PAULUSSEN: 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.
PAULUSSEN
Largest movements
- Current investments -€180,000
down €180,000 (-100.0%), from €180,000 to €0
- Cash +€80,768
up €80,768 (+346.6%), from €23,305 to €104,073
mainly Current investments (+€180,000) and Depreciation (+€35,725)
- Tangible fixed assets -€36,350
down €36,350 (-23.3%), from €155,791 to €119,440
of which Furniture and vehicles: -€30,745
- Receivables after one year -€33,913
down €33,913 (-16.8%), from €201,288 to €167,375
- Reserves -€73,882
down €73,882 (-13.3%), from €555,502 to €481,620
of which Distributable reserves: -€73,882
- Debts after one year -€46,160
down €46,160 (-49.5%), from €93,279 to €47,119
- Tax, wage and social debts -€32,589
down €32,589 (-48.5%), from €67,241 to €34,652
of which Taxes: -€32,589
- Current portion of long-term debt -€22,647
down €22,647 (-79.5%), from €28,487 to €5,840
- Gross operating margin -€496,791
down €496,791, from €451,841 to -€44,949
- Taxes -€105,025
down €105,025 (-99.7%), from €105,381 to €356
- Depreciation +€10,348
up €10,348 (+40.8%), from €25,378 to €35,725
- Financial income +€6,080
up €6,080 (+48.9%), from €12,440 to €18,521
- Other operating charges -€4,749
down €4,749 (-73.6%), from €6,451 to €1,702
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 | €766,567 | €588,093 | -€178,474 | -23.3% |
| Fixed assets | 21/28 | €307,033 | €270,683 | -€36,350 | -11.8% |
| Tangible fixed assets | 22/27 | €155,791 | €119,440 | -€36,350 | -23.3% |
| Plant, machinery and equipment | 23 | €22,852 | €22,433 | -€419 | -1.8% |
| Furniture and vehicles | 24 | €127,752 | €97,007 | -€30,745 | -24.1% |
| Other tangible fixed assets | 26 | €5,186 | €0 | -€5,186 | -100.0% |
| Financial fixed assets | 28 | €151,243 | €151,243 | = | 0.0% |
| Current assets | 29/58 | €459,534 | €317,410 | -€142,124 | -30.9% |
| Amounts receivable after more than one year | 29 | €201,288 | €167,375 | -€33,913 | -16.8% |
| Other amounts receivable | 291 | €201,288 | €167,375 | -€33,913 | -16.8% |
| Amounts receivable within one year | 40/41 | €52,527 | €44,935 | -€7,592 | -14.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €52,527 | €44,935 | -€7,592 | -14.5% |
| Current investments | 50/53 | €180,000 | €0 | -€180,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,305 | €104,073 | +€80,768 | +346.6% |
| Deferred charges and accrued income | 490/1 | €2,414 | €1,026 | -€1,388 | -57.5% |
| Total equity and liabilities | 10/49 | €766,567 | €588,093 | -€178,474 | -23.3% |
| Equity | 10/15 | €574,102 | €500,220 | -€73,882 | -12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €555,502 | €481,620 | -€73,882 | -13.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €6,929 | €6,929 | = | 0.0% |
| Distributable reserves | 133 | €548,573 | €474,691 | -€73,882 | -13.5% |
| Amounts payable | 17/49 | €192,464 | €87,873 | -€104,592 | -54.3% |
| Amounts payable after more than one year | 17 | €93,279 | €47,119 | -€46,160 | -49.5% |
| Financial debts | 170/4 | €93,279 | €47,119 | -€46,160 | -49.5% |
| Amounts payable within one year | 42/48 | €99,186 | €40,754 | -€58,432 | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €28,487 | €5,840 | -€22,647 | -79.5% |
| Trade debts | 44 | €3,458 | €262 | -€3,196 | -92.4% |
| Suppliers | 440/4 | €3,458 | €262 | -€3,196 | -92.4% |
| Taxes, remuneration and social security | 45 | €67,241 | €34,652 | -€32,589 | -48.5% |
| Taxes | 450/3 | €67,241 | €34,652 | -€32,589 | -48.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Non-recurring operating income | 76A | €69,763 | €0 | -€69,763 | -100.0% |
| Remuneration, social security and pensions | 62 | €3,631 | €0 | -€3,631 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,378 | €35,725 | +€10,348 | +40.8% |
| Other operating charges | 640/8 | €6,451 | €1,702 | -€4,749 | -73.6% |
| Non-recurring operating charges | 66A | €41,699 | €5,186 | -€36,513 | -87.6% |
| Gross operating margin | 9900 | €451,841 | -€44,949 | -€496,791 | |
| Operating profit (loss) | 9901 | €374,683 | -€87,563 | -€462,246 | |
| Financial income | 75/76B | €12,440 | €18,521 | +€6,080 | +48.9% |
| Recurring financial income | 75 | €12,440 | €18,521 | +€6,080 | +48.9% |
| Financial charges | 65/66B | €3,331 | €4,484 | +€1,153 | +34.6% |
| Recurring financial charges | 65 | €3,331 | €4,484 | +€1,153 | +34.6% |
| Profit (loss) for the period before taxes | 9903 | €383,792 | -€73,526 | -€457,319 | |
| Income taxes | 67/77 | €105,381 | €356 | -€105,025 | -99.7% |
| Profit (loss) for the period | 9904 | €278,412 | -€73,882 | -€352,294 | |
| Profit (loss) for the period to be appropriated | 9905 | €278,412 | -€73,882 | -€352,294 |
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 10 October 2026 via checked.be.