Paulenco: what changed
What changed
Paulenco
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€55,218
2024 · €475,629-€420,412
Equity
€141,178
2024 · €2.5m-€2.3m
Cash
€171,618
2024 · €306,270-€134,651
Balance sheet total
€2.8m
2024 · €2.7m+€130,358
Largest movements
Assets
- Tangible fixed assets +€1.6m
up €1.6m (+391%), from €400,274 to €2.0m
of which Land and buildings: +€1.4m
- Receivables after one year -€1.1m
down €1.1m (-72.3%), from €1.6m to €431,352
- Receivables within one year -€205,281
down €205,281 (-51.5%), from €398,515 to €193,234
of which Other amounts receivable: -€138,618
- Cash -€134,651
down €134,651 (-44.0%), from €306,270 to €171,618
mainly Contributions, distributions and other (-€2.4m) and Investment in fixed assets (net) (-€1.7m)
- Deferred charges and accrued income +€28,831
up €28,831 (+4,727%), from €610 to €29,441
Equity and liabilities
- Reserves -€2.3m
down €2.3m (-95.0%), from €2.4m to €122,578
of which Distributable reserves: -€2.3m
- Debts after one year +€1.1m
up €1.1m (+4,329%), from €24,646 to €1.1m
- Other debts +€1.0m
up €1.0m, from €0 to €1.0m
- Trade debts +€167,804
up €167,804 (+1,053%), from €15,935 to €183,739
- Current portion of long-term debt +€129,858
up €129,858 (+534%), from €24,319 to €154,177
Income statement
- Gross operating margin -€578,719
down €578,719 (-74.3%), from €778,960 to €200,240
- Write-downs -€305,247
down €305,247, from €152,624 to -€152,624
- Other operating charges +€173,717
up €173,717 (+6,304%), from €2,756 to €176,473
- Taxes -€107,687
down €107,687 (-88.6%), from €121,602 to €13,916
- Depreciation +€29,127
up €29,127 (+36.1%), from €80,716 to €109,843
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€475,629
Gross operating margin
-€578,719
Staff costs
-€20,102
Depreciation
-€29,127
Write-downs
+€305,247
Other operating charges
-€173,717
Other operating items
+€9,399
Financial income
-€28,039
Financial charges
-€13,040
Taxes
+€107,687
Result 2025
€55,218
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.8m
Investment
-€1.7m
Financing
-€1.2m
Cash 2024
€306,270
From operations (derived)
+€2.8m
Net result for the year
+€55,218
Depreciation
+€109,843
Receivables after one year
+€1.1m
Receivables within one year
+€205,281
Deferred charges and accrued income
-€28,831
Trade debts
+€167,804
Tax, wage and social debts
+€111,007
Other debts
+€1.0m
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.7m
Financing
-€1.2m
Debts after one year
+€1.1m
Current portion of long-term debt
+€129,858
Short-term financial debts
-€23,178
Contributions, distributions and other
-€2.4m
Cash 2025
€171,618
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,663,088 | €2,793,446 | +€130,358 | +4.9% |
| Fixed assets | 21/28 | €401,174 | €1,967,801 | +€1.6m | +391% |
| Tangible fixed assets | 22/27 | €400,274 | €1,966,901 | +€1.6m | +391% |
| Land and buildings | 22 | - | €1,367,327 | +€1.4m | |
| Plant, machinery and equipment | 23 | €8,235 | €15,533 | +€7,298 | +88.6% |
| Furniture and vehicles | 24 | €212,829 | €345,999 | +€133,171 | +62.6% |
| Other tangible fixed assets | 26 | €179,209 | €238,041 | +€58,832 | +32.8% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €2,261,915 | €825,645 | -€1.4m | -63.5% |
| Amounts receivable after more than one year | 29 | €1,556,520 | €431,352 | -€1.1m | -72.3% |
| Trade receivables | 290 | €1,556,520 | €431,352 | -€1.1m | -72.3% |
| Amounts receivable within one year | 40/41 | €398,515 | €193,234 | -€205,281 | -51.5% |
| Trade receivables | 40 | €66,663 | €0 | -€66,663 | -100% |
| Other amounts receivable | 41 | €331,852 | €193,234 | -€138,618 | -41.8% |
| Cash at bank and in hand | 54/58 | €306,270 | €171,618 | -€134,651 | -44.0% |
| Deferred charges and accrued income | 490/1 | €610 | €29,441 | +€28,831 | +4,727% |
| Total equity and liabilities | 10/49 | €2,663,088 | €2,793,446 | +€130,358 | +4.9% |
| Equity | 10/15 | €2,468,259 | €141,178 | -€2.3m | -94.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,449,659 | €122,578 | -€2.3m | -95.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €67,360 | €0 | -€67,360 | -100% |
| Distributable reserves | 133 | €2,382,299 | €122,578 | -€2.3m | -94.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €194,829 | €2,652,269 | +€2.5m | +1,261% |
| Amounts payable after more than one year | 17 | €24,646 | €1,091,680 | +€1.1m | +4,329% |
| Financial debts | 170/4 | €24,646 | €1,091,680 | +€1.1m | +4,329% |
| Amounts payable within one year | 42/48 | €170,183 | €1,560,588 | +€1.4m | +817% |
| Current portion of amounts payable after more than one year | 42 | €24,319 | €154,177 | +€129,858 | +534% |
| Financial debts | 43 | €23,178 | €0 | -€23,178 | -100% |
| Credit institutions | 430/8 | €23,178 | €0 | -€23,178 | -100% |
| Trade debts | 44 | €15,935 | €183,739 | +€167,804 | +1,053% |
| Suppliers | 440/4 | €15,935 | €183,739 | +€167,804 | +1,053% |
| Taxes, remuneration and social security | 45 | €106,752 | €217,758 | +€111,007 | +104% |
| Taxes | 450/3 | €91,950 | €182,322 | +€90,372 | +98.3% |
| Remuneration and social security | 454/9 | €14,802 | €35,436 | +€20,635 | +139% |
| Other amounts payable | 47/48 | €0 | €1,004,914 | +€1.0m | |
| Non-recurring operating income | 76A | €19,324 | €0 | -€19,324 | -100% |
| Remuneration, social security and pensions | 62 | €156,302 | €176,404 | +€20,102 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,716 | €109,843 | +€29,127 | +36.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €152,624 | -€152,624 | -€305,247 | |
| Other operating charges | 640/8 | €2,756 | €176,473 | +€173,717 | +6,304% |
| Non-recurring operating charges | 66A | €9,399 | €0 | -€9,399 | -100% |
| Gross operating margin | 9900 | €778,960 | €200,240 | -€578,719 | -74.3% |
| Operating profit (loss) | 9901 | €377,163 | -€109,856 | -€487,019 | |
| Financial income | 75/76B | €222,257 | €194,218 | -€28,039 | -12.6% |
| Recurring financial income | 75 | €222,257 | €194,218 | -€28,039 | -12.6% |
| Financial charges | 65/66B | €2,188 | €15,228 | +€13,040 | +596% |
| Recurring financial charges | 65 | €2,188 | €15,228 | +€13,040 | +596% |
| Profit (loss) for the period before taxes | 9903 | €597,232 | €69,133 | -€528,098 | -88.4% |
| Income taxes | 67/77 | €121,602 | €13,916 | -€107,687 | -88.6% |
| Profit (loss) for the period | 9904 | €475,629 | €55,218 | -€420,412 | -88.4% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €67,360 | -€16,840 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €559,829 | €122,578 | -€437,252 | -78.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.