PAULINE: 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.
PAULINE
Largest movements
- Receivables within one year -€16,494
down €16,494 (-32.5%), from €50,818 to €34,323
of which Trade receivables: -€12,683
- Deferred charges and accrued income -€7,580
down €7,580 (-70.1%), from €10,817 to €3,237
- Tangible fixed assets -€5,881
down €5,881 (-12.8%), from €45,991 to €40,110
of which Land and buildings: -€5,106
- Debts after one year -€23,112
down €23,112 (-7.1%), from €326,796 to €303,683
of which Financial debts: -€21,789
- Trade debts -€14,995
down €14,995 (-51.2%), from €29,295 to €14,300
- Gross operating margin +€5,341
up €5,341 (+44.3%), from €12,069 to €17,410
- Taxes +€930
up €930 (+235.2%), from €396 to €1,326
- Financial charges -€652
down €652 (-9.5%), from €6,838 to €6,186
- Depreciation +€231
up €231 (+4.1%), from €5,675 to €5,906
- Write-downs +€196
new in 2025: €196
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €475,770 | €445,532 | -€30,238 | -6.4% |
| Fixed assets | 21/28 | €330,991 | €325,110 | -€5,881 | -1.8% |
| Tangible fixed assets | 22/27 | €45,991 | €40,110 | -€5,881 | -12.8% |
| Land and buildings | 22 | €43,838 | €38,733 | -€5,106 | -11.6% |
| Furniture and vehicles | 24 | €2,153 | €1,378 | -€776 | -36.0% |
| Financial fixed assets | 28 | €285,000 | €285,000 | = | 0.0% |
| Current assets | 29/58 | €144,779 | €120,422 | -€24,357 | -16.8% |
| Stocks and contracts in progress | 3 | €82,650 | €80,744 | -€1,906 | -2.3% |
| Stocks | 30/36 | €82,650 | €80,744 | -€1,906 | -2.3% |
| Amounts receivable within one year | 40/41 | €50,818 | €34,323 | -€16,494 | -32.5% |
| Trade receivables | 40 | €33,880 | €21,198 | -€12,683 | -37.4% |
| Other amounts receivable | 41 | €16,938 | €13,126 | -€3,812 | -22.5% |
| Cash at bank and in hand | 54/58 | €494 | €2,117 | +€1,624 | +328.9% |
| Deferred charges and accrued income | 490/1 | €10,817 | €3,237 | -€7,580 | -70.1% |
| Total equity and liabilities | 10/49 | €475,770 | €445,532 | -€30,238 | -6.4% |
| Equity | 10/15 | €88,369 | €91,633 | +€3,264 | +3.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €26,369 | €29,633 | +€3,264 | +12.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €26,369 | €29,633 | +€3,264 | +12.4% |
| Amounts payable | 17/49 | €387,401 | €353,899 | -€33,502 | -8.6% |
| Amounts payable after more than one year | 17 | €326,796 | €303,683 | -€23,112 | -7.1% |
| Financial debts | 170/4 | €66,891 | €45,101 | -€21,789 | -32.6% |
| Other amounts payable | 178/9 | €259,905 | €258,582 | -€1,323 | -0.5% |
| Amounts payable within one year | 42/48 | €59,022 | €48,605 | -€10,417 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €20,788 | €21,789 | +€1,002 | +4.8% |
| Financial debts | 43 | - | €3,480 | +€3,480 | |
| Credit institutions | 430/8 | - | €3,480 | +€3,480 | |
| Trade debts | 44 | €29,295 | €14,300 | -€14,995 | -51.2% |
| Suppliers | 440/4 | €29,295 | €14,300 | -€14,995 | -51.2% |
| Taxes, remuneration and social security | 45 | €8,940 | €9,036 | +€96 | +1.1% |
| Taxes | 450/3 | €8,940 | €9,036 | +€96 | +1.1% |
| Accrued charges and deferred income | 492/3 | €1,583 | €1,610 | +€27 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,675 | €5,906 | +€231 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €196 | +€196 | |
| Other operating charges | 640/8 | €996 | €1,145 | +€149 | +15.0% |
| Non-recurring operating charges | 66A | €861 | €0 | -€861 | -100.0% |
| Gross operating margin | 9900 | €12,069 | €17,410 | +€5,341 | +44.3% |
| Operating profit (loss) | 9901 | €4,537 | €10,162 | +€5,626 | +124.0% |
| Financial income | 75/76B | €684 | €614 | -€70 | -10.2% |
| Recurring financial income | 75 | €684 | €614 | -€70 | -10.2% |
| Financial charges | 65/66B | €6,838 | €6,186 | -€652 | -9.5% |
| Recurring financial charges | 65 | €6,838 | €6,186 | -€652 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,617 | €4,590 | +€6,207 | |
| Income taxes | 67/77 | €396 | €1,326 | +€930 | +235.2% |
| Profit (loss) for the period | 9904 | -€2,013 | €3,264 | +€5,277 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,013 | €3,264 | +€5,277 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.