PAULS: 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.
What changed
PAULS
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€355,380
2024 · €256,318+€99,062
Equity
€1.5m
2024 · €1.1m+€355,380
Cash
€23,155
2024 · €2,901+€20,254
Balance sheet total
€17.9m
2024 · €10.8m+€7.1m
Largest movements
Assets
- Receivables after one year +€6.9m
up €6.9m (+304.4%), from €2.3m to €9.1m
Equity and liabilities
- Debts after one year +€6.0m
up €6.0m (+63.6%), from €9.5m to €15.5m
- Current portion of long-term debt +€733,070
new in 2025: €733,070
- Profit (loss) carried forward +€380,640
up €380,640 (+50.6%), from €752,606 to €1.1m
Income statement
- Financial income +€87,122
up €87,122 (+98.9%), from €88,078 to €175,199
- Gross operating margin +€42,233
up €42,233 (+7.5%), from €559,574 to €601,807
- Taxes +€32,251
up €32,251 (+38.7%), from €83,339 to €115,590
- Financial charges -€17,937
down €17,937 (-6.2%), from €288,812 to €270,875
of which Non-recurring financial charges: -€132,991
- Depreciation +€11,029
up €11,029 (+92.6%), from €11,907 to €22,936
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
€256,318
Gross operating margin
+€42,233
Depreciation
-€11,029
Other operating charges
-€4,949
Financial income
+€87,122
Financial charges
+€17,937
Taxes
-€32,251
Result 2025
€355,380
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.
From operations
-€6.7m
Investment
-€65,151
Financing
+€6.8m
Cash 2024
€2,901
From operations (derived)
-€6.7m
Net result for the year
+€355,380
Depreciation
+€22,936
Receivables after one year
-€6.9m
Receivables within one year
-€166,706
Smaller working-capital items
+€13,309
Trade debts
-€155,794
Accrued charges and deferred income
+€95,481
Investment (derived)
-€65,151
Investment in fixed assets (net)
-€151
Current investments
-€65,000
Financing
+€6.8m
Debts after one year
+€6.0m
Current portion of long-term debt
+€733,070
Cash 2025
€23,155
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,797,457 | €17,864,668 | +€7.1m | +65.5% |
| Fixed assets | 21/28 | €8,269,137 | €8,246,352 | -€22,785 | -0.3% |
| Tangible fixed assets | 22/27 | €1,359,137 | €1,336,201 | -€22,936 | -1.7% |
| Land and buildings | 22 | €1,359,137 | €1,336,201 | -€22,936 | -1.7% |
| Financial fixed assets | 28 | €6,910,000 | €6,910,151 | +€151 | 0.0% |
| Current assets | 29/58 | €2,528,319 | €9,618,316 | +€7.1m | +280.4% |
| Amounts receivable after more than one year | 29 | €2,250,000 | €9,100,000 | +€6.9m | +304.4% |
| Other amounts receivable | 291 | €2,250,000 | €9,100,000 | +€6.9m | +304.4% |
| Amounts receivable within one year | 40/41 | €128,191 | €294,897 | +€166,706 | +130.0% |
| Trade receivables | 40 | €109,022 | €109,022 | = | 0.0% |
| Other amounts receivable | 41 | €19,169 | €185,876 | +€166,706 | +869.7% |
| Current investments | 50/53 | €135,000 | €200,000 | +€65,000 | +48.1% |
| Cash at bank and in hand | 54/58 | €2,901 | €23,155 | +€20,254 | +698.2% |
| Deferred charges and accrued income | 490/1 | €12,228 | €263 | -€11,964 | -97.8% |
| Total equity and liabilities | 10/49 | €10,797,457 | €17,864,668 | +€7.1m | +65.5% |
| Equity | 10/15 | €1,107,826 | €1,463,206 | +€355,380 | +32.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €345,220 | €319,960 | -€25,260 | -7.3% |
| Tax-exempt reserves | 132 | €345,220 | €319,960 | -€25,260 | -7.3% |
| Profit (loss) carried forward | 14 | €752,606 | €1,133,246 | +€380,640 | +50.6% |
| Amounts payable | 17/49 | €9,689,630 | €16,401,462 | +€6.7m | +69.3% |
| Amounts payable after more than one year | 17 | €9,500,000 | €15,537,730 | +€6.0m | +63.6% |
| Financial debts | 170/4 | €9,500,000 | €15,537,730 | +€6.0m | +63.6% |
| Amounts payable within one year | 42/48 | €183,830 | €762,450 | +€578,620 | +314.8% |
| Current portion of amounts payable after more than one year | 42 | - | €733,070 | +€733,070 | |
| Trade debts | 44 | €156,686 | €892 | -€155,794 | -99.4% |
| Suppliers | 440/4 | €156,686 | €892 | -€155,794 | -99.4% |
| Taxes, remuneration and social security | 45 | €27,145 | €28,338 | +€1,193 | +4.4% |
| Taxes | 450/3 | €27,145 | €28,338 | +€1,193 | +4.4% |
| Other amounts payable | 47/48 | - | €151 | +€151 | |
| Accrued charges and deferred income | 492/3 | €5,800 | €101,281 | +€95,481 | +1646.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,907 | €22,936 | +€11,029 | +92.6% |
| Other operating charges | 640/8 | €7,275 | €12,225 | +€4,949 | +68.0% |
| Gross operating margin | 9900 | €559,574 | €601,807 | +€42,233 | +7.5% |
| Operating profit (loss) | 9901 | €540,392 | €566,645 | +€26,254 | +4.9% |
| Financial income | 75/76B | €88,078 | €175,199 | +€87,122 | +98.9% |
| Recurring financial income | 75 | €88,078 | €175,199 | +€87,122 | +98.9% |
| Financial charges | 65/66B | €288,812 | €270,875 | -€17,937 | -6.2% |
| Recurring financial charges | 65 | €155,821 | €270,875 | +€115,054 | +73.8% |
| Non-recurring financial charges | 66B | €132,991 | - | -€132,991 | |
| Profit (loss) for the period before taxes | 9903 | €339,657 | €470,970 | +€131,313 | +38.7% |
| Income taxes | 67/77 | €83,339 | €115,590 | +€32,251 | +38.7% |
| Profit (loss) for the period | 9904 | €256,318 | €355,380 | +€99,062 | +38.6% |
| Transfer from tax-exempt reserves | 789 | - | €147,350 | +€147,350 | |
| Transfer to tax-exempt reserves | 689 | €176,820 | €122,090 | -€54,730 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,498 | €380,640 | +€301,142 | +378.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.