PAULY FRANK: what changed
PAULY FRANK
Largest movements
- Tangible fixed assets -€104,159
down €104,159 (-29.4%), from €354,582 to €250,423
- Receivables within one year -€58,395
down €58,395 (-32.5%), from €179,526 to €121,131
of which Trade receivables: -€72,615
- Cash -€39,757
down €39,757 (-99.4%), from €40,005 to €248
- Deferred charges and accrued income -€27,604
down €27,604 (-46.9%), from €58,865 to €31,260
- Intangible fixed assets -€17,547
no longer reported in 2025 (was €17,547)
- Reserves -€200,922
down €200,922 (-40.8%), from €492,786 to €291,863
of which Distributable reserves: -€200,922
- Debts after one year -€77,595
down €77,595 (-43.9%), from €176,703 to €99,108
- Short-term financial debts +€33,959
up €33,959 (+175%), from €19,439 to €53,398
- Other debts -€19,674
down €19,674 (-73.2%), from €26,864 to €7,190
- Tax, wage and social debts +€9,285
up €9,285 (+1,183%), from €785 to €10,070
of which Taxes: +€6,577
- Purchases and services +€85,755
new in 2025: €85,755
- Turnover +€27,917
new in 2025: €27,917
- Gross operating margin -€22,062
down €22,062, from €17,967 to -€4,094
- Depreciation -€8,881
down €8,881 (-20.7%), from €42,868 to €33,986
- Financial charges +€3,921
up €3,921 (+63.8%), from €6,150 to €10,071
Change in the result, 2022 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €890,163 | €630,668 | -€259,494 | -29.2% |
| Fixed assets | 21/28 | €374,153 | €252,448 | -€121,706 | -32.5% |
| Intangible fixed assets | 21 | €17,547 | - | -€17,547 | |
| Tangible fixed assets | 22/27 | €354,582 | €250,423 | -€104,159 | -29.4% |
| Land and buildings | 22 | €278,279 | €236,220 | -€42,058 | -15.1% |
| Plant, machinery and equipment | 23 | €42,326 | €10,661 | -€31,665 | -74.8% |
| Furniture and vehicles | 24 | €33,977 | €3,541 | -€30,436 | -89.6% |
| Financial fixed assets | 28 | €2,025 | €2,025 | = | 0.0% |
| Current assets | 29/58 | €516,010 | €378,221 | -€137,789 | -26.7% |
| Amounts receivable after more than one year | 29 | €237,613 | €225,581 | -€12,032 | -5.1% |
| Other amounts receivable | 291 | €237,613 | €225,581 | -€12,032 | -5.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €179,526 | €121,131 | -€58,395 | -32.5% |
| Trade receivables | 40 | €163,850 | €91,235 | -€72,615 | -44.3% |
| Other amounts receivable | 41 | €15,676 | €29,896 | +€14,220 | +90.7% |
| Cash at bank and in hand | 54/58 | €40,005 | €248 | -€39,757 | -99.4% |
| Deferred charges and accrued income | 490/1 | €58,865 | €31,260 | -€27,604 | -46.9% |
| Total equity and liabilities | 10/49 | €890,163 | €630,668 | -€259,494 | -29.2% |
| Equity | 10/15 | €617,786 | €416,863 | -€200,922 | -32.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €492,786 | €291,863 | -€200,922 | -40.8% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €461,536 | €260,613 | -€200,922 | -43.5% |
| Amounts payable | 17/49 | €272,377 | €213,805 | -€58,572 | -21.5% |
| Amounts payable after more than one year | 17 | €176,703 | €99,108 | -€77,595 | -43.9% |
| Financial debts | 170/4 | €176,703 | €99,108 | -€77,595 | -43.9% |
| Amounts payable within one year | 42/48 | €95,675 | €114,698 | +€19,023 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €32,626 | €24,478 | -€8,148 | -25.0% |
| Financial debts | 43 | €19,439 | €53,398 | +€33,959 | +175% |
| Credit institutions | 430/8 | €19,439 | €53,398 | +€33,959 | +175% |
| Trade debts | 44 | €15,961 | €19,562 | +€3,601 | +22.6% |
| Suppliers | 440/4 | €15,961 | €19,562 | +€3,601 | +22.6% |
| Taxes, remuneration and social security | 45 | €785 | €10,070 | +€9,285 | +1,183% |
| Taxes | 450/3 | €785 | €7,362 | +€6,577 | +838% |
| Remuneration and social security | 454/9 | - | €2,707 | +€2,707 | |
| Other amounts payable | 47/48 | €26,864 | €7,190 | -€19,674 | -73.2% |
| Turnover | 70 | - | €27,917 | +€27,917 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €85,755 | +€85,755 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,868 | €33,986 | -€8,881 | -20.7% |
| Other operating charges | 640/8 | €1,727 | €1,705 | -€22 | -1.3% |
| Gross operating margin | 9900 | €17,967 | -€4,094 | -€22,062 | |
| Operating profit (loss) | 9901 | -€26,627 | -€39,785 | -€13,158 | -49.4% |
| Financial income | 75/76B | €12 | €14 | +€2 | +17.3% |
| Recurring financial income | 75 | €12 | €14 | +€2 | +17.3% |
| Financial charges | 65/66B | €6,150 | €10,071 | +€3,921 | +63.8% |
| Recurring financial charges | 65 | €6,150 | €10,071 | +€3,921 | +63.8% |
| Profit (loss) for the period before taxes | 9903 | -€32,766 | -€49,843 | -€17,077 | -52.1% |
| Income taxes | 67/77 | -€60 | €388 | +€448 | |
| Profit (loss) for the period | 9904 | -€32,706 | -€50,231 | -€17,525 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,706 | -€50,231 | -€17,525 | -53.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2022 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.