PAPERASSI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 27 filings
Turnover
≈ €1.0m
Estimated: probably between €680,000 and €1.7m
Total assets
€796,402▲ 1.2%
2024 · €786,738
Net result
€308,294▲ 99.2%
2024 · €154,743
Working capital
-€50,674▲ 83.5%
2024 · -€307,512
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€460,901
▲ 117%
2025
20182025
Net result
€308,294
▲ 99.2%
2025
highest quarter of the sector
20182025
Equity
€363,272
▲ 561%
2025
middle half of the sector
20182025
Total assets
€796,402
▲ 1.2%
2025
middle half of the sector
20182025
Debt
€433,130
▼ 40.8%
2025
20182025
Working capital
-€50,674
▲ 83.5%
2025
middle half of the sector
20182025
Solvency
45.6%
▲ 38.6pp
2025
middle half of the sector
20182025
Current ratio
0.83
▲ 0.38
2025
middle half of the sector
20182025
Return on assets (ROA)
38.7%
▲ 19.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.01m--€0.08m-€0.05m▲ 33.5%€0.1m€0.2m▲ 56.6%€0.2m▲ 1.0%€0.2m▲ 9.4%€0.5m▲ 117%
Net result-€0.02m--€0.1m▼ 518%-€0.08mbelow the sector's middle half▲ 30.6%€0.1mwithin the sector's middle half€0.2mabove the sector's middle half▲ 42.8%€0.1mabove the sector's middle half▼ 13.8%€0.2mabove the sector's middle half▲ 11.8%€0.3mabove the sector's middle half▲ 99.2%
Equity-€0.3m--€0.4m▼ 34.2%-€0.5mbelow the sector's middle half▼ 17.7%-€0.4mbelow the sector's middle half▲ 22.0%-€0.2mbelow the sector's middle half▲ 40.3%-€0.1mbelow the sector's middle half▲ 58.1%€0.05mbelow the sector's middle half€0.4mwithin the sector's middle half▲ 561%
Total assets€0.7m-€0.6m▼ 17.7%€0.5mwithin the sector's middle half▼ 10.0%€0.8mwithin the sector's middle half▲ 56.5%€0.8mwithin the sector's middle half▼ 9.9%€0.7mwithin the sector's middle half▼ 11.3%€0.8mwithin the sector's middle half▲ 17.6%€0.8mwithin the sector's middle half▲ 1.2%
Debt€1.0m-€1.0m▼ 1.7%€1.0m▲ 1.7%€1.2m▲ 18.2%€1.0m▼ 19.7%€0.7m▼ 26.1%€0.7m▼ 0.3%€0.4m▼ 40.8%
Working capital-€0.4m--€0.5m▼ 19.7%-€0.5mbelow the sector's middle half▼ 11.0%-€0.6mbelow the sector's middle half▼ 28.7%-€0.7mbelow the sector's middle half▼ 4.4%-€0.4mbelow the sector's middle half▲ 34.0%-€0.3mbelow the sector's middle half▲ 30.9%-€0.05mwithin the sector's middle half▲ 83.5%
Solvency-44.8%--73.1%▼ 28.3pp-95.5%below the sector's middle half▼ 22.4pp-47.6%below the sector's middle half▲ 47.9pp-31.6%below the sector's middle half▲ 16.1pp-14.9%below the sector's middle half▲ 16.7pp7.0%below the sector's middle half▲ 21.9pp45.6%within the sector's middle half▲ 38.6pp
Current ratio0.15-0.03▼ 0.130.04below the sector's middle half▲ 0.010.14below the sector's middle half▲ 0.100.08below the sector's middle half▼ 0.050.11below the sector's middle half▲ 0.020.45below the sector's middle half▲ 0.340.83within the sector's middle half▲ 0.38
Return on assets (ROA)-2.5%--18.6%▼ 16.1pp-14.4%below the sector's middle half▲ 4.3pp13.4%above the sector's middle half▲ 27.8pp21.3%above the sector's middle half▲ 7.8pp20.7%above the sector's middle half▼ 0.6pp19.7%above the sector's middle half▼ 1.0pp38.7%above the sector's middle half▲ 19.0pp
Staff (FTE)0.1-0.4▲ 300%0.4below the sector's middle half=0.4below the sector's middle half=0below the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 117% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €796,402
Fixed assets
€546,171 ▲ 1.7%
Current assets
€250,231 ▲ 0.2%
Equity and liabilities €796,402
Equity
€363,272 ▲ 561%
Debt
€433,130 ▼ 40.8%
Debt's share of the balance-sheet total falls from 93.0% to 54.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€544,122▲
2024 · €294,742
Cash flow
