PAUL & JACOBS: 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 & JACOBS
Largest movements
- Tangible fixed assets +€589,270
up €589,270 (+200%), from €294,272 to €883,542
of which Land and buildings: +€630,997
- Cash -€231,551
down €231,551 (-50.0%), from €463,270 to €231,719
mainly Investment in fixed assets (net) (-€725,760) and Contributions, distributions and other (-€85,108)
- Receivables within one year -€90,040
down €90,040 (-80.0%), from €112,494 to €22,454
of which Trade receivables: -€90,170
- Current investments +€65,900
up €65,900 (+18.9%), from €349,212 to €415,112
- Stocks and contracts -€29,388
down €29,388 (-100%), from €29,388 to €0
- Reserves +€386,748
up €386,748 (+43.2%), from €895,971 to €1.3m
of which Distributable reserves: +€386,748
- Other debts -€31,833
down €31,833 (-19.2%), from €165,747 to €133,914
- Debts after one year -€20,000
down €20,000 (-34.3%), from €58,331 to €38,331
- Trade debts -€19,967
down €19,967 (-88.5%), from €22,555 to €2,588
- Gross operating margin +€386,428
up €386,428 (+76.4%), from €505,942 to €892,369
- Taxes +€118,107
up €118,107 (+124%), from €95,309 to €213,415
- Depreciation +€79,909
up €79,909 (+141%), from €56,581 to €136,490
- Staff costs -€57,076
down €57,076 (-43.5%), from €131,290 to €74,213
- Financial income +€18,564
up €18,564 (+241%), from €7,707 to €26,271
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 | €1,260,991 | €1,563,026 | +€302,036 | +24.0% |
| Fixed assets | 21/28 | €294,272 | €883,542 | +€589,270 | +200% |
| Tangible fixed assets | 22/27 | €294,272 | €883,542 | +€589,270 | +200% |
| Land and buildings | 22 | €200,777 | €831,774 | +€630,997 | +314% |
| Plant, machinery and equipment | 23 | €21,194 | €4,219 | -€16,974 | -80.1% |
| Furniture and vehicles | 24 | €60,010 | €45,431 | -€14,579 | -24.3% |
| Leasing and similar rights | 25 | €12,291 | €2,118 | -€10,173 | -82.8% |
| Current assets | 29/58 | €966,719 | €679,484 | -€287,234 | -29.7% |
| Stocks and contracts in progress | 3 | €29,388 | €0 | -€29,388 | -100% |
| Stocks | 30/36 | €29,388 | €0 | -€29,388 | -100% |
| Amounts receivable within one year | 40/41 | €112,494 | €22,454 | -€90,040 | -80.0% |
| Trade receivables | 40 | €112,494 | €22,324 | -€90,170 | -80.2% |
| Other amounts receivable | 41 | - | €130 | +€130 | |
| Current investments | 50/53 | €349,212 | €415,112 | +€65,900 | +18.9% |
| Cash at bank and in hand | 54/58 | €463,270 | €231,719 | -€231,551 | -50.0% |
| Deferred charges and accrued income | 490/1 | €12,355 | €10,199 | -€2,156 | -17.4% |
| Total equity and liabilities | 10/49 | €1,260,991 | €1,563,026 | +€302,036 | +24.0% |
| Equity | 10/15 | €914,571 | €1,301,319 | +€386,748 | +42.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €895,971 | €1,282,719 | +€386,748 | +43.2% |
| Tax-exempt reserves | 132 | €12,345 | €12,345 | = | 0.0% |
| Distributable reserves | 133 | €883,626 | €1,270,374 | +€386,748 | +43.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €346,419 | €261,707 | -€84,712 | -24.5% |
| Amounts payable after more than one year | 17 | €58,331 | €38,331 | -€20,000 | -34.3% |
| Financial debts | 170/4 | €58,331 | €38,331 | -€20,000 | -34.3% |
| Amounts payable within one year | 42/48 | €286,347 | €221,480 | -€64,868 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €23,969 | €20,000 | -€3,969 | -16.6% |
| Trade debts | 44 | €22,555 | €2,588 | -€19,967 | -88.5% |
| Suppliers | 440/4 | €22,555 | €2,588 | -€19,967 | -88.5% |
| Taxes, remuneration and social security | 45 | €74,076 | €64,978 | -€9,099 | -12.3% |
| Taxes | 450/3 | €52,172 | €60,178 | +€8,006 | +15.3% |
| Remuneration and social security | 454/9 | €21,904 | €4,800 | -€17,104 | -78.1% |
| Other amounts payable | 47/48 | €165,747 | €133,914 | -€31,833 | -19.2% |
| Accrued charges and deferred income | 492/3 | €1,740 | €1,896 | +€156 | +9.0% |
| Non-recurring operating income | 76A | €375 | €59,220 | +€58,845 | +15,694% |
| Remuneration, social security and pensions | 62 | €131,290 | €74,213 | -€57,076 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,581 | €136,490 | +€79,909 | +141% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€621 | -€621 | |
| Other operating charges | 640/8 | €5,884 | €7,092 | +€1,209 | +20.5% |
| Gross operating margin | 9900 | €505,942 | €892,369 | +€386,428 | +76.4% |
| Operating profit (loss) | 9901 | €312,188 | €675,195 | +€363,007 | +116% |
| Financial income | 75/76B | €7,707 | €26,271 | +€18,564 | +241% |
| Recurring financial income | 75 | €7,707 | €26,271 | +€18,564 | +241% |
| Financial charges | 65/66B | €13,289 | €16,194 | +€2,905 | +21.9% |
| Recurring financial charges | 65 | €13,289 | €16,194 | +€2,905 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €306,606 | €685,271 | +€378,666 | +124% |
| Income taxes | 67/77 | €95,309 | €213,415 | +€118,107 | +124% |
| Profit (loss) for the period | 9904 | €211,297 | €471,856 | +€260,559 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €211,297 | €471,856 | +€260,559 | +123% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.