PAPI MANAGEMENT
ActiveSummary
PAPI MANAGEMENT has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €729,363 and a net result of €79,254. Equity is growing by about 20% per year across the filed financial years. Its solvency ranks better than 79% of 10,753 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (31 days) Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00501871.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€79,254▼ 13.6%
2024 · €91,773
Working capital
€124,404▲ 49.6%
2024 · €83,133
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 14% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€112,197
2025
Net result€79,254
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€872,341
2025
Equity€729,363
2025
Debt€142,978
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€124,404
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)9.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency83.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio3.56
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€95,183-€96,795▲ 1.7%€97,259▲ 0.5%€111,846▲ 15.0%€131,349▲ 17.4%€137,035▲ 4.3%€130,846▼ 4.5%€112,197▼ 14.3%
Net result€66,503-€67,897▲ 2.1%€68,558within the sector's middle half▲ 1.0%€79,318within the sector's middle half▲ 15.7%€91,299within the sector's middle half▲ 15.1%€95,760within the sector's middle half▲ 4.9%€91,773within the sector's middle half▼ 4.2%€79,254within the sector's middle half▼ 13.6%
Equity€225,738-€293,635▲ 30.1%€356,693within the sector's middle half▲ 21.5%€430,511within the sector's middle half▲ 20.7%€521,811within the sector's middle half▲ 21.2%€617,570within the sector's middle half▲ 18.4%€688,291within the sector's middle half▲ 11.5%€729,363within the sector's middle half▲ 6.0%
Total assets€790,907-€788,567▼ 0.3%€768,103within the sector's middle half▼ 2.6%€755,458within the sector's middle half▼ 1.6%€750,338within the sector's middle half▼ 0.7%€776,193within the sector's middle half▲ 3.4%€806,847within the sector's middle half▲ 3.9%€872,341within the sector's middle half▲ 8.1%
Debt€565,169-€494,932▼ 12.4%€411,410▼ 16.9%€324,947▼ 21.0%€228,527▼ 29.7%€158,623▼ 30.6%€118,556▼ 25.3%€142,978▲ 20.6%
Working capital-€189,617--€193,050▼ 1.8%-€72,059within the sector's middle half▲ 62.7%-€70,526within the sector's middle half▲ 2.1%-€53,852within the sector's middle half▲ 23.6%€11,938within the sector's middle half€83,133within the sector's middle half▲ 596%€124,404within the sector's middle half▲ 49.6%
Solvency28.5%-37.2%▲ 8.7pp46.4%within the sector's middle half▲ 9.2pp57.0%within the sector's middle half▲ 10.5pp69.5%within the sector's middle half▲ 12.6pp79.6%above the sector's middle half▲ 10.0pp85.3%above the sector's middle half▲ 5.7pp83.6%above the sector's middle half▼ 1.7pp
Current ratio0.33-0.32▼ 0.010.49below the sector's middle half▲ 0.170.45below the sector's middle half▼ 0.040.48below the sector's middle half▲ 0.031.19within the sector's middle half▲ 0.714.43above the sector's middle half▲ 3.243.56within the sector's middle half▼ 0.87
Return on assets (ROA)8.4%-8.6%▲ 0.2pp8.9%within the sector's middle half▲ 0.3pp10.5%within the sector's middle half▲ 1.6pp12.2%within the sector's middle half▲ 1.7pp12.3%within the sector's middle half▲ 0.2pp11.4%within the sector's middle half▼ 1.0pp9.1%within the sector's middle half▼ 2.3pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €872,341
