PAULOWNIA: 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.
What changed
PAULOWNIA
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€148,090
2024 · -€2.0m+€2.1m
Equity
-€3.5m
2024 · -€3.7m+€148,090
Cash
€266,720
2024 · €359,792-€93,072
Balance sheet total
€39.6m
2024 · €33.5m+€6.1m
Largest movements
Assets
- Deferred charges and accrued income +€2.5m
new in 2025: €2.5m
- Tangible fixed assets +€2.2m
up €2.2m (+6.7%), from €32.4m to €34.6m
of which Land and buildings: +€2.5m
- Receivables within one year +€1.5m
up €1.5m (+238%), from €634,078 to €2.1m
of which Trade receivables: +€1.5m
Equity and liabilities
- Debts after one year +€11.6m
up €11.6m (+38.9%), from €29.9m to €41.5m
- Other debts -€6.4m
no longer reported in 2025 (was €6.4m)
- Trade debts +€1.6m
up €1.6m (+25,500%), from €6,354 to €1.6m
- Provisions -€815,790
no longer reported in 2025 (was €815,790)
Income statement
- Gross operating margin +€2.2m
up €2.2m (+508%), from €437,679 to €2.7m
- Financial charges +€814,258
up €814,258 (+110%), from €739,211 to €1.6m
- Provisions -€805,919
down €805,919 (-8,164%), from -€9,871 to -€815,790
- Depreciation -€198,721
down €198,721 (-11.8%), from €1.7m to €1.5m
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.
Result 2024
-€2.0m
Gross operating margin
+€2.2m
Depreciation
+€198,721
Provisions
+€805,919
Other operating charges
-€2,318
Other operating items
-€283,500
Financial income
+€21
Financial charges
-€814,258
Result 2025
€148,090
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€8.0m
Investment
-€3.7m
Financing
+€11.6m
Cash 2024
€359,792
From operations (derived)
-€8.0m
Net result for the year
+€148,090
Depreciation
+€1.5m
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€2.5m
Provisions
-€815,790
Trade debts
+€1.6m
Tax, wage and social debts
-€90,686
Other debts
-€6.4m
Investment (derived)
-€3.7m
Investment in fixed assets (net)
-€3.7m
Financing
+€11.6m
Debts after one year
+€11.6m
Cash 2025
€266,720
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,481,980 | €39,559,510 | +€6.1m | +18.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €32,419,444 | €34,596,982 | +€2.2m | +6.7% |
| Tangible fixed assets | 22/27 | €32,419,444 | €34,596,982 | +€2.2m | +6.7% |
| Land and buildings | 22 | €32,119,444 | €34,596,982 | +€2.5m | +7.7% |
| Assets under construction and advance payments | 27 | €300,000 | - | -€300,000 | |
| Current assets | 29/58 | €1,062,536 | €4,962,528 | +€3.9m | +367% |
| Amounts receivable within one year | 40/41 | €634,078 | €2,142,339 | +€1.5m | +238% |
| Trade receivables | 40 | €632,865 | €2,141,409 | +€1.5m | +238% |
| Other amounts receivable | 41 | €1,212 | €930 | -€283 | -23.3% |
| Current investments | 50/53 | €68,666 | €68,666 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €359,792 | €266,720 | -€93,072 | -25.9% |
| Deferred charges and accrued income | 490/1 | - | €2,484,803 | +€2.5m | |
| Total equity and liabilities | 10/49 | €33,481,980 | €39,559,510 | +€6.1m | +18.2% |
| Equity | 10/15 | -€3,685,096 | -€3,537,006 | +€148,090 | +4.0% |
| Contributions | 10/11 | €622,975 | €622,975 | = | 0.0% |
| Capital | 10 | €620,000 | €620,000 | = | 0.0% |
| Issued capital | 100 | €620,000 | €620,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,975 | €2,975 | = | 0.0% |
| Share premium | 1100/10 | €2,975 | €2,975 | = | 0.0% |
| Reserves | 13 | €784,154 | €784,154 | = | 0.0% |
| Non-distributable reserves | 130/1 | €271,443 | €271,443 | = | 0.0% |
| Legal reserve | 130 | €271,443 | €271,443 | = | 0.0% |
| Distributable reserves | 133 | €512,711 | €512,711 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,092,225 | -€4,944,135 | +€148,090 | +2.9% |
| Provisions and deferred taxes | 16 | €815,790 | - | -€815,790 | |
| Provisions for liabilities and charges | 160/5 | €815,790 | - | -€815,790 | |
| Environmental obligations | 163 | €815,790 | - | -€815,790 | |
| Amounts payable | 17/49 | €36,351,285 | €43,096,516 | +€6.7m | +18.6% |
| Amounts payable after more than one year | 17 | €29,850,000 | €41,469,880 | +€11.6m | +38.9% |
| Financial debts | 170/4 | €29,850,000 | €41,469,880 | +€11.6m | +38.9% |
| Amounts payable within one year | 42/48 | €6,501,285 | €1,626,635 | -€4.9m | -75.0% |
| Trade debts | 44 | €6,354 | €1,626,635 | +€1.6m | +25,500% |
| Suppliers | 440/4 | €6,354 | €1,626,635 | +€1.6m | +25,500% |
| Taxes, remuneration and social security | 45 | €90,686 | - | -€90,686 | |
| Taxes | 450/3 | €90,686 | - | -€90,686 | |
| Other amounts payable | 47/48 | €6,404,245 | - | -€6.4m | |
| Non-recurring operating income | 76A | - | €587,111 | +€587,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,688,609 | €1,489,888 | -€198,721 | -11.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,871 | -€815,790 | -€805,919 | -8,164% |
| Other operating charges | 640/8 | €595 | €2,913 | +€2,318 | +390% |
| Non-recurring operating charges | 66A | - | €283,500 | +€283,500 | |
| Gross operating margin | 9900 | €437,679 | €2,659,963 | +€2.2m | +508% |
| Operating profit (loss) | 9901 | -€1,241,654 | €1,699,453 | +€2.9m | |
| Financial income | 75/76B | €2,084 | €2,105 | +€21 | +1.0% |
| Recurring financial income | 75 | €2,084 | €2,105 | +€21 | +1.0% |
| Financial charges | 65/66B | €739,211 | €1,553,468 | +€814,258 | +110% |
| Recurring financial charges | 65 | €739,211 | €1,553,468 | +€814,258 | +110% |
| Profit (loss) for the period before taxes | 9903 | -€1,978,781 | €148,090 | +€2.1m | |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€1,978,781 | €148,090 | +€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,978,781 | €148,090 | +€2.1m |
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 15 October 2026 via checked.be.