PAULYCON: 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.
PAULYCON
Largest movements
- Tangible fixed assets +€380,183
up €380,183 (+378%), from €100,571 to €480,754
of which Land and buildings: +€387,305
- Stocks and contracts -€285,160
no longer reported in 2025 (was €285,160)
- Cash +€46,484
up €46,484 (+87.7%), from €52,991 to €99,476
mainly Stocks and contracts (+€285,160) and Tax, wage and social debts (+€94,639)
- Receivables within one year -€21,583
down €21,583 (-17.1%), from €126,202 to €104,619
of which Other amounts receivable: -€56,901
- Tax, wage and social debts +€94,639
up €94,639 (+417%), from €22,711 to €117,351
- Other debts -€52,369
down €52,369 (-77.0%), from €67,969 to €15,600
- Profit (loss) carried forward +€49,698
new in 2025: €49,698
- Trade debts +€33,114
up €33,114 (+50.0%), from €66,163 to €99,277
- Debts after one year -€14,479
down €14,479 (-28.6%), from €50,626 to €36,147
- Gross operating margin +€70,446
up €70,446 (+75.8%), from €92,992 to €163,438
- Taxes +€32,837
up €32,837 (+226%), from €14,506 to €47,343
- Depreciation +€10,812
up €10,812 (+56.7%), from €19,084 to €29,897
- Other operating charges +€9,285
up €9,285 (+648%), from €1,433 to €10,718
- Financial income +€4,066
up €4,066 (+222%), from €1,829 to €5,894
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 | €765,848 | €886,057 | +€120,209 | +15.7% |
| Fixed assets | 21/28 | €175,571 | €555,754 | +€380,183 | +217% |
| Tangible fixed assets | 22/27 | €100,571 | €480,754 | +€380,183 | +378% |
| Land and buildings | 22 | - | €387,305 | +€387,305 | |
| Plant, machinery and equipment | 23 | €4,551 | €2,347 | -€2,204 | -48.4% |
| Furniture and vehicles | 24 | €67,020 | €46,002 | -€21,018 | -31.4% |
| Other tangible fixed assets | 26 | €29,000 | €45,100 | +€16,100 | +55.5% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €590,276 | €330,303 | -€259,974 | -44.0% |
| Amounts receivable after more than one year | 29 | €123,537 | €125,265 | +€1,728 | +1.4% |
| Trade receivables | 290 | - | €125,265 | +€125,265 | |
| Other amounts receivable | 291 | €123,537 | - | -€123,537 | |
| Stocks and contracts in progress | 3 | €285,160 | - | -€285,160 | |
| Stocks | 30/36 | €285,160 | - | -€285,160 | |
| Amounts receivable within one year | 40/41 | €126,202 | €104,619 | -€21,583 | -17.1% |
| Trade receivables | 40 | €26,202 | €61,521 | +€35,318 | +135% |
| Other amounts receivable | 41 | €100,000 | €43,099 | -€56,901 | -56.9% |
| Cash at bank and in hand | 54/58 | €52,991 | €99,476 | +€46,484 | +87.7% |
| Deferred charges and accrued income | 490/1 | €2,386 | €943 | -€1,443 | -60.5% |
| Total equity and liabilities | 10/49 | €765,848 | €886,057 | +€120,209 | +15.7% |
| Equity | 10/15 | €295,657 | €345,355 | +€49,698 | +16.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €293,657 | €293,657 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €209,457 | €209,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €49,698 | +€49,698 | |
| Amounts payable | 17/49 | €470,190 | €540,702 | +€70,512 | +15.0% |
| Amounts payable after more than one year | 17 | €50,626 | €36,147 | -€14,479 | -28.6% |
| Financial debts | 170/4 | €50,626 | €36,147 | -€14,479 | -28.6% |
| Amounts payable within one year | 42/48 | €419,168 | €503,255 | +€84,087 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €13,913 | €14,482 | +€569 | +4.1% |
| Financial debts | 43 | €248,412 | €256,546 | +€8,133 | +3.3% |
| Credit institutions | 430/8 | €248,412 | €256,546 | +€8,133 | +3.3% |
| Trade debts | 44 | €66,163 | €99,277 | +€33,114 | +50.0% |
| Suppliers | 440/4 | €66,163 | €99,277 | +€33,114 | +50.0% |
| Taxes, remuneration and social security | 45 | €22,711 | €117,351 | +€94,639 | +417% |
| Taxes | 450/3 | €22,711 | €117,351 | +€94,639 | +417% |
| Other amounts payable | 47/48 | €67,969 | €15,600 | -€52,369 | -77.0% |
| Accrued charges and deferred income | 492/3 | €396 | €1,300 | +€904 | +228% |
| Non-recurring operating income | 76A | - | €2,630 | +€2,630 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,084 | €29,897 | +€10,812 | +56.7% |
| Other operating charges | 640/8 | €1,433 | €10,718 | +€9,285 | +648% |
| Gross operating margin | 9900 | €92,992 | €163,438 | +€70,446 | +75.8% |
| Operating profit (loss) | 9901 | €72,474 | €122,823 | +€50,349 | +69.5% |
| Financial income | 75/76B | €1,829 | €5,894 | +€4,066 | +222% |
| Recurring financial income | 75 | €1,829 | €5,894 | +€4,066 | +222% |
| Financial charges | 65/66B | €14,349 | €16,076 | +€1,727 | +12.0% |
| Recurring financial charges | 65 | €14,349 | €16,076 | +€1,727 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €59,953 | €112,641 | +€52,688 | +87.9% |
| Income taxes | 67/77 | €14,506 | €47,343 | +€32,837 | +226% |
| Profit (loss) for the period | 9904 | €45,447 | €65,298 | +€19,850 | +43.7% |
| Transfer to tax-exempt reserves | 689 | €21,050 | - | -€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,397 | €65,298 | +€40,900 | +168% |
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 14 October 2026 via checked.be.