Fixed assets
€699,275 =
Current assets
€173,066 ▲ 61.2%
Equity and liabilities €872,341
Equity
€729,363 ▲ 6.0%
Debt
€142,978 ▲ 20.6%
Debt's share of the balance-sheet total rises from 14.7% to 16.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€112,705▼
2024 · €131,354
Cash flow
€79,763▼
2024 · €92,281
Debt to equity
0.20▲
2024 · 0.17
ROE
10.9%▼
2024 · 13.3%
Interest coverage
60.60▲
2024 · 58.77
Debt ≤ 1 year
€48,662▲
2024 · €24,239
Debt > 1 year
€94,316=
2024 · €94,316
Income taxes
€31,083▼
2024 · €36,838
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €22,385 | -€193 | €118 | €261 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €450 | €508 | €508 | €508 | = |
| Other operating charges640/8 | - | - | - | €868 | €1,199 | €1,394 | €1,354 | €1,447 | ▲ 6.9% |
| Gross operating margin9900 | €95,530 | €97,142 | €103,395 | €135,098 | €132,806 | €139,055 | €132,969 | €114,152 | ▼ 14.2% |
| Operating profit (loss)9901 | €95,183 | €96,795 | €97,259 | €111,846 | €131,349 | €137,035 | €130,846 | €112,197 | ▼ 14.3% |
| Financial income75/76B | - | - | - | €34 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €34 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,381 | €2,527 | €2,521 | €2,235 | €1,860 | ▼ 16.8% |
| Recurring financial charges65 | €3,096 | €2,565 | €2,219 | €2,381 | €2,527 | €2,521 | €2,235 | €1,860 | ▼ 16.8% |
| Profit (loss) for the period before taxes9903 | €92,087 | €94,230 | €95,040 | €109,498 | €128,822 | €134,514 | €128,611 | €110,337 | ▼ 14.2% |
| Income taxes67/77 | €25,584 | €26,333 | €26,482 | €30,180 | €37,523 | €38,755 | €36,838 | €31,083 | ▼ 15.6% |
| Profit (loss) for the period9904 | €66,503 | €67,897 | €68,558 | €79,318 | €91,299 | €95,760 | €91,773 | €79,254 | ▼ 13.6% |
| Profit (loss) for the period to be appropriated9905 | €66,503 | €67,897 | €68,558 | €79,318 | €91,299 | €95,760 | €91,773 | €79,254 | ▼ 13.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €790,907 | €788,567 | €768,103 | €755,458 | €750,338 | €776,193 | €806,847 | €872,341 | ▲ 8.1% |
| Formation expenses20 | - | - | - | - | - | €0 | - | €0 | - |
| Fixed assets21/28 | €698,490 | €698,490 | €698,702 | €698,702 | €700,491 | €699,983 | €699,474 | €699,275 | = |
| Tangible fixed assets22/27 | - | - | - | - | €2,091 | €1,583 | €1,074 | €566 | ▼ 47.3% |
| Furniture and vehicles24 | - | - | - | - | €2,091 | €1,583 | €1,074 | €566 | ▼ 47.3% |
| Financial fixed assets28 | €698,490 | €698,490 | €698,702 | €698,702 | €698,400 | €698,400 | €698,400 | €698,709 | = |
| Current assets29/58 | €92,417 | €90,077 | €69,401 | €56,756 | €49,847 | €76,210 | €107,372 | €173,066 | ▲ 61.2% |
| Amounts receivable within one year40/41 | €73,881 | €63,212 | €16,885 | €22,611 | €29,420 | €25,321 | €26,072 | €30,451 | ▲ 16.8% |
| Trade receivables40 | - | - | - | €16,398 | €16,163 | €18,442 | €16,016 | €18,353 | ▲ 14.6% |
| Other amounts receivable41 | - | - | - | €6,213 | €13,257 | €6,879 | €10,056 | €12,098 | ▲ 20.3% |
| Current investments50/53 | - | - | - | - | - | - | - | €57,455 | - |
