PAULINA: 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.
PAULINA
Largest movements
- Receivables after one year -€100,000
down €100,000 (-100%), from €100,000 to €0
- Tangible fixed assets -€87,222
down €87,222 (-4.7%), from €1.8m to €1.7m
of which Land and buildings: -€84,383
- Cash -€72,357
down €72,357 (-82.3%), from €87,956 to €15,600
mainly Short-term financial debts (-€481,435) and Other debts (-€160,149)
- Receivables within one year +€36,308
up €36,308 (+31.8%), from €114,349 to €150,657
of which Trade receivables: +€36,853
- Short-term financial debts -€481,435
down €481,435 (-99.6%), from €483,135 to €1,700
- Debts after one year +€341,825
up €341,825 (+42.7%), from €799,986 to €1.1m
- Other debts -€160,149
down €160,149 (-61.9%), from €258,583 to €98,435
- Reserves +€47,963
up €47,963 (+13.3%), from €360,234 to €408,197
of which Distributable reserves: +€55,185
- Current portion of long-term debt +€29,916
up €29,916 (+30.1%), from €99,255 to €129,170
- Depreciation -€103,657
down €103,657 (-48.0%), from €216,106 to €112,449
- Gross operating margin +€95,691
up €95,691 (+43.3%), from €221,089 to €316,780
- Financial charges +€40,154
up €40,154 (+116%), from €34,479 to €74,633
- Taxes +€36,539
up €36,539 (+13,190%), from €277 to €36,816
- Financial income +€19,621
up €19,621 (+1,547%), from €1,268 to €20,890
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 | €2,166,762 | €1,930,208 | -€236,554 | -10.9% |
| Fixed assets | 21/28 | €1,836,665 | €1,749,443 | -€87,222 | -4.7% |
| Tangible fixed assets | 22/27 | €1,836,665 | €1,749,443 | -€87,222 | -4.7% |
| Land and buildings | 22 | €1,798,485 | €1,714,102 | -€84,383 | -4.7% |
| Plant, machinery and equipment | 23 | €10,339 | €16,767 | +€6,429 | +62.2% |
| Furniture and vehicles | 24 | €27,841 | €18,574 | -€9,267 | -33.3% |
| Current assets | 29/58 | €330,097 | €180,764 | -€149,332 | -45.2% |
| Amounts receivable after more than one year | 29 | €100,000 | €0 | -€100,000 | -100% |
| Other amounts receivable | 291 | €100,000 | €0 | -€100,000 | -100% |
| Amounts receivable within one year | 40/41 | €114,349 | €150,657 | +€36,308 | +31.8% |
| Trade receivables | 40 | €113,476 | €150,329 | +€36,853 | +32.5% |
| Other amounts receivable | 41 | €873 | €328 | -€545 | -62.4% |
| Cash at bank and in hand | 54/58 | €87,956 | €15,600 | -€72,357 | -82.3% |
| Deferred charges and accrued income | 490/1 | €27,792 | €14,508 | -€13,284 | -47.8% |
| Total equity and liabilities | 10/49 | €2,166,762 | €1,930,208 | -€236,554 | -10.9% |
| Equity | 10/15 | €378,834 | €426,797 | +€47,963 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €360,234 | €408,197 | +€47,963 | +13.3% |
| Tax-exempt reserves | 132 | €141,107 | €133,886 | -€7,222 | -5.1% |
| Distributable reserves | 133 | €219,126 | €274,311 | +€55,185 | +25.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €35,277 | €33,471 | -€1,805 | -5.1% |
| Deferred taxes | 168 | €35,277 | €33,471 | -€1,805 | -5.1% |
| Amounts payable | 17/49 | €1,752,652 | €1,469,940 | -€282,712 | -16.1% |
| Amounts payable after more than one year | 17 | €799,986 | €1,141,810 | +€341,825 | +42.7% |
| Financial debts | 170/4 | €799,986 | €1,141,810 | +€341,825 | +42.7% |
| Amounts payable within one year | 42/48 | €913,393 | €304,183 | -€609,210 | -66.7% |
| Current portion of amounts payable after more than one year | 42 | €99,255 | €129,170 | +€29,916 | +30.1% |
| Financial debts | 43 | €483,135 | €1,700 | -€481,435 | -99.6% |
| Credit institutions | 430/8 | €483,135 | €1,700 | -€481,435 | -99.6% |
| Trade debts | 44 | €50,898 | €26,234 | -€24,664 | -48.5% |
| Suppliers | 440/4 | €50,898 | €26,234 | -€24,664 | -48.5% |
| Advances received on contracts in progress | 46 | €2,494 | €0 | -€2,494 | -100% |
| Taxes, remuneration and social security | 45 | €19,028 | €48,644 | +€29,616 | +156% |
| Taxes | 450/3 | €19,028 | €48,644 | +€29,616 | +156% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €258,583 | €98,435 | -€160,149 | -61.9% |
| Accrued charges and deferred income | 492/3 | €39,273 | €23,946 | -€15,326 | -39.0% |
| Non-recurring operating income | 76A | - | €6,788 | +€6,788 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,106 | €112,449 | -€103,657 | -48.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,001 | €0 | -€6,001 | -100% |
| Other operating charges | 640/8 | €8,050 | €9,109 | +€1,059 | +13.1% |
| Gross operating margin | 9900 | €221,089 | €316,780 | +€95,691 | +43.3% |
| Operating profit (loss) | 9901 | -€9,068 | €195,222 | +€204,291 | |
| Financial income | 75/76B | €1,268 | €20,890 | +€19,621 | +1,547% |
| Recurring financial income | 75 | €1,268 | €20,890 | +€19,621 | +1,547% |
| Financial charges | 65/66B | €34,479 | €74,633 | +€40,154 | +116% |
| Recurring financial charges | 65 | €34,479 | €74,633 | +€40,154 | +116% |
| Profit (loss) for the period before taxes | 9903 | -€42,279 | €141,479 | +€183,758 | |
| Transfer from deferred taxes | 780 | €2,161 | €1,805 | -€355 | -16.4% |
| Income taxes | 67/77 | €277 | €36,816 | +€36,539 | +13,190% |
| Profit (loss) for the period | 9904 | -€40,395 | €106,469 | +€146,864 | |
| Transfer from tax-exempt reserves | 789 | €8,643 | €7,222 | -€1,421 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,752 | €113,690 | +€145,443 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.