PAULUS: 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.
PAULUS
Largest movements
- Cash -€136,885
down €136,885 (-45.5%), from €300,713 to €163,828
mainly Investment in fixed assets (net) (-€58,723) and Stocks and contracts (-€56,253)
- Stocks and contracts +€56,253
up €56,253 (+9.5%), from €592,709 to €648,962
- Intangible fixed assets +€21,950
up €21,950, from €0 to €21,950
- Tax, wage and social debts -€20,787
down €20,787 (-25.1%), from €82,797 to €62,011
of which Taxes: -€12,949
- Other debts -€17,964
down €17,964 (-20.1%), from €89,550 to €71,586
- Gross operating margin -€30,094
down €30,094 (-7.1%), from €423,326 to €393,233
- Staff costs +€17,374
up €17,374 (+5.2%), from €335,414 to €352,788
- Financial charges -€10,499
down €10,499 (-40.2%), from €26,092 to €15,593
- Taxes -€9,565
down €9,565 (-87.5%), from €10,929 to €1,363
- Depreciation +€5,233
up €5,233 (+13.8%), from €38,007 to €43,240
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,138,890 | €1,081,078 | -€57,812 | -5.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €179,505 | €194,988 | +€15,483 | +8.6% |
| Intangible fixed assets | 21 | €0 | €21,950 | +€21,950 | |
| Tangible fixed assets | 22/27 | €167,505 | €161,038 | -€6,467 | -3.9% |
| Land and buildings | 22 | €70,053 | €78,509 | +€8,457 | +12.1% |
| Plant, machinery and equipment | 23 | €39,564 | €37,721 | -€1,843 | -4.7% |
| Furniture and vehicles | 24 | €46,004 | €26,641 | -€19,363 | -42.1% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €11,884 | €18,167 | +€6,282 | +52.9% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €959,385 | €886,090 | -€73,295 | -7.6% |
| Stocks and contracts in progress | 3 | €592,709 | €648,962 | +€56,253 | +9.5% |
| Stocks | 30/36 | €592,709 | €648,962 | +€56,253 | +9.5% |
| Amounts receivable within one year | 40/41 | €56,219 | €62,779 | +€6,560 | +11.7% |
| Trade receivables | 40 | €45,386 | €46,804 | +€1,418 | +3.1% |
| Other amounts receivable | 41 | €10,832 | €15,975 | +€5,142 | +47.5% |
| Cash at bank and in hand | 54/58 | €300,713 | €163,828 | -€136,885 | -45.5% |
| Deferred charges and accrued income | 490/1 | €9,744 | €10,521 | +€777 | +8.0% |
| Total equity and liabilities | 10/49 | €1,138,890 | €1,081,078 | -€57,812 | -5.1% |
| Equity | 10/15 | €714,774 | €705,273 | -€9,502 | -1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €663,463 | €663,463 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,933 | €7,933 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Other | 1319 | €1,735 | €1,735 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,217 | €16,217 | = | 0.0% |
| Distributable reserves | 133 | €639,313 | €639,313 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,712 | €23,210 | -€9,502 | -29.0% |
| Amounts payable | 17/49 | €424,115 | €375,805 | -€48,310 | -11.4% |
| Amounts payable within one year | 42/48 | €416,420 | €375,805 | -€40,615 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €217,533 | €215,000 | -€2,533 | -1.2% |
| Trade debts | 44 | €26,540 | €27,209 | +€668 | +2.5% |
| Suppliers | 440/4 | €26,540 | €27,209 | +€668 | +2.5% |
| Taxes, remuneration and social security | 45 | €82,797 | €62,011 | -€20,787 | -25.1% |
| Taxes | 450/3 | €32,833 | €19,884 | -€12,949 | -39.4% |
| Remuneration and social security | 454/9 | €49,964 | €42,127 | -€7,837 | -15.7% |
| Other amounts payable | 47/48 | €89,550 | €71,586 | -€17,964 | -20.1% |
| Accrued charges and deferred income | 492/3 | €7,695 | - | -€7,695 | |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €335,414 | €352,788 | +€17,374 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,007 | €43,240 | +€5,233 | +13.8% |
| Other operating charges | 640/8 | €4,911 | €4,979 | +€68 | +1.4% |
| Gross operating margin | 9900 | €423,326 | €393,233 | -€30,094 | -7.1% |
| Operating profit (loss) | 9901 | €44,994 | -€7,774 | -€52,769 | |
| Financial income | 75/76B | €13,457 | €15,229 | +€1,772 | +13.2% |
| Recurring financial income | 75 | €13,457 | €15,229 | +€1,772 | +13.2% |
| Financial charges | 65/66B | €26,092 | €15,593 | -€10,499 | -40.2% |
| Recurring financial charges | 65 | €26,092 | €15,593 | -€10,499 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €32,359 | -€8,138 | -€40,497 | |
| Income taxes | 67/77 | €10,929 | €1,363 | -€9,565 | -87.5% |
| Profit (loss) for the period | 9904 | €21,430 | -€9,502 | -€30,932 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,430 | -€9,502 | -€30,932 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.