PAULIMAX: 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.
What changed
PAULIMAX
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €130,691+€1.3m
Equity
€3.4m
2024 · €2.0m+€1.4m
Cash
€1.9m
2024 · €220,330+€1.7m
Balance sheet total
€4.2m
2024 · €2.9m+€1.2m
Largest movements
Assets
- Cash +€1.7m
up €1.7m (+770.8%), from €220,330 to €1.9m
mainly Net result for the year (+€1.4m) and Investment in fixed assets (net) (+€410,030)
- Financial fixed assets -€507,000
down €507,000 (-100.0%), from €507,000 to €0
Equity and liabilities
- Reserves +€1.4m
up €1.4m (+75.6%), from €1.8m to €3.2m
- Debts after one year -€154,874
down €154,874 (-18.7%), from €828,028 to €673,154
Income statement
- Financial income +€1.5m
up €1.5m (+17823.4%), from €8,382 to €1.5m
- Gross operating margin -€306,191
down €306,191, from €301,357 to -€4,834
- Depreciation -€85,725
down €85,725 (-56.9%), from €150,697 to €64,972
- Financial charges +€7,242
up €7,242 (+2670.1%), from €271 to €7,513
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.
Result 2024
€130,691
Gross operating margin
-€306,191
Depreciation
+€85,725
Other operating charges
+€1,551
Financial income
+€1.5m
Financial charges
-€7,242
Taxes
+€2,960
Result 2025
€1.4m
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.
From operations
+€1.5m
Investment
+€410,030
Financing
-€182,171
Cash 2024
€220,330
From operations (derived)
+€1.5m
Net result for the year
+€1.4m
Depreciation
+€64,972
Receivables after one year
+€8,694
Receivables within one year
-€11,326
Deferred charges and accrued income
-€11,970
Trade debts
+€19,347
Tax, wage and social debts
-€7,843
Other debts
+€6,102
Accrued charges and deferred income
+€977
Investment (derived)
+€410,030
Investment in fixed assets (net)
+€410,030
Financing
-€182,171
Debts after one year
-€154,874
Current portion of long-term debt
+€399
Short-term financial debts
+€129
Contributions, distributions and other
-€27,825
Cash 2025
€1.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,921,201 | €4,159,114 | +€1.2m | +42.4% |
| Fixed assets | 21/28 | €2,390,889 | €1,915,887 | -€475,002 | -19.9% |
| Tangible fixed assets | 22/27 | €1,883,889 | €1,915,887 | +€31,998 | +1.7% |
| Land and buildings | 22 | €1,830,046 | €1,832,377 | +€2,331 | +0.1% |
| Plant, machinery and equipment | 23 | €28,932 | €41,973 | +€13,040 | +45.1% |
| Furniture and vehicles | 24 | €24,910 | €41,537 | +€16,627 | +66.7% |
| Financial fixed assets | 28 | €507,000 | €0 | -€507,000 | -100.0% |
| Current assets | 29/58 | €530,313 | €2,243,227 | +€1.7m | +323.0% |
| Amounts receivable after more than one year | 29 | €287,418 | €278,725 | -€8,694 | -3.0% |
| Trade receivables | 290 | €287,418 | €278,725 | -€8,694 | -3.0% |
| Amounts receivable within one year | 40/41 | €7,535 | €18,861 | +€11,326 | +150.3% |
| Trade receivables | 40 | €7,411 | €3,595 | -€3,815 | -51.5% |
| Other amounts receivable | 41 | €124 | €15,265 | +€15,141 | +12213.6% |
| Cash at bank and in hand | 54/58 | €220,330 | €1,918,642 | +€1.7m | +770.8% |
| Deferred charges and accrued income | 490/1 | €15,030 | €27,000 | +€11,970 | +79.6% |
| Total equity and liabilities | 10/49 | €2,921,201 | €4,159,114 | +€1.2m | +42.4% |
| Equity | 10/15 | €2,030,175 | €3,403,852 | +€1.4m | +67.7% |
| Contributions | 10/11 | €212,400 | €212,400 | = | 0.0% |
| Reserves | 13 | €1,817,775 | €3,191,452 | +€1.4m | +75.6% |
| Distributable reserves | 133 | €1,817,775 | €3,191,452 | +€1.4m | +75.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €891,026 | €755,263 | -€135,764 | -15.2% |
| Amounts payable after more than one year | 17 | €828,028 | €673,154 | -€154,874 | -18.7% |
| Financial debts | 170/4 | €828,028 | €673,154 | -€154,874 | -18.7% |
| Amounts payable within one year | 42/48 | €62,998 | €81,131 | +€18,133 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €10,315 | €10,714 | +€399 | +3.9% |
| Financial debts | 43 | €948 | €1,077 | +€129 | +13.6% |
| Credit institutions | 430/8 | €948 | €1,077 | +€129 | +13.6% |
| Trade debts | 44 | €2,445 | €21,792 | +€19,347 | +791.1% |
| Suppliers | 440/4 | €2,445 | €21,792 | +€19,347 | +791.1% |
| Taxes, remuneration and social security | 45 | €27,468 | €19,625 | -€7,843 | -28.6% |
| Taxes | 450/3 | €27,468 | €19,625 | -€7,843 | -28.6% |
| Other amounts payable | 47/48 | €21,822 | €27,923 | +€6,102 | +28.0% |
| Accrued charges and deferred income | 492/3 | - | €977 | +€977 | |
| Non-recurring operating income | 76A | €152,435 | €32,026 | -€120,409 | -79.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,697 | €64,972 | -€85,725 | -56.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,121 | €3,570 | -€1,551 | -30.3% |
| Gross operating margin | 9900 | €301,357 | -€4,834 | -€306,191 | |
| Operating profit (loss) | 9901 | €145,539 | -€73,376 | -€218,915 | |
| Financial income | 75/76B | €8,382 | €1,502,391 | +€1.5m | +17823.4% |
| Recurring financial income | 75 | €8,382 | €1,502,391 | +€1.5m | +17823.4% |
| Financial charges | 65/66B | €271 | €7,513 | +€7,242 | +2670.1% |
| Recurring financial charges | 65 | €271 | €7,513 | +€7,242 | +2670.1% |
| Profit (loss) for the period before taxes | 9903 | €153,650 | €1,421,502 | +€1.3m | +825.2% |
| Income taxes | 67/77 | €22,960 | €20,000 | -€2,960 | -12.9% |
| Profit (loss) for the period | 9904 | €130,691 | €1,401,502 | +€1.3m | +972.4% |
| Profit (loss) for the period to be appropriated | 9905 | €130,691 | €1,401,502 | +€1.3m | +972.4% |
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 29 September 2026 via checked.be.