papermints
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-12-2025 PDF all 22 filings
Turnover
≈ €11.0m
Estimated: probably between €6.9m and €19.0m
EBIT margin
Not included in this filing
Net result
€1.9m▲ 32.7%
2024 · €1.4m
Working capital
€3.0m▲ 55.2%
2024 · €1.9m
In the rankings
#5 company by equity in Lasne, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€2.5m
▲ 34.4%
2025
20192025
Net result
€1.9m
▲ 32.7%
2025
highest quarter of the sector
20192025
Equity
€3.1m
▲ 49.3%
2025
middle half of the sector
20192025
Total assets
€3.7m
▲ 24.5%
2025
middle half of the sector
20192025
Debt
€614,234
▼ 32.3%
2025
20192025
Working capital
€3.0m
▲ 55.2%
2025
middle half of the sector
20192025
Solvency
83.5%
▲ 13.9pp
2025
highest quarter of the sector
20192025
Current ratio
5.81
▲ 2.71
2025
highest quarter of the sector
20192025
Return on assets (ROA)
50.8%
▲ 3.1pp
2025
highest quarter of the sector
20192025
Staff (FTE)
2
▲ 53.8%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.4m-€0.6m▲ 42.9%€0.3m▼ 53.4%€0.6m▲ 118%€1.2m▲ 86.1%€1.9m▲ 62.6%€2.5m▲ 34.4%
Net result€0.3m-€0.5mabove the sector's middle half▲ 41.7%€0.2mwithin the sector's middle half▼ 52.7%€0.4mwithin the sector's middle half▲ 110%€0.9mabove the sector's middle half▲ 99.7%€1.4mabove the sector's middle half▲ 58.3%€1.9mabove the sector's middle half▲ 32.7%
Equity€1.3m-€1.2mwithin the sector's middle half▼ 7.0%€1.1mwithin the sector's middle half▼ 5.8%€1.1mwithin the sector's middle half▲ 1.3%€1.5mwithin the sector's middle half▲ 31.8%€2.1mwithin the sector's middle half▲ 39.0%€3.1mwithin the sector's middle half▲ 49.3%
Total assets€1.4m-€1.7mwithin the sector's middle half▲ 21.6%€1.4mwithin the sector's middle half▼ 18.1%€1.9mwithin the sector's middle half▲ 30.4%€2.1mwithin the sector's middle half▲ 12.2%€3.0mwithin the sector's middle half▲ 42.3%€3.7mwithin the sector's middle half▲ 24.5%
Debt€0.2m-€0.6m▲ 247%€0.3m▼ 44.1%€0.7m▲ 134%€0.6m▼ 18.0%€0.9m▲ 50.4%€0.6m▼ 32.3%
Working capital€1.1m-€1.1mwithin the sector's middle half▼ 5.8%€1.0mwithin the sector's middle half▼ 3.6%€1.0mwithin the sector's middle half▼ 6.0%€1.3mwithin the sector's middle half▲ 33.9%€1.9mwithin the sector's middle half▲ 46.0%€3.0mwithin the sector's middle half▲ 55.2%
Solvency88.7%-67.9%above the sector's middle half▼ 20.9pp78.1%above the sector's middle half▲ 10.2pp60.7%within the sector's middle half▼ 17.4pp71.3%above the sector's middle half▲ 10.6pp69.6%above the sector's middle half▼ 1.6pp83.5%above the sector's middle half▲ 13.9pp
Current ratio8.04-2.91above the sector's middle half▼ 5.134.30above the sector's middle half▲ 1.392.32within the sector's middle half▼ 1.983.16above the sector's middle half▲ 0.843.10above the sector's middle half▼ 0.065.81above the sector's middle half▲ 2.71
Return on assets (ROA)22.2%-25.8%above the sector's middle half▲ 3.7pp14.9%above the sector's middle half▼ 10.9pp24.1%above the sector's middle half▲ 9.2pp42.8%above the sector's middle half▲ 18.8pp47.7%above the sector's middle half▲ 4.8pp50.8%above the sector's middle half▲ 3.1pp
Staff (FTE)1-1below the sector's middle half=1.1below the sector's middle half▲ 10.0%1.1below the sector's middle half=1below the sector's middle half▼ 9.1%1.3below the sector's middle half▲ 30.0%2below the sector's middle half▲ 53.8%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 34% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€145,978 ▼ 15.7%
Current assets
€3.6m ▲ 27.0%
Equity and liabilities €3.7m
Equity
€3.1m ▲ 49.3%
Debt
€614,234 ▼ 32.3%
Debt's share of the balance-sheet total falls from 30.4% to 16.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.6m▲
