PAOLO: what changed
Two fiscal 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.
PAOLO
Largest movements
- Cash +€39,870
up €39,870 (+36.2%), from €110,042 to €149,912
mainly Net result for the year (+€21,198) and Depreciation (+€20,389)
- Tangible fixed assets -€15,389
down €15,389 (-9.8%), from €156,947 to €141,558
of which Land and buildings: -€13,544
- Reserves +€21,198
up €21,198 (+52.2%), from €40,575 to €61,773
of which Distributable reserves: +€30,277
- Gross operating margin -€5,568
down €5,568 (-8.6%), from €65,101 to €59,534
- Financial income -€2,227
no longer reported in 2025 (was €2,227)
- Financial charges +€1,711
up €1,711 (+866.2%), from €198 to €1,908
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 | €269,374 | €293,925 | +€24,551 | +9.1% |
| Fixed assets | 21/28 | €156,947 | €141,558 | -€15,389 | -9.8% |
| Tangible fixed assets | 22/27 | €156,947 | €141,558 | -€15,389 | -9.8% |
| Land and buildings | 22 | €127,189 | €113,645 | -€13,544 | -10.6% |
| Other tangible fixed assets | 26 | €29,758 | €27,912 | -€1,846 | -6.2% |
| Current assets | 29/58 | €112,427 | €152,367 | +€39,941 | +35.5% |
| Cash at bank and in hand | 54/58 | €110,042 | €149,912 | +€39,870 | +36.2% |
| Deferred charges and accrued income | 490/1 | €2,384 | €2,455 | +€71 | +3.0% |
| Total equity and liabilities | 10/49 | €269,374 | €293,925 | +€24,551 | +9.1% |
| Equity | 10/15 | €234,577 | €255,775 | +€21,198 | +9.0% |
| Contributions | 10/11 | €194,002 | €194,002 | = | 0.0% |
| Reserves | 13 | €40,575 | €61,773 | +€21,198 | +52.2% |
| Non-distributable reserves | 130/1 | €9,079 | - | -€9,079 | |
| Reserves not available under the articles | 1311 | €9,079 | - | -€9,079 | |
| Distributable reserves | 133 | €31,496 | €61,773 | +€30,277 | +96.1% |
| Amounts payable | 17/49 | €34,797 | €38,150 | +€3,353 | +9.6% |
| Amounts payable within one year | 42/48 | €29,085 | €30,597 | +€1,513 | +5.2% |
| Trade debts | 44 | €659 | €279 | -€380 | -57.6% |
| Suppliers | 440/4 | €659 | €279 | -€380 | -57.6% |
| Taxes, remuneration and social security | 45 | €4,174 | €6,066 | +€1,893 | +45.3% |
| Taxes | 450/3 | €4,174 | €6,066 | +€1,893 | +45.3% |
| Other amounts payable | 47/48 | €24,252 | €24,252 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,713 | €7,552 | +€1,840 | +32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,151 | €20,389 | +€238 | +1.2% |
| Other operating charges | 640/8 | €5,958 | €6,145 | +€187 | +3.1% |
| Gross operating margin | 9900 | €65,101 | €59,534 | -€5,568 | -8.6% |
| Operating profit (loss) | 9901 | €38,992 | €32,999 | -€5,993 | -15.4% |
| Financial income | 75/76B | €2,227 | - | -€2,227 | |
| Recurring financial income | 75 | €2,227 | - | -€2,227 | |
| Financial charges | 65/66B | €198 | €1,908 | +€1,711 | +866.2% |
| Recurring financial charges | 65 | €198 | €1,908 | +€1,711 | +866.2% |
| Profit (loss) for the period before taxes | 9903 | €41,022 | €31,091 | -€9,931 | -24.2% |
| Income taxes | 67/77 | €10,174 | €9,893 | -€281 | -2.8% |
| Profit (loss) for the period | 9904 | €30,848 | €21,198 | -€9,650 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,848 | €21,198 | -€9,650 | -31.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.