Paulus Stuart: 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 Stuart
Largest movements
- Receivables within one year -€48,440
down €48,440 (-21.0%), from €231,048 to €182,608
of which Trade receivables: -€49,427
- Tax, wage and social debts -€105,300
down €105,300 (-39.4%), from €267,523 to €162,223
of which Taxes: -€61,407
- Short-term financial debts +€62,023
up €62,023 (+31.0%), from €200,053 to €262,076
of which Credit institutions: +€68,153
- Trade debts +€53,970
up €53,970 (+36.3%), from €148,785 to €202,754
- Profit (loss) carried forward -€49,015
down €49,015 (-87.0%), from -€56,326 to -€105,341
- Debts after one year -€31,278
down €31,278 (-56.2%), from €55,611 to €24,333
- Staff costs -€91,108
down €91,108 (-14.6%), from €625,239 to €534,132
- Gross operating margin -€68,954
down €68,954 (-11.7%), from €591,525 to €522,571
- Financial charges -€6,926
down €6,926 (-21.5%), from €32,195 to €25,269
- Depreciation -€6,474
down €6,474 (-52.7%), from €12,286 to €5,811
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 | €881,590 | €829,635 | -€51,955 | -5.9% |
| Fixed assets | 21/28 | €21,827 | €16,643 | -€5,184 | -23.8% |
| Tangible fixed assets | 22/27 | €14,863 | €9,678 | -€5,184 | -34.9% |
| Plant, machinery and equipment | 23 | €9,863 | €8,256 | -€1,607 | -16.3% |
| Furniture and vehicles | 24 | €5,000 | €1,422 | -€3,578 | -71.6% |
| Financial fixed assets | 28 | €6,965 | €6,965 | = | 0.0% |
| Current assets | 29/58 | €859,763 | €812,992 | -€46,771 | -5.4% |
| Stocks and contracts in progress | 3 | €608,582 | €612,993 | +€4,411 | +0.7% |
| Stocks | 30/36 | €608,582 | €612,993 | +€4,411 | +0.7% |
| Amounts receivable within one year | 40/41 | €231,048 | €182,608 | -€48,440 | -21.0% |
| Trade receivables | 40 | €216,335 | €166,908 | -€49,427 | -22.8% |
| Other amounts receivable | 41 | €14,713 | €15,700 | +€987 | +6.7% |
| Cash at bank and in hand | 54/58 | €9,442 | €6,474 | -€2,968 | -31.4% |
| Deferred charges and accrued income | 490/1 | €10,691 | €10,918 | +€226 | +2.1% |
| Total equity and liabilities | 10/49 | €881,590 | €829,635 | -€51,955 | -5.9% |
| Equity | 10/15 | €161,117 | €112,102 | -€49,015 | -30.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €117,442 | €117,442 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,831 | €19,831 | = | 0.0% |
| Distributable reserves | 133 | €97,611 | €97,611 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,326 | -€105,341 | -€49,015 | -87.0% |
| Amounts payable | 17/49 | €720,474 | €717,534 | -€2,940 | -0.4% |
| Amounts payable after more than one year | 17 | €55,611 | €24,333 | -€31,278 | -56.2% |
| Financial debts | 170/4 | €55,611 | €24,333 | -€31,278 | -56.2% |
| Amounts payable within one year | 42/48 | €664,862 | €693,165 | +€28,303 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €19,248 | €41,000 | +€21,752 | +113% |
| Financial debts | 43 | €200,053 | €262,076 | +€62,023 | +31.0% |
| Credit institutions | 430/8 | €191,423 | €259,576 | +€68,153 | +35.6% |
| Other loans | 439 | €8,630 | €2,500 | -€6,130 | -71.0% |
| Trade debts | 44 | €148,785 | €202,754 | +€53,970 | +36.3% |
| Suppliers | 440/4 | €148,785 | €202,754 | +€53,970 | +36.3% |
| Taxes, remuneration and social security | 45 | €267,523 | €162,223 | -€105,300 | -39.4% |
| Taxes | 450/3 | €103,350 | €41,943 | -€61,407 | -59.4% |
| Remuneration and social security | 454/9 | €164,173 | €120,280 | -€43,893 | -26.7% |
| Other amounts payable | 47/48 | €29,254 | €25,112 | -€4,142 | -14.2% |
| Accrued charges and deferred income | 492/3 | €0 | €35 | +€35 | |
| Non-recurring operating income | 76A | - | €3,243 | +€3,243 | |
| Remuneration, social security and pensions | 62 | €625,239 | €534,132 | -€91,108 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,286 | €5,811 | -€6,474 | -52.7% |
| Other operating charges | 640/8 | €3,365 | €7,338 | +€3,973 | +118% |
| Non-recurring operating charges | 66A | €5,994 | €1,793 | -€4,202 | -70.1% |
| Gross operating margin | 9900 | €591,525 | €522,571 | -€68,954 | -11.7% |
| Operating profit (loss) | 9901 | -€55,360 | -€26,503 | +€28,857 | +52.1% |
| Financial income | 75/76B | €1,590 | €2,967 | +€1,378 | +86.7% |
| Recurring financial income | 75 | €1,590 | €2,967 | +€1,378 | +86.7% |
| Financial charges | 65/66B | €32,195 | €25,269 | -€6,926 | -21.5% |
| Recurring financial charges | 65 | €32,195 | €25,269 | -€6,926 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | -€85,965 | -€48,805 | +€37,161 | +43.2% |
| Income taxes | 67/77 | €390 | €210 | -€179 | -46.0% |
| Profit (loss) for the period | 9904 | -€86,355 | -€49,015 | +€37,340 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,355 | -€49,015 | +€37,340 | +43.2% |
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 18 October 2026 via checked.be.