€391,516▲
2024 · €237,055
Debt to equity
1.19▼
2024 · 13.31
ROE
84.9%▼
2024 · 281.5%
Interest coverage
66.88▲
2024 · 26.81
Debt ≤ 1 year
€300,905▼
2024 · €557,305
Debt > 1 year
€132,225▼
2024 · €174,455
Income taxes
€145,559▲
2024 · €52,695
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Average over the year, in full-time equivalents | 0.4 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2021 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €335,392 | €296,337 | €256,495 | €215,850 | €174,455 |
| Mortgages, amount registered | €588,000 | €25,000 | €563,000 | €563,000 | €563,000 |
| Mortgage mandates | - | €563,000 | €25,000 | €25,000 | €25,000 |
| Carrying value of the mortgaged assets | €691,831 | €618,781 | €545,499 | €475,203 | €414,320 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €298,376 | €47,354 | €8,195 | €2,688 | €93,204 |
| Depreciation and write-downs of the year | €81,038 | €87,923 | €83,936 | €82,311 | €83,221 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €10,000 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €9,095 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €74,823 | €74,537 | €71,800 | €81,038 | €87,923 | €83,936 | €82,311 | €83,221 | ▲ 1.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €35,000 | -€35,000 | €0 | - |
| Other operating charges640/8 | - | - | - | €3,379 | €3,969 | €4,716 | €4,564 | €4,414 | ▼ 3.3% |
| Non-recurring operating charges66A | - | - | - | €53 | €0 | - | - | €755 | - |
| Gross operating margin9900 | €93,492 | €22,064 | €31,683 | €216,316 | €284,166 | €317,786 | €264,306 | €549,292 | ▲ 108% |
| Operating profit (loss)9901 | €14,252 | -€77,459 | -€51,532 | €122,750 | €192,274 | €194,134 | €212,431 | €460,901 | ▲ 117% |
| Financial income75/76B | - | - | - | - | - | - | €6,003 | €1,088 | ▼ 81.9% |
| Recurring financial income75 | €1 | €0 | - | - | - | - | €6,003 | €1,088 | ▼ 81.9% |
| Financial charges65/66B | - | - | - | €10,217 | €7,439 | €8,349 | €10,995 | €8,135 | ▼ 26.0% |
| Recurring financial charges65 | €31,969 | €33,024 | €25,072 | €10,217 | €7,439 | €8,349 | €10,995 | €8,135 | ▼ 26.0% |
| Profit (loss) for the period before taxes9903 | -€17,716 | -€110,484 | -€76,604 | €112,533 | €184,835 | €185,786 | €207,438 | €453,854 | ▲ 119% |
| Income taxes67/77 | €194 | €176 | €153 | €200 | €24,392 | €47,413 | €52,695 | €145,559 | ▲ 176% |
| Profit (loss) for the period9904 | -€17,910 | -€110,659 | -€76,757 | €112,333 | €160,443 | €138,372 | €154,743 | €308,294 | ▲ 99.2% |
| Profit (loss) for the period to be appropriated9905 | -€17,910 | -€110,659 | -€76,757 | €112,333 | €160,443 | €138,372 | €154,743 | €308,294 | ▲ 99.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.6m | €0.5m | €0.8m | €0.8m | €0.7m | €0.8m | €0.8m | ▲ 1.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.7m | €0.6m | €0.5m | €0.7m | €0.7m | €0.6m | €0.5m | €0.5m | ▲ 1.7% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.7m | €0.6m | €0.5m | €0.7m | €0.7m | €0.6m | €0.5m | €0.5m | ▲ 1.7% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 12.8% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.07m | €0.07m | €0.06m | €0.05m | ▼ 10.6% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €0.001m | €355 | €0.08m | ▲ 217× |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €0.07m | €0.01m | €0.02m | €0.1m | €0.06m | €0.05m | €0.2m | €0.3m | ▲ 0.2% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.005m | €0.01m | €0.03m | €0.04m | €0.007m | €0.2m | €0.2m | ▼ 15.6% |
