PAUL EELEN: 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.
What changed
PAUL EELEN
NACE 69.203, Activities of company auditors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€537,737
2024 · €504,360+€33,377
Equity
€2.3m
2024 · €2.0m+€357,762
Cash
€114,857
2024 · €99,726+€15,131
Balance sheet total
€2.8m
2024 · €2.4m+€439,427
Largest movements
Assets
- Receivables within one year +€419,253
up €419,253 (+25.8%), from €1.6m to €2.0m
of which Other amounts receivable: +€419,115
Equity and liabilities
- Reserves +€357,762
up €357,762 (+18.3%), from €2.0m to €2.3m
of which Distributable reserves: +€357,762
- Tax, wage and social debts +€118,199
up €118,199 (+555%), from €21,281 to €139,480
of which Taxes: +€113,723
- Short-term financial debts -€89,933
down €89,933 (-67.2%), from €133,750 to €43,817
Income statement
- Gross operating margin +€44,268
up €44,268 (+6.0%), from €737,137 to €781,405
- Taxes +€22,724
up €22,724 (+9.7%), from €234,223 to €256,947
- Financial income +€12,638
up €12,638 (+18.7%), from €67,417 to €80,056
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.
Result 2024
€504,360
Gross operating margin
+€44,268
Depreciation
+€1,717
Other operating charges
+€57
Financial income
+€12,638
Financial charges
-€2,581
Taxes
-€22,724
Result 2025
€537,737
raises the resultlowers the result
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.
From operations
+€314,221
Investment
-€63,156
Financing
-€235,934
Cash 2024
€99,726
From operations (derived)
+€314,221
Net result for the year
+€537,737
Depreciation
+€54,804
Receivables within one year
-€419,253
Deferred charges and accrued income
+€3,309
Trade debts
+€21,260
Tax, wage and social debts
+€118,199
Accrued charges and deferred income
-€1,835
Investment (derived)
-€63,156
Investment in fixed assets (net)
-€60,698
Current investments
-€2,458
Financing
-€235,934
Debts after one year
+€26,390
Current portion of long-term debt
+€7,584
Short-term financial debts
-€89,933
Contributions, distributions and other
-€179,975
Cash 2025
€114,857
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,376,281 | €2,815,708 | +€439,427 | +18.5% |
| Fixed assets | 21/28 | €388,314 | €394,208 | +€5,895 | +1.5% |
| Tangible fixed assets | 22/27 | €385,814 | €391,708 | +€5,895 | +1.5% |
| Land and buildings | 22 | €262,398 | €251,138 | -€11,260 | -4.3% |
| Plant, machinery and equipment | 23 | €18,558 | €15,302 | -€3,256 | -17.5% |
| Furniture and vehicles | 24 | €104,858 | €125,269 | +€20,411 | +19.5% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €1,987,967 | €2,421,500 | +€433,533 | +21.8% |
| Amounts receivable within one year | 40/41 | €1,626,606 | €2,045,859 | +€419,253 | +25.8% |
| Trade receivables | 40 | €4,119 | €4,257 | +€138 | +3.4% |
| Other amounts receivable | 41 | €1,622,488 | €2,041,602 | +€419,115 | +25.8% |
| Current investments | 50/53 | €251,480 | €253,938 | +€2,458 | +1.0% |
| Cash at bank and in hand | 54/58 | €99,726 | €114,857 | +€15,131 | +15.2% |
| Deferred charges and accrued income | 490/1 | €10,155 | €6,846 | -€3,309 | -32.6% |
| Total equity and liabilities | 10/49 | €2,376,281 | €2,815,708 | +€439,427 | +18.5% |
| Equity | 10/15 | €1,965,948 | €2,323,710 | +€357,762 | +18.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,953,548 | €2,311,310 | +€357,762 | +18.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €322 | €322 | = | 0.0% |
| Distributable reserves | 133 | €1,953,226 | €2,310,988 | +€357,762 | +18.3% |
| Amounts payable | 17/49 | €410,333 | €491,998 | +€81,665 | +19.9% |
| Amounts payable after more than one year | 17 | €186,150 | €212,541 | +€26,390 | +14.2% |
| Financial debts | 170/4 | €186,150 | €212,541 | +€26,390 | +14.2% |
| Amounts payable within one year | 42/48 | €220,070 | €277,180 | +€57,110 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €40,002 | €47,585 | +€7,584 | +19.0% |
| Financial debts | 43 | €133,750 | €43,817 | -€89,933 | -67.2% |
| Credit institutions | 430/8 | €133,750 | €43,817 | -€89,933 | -67.2% |
| Trade debts | 44 | €25,037 | €46,297 | +€21,260 | +84.9% |
| Suppliers | 440/4 | €25,037 | €46,297 | +€21,260 | +84.9% |
| Taxes, remuneration and social security | 45 | €21,281 | €139,480 | +€118,199 | +555% |
| Taxes | 450/3 | €21,281 | €135,004 | +€113,723 | +534% |
| Remuneration and social security | 454/9 | - | €4,476 | +€4,476 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,113 | €2,277 | -€1,835 | -44.6% |
| Non-recurring operating income | 76A | - | €12,904 | +€12,904 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,520 | €54,804 | -€1,717 | -3.0% |
| Other operating charges | 640/8 | €2,711 | €2,653 | -€57 | -2.1% |
| Gross operating margin | 9900 | €737,137 | €781,405 | +€44,268 | +6.0% |
| Operating profit (loss) | 9901 | €677,906 | €723,949 | +€46,042 | +6.8% |
| Financial income | 75/76B | €67,417 | €80,056 | +€12,638 | +18.7% |
| Recurring financial income | 75 | €67,417 | €80,056 | +€12,638 | +18.7% |
| Financial charges | 65/66B | €6,740 | €9,320 | +€2,581 | +38.3% |
| Recurring financial charges | 65 | €6,740 | €9,320 | +€2,581 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €738,584 | €794,684 | +€56,100 | +7.6% |
| Income taxes | 67/77 | €234,223 | €256,947 | +€22,724 | +9.7% |
| Profit (loss) for the period | 9904 | €504,360 | €537,737 | +€33,377 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €504,360 | €537,737 | +€33,377 | +6.6% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.