from €123,667 to €204,782
- Taxes +€22,173
up €22,173 (+86.2%), from €25,710 to €47,883
- Financial income +€7,659
up €7,659 (+101%), from €7,555 to €15,214
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 | €415,287 | €325,805 | -€89,482 | -21.5% |
| Fixed assets | 21/28 | €202,933 | €189,846 | -€13,088 | -6.4% |
| Tangible fixed assets | 22/27 | €21,836 | €8,749 | -€13,088 | -59.9% |
| Furniture and vehicles | 24 | €21,836 | €8,749 | -€13,088 | -59.9% |
| Financial fixed assets | 28 | €181,097 | €181,097 | = | 0.0% |
| Current assets | 29/58 | €212,354 | €135,959 | -€76,395 | -36.0% |
| Amounts receivable within one year | 40/41 | €18,117 | €25,615 | +€7,497 | +41.4% |
| Trade receivables | 40 | €18,028 | €22,533 | +€4,505 | +25.0% |
| Other amounts receivable | 41 | €89 | €3,082 | +€2,992 | +3,345% |
| Current investments | 50/53 | - | €8,493 | +€8,493 | |
| Cash at bank and in hand | 54/58 | €193,927 | €101,212 | -€92,714 | -47.8% |
| Deferred charges and accrued income | 490/1 | €310 | €640 | +€330 | +107% |
| Total equity and liabilities | 10/49 | €415,287 | €325,805 | -€89,482 | -21.5% |
| Equity | 10/15 | €204,701 | €2,660 | -€202,041 | -98.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €202,201 | €160 | -€202,041 | -99.9% |
| Distributable reserves | 133 | €202,201 | €160 | -€202,041 | -99.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €210,586 | €323,145 | +€112,559 | +53.5% |
| Amounts payable after more than one year | 17 | €152,574 | €150,000 | -€2,574 | -1.7% |
| Financial debts | 170/4 | €152,574 | €150,000 | -€2,574 | -1.7% |
| Amounts payable within one year | 42/48 | €50,174 | €165,990 | +€115,816 | +231% |
| Current portion of amounts payable after more than one year | 42 | €10,238 | €2,574 | -€7,664 | -74.9% |
| Trade debts | 44 | €3,287 | €2,748 | -€539 | -16.4% |
| Suppliers | 440/4 | €3,287 | €2,748 | -€539 | -16.4% |
| Taxes, remuneration and social security | 45 | €36,515 | €11,617 | -€24,898 | -68.2% |
| Taxes | 450/3 | €36,515 | €11,617 | -€24,898 | -68.2% |
| Other amounts payable | 47/48 | €134 | €149,051 | +€148,917 | +111,024% |
| Accrued charges and deferred income | 492/3 | €7,838 | €7,155 | -€683 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,802 | €13,088 | +€1,286 | +10.9% |
| Other operating charges | 640/8 | €1,053 | €1,491 | +€438 | +41.6% |
| Gross operating margin | 9900 | €123,667 | €204,782 | +€81,115 | +65.6% |
| Operating profit (loss) | 9901 | €110,813 | €190,203 | +€79,391 | +71.6% |
| Financial income | 75/76B | €7,555 | €15,214 | +€7,659 | +101% |
| Recurring financial income | 75 | €7,555 | €15,214 | +€7,659 | +101% |
| Financial charges | 65/66B | €10,844 | €10,576 | -€268 | -2.5% |
| Recurring financial charges | 65 | €10,844 | €10,576 | -€268 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €107,524 | €194,842 | +€87,318 | +81.2% |
| Income taxes | 67/77 | €25,710 | €47,883 | +€22,173 | +86.2% |
| Profit (loss) for the period | 9904 | €81,814 | €146,959 | +€65,144 | +79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €81,814 | €146,959 | +€65,144 | +79.6% |
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 1 November 2026 via checked.be.