PAULEX: 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.
PAULEX
Largest movements
- Stocks and contracts -€110,823
down €110,823 (-6.8%), from €1.6m to €1.5m
- Other debts +€412,264
up €412,264 (+72.3%), from €570,105 to €982,369
- Short-term financial debts -€357,720
down €357,720 (-39.8%), from €897,720 to €540,000
- Profit (loss) carried forward -€92,872
down €92,872 (-24.0%), from -€386,199 to -€479,071
- Trade debts -€56,646
down €56,646 (-87.2%), from €64,956 to €8,309
- Financial charges -€67,321
down €67,321 (-57.5%), from €117,168 to €49,847
- Gross operating margin -€28,400
down €28,400 (-353%), from -€8,044 to -€36,444
- Depreciation -€1,795
down €1,795 (-35.5%), from €5,056 to €3,261
- Other operating charges +€1,202
up €1,202 (+69.1%), from €1,740 to €2,942
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 | €1,643,627 | €1,544,191 | -€99,436 | -6.0% |
| Fixed assets | 21/28 | €6,544 | €3,283 | -€3,261 | -49.8% |
| Tangible fixed assets | 22/27 | €6,544 | €3,283 | -€3,261 | -49.8% |
| Plant, machinery and equipment | 23 | €3,547 | €1,864 | -€1,683 | -47.4% |
| Furniture and vehicles | 24 | €2,997 | €1,419 | -€1,578 | -52.7% |
| Current assets | 29/58 | €1,637,083 | €1,540,908 | -€96,175 | -5.9% |
| Stocks and contracts in progress | 3 | €1,634,162 | €1,523,339 | -€110,823 | -6.8% |
| Stocks | 30/36 | €1,634,162 | €1,523,339 | -€110,823 | -6.8% |
| Amounts receivable within one year | 40/41 | €2,561 | €1,997 | -€564 | -22.0% |
| Trade receivables | 40 | €1,997 | €1,997 | = | 0.0% |
| Other amounts receivable | 41 | €564 | - | -€564 | |
| Cash at bank and in hand | 54/58 | €361 | €14,426 | +€14,066 | +3,898% |
| Deferred charges and accrued income | 490/1 | - | €1,146 | +€1,146 | |
| Total equity and liabilities | 10/49 | €1,643,627 | €1,544,191 | -€99,436 | -6.0% |
| Equity | 10/15 | -€361,199 | -€454,071 | -€92,872 | -25.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€386,199 | -€479,071 | -€92,872 | -24.0% |
| Amounts payable | 17/49 | €2,004,826 | €1,998,262 | -€6,564 | -0.3% |
| Amounts payable after more than one year | 17 | €440,000 | €440,000 | = | 0.0% |
| Financial debts | 170/4 | €440,000 | €440,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,533,332 | €1,531,611 | -€1,721 | -0.1% |
| Financial debts | 43 | €897,720 | €540,000 | -€357,720 | -39.8% |
| Credit institutions | 430/8 | €897,720 | €540,000 | -€357,720 | -39.8% |
| Trade debts | 44 | €64,956 | €8,309 | -€56,646 | -87.2% |
| Suppliers | 440/4 | €64,956 | €8,309 | -€56,646 | -87.2% |
| Taxes, remuneration and social security | 45 | €552 | €933 | +€381 | +69.0% |
| Taxes | 450/3 | €552 | €933 | +€381 | +69.0% |
| Other amounts payable | 47/48 | €570,105 | €982,369 | +€412,264 | +72.3% |
| Accrued charges and deferred income | 492/3 | €31,493 | €26,651 | -€4,842 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,056 | €3,261 | -€1,795 | -35.5% |
| Other operating charges | 640/8 | €1,740 | €2,942 | +€1,202 | +69.1% |
| Gross operating margin | 9900 | -€8,044 | -€36,444 | -€28,400 | -353% |
| Operating profit (loss) | 9901 | -€14,840 | -€42,647 | -€27,807 | -187% |
| Financial income | 75/76B | €14 | €3 | -€11 | -78.4% |
| Recurring financial income | 75 | €14 | €3 | -€11 | -78.4% |
| Financial charges | 65/66B | €117,168 | €49,847 | -€67,321 | -57.5% |
| Recurring financial charges | 65 | €117,168 | €49,847 | -€67,321 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | -€131,995 | -€92,491 | +€39,504 | +29.9% |
| Income taxes | 67/77 | €552 | €381 | -€171 | -31.0% |
| Profit (loss) for the period | 9904 | -€132,547 | -€92,872 | +€39,675 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€132,547 | -€92,872 | +€39,675 | +29.9% |
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 20 October 2026 via checked.be.