PAUL LIBION: what changed
Two fiscal 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 LIBION
Largest movements
- Financial fixed assets -€350,000
down €350,000 (-99.3%), from €352,640 to €2,640
- Current investments -€41,568
down €41,568 (-20.6%), from €201,313 to €159,745
- Receivables within one year -€35,516
down €35,516 (-77.3%), from €45,936 to €10,420
of which Trade receivables: -€33,539
- Tangible fixed assets -€29,656
down €29,656 (-5.4%), from €548,723 to €519,067
of which Furniture and vehicles: -€14,932
- Cash +€17,101
up €17,101 (+41.0%), from €41,755 to €58,856
mainly Investment in fixed assets (net) (+€349,778) and Net result for the year (+€110,407)
- Debts after one year -€153,334
no longer reported in 2025 (was €153,334)
- Other debts -€149,418
down €149,418 (-59.3%), from €252,000 to €102,582
- Tax, wage and social debts -€87,018
down €87,018 (-65.5%), from €132,786 to €45,768
- Profit (loss) carried forward -€39,593
down €39,593 (-6.6%), from €597,081 to €557,488
- Gross operating margin -€75,680
down €75,680 (-25.8%), from €293,765 to €218,085
- Taxes -€47,663
down €47,663 (-47.7%), from €100,005 to €52,342
- Financial charges +€16,962
up €16,962 (+2292.2%), from €740 to €17,702
of which Non-recurring financial charges: +€9,989
- Financial income -€4,194
down €4,194 (-77.8%), from €5,388 to €1,194
- Other operating charges +€3,334
up €3,334 (+60.8%), from €5,487 to €8,821
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 | €1,192,200 | €750,728 | -€441,472 | -37.0% |
| Fixed assets | 21/28 | €901,363 | €521,707 | -€379,656 | -42.1% |
| Tangible fixed assets | 22/27 | €548,723 | €519,067 | -€29,656 | -5.4% |
| Land and buildings | 22 | €356,607 | €347,999 | -€8,608 | -2.4% |
| Plant, machinery and equipment | 23 | €1,612 | €811 | -€801 | -49.7% |
| Furniture and vehicles | 24 | €44,567 | €29,635 | -€14,932 | -33.5% |
| Other tangible fixed assets | 26 | €145,937 | €140,622 | -€5,315 | -3.6% |
| Financial fixed assets | 28 | €352,640 | €2,640 | -€350,000 | -99.3% |
| Current assets | 29/58 | €290,837 | €229,021 | -€61,816 | -21.3% |
| Amounts receivable within one year | 40/41 | €45,936 | €10,420 | -€35,516 | -77.3% |
| Trade receivables | 40 | €36,542 | €3,003 | -€33,539 | -91.8% |
| Other amounts receivable | 41 | €9,394 | €7,417 | -€1,977 | -21.0% |
| Current investments | 50/53 | €201,313 | €159,745 | -€41,568 | -20.6% |
| Cash at bank and in hand | 54/58 | €41,755 | €58,856 | +€17,101 | +41.0% |
| Deferred charges and accrued income | 490/1 | €1,833 | - | -€1,833 | |
| Total equity and liabilities | 10/49 | €1,192,200 | €750,728 | -€441,472 | -37.0% |
| Equity | 10/15 | €641,781 | €602,188 | -€39,593 | -6.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €32,300 | €32,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €24,300 | €24,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €597,081 | €557,488 | -€39,593 | -6.6% |
| Amounts payable | 17/49 | €550,419 | €148,540 | -€401,879 | -73.0% |
| Amounts payable after more than one year | 17 | €153,334 | - | -€153,334 | |
| Financial debts | 170/4 | €153,334 | - | -€153,334 | |
| Amounts payable within one year | 42/48 | €397,085 | €148,540 | -€248,545 | -62.6% |
| Current portion of amounts payable after more than one year | 42 | €3,362 | - | -€3,362 | |
| Trade debts | 44 | €8,937 | €190 | -€8,747 | -97.9% |
| Suppliers | 440/4 | €8,937 | €190 | -€8,747 | -97.9% |
| Taxes, remuneration and social security | 45 | €132,786 | €45,768 | -€87,018 | -65.5% |
| Taxes | 450/3 | €132,786 | €45,768 | -€87,018 | -65.5% |
| Other amounts payable | 47/48 | €252,000 | €102,582 | -€149,418 | -59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,780 | €29,878 | +€98 | +0.3% |
| Other operating charges | 640/8 | €5,487 | €8,821 | +€3,334 | +60.8% |
| Non-recurring operating charges | 66A | €199 | €129 | -€70 | -35.2% |
| Gross operating margin | 9900 | €293,765 | €218,085 | -€75,680 | -25.8% |
| Operating profit (loss) | 9901 | €258,299 | €179,257 | -€79,042 | -30.6% |
| Financial income | 75/76B | €5,388 | €1,194 | -€4,194 | -77.8% |
| Recurring financial income | 75 | €5,388 | €1,194 | -€4,194 | -77.8% |
| Financial charges | 65/66B | €740 | €17,702 | +€16,962 | +2292.2% |
| Recurring financial charges | 65 | €740 | €7,713 | +€6,973 | +942.3% |
| Non-recurring financial charges | 66B | - | €9,989 | +€9,989 | |
| Profit (loss) for the period before taxes | 9903 | €262,947 | €162,749 | -€100,198 | -38.1% |
| Transfer from deferred taxes | 780 | €38,115 | - | -€38,115 | |
| Income taxes | 67/77 | €100,005 | €52,342 | -€47,663 | -47.7% |
| Profit (loss) for the period | 9904 | €201,057 | €110,407 | -€90,650 | -45.1% |
| Transfer from tax-exempt reserves | 789 | €74,031 | - | -€74,031 | |
| Profit (loss) for the period to be appropriated | 9905 | €275,088 | €110,407 | -€164,681 | -59.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.