PAPYO
InactiveInactive; last annual accounts for fiscal year 2025. Dissolved without liquidation on 19-12-2025.
Signals
1 signal. The signal on the left, the evidence on the right.
+raises risk
raises risk · Filed more than 90 days late
The financial year that closed on 30-08-2025 was due by 30-03-2026 and was filed on 10-08-2026, 133 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
133 d late
2024
28 d early
2023
16 d late
2022
1 d late
2021
8 d late
2020
3 d early
2019
66 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
History
Financials · fiscal year 2025, full schema
Turnover
€100k▼ 33.4%
2024 · €151k
EBIT margin
68.4%▲ 34.9pp
2024 · 33.5%
Net result
€53k
2024 · €-982
Working capital
€378k▲ 48.5%
2024 · €255k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€360k=€367k▲ 1.9%€348k▼ 5.2%€151k▼ 56.7%€100k▼ 33.4%
Operating result€-45k▲ 50.1%€143k€209k▲ 45.6%€50k▼ 75.8%€69k▲ 36.1%
Net result€-65k▼ 38.6%€2.78M€206k▼ 92.6%€-982€53k
EBIT margin-12.5%▲ 12.6pp39.1%▲ 51.6pp60.0%▲ 20.9pp33.5%▼ 26.5pp68.4%▲ 34.9pp
Equity€3.48M▼ 1.8%€590k▼ 83.0%€796k▲ 34.8%€795k▼ 0.1%€848k▲ 6.7%
Total assets€4.25M▼ 5.1%€6.60M▲ 55.4%€1.03M▼ 84.3%€1.28M▲ 23.6%€1.09M▼ 14.4%
Debt€766k▼ 17.6%€6.01M▲ 684%€239k▼ 96.0%€484k▲ 103%€246k▼ 49.1%
Working capital€1.80M▼ 2.0%€-144k€154k€255k▲ 65.7%€378k▲ 48.5%
Staff (FTE)3▼ 21.1%2▼ 33.3%3▲ 50.0%2▼ 33.3%0▼ 100%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 36% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.09M
Fixed assets
€470k ▼ 13.1%
Current assets
€624k ▼ 15.5%
Equity and liabilities €1.09M
Equity
€848k ▲ 6.7%
Debt
€246k ▼ 49.1%
Debt's share of the balance-sheet total falls from 37.8% to 22.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€136k▼
2024 · €152k
Cash flow
€120k▲
2024 · €101k
Current ratio
2.54▲
2024 · 1.53
Debt to equity
0.29▼
2024 · 0.61
ROE
6.2%▲
2024 · -0.1%
ROA
4.8%▲
2024 · -0.1%
Interest coverage
119.63▼
2024 · 511.26
Debt ≤ 1 year
€246k▼
2024 · €484k
Income taxes
€15k▼
2024 · €51k
Staff costs
€65k▼
2024 · €131k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €601k | €591k | €813k | - | - | - |
| Turnover70 | €360k | €367k | €348k | €151k | €100k | ▼ 33.4% |
| Other operating income74 | €240k | €224k | €465k | - | - | - |
| Operating charges60/66A | €646k | €447k | €604k | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €153k | - |
| Services and other goods61 | €342k | €238k | €219k | - | - | - |
| Remuneration, social security and pensions62 | €75k | €64k | €260k | €131k | €65k | ▼ 50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €205k | €125k | €105k | €102k | €67k | ▼ 34.1% |
| Other operating charges640/8 | €24k | €21k | €20k | €17k | €10k | ▼ 40.1% |
| Gross operating margin9900 | - | - | - | €301k | €211k | ▼ 29.8% |
| Operating profit (loss)9901 | €-45k | €143k | €209k | €50k | €69k | ▲ 36.1% |
| Financial income75/76B | €60k | €2.65M | - | - | - | - |
| Recurring financial income75 | €60k | €140 | - | - | - | - |
| Income from financial fixed assets750 | €60k | - | - | - | - | - |
| Other financial income752/9 | €8 | €140 | - | - | - | - |
| Non-recurring financial income76B | - | €2.65M | - | - | - | - |
| Financial charges65/66B | €76k | €11k | €3k | €298 | €1k | ▲ 281% |
| Recurring financial charges65 | €76k | €11k | €3k | €298 | €1k | ▲ 281% |
| Debt charges650 | €21k | €9k | €2k | - | - | - |
| Other financial charges652/9 | €55k | €1k | €339 | - | - | - |
