PAUL DE MAN: 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.
PAUL DE MAN
Largest movements
- Cash +€146,843
up €146,843 (+256%), from €57,300 to €204,143
mainly Net result for the year (+€103,084) and Tax, wage and social debts (+€30,090)
- Receivables within one year -€19,022
down €19,022 (-99.8%), from €19,053 to €31
of which Trade receivables: -€19,050
- Tangible fixed assets -€14,343
down €14,343 (-21.8%), from €65,738 to €51,395
- Reserves +€103,000
up €103,000 (+312%), from €33,000 to €136,000
- Tax, wage and social debts +€30,090
up €30,090 (+120%), from €25,133 to €55,223
of which Taxes: +€34,788
- Other debts -€20,542
down €20,542 (-25.8%), from €79,699 to €59,157
- Gross operating margin +€108,526
up €108,526 (+205%), from €52,954 to €161,480
- Taxes +€30,414
up €30,414 (+240%), from €12,683 to €43,096
- Depreciation +€8,444
up €8,444 (+137%), from €6,170 to €14,614
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 | €143,499 | €258,283 | +€114,783 | +80.0% |
| Formation expenses | 20 | €271 | €0 | -€271 | -100% |
| Fixed assets | 21/28 | €65,738 | €51,395 | -€14,343 | -21.8% |
| Tangible fixed assets | 22/27 | €65,738 | €51,395 | -€14,343 | -21.8% |
| Furniture and vehicles | 24 | €65,738 | €51,395 | -€14,343 | -21.8% |
| Current assets | 29/58 | €77,490 | €206,887 | +€129,397 | +167% |
| Amounts receivable within one year | 40/41 | €19,053 | €31 | -€19,022 | -99.8% |
| Trade receivables | 40 | €19,050 | €0 | -€19,050 | -100% |
| Other amounts receivable | 41 | €3 | €31 | +€28 | +857% |
| Cash at bank and in hand | 54/58 | €57,300 | €204,143 | +€146,843 | +256% |
| Deferred charges and accrued income | 490/1 | €1,137 | €2,713 | +€1,576 | +139% |
| Total equity and liabilities | 10/49 | €143,499 | €258,283 | +€114,783 | +80.0% |
| Equity | 10/15 | €38,066 | €141,149 | +€103,084 | +271% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €33,000 | €136,000 | +€103,000 | +312% |
| Distributable reserves | 133 | €33,000 | €136,000 | +€103,000 | +312% |
| Profit (loss) carried forward | 14 | €66 | €149 | +€84 | +127% |
| Amounts payable | 17/49 | €105,433 | €117,133 | +€11,700 | +11.1% |
| Amounts payable within one year | 42/48 | €105,433 | €117,133 | +€11,700 | +11.1% |
| Trade debts | 44 | €602 | €2,753 | +€2,152 | +358% |
| Suppliers | 440/4 | €602 | €2,753 | +€2,152 | +358% |
| Taxes, remuneration and social security | 45 | €25,133 | €55,223 | +€30,090 | +120% |
| Taxes | 450/3 | €18,879 | €53,667 | +€34,788 | +184% |
| Remuneration and social security | 454/9 | €6,254 | €1,556 | -€4,698 | -75.1% |
| Other amounts payable | 47/48 | €79,699 | €59,157 | -€20,542 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,170 | €14,614 | +€8,444 | +137% |
| Other operating charges | 640/8 | €387 | €610 | +€222 | +57.4% |
| Gross operating margin | 9900 | €52,954 | €161,480 | +€108,526 | +205% |
| Operating profit (loss) | 9901 | €46,397 | €146,257 | +€99,860 | +215% |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €23 | €90 | +€67 | +293% |
| Recurring financial charges | 65 | €23 | €90 | +€67 | +293% |
| Profit (loss) for the period before taxes | 9903 | €46,374 | €146,180 | +€99,806 | +215% |
| Income taxes | 67/77 | €12,683 | €43,096 | +€30,414 | +240% |
| Profit (loss) for the period | 9904 | €33,691 | €103,084 | +€69,393 | +206% |
| Profit (loss) for the period to be appropriated | 9905 | €33,691 | €103,084 | +€69,393 | +206% |
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 31 October 2026 via checked.be.