PAUL PACCAUD: 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 PACCAUD
Largest movements
- Receivables within one year -€115,570
down €115,570 (-84.3%), from €137,074 to €21,504
of which Trade receivables: -€68,088
- Cash +€88,279
up €88,279 (+59.3%), from €148,982 to €237,261
mainly Receivables within one year (+€115,570) and Net result for the year (+€106,404)
- Current investments -€76,000
down €76,000 (-57.8%), from €131,519 to €55,519
- Receivables after one year -€43,500
down €43,500 (-100%), from €43,500 to €0
- Tangible fixed assets -€5,725
down €5,725 (-77.7%), from €7,372 to €1,647
- Other debts -€144,302
down €144,302 (-32.5%), from €444,339 to €300,037
- Tax, wage and social debts -€7,596
down €7,596 (-39.3%), from €19,350 to €11,753
- Gross operating margin -€69,185
down €69,185 (-33.1%), from €209,049 to €139,864
- Taxes -€23,030
down €23,030 (-42.9%), from €53,683 to €30,653
- Financial income +€3,764
up €3,764 (+6,338%), from €59 to €3,824
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 | €470,324 | €318,216 | -€152,108 | -32.3% |
| Fixed assets | 21/28 | €7,416 | €1,691 | -€5,725 | -77.2% |
| Tangible fixed assets | 22/27 | €7,372 | €1,647 | -€5,725 | -77.7% |
| Furniture and vehicles | 24 | €7,372 | €1,647 | -€5,725 | -77.7% |
| Financial fixed assets | 28 | €44 | €44 | = | 0.0% |
| Current assets | 29/58 | €462,908 | €316,525 | -€146,383 | -31.6% |
| Amounts receivable after more than one year | 29 | €43,500 | €0 | -€43,500 | -100% |
| Other amounts receivable | 291 | €43,500 | €0 | -€43,500 | -100% |
| Amounts receivable within one year | 40/41 | €137,074 | €21,504 | -€115,570 | -84.3% |
| Trade receivables | 40 | €89,592 | €21,504 | -€68,088 | -76.0% |
| Other amounts receivable | 41 | €47,482 | €0 | -€47,482 | -100% |
| Current investments | 50/53 | €131,519 | €55,519 | -€76,000 | -57.8% |
| Cash at bank and in hand | 54/58 | €148,982 | €237,261 | +€88,279 | +59.3% |
| Deferred charges and accrued income | 490/1 | €1,833 | €2,242 | +€408 | +22.3% |
| Total equity and liabilities | 10/49 | €470,324 | €318,216 | -€152,108 | -32.3% |
| Equity | 10/15 | €5,100 | €5,100 | = | 0.0% |
| Contributions | 10/11 | €5,100 | €5,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €465,224 | €313,116 | -€152,108 | -32.7% |
| Amounts payable within one year | 42/48 | €465,224 | €313,116 | -€152,108 | -32.7% |
| Trade debts | 44 | €1,535 | €1,326 | -€209 | -13.6% |
| Suppliers | 440/4 | €1,535 | €1,326 | -€209 | -13.6% |
| Taxes, remuneration and social security | 45 | €19,350 | €11,753 | -€7,596 | -39.3% |
| Taxes | 450/3 | €19,350 | €11,753 | -€7,596 | -39.3% |
| Other amounts payable | 47/48 | €444,339 | €300,037 | -€144,302 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,347 | €5,725 | -€1,623 | -22.1% |
| Other operating charges | 640/8 | €620 | €640 | +€20 | +3.2% |
| Gross operating margin | 9900 | €209,049 | €139,864 | -€69,185 | -33.1% |
| Operating profit (loss) | 9901 | €201,081 | €133,499 | -€67,582 | -33.6% |
| Financial income | 75/76B | €59 | €3,824 | +€3,764 | +6,338% |
| Recurring financial income | 75 | €59 | €3,824 | +€3,764 | +6,338% |
| Financial charges | 65/66B | €410 | €266 | -€144 | -35.1% |
| Recurring financial charges | 65 | €410 | €266 | -€144 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €200,731 | €137,057 | -€63,673 | -31.7% |
| Income taxes | 67/77 | €53,683 | €30,653 | -€23,030 | -42.9% |
| Profit (loss) for the period | 9904 | €147,047 | €106,404 | -€40,643 | -27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €147,047 | €106,404 | -€40,643 | -27.6% |
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 17 October 2026 via checked.be.