| Profit (loss) for the period before taxes9903 | €-61k | €2.78M | €206k | €50k | €68k | ▲ 34.6% |
| Income taxes67/77 | €4k | €1k | €527 | €51k | €15k | ▼ 71.5% |
| Taxes670/3 | €4k | €1k | €552 | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | €25 | - | - | - |
| Profit (loss) for the period9904 | €-65k | €2.78M | €206k | €-982 | €53k | ▲ 5,493% |
| Profit (loss) for the period to be appropriated9905 | €-65k | €2.78M | €206k | €-982 | €53k | ▲ 5,493% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.25M | €6.60M | €1.03M | €1.28M | €1.09M | ▼ 14.4% |
| Formation expenses20 | €34k | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €1.74M | €734k | €642k | €540k | €470k | ▼ 13.1% |
| Intangible fixed assets21 | - | - | - | €0 | - | - |
| Tangible fixed assets22/27 | €791k | €734k | €642k | €540k | €469k | ▼ 13.1% |
| Land and buildings22 | €791k | €706k | €625k | €534k | €467k | ▼ 12.5% |
| Furniture and vehicles24 | €0 | €28k | €17k | €6k | €2k | ▼ 66.3% |
| Financial fixed assets28 | €952k | €363 | €363 | €363 | €363 | = |
| Affiliated companies280/1 | €952k | €0 | - | - | - | - |
| Participating interests280 | €952k | €0 | - | - | - | - |
| Other financial fixed assets284/8 | €250 | €363 | €363 | - | - | - |
| Amounts receivable and cash guarantees285/8 | €250 | €363 | €363 | - | - | - |
| Current assets29/58 | €2.47M | €5.87M | €392k | €739k | €624k | ▼ 15.5% |
| Amounts receivable after more than one year29 | €2.38M | - | - | - | - | - |
| Other amounts receivable291 | €2.38M | - | - | - | - | - |
| Amounts receivable within one year40/41 | €85k | €5.86M | €381k | €727k | €623k | ▼ 14.2% |
| Trade receivables40 | €46k | - | €162k | - | - | - |
| Other amounts receivable41 | €39k | €5.86M | €219k | €727k | €623k | ▼ 14.2% |
| Cash at bank and in hand54/58 | €4k | €6k | €2k | €2k | €904 | ▼ 61.1% |
| Deferred charges and accrued income490/1 | - | €158 | €9k | €9k | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.25M | €6.60M | €1.03M | €1.28M | €1.09M | ▼ 14.4% |
| Equity10/15 | €3.48M | €590k | €796k | €795k | €848k | ▲ 6.7% |
| Contributions10/11 | €3.12M | €62k | €62k | €62k | €62k | = |
| Capital10 | €246k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €246k | €62k | €62k | €62k | €62k | = |
| Outside capital11 | €2.88M | - | - | - | - | - |
| Share premium1100/10 | €2.88M | - | - | - | - | - |
| Reserves13 | €674k | €529k | €734k | €734k | €529k | ▼ 28.0% |
| Non-distributable reserves130/1 | €12k | €12k | €12k | €12k | €12k | = |
| Legal reserve130 | €12k | €12k | €12k | €12k | €12k | = |
| Tax-exempt reserves132 | €7k | €7k | €7k | - | - | - |
| Distributable reserves133 | €655k | €510k | €715k | €722k | €517k | ▼ 28.5% |
| Profit (loss) carried forward14 | €-317k | - | - | €-982 | €258k | ▲ 26,322% |
| Amounts payable17/49 | €766k | €6.01M | €239k | €484k | €246k | ▼ 49.1% |
| Amounts payable after more than one year17 | €92k | - | - | - | - | - |
| Financial debts170/4 | €92k | - | - | - | - | - |
| Leasing and similar obligations172 | €32k | - | - | - | - | - |
| Other loans174 | €60k | - | - | - | - | - |
| Amounts payable within one year42/48 | €675k | €6.01M | €239k | €484k | €246k | ▼ 49.1% |
| Current portion of amounts payable after more than one year42 | €177k | €91k | - | - | - | - |
| Trade debts44 | €129k | €2k | €3k | €200k | €2k | ▼ 98.8% |
| Suppliers440/4 | €129k | €2k | €3k | €200k | €2k | ▼ 98.8% |
| Advances received on contracts in progress46 | - | - | - | €1k | €1k | = |
