PAUN: 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.
PAUN
Largest movements
- Cash -€8,141
down €8,141 (-92.0%), from €8,850 to €709
mainly Receivables within one year (-€5,775) and Tax, wage and social debts (-€2,913)
- Receivables within one year +€5,775
up €5,775 (+675%), from €855 to €6,630
of which Trade receivables: +€4,593
- Tangible fixed assets -€507
down €507 (-37.2%), from €1,364 to €857
- Formation expenses -€341
no longer reported in 2025 (was €341)
- Tax, wage and social debts -€2,913
down €2,913 (-66.9%), from €4,355 to €1,443
- Other debts -€456
down €456 (-13.0%), from €3,501 to €3,045
- Trade debts +€140
up €140 (+111%), from €126 to €266
- Gross operating margin -€2,119
down €2,119 (-53.5%), from €3,960 to €1,841
- Depreciation -€1,015
down €1,015 (-54.5%), from €1,864 to €849
- Taxes -€68
down €68 (-9.0%), from €755 to €687
- Other operating charges -€48
down €48 (-17.2%), from €282 to €233
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 | €11,411 | €8,197 | -€3,214 | -28.2% |
| Formation expenses | 20 | €341 | - | -€341 | |
| Fixed assets | 21/28 | €1,364 | €857 | -€507 | -37.2% |
| Tangible fixed assets | 22/27 | €1,364 | €857 | -€507 | -37.2% |
| Plant, machinery and equipment | 23 | €1,364 | €857 | -€507 | -37.2% |
| Current assets | 29/58 | €9,705 | €7,339 | -€2,366 | -24.4% |
| Amounts receivable within one year | 40/41 | €855 | €6,630 | +€5,775 | +675% |
| Trade receivables | 40 | - | €4,593 | +€4,593 | |
| Other amounts receivable | 41 | €855 | €2,037 | +€1,182 | +138% |
| Cash at bank and in hand | 54/58 | €8,850 | €709 | -€8,141 | -92.0% |
| Total equity and liabilities | 10/49 | €11,411 | €8,197 | -€3,214 | -28.2% |
| Equity | 10/15 | €3,429 | €3,442 | +€14 | +0.4% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,029 | €1,042 | +€14 | +1.3% |
| Amounts payable | 17/49 | €7,982 | €4,754 | -€3,228 | -40.4% |
| Amounts payable within one year | 42/48 | €7,982 | €4,754 | -€3,228 | -40.4% |
| Trade debts | 44 | €126 | €266 | +€140 | +111% |
| Suppliers | 440/4 | €126 | €266 | +€140 | +111% |
| Taxes, remuneration and social security | 45 | €4,355 | €1,443 | -€2,913 | -66.9% |
| Taxes | 450/3 | €4,355 | €1,443 | -€2,913 | -66.9% |
| Other amounts payable | 47/48 | €3,501 | €3,045 | -€456 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,864 | €849 | -€1,015 | -54.5% |
| Other operating charges | 640/8 | €282 | €233 | -€48 | -17.2% |
| Gross operating margin | 9900 | €3,960 | €1,841 | -€2,119 | -53.5% |
| Operating profit (loss) | 9901 | €1,814 | €759 | -€1,055 | -58.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €30 | €58 | +€28 | +92.8% |
| Recurring financial charges | 65 | €30 | €40 | +€10 | +33.4% |
| Non-recurring financial charges | 66B | - | €18 | +€18 | |
| Profit (loss) for the period before taxes | 9903 | €1,784 | €701 | -€1,083 | -60.7% |
| Income taxes | 67/77 | €755 | €687 | -€68 | -9.0% |
| Profit (loss) for the period | 9904 | €1,029 | €14 | -€1,015 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,029 | €14 | -€1,015 | -98.7% |
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 15 October 2026 via checked.be.