| Cash at bank and in hand54/58 | €18,311 | €26,686 | €52,415 | €34,145 | €20,326 | €50,756 | €81,089 | €84,767 | ▲ 4.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €101 | €133 | €211 | €393 | ▲ 86.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €790,907 | €788,567 | €768,103 | €755,458 | €750,338 | €776,193 | €806,847 | €872,341 | ▲ 8.1% |
| Equity10/15 | €225,738 | €293,635 | €356,693 | €430,511 | €521,811 | €617,570 | €688,291 | €729,363 | ▲ 6.0% |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €125,738 | €193,635 | €256,693 | €330,511 | €421,811 | €517,570 | €588,291 | €629,363 | ▲ 7.0% |
| Non-distributable reserves130/1 | - | - | - | €9,682 | €9,682 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €9,682 | €9,682 | - | - | - | - |
| Distributable reserves133 | - | - | - | €320,829 | €412,129 | €517,570 | €588,291 | €629,363 | ▲ 7.0% |
| Amounts payable17/49 | €565,169 | €494,932 | €411,410 | €324,947 | €228,527 | €158,623 | €118,556 | €142,978 | ▲ 20.6% |
| Amounts payable after more than one year17 | €283,037 | €211,571 | €269,950 | €197,665 | €124,828 | €94,316 | €94,316 | €94,316 | = |
| Financial debts170/4 | - | - | - | €103,349 | €30,512 | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €94,316 | €94,316 | €94,316 | €94,316 | €94,316 | = |
| Amounts payable within one year42/48 | €282,034 | €283,127 | €141,460 | €127,282 | €103,699 | €64,272 | €24,239 | €48,662 | ▲ 101% |
| Current portion of amounts payable after more than one year42 | - | - | - | €84,070 | €84,503 | €43,846 | €13,411 | €13,394 | ▼ 0.1% |
| Trade debts44 | €2,835 | €218 | €681 | €1,511 | €1,141 | €3,632 | €4,423 | €8,415 | ▲ 90.3% |
| Suppliers440/4 | - | - | - | €1,511 | €1,141 | €3,632 | €4,423 | €8,415 | ▲ 90.3% |
| Taxes, remuneration and social security45 | - | - | - | €35,257 | €4,735 | €8,297 | €3,455 | €4,704 | ▲ 36.1% |
| Taxes450/3 | - | - | - | €32,083 | €4,609 | €7,977 | €3,279 | €4,528 | ▲ 38.1% |
| Remuneration and social security454/9 | - | - | - | €3,175 | €126 | €320 | €176 | €176 | = |
| Other amounts payable47/48 | - | - | - | €6,444 | €13,320 | €8,498 | €2,950 | €22,149 | ▲ 651% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €34 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,503 | €67,897 | €68,558 | €79,318 | €91,299 | €95,760 | €91,773 | €79,254 | ▼ 13.6% |
| + Depreciation and write-downs630 | - | - | - | - | €450 | €508 | €508 | €508 | = |
| Operating cash flow (approximation) | €66,503 | €67,897 | €68,558 | €79,318 | €91,750 | €96,268 | €92,281 | €79,763 | ▼ 13.6% |
| Investment in fixed assets (approximation) | - | €0 | -€212 | €0 | -€2,239 | €0 | €0 | -€309 | - |
| Change in cash | - | €8,374 | €25,729 | -€18,270 | -€13,819 | €30,430 | €30,333 | €3,678 | ▼ 87.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00501871 |
| 31-12-2024 | full format | 29-08-2025 | 2025-00475993 |
| 31-12-2023 | full format | 29-08-2024 | 2024-00443426 |
| 31-12-2022 | full format | 29-08-2023 | 2023-00389655 |
| 31-12-2021 | full format | 31-08-2022 | 2022-20406311 |
| 31-12-2020 | full format | 26-08-2021 | 2021-54900447 |
| 31-12-2019 | full format | 22-07-2020 | 2020-32300346 |
| 31-12-2018 | full format | 16-08-2019 | 2019-47100494 |
| 31-12-2017 | full format | 27-07-2018 | 2018-40400571 |
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Of the 82,448 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,994. 31,499 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.