| Taxes, remuneration and social security45 | €31k | €66k | €54k | €103k | €62k | ▼ 39.3% |
| Taxes450/3 | €16k | €54k | €25k | €74k | €46k | ▼ 37.7% |
| Remuneration and social security454/9 | €15k | €12k | €29k | €28k | €16k | ▼ 43.4% |
| Other amounts payable47/48 | €338k | €5.85M | €181k | €180k | €180k | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-65k | €2.78M | €206k | €-982 | €53k | ▲ 5,493% |
| + Depreciation and write-downs630 | €205k | €125k | €105k | €102k | €67k | ▼ 34.1% |
| Operating cash flow (approximation) | €140k | €2.90M | €310k | €101k | €120k | ▲ 19.0% |
| Investment in fixed assets (approximation) | - | €883k | €-13k | €0 | €3k | ▲ 825,144% |
| Change in cash | - | €2k | €-4k | €481 | €-1k | ▼ 395% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
10-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 133 days late
18-02
State Gazette act
Capital & shares · RestructuringMerger · Dissolution · Accounting effect12 facts ▸
State Gazette act
Capital & shares · Restructuring
Merger · Dissolution · Accounting effect12 facts ▸
- General meeting, 19-12-2025
- Merger, 19-12-2025
- Dissolution, 19-12-2025
- Accounting effect, 31-08-2025
- Real estate, Maison de commerce sise rue Moris n° 43 et 43/A, Saint-Gilles, section B n°326/C/12 (4a 35ca), comprenant la 2ème entité (161/1000) et la 3ème entité (247/1000)
- Real estate, Immeuble à appartements situé à l'angle de la Chaussée de Waterloo et de la rue Moris, n° 53, Saint-Gilles, section B n°03326B13P0000 (1a 50ca), appartement du…
- Real estate, Maison d'habitation avec dépendances, sur et avec jardin, sise Rue Moris numéro 47, Saint-Gilles, section B n°326/H/9 (2a), revenu cadastral 1.425,00 €
- Real estate, Atelier, sis Avenue Vésale numéro 2, Wavre, section B n°0120AP0000 (50a 81ca), revenu cadastral 12.454,00 €
- Real estate, Entrepôt avec dépendances, sur et avec terrain, sis Avenue Vésale numéro 2, Wavre, section B n°0120BP0001 (6a 46ca), revenu cadastral 3.187,00 €
- Real estate, Entrepôt avec dépendances, sur et avec terrain, sis Avenue Vésale numéro 2, Wavre, section B n°0120CP0001 (3a 41ca), revenu cadastral 1.922,00 €
- Power of attorney, BFIVE
- Declaration, fonds de commerce quitte et libre de toutes inscriptions, mentions marginales et transcriptions
2025
30-08
Financial
Back to profitnet €53k
Net result €53k after one loss-making year.
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
16-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 16 days late
2023
01-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 1 day late
2022
31-12
Financial
Back to profitnet €2.78M
Net result €2.78M after 4 loss-making years.
08-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 8 days late
2021
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
05-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 66 days late
2019
31-12
Financial
Weakest financial yearnet €-205k
Net result drops to €-205k, the lowest in the series.
29-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 60 days late
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 18 acts read
About the unread acts
Of the 18 Belgian State Gazette acts we know for this company, 1 has been read. The other 17 have not been read yet: what they contain is neither established nor disproved here.
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Structure & network
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionTaken over by:BFIVE