2024 · €1.9m
Cash flow
€2.0m▲
2024 · €1.5m
Quick ratio
4.04▲
2024 · 2.36
Debt to equity
0.20▼
2024 · 0.44
ROE
60.9%▼
2024 · 68.5%
Interest coverage
51.00▼
2024 · over 100
Debt ≤ 1 year
€614,234▼
2024 · €906,747
Income taxes
€617,181▲
2024 · €459,701
Staff costs
€144,271▲
2024 · €108,913
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 | 2 |
| full-time | 1 | 1 | 2 | 2 |
| part-time | - | - | 0 | - |
| in full-time equivalents | 1 | 1 | 2 | 2 |
| Average over the year, in full-time equivalents | 1 | 1 | 1.3 | 2 |
| On a permanent contract | 1 | 1 | 2 | 2 |
| Joined | 0 | - | 8 | - |
| Left | 1 | - | 7 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €20,972 | €58,711 | €53,842 | €41,727 |
| Intangible fixed assets | €83,350 | - | - | - |
| Financial fixed assets | €17 | €10,000 | - | €51 |
| Depreciation and write-downs of the year | €25,666 | €37,353 | €61,100 | €69,010 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.002m | €0.001m | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.09m | €0.09m | €0.1m | €0.1m | ▲ 32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.04m | €0.03m | €0.03m | €0.04m | €0.06m | €0.07m | ▲ 12.9% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.003m | €0.001m | €0.002m | ▲ 72.6% |
| Gross operating margin9900 | €0.5m | €0.7m | €0.4m | €0.7m | €1.3m | €2.1m | €2.7m | ▲ 33.7% |
| Operating profit (loss)9901 | €0.4m | €0.6m | €0.3m | €0.6m | €1.2m | €1.9m | €2.5m | ▲ 34.4% |
| Financial income75/76B | - | - | - | €0 | €0.03m | €0.02m | €0.03m | ▲ 54.9% |
| Recurring financial income75 | €0.001m | €0.007m | €0.003m | €0 | €0.03m | €0.02m | €0.03m | ▲ 54.9% |
| Financial charges65/66B | - | - | - | €0.05m | €0.005m | €0.02m | €0.05m | ▲ 193% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.001m | €0.05m | €0.005m | €0.02m | €0.05m | ▲ 193% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.6m | €0.3m | €0.6m | €1.2m | €1.9m | €2.5m | ▲ 33.1% |
| Income taxes67/77 | €0.1m | €0.2m | €0.07m | €0.1m | €0.3m | €0.5m | €0.6m | ▲ 34.3% |
| Profit (loss) for the period9904 | €0.3m | €0.5m | €0.2m | €0.4m | €0.9m | €1.4m | €1.9m | ▲ 32.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.03m | - | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0.03m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.5m | €0.2m | €0.4m | €0.9m | €1.4m | €1.9m | ▲ 32.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.4m | €1.7m | €1.4m | €1.9m | €2.1m | €3.0m | €3.7m | ▲ 24.5% |
| Formation expenses20 | - | - | - | €0 | - | €0 | - | - |
| Fixed assets21/28 | €0.1m | €0.1m | €0.08m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 15.7% |
| Intangible fixed assets21 | €0.08m | €0.07m | €0.06m | €0.1m | €0.1m | €0.09m | €0.07m | ▼ 22.9% |
| Tangible fixed assets22/27 | €0.06m | €0.04m | €0.02m | €0.03m | €0.07m | €0.08m | €0.08m | ▼ 9.3% |
| Land and buildings22 | - | - | - | €0 | €0 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €300 | €0.05m | €0.07m | €0.06m | ▼ 6.2% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 22.0% |
| Leasing and similar rights25 | - | - | - | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0 | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €0 | - | - | - | - |
| Financial fixed assets28 | €0.001m | €0.005m | €0.005m | €0.005m | €0.01m | €0.005m | €0.005m | ▲ 1.1% |
| Current assets29/58 | €1.3m | €1.6m | €1.3m | €1.7m | €1.9m | €2.8m | €3.6m | ▲ 27.0% |
| Amounts receivable after more than one year29 | - | - | - | €0 | - | - | - | - |
| Trade receivables290 | - | - | - | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0 | - | - | - | - |
