PAULUS: 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.
PAULUS
Largest movements
- Cash +€41,603
up €41,603 (+66.9%), from €62,142 to €103,744
mainly Net result for the year (+€31,985) and Depreciation (+€16,997)
- Stocks and contracts +€10,975
up €10,975 (+2.5%), from €445,439 to €456,414
- Deferred charges and accrued income -€7,578
down €7,578 (-42.6%), from €17,770 to €10,192
- Reserves +€31,985
up €31,985 (+7.0%), from €459,741 to €491,727
- Gross operating margin +€40,185
up €40,185 (+131.1%), from €30,652 to €70,838
- Taxes +€11,694
up €11,694 (+4669.7%), from €250 to €11,944
- Depreciation -€6,867
down €6,867 (-28.8%), from €23,864 to €16,997
- Financial charges -€1,374
down €1,374 (-18.6%), from €7,365 to €5,992
- Write-downs +€1,308
up €1,308, from €0 to €1,308
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €614,622 | €652,041 | +€37,419 | +6.1% |
| Fixed assets | 21/28 | €52,721 | €47,775 | -€4,947 | -9.4% |
| Tangible fixed assets | 22/27 | €52,671 | €47,725 | -€4,947 | -9.4% |
| Plant, machinery and equipment | 23 | €20,347 | €15,534 | -€4,813 | -23.7% |
| Furniture and vehicles | 24 | €5,770 | €4,740 | -€1,030 | -17.9% |
| Other tangible fixed assets | 26 | €26,554 | €27,451 | +€897 | +3.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €561,901 | €604,266 | +€42,366 | +7.5% |
| Stocks and contracts in progress | 3 | €445,439 | €456,414 | +€10,975 | +2.5% |
| Stocks | 30/36 | €445,439 | €456,414 | +€10,975 | +2.5% |
| Amounts receivable within one year | 40/41 | €36,550 | €33,916 | -€2,634 | -7.2% |
| Trade receivables | 40 | €19,892 | €27,379 | +€7,486 | +37.6% |
| Other amounts receivable | 41 | €16,658 | €6,538 | -€10,120 | -60.8% |
| Cash at bank and in hand | 54/58 | €62,142 | €103,744 | +€41,603 | +66.9% |
| Deferred charges and accrued income | 490/1 | €17,770 | €10,192 | -€7,578 | -42.6% |
| Total equity and liabilities | 10/49 | €614,622 | €652,041 | +€37,419 | +6.1% |
| Equity | 10/15 | €478,341 | €510,327 | +€31,985 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €459,741 | €491,727 | +€31,985 | +7.0% |
| Distributable reserves | 133 | €459,741 | €491,727 | +€31,985 | +7.0% |
| Amounts payable | 17/49 | €136,281 | €141,714 | +€5,434 | +4.0% |
| Amounts payable after more than one year | 17 | €121,421 | €119,699 | -€1,722 | -1.4% |
| Other amounts payable | 178/9 | €121,421 | €119,699 | -€1,722 | -1.4% |
| Amounts payable within one year | 42/48 | €14,268 | €21,875 | +€7,607 | +53.3% |
| Trade debts | 44 | €3,272 | €7,766 | +€4,494 | +137.4% |
| Suppliers | 440/4 | €3,272 | €7,766 | +€4,494 | +137.4% |
| Taxes, remuneration and social security | 45 | €4,346 | €8,751 | +€4,405 | +101.4% |
| Taxes | 450/3 | €1,553 | €5,944 | +€4,392 | +282.8% |
| Remuneration and social security | 454/9 | €2,793 | €2,807 | +€14 | +0.5% |
| Other amounts payable | 47/48 | €6,650 | €5,358 | -€1,293 | -19.4% |
| Accrued charges and deferred income | 492/3 | €591 | €141 | -€451 | -76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,864 | €16,997 | -€6,867 | -28.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,308 | +€1,308 | |
| Other operating charges | 640/8 | €3,143 | €3,656 | +€512 | +16.3% |
| Gross operating margin | 9900 | €30,652 | €70,838 | +€40,185 | +131.1% |
| Operating profit (loss) | 9901 | €3,645 | €48,877 | +€45,232 | +1240.9% |
| Financial income | 75/76B | €1,994 | €1,045 | -€949 | -47.6% |
| Recurring financial income | 75 | €1,994 | €1,045 | -€949 | -47.6% |
| Financial charges | 65/66B | €7,365 | €5,992 | -€1,374 | -18.6% |
| Recurring financial charges | 65 | €7,365 | €5,992 | -€1,374 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,727 | €43,930 | +€45,656 | |
| Income taxes | 67/77 | €250 | €11,944 | +€11,694 | +4669.7% |
| Profit (loss) for the period | 9904 | -€1,977 | €31,985 | +€33,962 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,977 | €31,985 | +€33,962 |
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 9 October 2026 via checked.be.