PAULIPHAR: what changed
What changed
PAULIPHAR
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€68,564
2024 · €131,208-€62,644
Equity
€746,201
2024 · €701,167+€45,034
Cash
€43,635
2024 · €67,286-€23,651
Balance sheet total
€1.2m
2024 · €1.3m-€2,563
Largest movements
Assets
- Receivables within one year +€24,840
up €24,840 (+6,415%), from €387 to €25,227
of which Trade receivables: +€21,175
- Cash -€23,651
down €23,651 (-35.2%), from €67,286 to €43,635
mainly Debts after one year (-€49,029) and Receivables within one year (-€24,840)
Equity and liabilities
- Debts after one year -€49,029
down €49,029 (-10.2%), from €481,198 to €432,169
- Reserves +€45,034
up €45,034 (+8.2%), from €551,167 to €596,201
Income statement
- Financial income -€50,000
no longer reported in 2025 (was €50,000)
- Gross operating margin -€17,484
down €17,484 (-14.5%), from €120,640 to €103,156
- Taxes -€3,665
down €3,665 (-16.6%), from €22,113 to €18,448
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
€131,208
Gross operating margin
-€17,484
Depreciation
+€1,054
Other operating charges
-€652
Financial income
-€50,000
Financial charges
+€772
Taxes
+€3,665
Result 2025
€68,564
raises the resultlowers the result
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
+€50,350
Investment
-€2,191
Financing
-€71,810
Cash 2024
€67,286
From operations (derived)
+€50,350
Net result for the year
+€68,564
Depreciation
+€5,970
Receivables within one year
-€24,840
Deferred charges and accrued income
-€27
Trade debts
-€314
Tax, wage and social debts
-€1,307
Other debts
+€1,864
Accrued charges and deferred income
+€441
Investment (derived)
-€2,191
Investment in fixed assets (net)
-€2,191
Financing
-€71,810
Debts after one year
-€49,029
Current portion of long-term debt
+€748
Contributions, distributions and other
-€23,529
Cash 2025
€43,635
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,251,642 | €1,249,079 | -€2,563 | -0.2% |
| Formation expenses | 20 | €20 | - | -€20 | |
| Fixed assets | 21/28 | €1,183,053 | €1,179,295 | -€3,759 | -0.3% |
| Tangible fixed assets | 22/27 | €13,053 | €9,295 | -€3,759 | -28.8% |
| Furniture and vehicles | 24 | €13,053 | €7,232 | -€5,822 | -44.6% |
| Other tangible fixed assets | 26 | - | €2,063 | +€2,063 | |
| Financial fixed assets | 28 | €1,170,000 | €1,170,000 | = | 0.0% |
| Current assets | 29/58 | €68,568 | €69,784 | +€1,216 | +1.8% |
| Amounts receivable within one year | 40/41 | €387 | €25,227 | +€24,840 | +6,415% |
| Trade receivables | 40 | - | €21,175 | +€21,175 | |
| Other amounts receivable | 41 | €387 | €4,052 | +€3,665 | +946% |
| Cash at bank and in hand | 54/58 | €67,286 | €43,635 | -€23,651 | -35.2% |
| Deferred charges and accrued income | 490/1 | €895 | €922 | +€27 | +3.0% |
| Total equity and liabilities | 10/49 | €1,251,642 | €1,249,079 | -€2,563 | -0.2% |
| Equity | 10/15 | €701,167 | €746,201 | +€45,034 | +6.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €551,167 | €596,201 | +€45,034 | +8.2% |
| Distributable reserves | 133 | €551,167 | €596,201 | +€45,034 | +8.2% |
| Amounts payable | 17/49 | €550,476 | €502,878 | -€47,597 | -8.6% |
| Amounts payable after more than one year | 17 | €481,198 | €432,169 | -€49,029 | -10.2% |
| Financial debts | 170/4 | €481,198 | €432,169 | -€49,029 | -10.2% |
| Amounts payable within one year | 42/48 | €68,625 | €69,616 | +€990 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €52,335 | €53,083 | +€748 | +1.4% |
| Trade debts | 44 | €1,559 | €1,245 | -€314 | -20.2% |
| Suppliers | 440/4 | €1,559 | €1,245 | -€314 | -20.2% |
| Taxes, remuneration and social security | 45 | €13,674 | €12,366 | -€1,307 | -9.6% |
| Taxes | 450/3 | €13,674 | €10,281 | -€3,392 | -24.8% |
| Remuneration and social security | 454/9 | - | €2,085 | +€2,085 | |
| Other amounts payable | 47/48 | €1,058 | €2,921 | +€1,864 | +176% |
| Accrued charges and deferred income | 492/3 | €652 | €1,093 | +€441 | +67.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,024 | €5,970 | -€1,054 | -15.0% |
| Other operating charges | 640/8 | €2,068 | €2,719 | +€652 | +31.5% |
| Gross operating margin | 9900 | €120,640 | €103,156 | -€17,484 | -14.5% |
| Operating profit (loss) | 9901 | €111,548 | €94,467 | -€17,082 | -15.3% |
| Financial income | 75/76B | €50,000 | - | -€50,000 | |
| Recurring financial income | 75 | €50,000 | - | -€50,000 | |
| Financial charges | 65/66B | €8,227 | €7,455 | -€772 | -9.4% |
| Recurring financial charges | 65 | €8,227 | €7,455 | -€772 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €153,321 | €87,012 | -€66,309 | -43.2% |
| Income taxes | 67/77 | €22,113 | €18,448 | -€3,665 | -16.6% |
| Profit (loss) for the period | 9904 | €131,208 | €68,564 | -€62,644 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €131,208 | €68,564 | -€62,644 | -47.7% |
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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 2 November 2026 via checked.be.