| Stocks and contracts in progress3 | €0.3m | €0.5m | €0.5m | €0.6m | €0.2m | €0.7m | €1.1m | ▲ 61.2% |
| Stocks30/36 | - | - | - | €0.6m | €0.2m | €0.7m | €1.1m | ▲ 61.2% |
| Contracts in progress37 | - | - | - | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €0.3m | €0.4m | €0.08m | €0.1m | €0.4m | €0.8m | €0.9m | ▲ 12.2% |
| Trade receivables40 | - | - | - | €0.07m | €0.3m | €0.6m | €0.7m | ▲ 8.2% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.1m | €0.1m | €0.2m | ▲ 29.9% |
| Current investments50/53 | - | - | - | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €0.8m | €0.8m | €0.8m | €1.0m | €1.3m | €1.4m | €1.6m | ▲ 18.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.01m | €0.003m | €0.001m | ▼ 59.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.4m | €1.7m | €1.4m | €1.9m | €2.1m | €3.0m | €3.7m | ▲ 24.5% |
| Equity10/15 | €1.3m | €1.2m | €1.1m | €1.1m | €1.5m | €2.1m | €3.1m | ▲ 49.3% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Uncalled capital101 | - | - | - | €0 | - | - | - | - |
| Contributions outside capital11 | - | - | - | €0 | - | - | - | - |
| Share premium1100/10 | - | - | - | €0 | - | - | - | - |
| Other1109/19 | - | - | - | €0 | - | - | - | - |
| Revaluation surpluses12 | - | - | - | €0 | - | - | - | - |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - |
| Own shares acquired1312 | - | - | - | €0 | - | - | - | - |
| Financial assistance1313 | - | - | - | €0 | - | - | - | - |
| Other1319 | - | - | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | €1.0m | €0.9m | €0.9m | €0.9m | €1.2m | €1.8m | €2.8m | ▲ 56.3% |
| Amounts payable17/49 | €0.2m | €0.6m | €0.3m | €0.7m | €0.6m | €0.9m | €0.6m | ▼ 32.3% |
| Amounts payable within one year42/48 | €0.2m | €0.6m | €0.3m | €0.7m | €0.6m | €0.9m | €0.6m | ▼ 32.3% |
| Trade debts44 | €0.06m | €0.02m | €0.01m | €0.09m | €0.05m | €0.06m | €0.3m | ▲ 496% |
| Suppliers440/4 | - | - | - | €0.09m | €0.05m | €0.06m | €0.3m | ▲ 496% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.008m | €0.01m | €0.01m | ▲ 26.1% |
| Taxes450/3 | - | - | - | - | - | - | €421 | - |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.008m | €0.01m | €0.01m | ▲ 22.1% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.5m | €0.8m | €0.3m | ▼ 68.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.5m | €0.2m | €0.4m | €0.9m | €1.4m | €1.9m | ▲ 32.7% |
| + Depreciation and write-downs630 | €0.03m | €0.04m | €0.03m | €0.03m | €0.04m | €0.06m | €0.07m | ▲ 12.9% |
| Operating cash flow (approximation) | €0.4m | €0.5m | €0.2m | €0.5m | €0.9m | €1.5m | €2.0m | ▲ 31.9% |
| Investment in fixed assets (approximation) | - | -€0.01m | -€0.003m | -€0.1m | -€0.07m | -€0.04m | -€0.04m | ▲ 4.7% |
| Change in cash | - | €0.01m | -€0.02m | €0.2m | €0.3m | €0.08m | €0.3m | ▲ 204% |
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, 31,368 companies had the same profile as papermints has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of papermints 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 31,368 companies, not a prediction for papermints. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 18-12-2025 | 2025-00584302 | |
| 30-06-2024 | full format | 07-01-2025 | 2025-00001719 | |
| 30-06-2023 | full format | 21-12-2023 | 2023-00533564 | |
| 30-06-2022 | full format | 12-01-2023 | 2023-20557090 | |
| 30-06-2021 | full format | 20-12-2021 | 2021-80600483 | |
| 30-06-2020 | full format | 23-12-2020 | 2020-76700009 | |
| 30-06-2019 | full format | 30-01-2020 | 2020-02700462 | |
| 30-06-2018 | full format | 21-12-2018 | 2018-75100170 | |
| 30-06-2017 | full format | 03-01-2018 | 2018-00100191 | |
| 30-06-2016 | full format | 21-12-2016 | 2016-70700024 |