| Trade receivables40 | - | - | - | €0 | - | €0.003m | €0.001m | €0.001m | ▼ 0.4% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.04m | €0.004m | €0.2m | €0.2m | ▼ 15.6% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.04m | €0.006m | €0.004m | €0.07m | €0.02m | €0.02m | €0.02m | €0.05m | ▲ 241% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.003m | €0.02m | €70 | €0.001m | ▲ 12× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.6m | €0.5m | €0.8m | €0.8m | €0.7m | €0.8m | €0.8m | ▲ 1.2% |
| Equity10/15 | -€0.3m | -€0.4m | -€0.5m | -€0.4m | -€0.2m | -€0.1m | €0.05m | €0.4m | ▲ 561% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | €0.3m | ▲ 847% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.3m | ▲ 847% |
| Profit (loss) carried forward14 | -€0.4m | -€0.5m | -€0.6m | -€0.4m | -€0.3m | -€0.1m | €0 | - | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | €0.04m | €0 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €0.04m | €0 | - | - |
| Major repairs and maintenance162 | - | - | - | - | - | €0.04m | €0 | - | - |
| Amounts payable17/49 | €1.0m | €1.0m | €1.0m | €1.2m | €1.0m | €0.7m | €0.7m | €0.4m | ▼ 40.8% |
| Amounts payable after more than one year17 | €0.6m | €0.6m | €0.5m | €0.5m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 24.2% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 24.2% |
| Other amounts payable178/9 | - | - | - | €0.2m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.5m | €0.8m | €0.7m | €0.5m | €0.6m | €0.3m | ▼ 46.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 2.0% |
| Trade debts44 | €0.002m | €0 | - | €0.004m | €0.001m | €436 | €0.01m | €368 | ▼ 96.6% |
| Suppliers440/4 | - | - | - | €0.004m | €0.001m | €436 | €0.01m | €368 | ▼ 96.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.02m | €0.01m | €0.04m | ▲ 288% |
| Taxes450/3 | - | - | - | €0.03m | €0.04m | €0.02m | €0.01m | €0.04m | ▲ 288% |
| Remuneration and social security454/9 | - | - | - | €0 | - | €14 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.7m | €0.4m | €0.5m | €0.2m | ▼ 56.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.02m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,910 | -€110,659 | -€76,757 | €112,333 | €160,443 | €138,372 | €154,743 | €308,294 | ▲ 99.2% |
| + Depreciation and write-downs630 | €74,823 | €74,537 | €71,800 | €81,038 | €87,923 | €83,936 | €82,311 | €83,221 | ▲ 1.1% |
| Operating cash flow (approximation) | €56,914 | -€36,122 | -€4,957 | €193,371 | €248,365 | €222,308 | €237,055 | €391,516 | ▲ 65.2% |
| Investment in fixed assets (approximation) | - | -€2,000 | -€5,622 | -€298,376 | -€47,354 | -€8,195 | -€2,688 | -€92,448 | ▼ 3,340% |
| Change in cash | - | -€34,490 | -€1,595 | €68,814 | -€56,851 | €5,030 | -€6,202 | €36,200 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 20,136 companies had the same profile as PAPERASSI has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of PAPERASSI itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for PAPERASSI. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00221815 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00248872 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00326651 | |
| 31-12-2022 | abbreviated format | 02-06-2023 | 2023-00103223 | |
| 31-12-2021 | abbreviated format | 21-06-2022 | 2022-20076822 | |
| 31-12-2020 | abbreviated format | 02-06-2021 | 2021-16500052 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-20200234 | |
| 31-12-2018 | abbreviated format | 09-07-2019 | 2019-30000180 | |
| 31-12-2017 | abbreviated format | 29-08-2018 | 2018-51500594 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-16700548 |