PAULOU: 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.
PAULOU
Largest movements
- Cash -€49,364
down €49,364 (-83.7%), from €58,979 to €9,615
mainly Debts after one year (-€40,439) and Net result for the year (-€35,955)
- Tangible fixed assets -€46,536
down €46,536 (-3.3%), from €1.4m to €1.4m
of which Land and buildings: -€44,053
- Debts after one year -€40,439
down €40,439 (-4.5%), from €897,041 to €856,602
of which Other amounts payable: -€30,439
- Profit (loss) carried forward -€35,955
down €35,955 (-39.2%), from €91,786 to €55,830
- Other debts -€26,607
down €26,607 (-99.6%), from €26,707 to €100
- Gross operating margin +€30,564
up €30,564, from -€13,527 to €17,037
- Depreciation +€12,635
up €12,635 (+37.3%), from €33,901 to €46,536
- Write-downs -€11,114
no longer reported in 2025 (was €11,114)
- Financial charges +€1,878
up €1,878 (+36.0%), from €5,219 to €7,097
- Other operating charges +€228
up €228 (+3.6%), from €6,373 to €6,601
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 | €1,477,734 | €1,371,104 | -€106,630 | -7.2% |
| Fixed assets | 21/28 | €1,407,248 | €1,360,712 | -€46,536 | -3.3% |
| Tangible fixed assets | 22/27 | €1,407,248 | €1,360,712 | -€46,536 | -3.3% |
| Land and buildings | 22 | €1,403,893 | €1,359,840 | -€44,053 | -3.1% |
| Furniture and vehicles | 24 | €3,355 | €872 | -€2,483 | -74.0% |
| Current assets | 29/58 | €70,486 | €10,392 | -€60,094 | -85.3% |
| Amounts receivable within one year | 40/41 | €11,507 | €777 | -€10,730 | -93.2% |
| Trade receivables | 40 | €1,598 | €772 | -€826 | -51.7% |
| Other amounts receivable | 41 | €9,910 | €5 | -€9,905 | -99.9% |
| Cash at bank and in hand | 54/58 | €58,979 | €9,615 | -€49,364 | -83.7% |
| Total equity and liabilities | 10/49 | €1,477,734 | €1,371,104 | -€106,630 | -7.2% |
| Equity | 10/15 | €437,473 | €395,987 | -€41,486 | -9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €339,487 | €333,956 | -€5,531 | -1.6% |
| Tax-exempt reserves | 132 | €314,127 | €308,596 | -€5,531 | -1.8% |
| Distributable reserves | 133 | €25,360 | €25,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,786 | €55,830 | -€35,955 | -39.2% |
| Provisions and deferred taxes | 16 | €104,709 | €102,865 | -€1,844 | -1.8% |
| Provisions for liabilities and charges | 160/5 | €104,709 | €102,865 | -€1,844 | -1.8% |
| Other liabilities and charges | 164/5 | €104,709 | €102,865 | -€1,844 | -1.8% |
| Amounts payable | 17/49 | €935,552 | €872,252 | -€63,301 | -6.8% |
| Amounts payable after more than one year | 17 | €897,041 | €856,602 | -€40,439 | -4.5% |
| Financial debts | 170/4 | €135,000 | €125,000 | -€10,000 | -7.4% |
| Other amounts payable | 178/9 | €762,041 | €731,602 | -€30,439 | -4.0% |
| Amounts payable within one year | 42/48 | €38,511 | €14,500 | -€24,012 | -62.3% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €351 | €2,419 | +€2,068 | +589% |
| Suppliers | 440/4 | €351 | €2,419 | +€2,068 | +589% |
| Taxes, remuneration and social security | 45 | €1,454 | €1,981 | +€528 | +36.3% |
| Taxes | 450/3 | €1,454 | €1,981 | +€528 | +36.3% |
| Other amounts payable | 47/48 | €26,707 | €100 | -€26,607 | -99.6% |
| Accrued charges and deferred income | 492/3 | - | €1,150 | +€1,150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,901 | €46,536 | +€12,635 | +37.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,114 | - | -€11,114 | |
| Other operating charges | 640/8 | €6,373 | €6,601 | +€228 | +3.6% |
| Gross operating margin | 9900 | -€13,527 | €17,037 | +€30,564 | |
| Operating profit (loss) | 9901 | -€64,915 | -€36,100 | +€28,815 | +44.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €5,219 | €7,097 | +€1,878 | +36.0% |
| Recurring financial charges | 65 | €5,219 | €7,097 | +€1,878 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | -€70,134 | -€43,197 | +€26,937 | +38.4% |
| Transfer from deferred taxes | 780 | €7,375 | €7,375 | = | 0.0% |
| Income taxes | 67/77 | €135 | €133 | -€2 | -1.5% |
| Profit (loss) for the period | 9904 | -€62,894 | -€35,955 | +€26,939 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,894 | -€35,955 | +€26,939 | +42.8% |
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 13 October 2026 via checked.be.