SAN PAOLO: what changed
What changed
SAN PAOLO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €144,298+€925,435
Equity
€2.0m
2024 · €940,211+€1.1m
Cash
€71,031
2024 · €50,096+€20,935
Balance sheet total
€2.4m
2024 · €1.6m+€810,027
Largest movements
Assets
- Current investments +€1.8m
new in 2025: €1.8m
- Financial fixed assets -€904,332
down €904,332 (-100%), from €904,332 to €0
- Receivables within one year -€124,751
down €124,751 (-64.5%), from €193,310 to €68,559
of which Trade receivables: -€177,035
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+320%), from €333,874 to €1.4m
of which Distributable reserves: +€1.1m
- Other debts -€258,431
down €258,431 (-59.1%), from €437,477 to €179,046
- Tax, wage and social debts +€46,101
up €46,101 (+64.6%), from €71,376 to €117,477
of which Taxes: +€43,228
- Trade debts -€29,635
down €29,635 (-100%), from €29,635 to €0
Income statement
- Gross operating margin +€954,718
up €954,718 (+386%), from €247,322 to €1.2m
- Taxes +€33,839
up €33,839 (+46.3%), from €73,134 to €106,973
Change in the result, 2024 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.
Result 2024
€144,298
Gross operating margin
+€954,718
Depreciation
-€133
Other operating charges
-€914
Financial income
+€5,421
Financial charges
+€183
Taxes
-€33,839
Result 2025
€1.1m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€971,597
Investment
-€932,754
Financing
-€17,908
Cash 2024
€50,096
From operations (derived)
+€971,597
Net result for the year
+€1.1m
Depreciation
+€23,310
Receivables within one year
+€124,751
Smaller working-capital items
-€4,234
Trade debts
-€29,635
Tax, wage and social debts
+€46,101
Other debts
-€258,431
Investment (derived)
-€932,754
Investment in fixed assets (net)
+€904,332
Current investments
-€1.8m
Financing
-€17,908
Debts after one year
-€18,478
Current portion of long-term debt
+€570
Cash 2025
€71,031
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,582,769 | €2,392,795 | +€810,027 | +51.2% |
| Fixed assets | 21/28 | €1,339,140 | €411,498 | -€927,642 | -69.3% |
| Tangible fixed assets | 22/27 | €434,808 | €411,498 | -€23,310 | -5.4% |
| Land and buildings | 22 | €434,600 | €411,498 | -€23,102 | -5.3% |
| Furniture and vehicles | 24 | €208 | €0 | -€208 | -100% |
| Financial fixed assets | 28 | €904,332 | €0 | -€904,332 | -100% |
| Current assets | 29/58 | €243,628 | €1,981,297 | +€1.7m | +713% |
| Amounts receivable within one year | 40/41 | €193,310 | €68,559 | -€124,751 | -64.5% |
| Trade receivables | 40 | €193,310 | €16,275 | -€177,035 | -91.6% |
| Other amounts receivable | 41 | €0 | €52,284 | +€52,284 | |
| Current investments | 50/53 | - | €1,837,086 | +€1.8m | |
| Cash at bank and in hand | 54/58 | €50,096 | €71,031 | +€20,935 | +41.8% |
| Deferred charges and accrued income | 490/1 | €222 | €4,620 | +€4,399 | +1,984% |
| Total equity and liabilities | 10/49 | €1,582,769 | €2,392,795 | +€810,027 | +51.2% |
| Equity | 10/15 | €940,211 | €2,009,944 | +€1.1m | +114% |
| Contributions | 10/11 | €454,518 | €454,518 | = | 0.0% |
| Reserves | 13 | €333,874 | €1,403,607 | +€1.1m | +320% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €4,250 | €4,250 | = | 0.0% |
| Distributable reserves | 133 | €329,624 | €1,399,357 | +€1.1m | +325% |
| Profit (loss) carried forward | 14 | €151,819 | €151,819 | = | 0.0% |
| Amounts payable | 17/49 | €642,558 | €382,851 | -€259,706 | -40.4% |
| Amounts payable after more than one year | 17 | €86,163 | €67,685 | -€18,478 | -21.4% |
| Financial debts | 170/4 | €86,163 | €67,685 | -€18,478 | -21.4% |
| Amounts payable within one year | 42/48 | €556,395 | €315,001 | -€241,394 | -43.4% |
| Current portion of amounts payable after more than one year | 42 | €17,908 | €18,478 | +€570 | +3.2% |
| Trade debts | 44 | €29,635 | €0 | -€29,635 | -100% |
| Suppliers | 440/4 | €29,635 | €0 | -€29,635 | -100% |
| Taxes, remuneration and social security | 45 | €71,376 | €117,477 | +€46,101 | +64.6% |
| Taxes | 450/3 | €71,376 | €114,604 | +€43,228 | +60.6% |
| Remuneration and social security | 454/9 | - | €2,873 | +€2,873 | |
| Other amounts payable | 47/48 | €437,477 | €179,046 | -€258,431 | -59.1% |
| Accrued charges and deferred income | 492/3 | €0 | €165 | +€165 | |
| Non-recurring operating income | 76A | €21,920 | €1,291,668 | +€1.3m | +5,793% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,177 | €23,310 | +€133 | +0.6% |
| Other operating charges | 640/8 | €3,095 | €4,009 | +€914 | +29.5% |
| Gross operating margin | 9900 | €247,322 | €1,202,040 | +€954,718 | +386% |
| Operating profit (loss) | 9901 | €221,050 | €1,174,720 | +€953,670 | +431% |
| Financial income | 75/76B | €181 | €5,602 | +€5,421 | +2,990% |
| Recurring financial income | 75 | €181 | €5,602 | +€5,421 | +2,990% |
| Financial charges | 65/66B | €3,799 | €3,616 | -€183 | -4.8% |
| Recurring financial charges | 65 | €3,799 | €3,616 | -€183 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €217,432 | €1,176,706 | +€959,274 | +441% |
| Income taxes | 67/77 | €73,134 | €106,973 | +€33,839 | +46.3% |
| Profit (loss) for the period | 9904 | €144,298 | €1,069,733 | +€925,435 | +641% |
| Profit (loss) for the period to be appropriated | 9905 | €144,298 | €1,069,733 | +€925,435 | +641% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.