PAULISSEN Michel: 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.
PAULISSEN Michel
Largest movements
- Tangible fixed assets +€373,572
up €373,572 (+1,027%), from €36,379 to €409,950
of which Plant, machinery and equipment: +€336,615
- Receivables within one year +€68,934
up €68,934 (+265%), from €26,037 to €94,971
of which Trade receivables: +€79,776
- Current investments -€35,713
down €35,713 (-71.4%), from €50,000 to €14,287
- Financial fixed assets +€21,721
up €21,721 (+5,067%), from €429 to €22,149
- Cash -€20,338
down €20,338 (-94.5%), from €21,513 to €1,175
mainly Investment in fixed assets (net) (-€428,373) and Receivables within one year (-€68,934)
- Debts after one year +€265,047
up €265,047 (+768%), from €34,490 to €299,537
- Other debts +€48,518
up €48,518 (+2,372%), from €2,046 to €50,563
- Current portion of long-term debt +€46,865
up €46,865 (+115%), from €40,767 to €87,632
- Tax, wage and social debts +€27,724
up €27,724 (+78.7%), from €35,207 to €62,931
of which Remuneration and social security: +€19,281
- Advances received +€21,084
new in 2025: €21,084
- Staff costs +€43,581
up €43,581 (+26.3%), from €165,525 to €209,106
- Financial income +€21,149
up €21,149 (+422%), from €5,012 to €26,161
- Depreciation +€18,673
up €18,673 (+129%), from €14,462 to €33,136
- Gross operating margin +€12,219
up €12,219 (+5.2%), from €234,424 to €246,644
- Financial charges +€10,900
up €10,900 (+221%), from €4,931 to €15,830
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 | €314,685 | €743,836 | +€429,152 | +136% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €36,862 | €432,100 | +€395,238 | +1,072% |
| Intangible fixed assets | 21 | €54 | €0 | -€54 | -100% |
| Tangible fixed assets | 22/27 | €36,379 | €409,950 | +€373,572 | +1,027% |
| Land and buildings | 22 | €1,524 | €811 | -€712 | -46.8% |
| Plant, machinery and equipment | 23 | €25,895 | €362,510 | +€336,615 | +1,300% |
| Furniture and vehicles | 24 | €8,960 | €46,629 | +€37,669 | +420% |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €429 | €22,149 | +€21,721 | +5,067% |
| Current assets | 29/58 | €277,823 | €311,737 | +€33,914 | +12.2% |
| Stocks and contracts in progress | 3 | €177,654 | €196,227 | +€18,573 | +10.5% |
| Stocks | 30/36 | €177,654 | €196,227 | +€18,573 | +10.5% |
| Amounts receivable within one year | 40/41 | €26,037 | €94,971 | +€68,934 | +265% |
| Trade receivables | 40 | €1,847 | €81,623 | +€79,776 | +4,319% |
| Other amounts receivable | 41 | €24,191 | €13,348 | -€10,842 | -44.8% |
| Current investments | 50/53 | €50,000 | €14,287 | -€35,713 | -71.4% |
| Cash at bank and in hand | 54/58 | €21,513 | €1,175 | -€20,338 | -94.5% |
| Deferred charges and accrued income | 490/1 | €2,619 | €5,077 | +€2,458 | +93.9% |
| Total equity and liabilities | 10/49 | €314,685 | €743,836 | +€429,152 | +136% |
| Equity | 10/15 | €150,692 | €157,579 | +€6,887 | +4.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €128,125 | €128,125 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €126,266 | €126,266 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,975 | €10,862 | +€6,887 | +173% |
| Amounts payable | 17/49 | €163,992 | €586,257 | +€422,264 | +257% |
| Amounts payable after more than one year | 17 | €34,490 | €299,537 | +€265,047 | +768% |
| Financial debts | 170/4 | €34,490 | €299,537 | +€265,047 | +768% |
| Amounts payable within one year | 42/48 | €129,502 | €286,702 | +€157,200 | +121% |
| Current portion of amounts payable after more than one year | 42 | €40,767 | €87,632 | +€46,865 | +115% |
| Financial debts | 43 | - | €4,856 | +€4,856 | |
| Credit institutions | 430/8 | - | €4,856 | +€4,856 | |
| Trade debts | 44 | €51,482 | €59,635 | +€8,153 | +15.8% |
| Suppliers | 440/4 | €51,482 | €59,635 | +€8,153 | +15.8% |
| Advances received on contracts in progress | 46 | - | €21,084 | +€21,084 | |
| Taxes, remuneration and social security | 45 | €35,207 | €62,931 | +€27,724 | +78.7% |
| Taxes | 450/3 | €8,448 | €16,890 | +€8,442 | +99.9% |
| Remuneration and social security | 454/9 | €26,759 | €46,041 | +€19,281 | +72.1% |
| Other amounts payable | 47/48 | €2,046 | €50,563 | +€48,518 | +2,372% |
| Accrued charges and deferred income | 492/3 | - | €18 | +€18 | |
| Remuneration, social security and pensions | 62 | €165,525 | €209,106 | +€43,581 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,462 | €33,136 | +€18,673 | +129% |
| Other operating charges | 640/8 | €1,206 | €6,940 | +€5,734 | +476% |
| Gross operating margin | 9900 | €234,424 | €246,644 | +€12,219 | +5.2% |
| Operating profit (loss) | 9901 | €53,231 | -€2,538 | -€55,769 | |
| Financial income | 75/76B | €5,012 | €26,161 | +€21,149 | +422% |
| Recurring financial income | 75 | €5,012 | €26,161 | +€21,149 | +422% |
| Financial charges | 65/66B | €4,931 | €15,830 | +€10,900 | +221% |
| Recurring financial charges | 65 | €4,931 | €15,830 | +€10,900 | +221% |
| Profit (loss) for the period before taxes | 9903 | €53,313 | €7,793 | -€45,520 | -85.4% |
| Income taxes | 67/77 | €2,925 | €905 | -€2,019 | -69.0% |
| Profit (loss) for the period | 9904 | €50,388 | €6,887 | -€43,501 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,388 | €6,887 | -€43,501 | -86.3% |
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 1 November 2026 via checked.be.