DE PAPBOER: what changed
Two financial 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.
DE PAPBOER
Largest movements
- Tangible fixed assets +€577,568
up €577,568 (+91.1%), from €634,183 to €1.2m
of which Land and buildings: +€886,252
- Cash -€52,415
down €52,415 (-65.9%), from €79,499 to €27,083
mainly Investment in fixed assets (net) (-€598,180) and Net result for the year (-€93,470)
- Debts after one year +€606,956
up €606,956 (+112%), from €543,776 to €1.2m
- Profit (loss) carried forward -€93,470
down €93,470 (-212%), from -€44,028 to -€137,497
- Gross operating margin -€30,298
down €30,298 (-535%), from -€5,664 to -€35,962
- Depreciation +€19,226
up €19,226 (+2,348%), from €819 to €20,045
- Financial charges +€617
up €617 (+1.7%), from €36,859 to €37,476
- Other operating charges -€423
down €423 (-61.7%), from €686 to €262
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.
Derived cash bridge
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 | €726,317 | €1,245,303 | +€518,986 | +71.5% |
| Formation expenses | 20 | €1,566 | €1,089 | -€477 | -30.5% |
| Fixed assets | 21/28 | €635,933 | €1,214,545 | +€578,611 | +91.0% |
| Intangible fixed assets | 21 | €1,750 | €2,794 | +€1,044 | +59.6% |
| Tangible fixed assets | 22/27 | €634,183 | €1,211,751 | +€577,568 | +91.1% |
| Land and buildings | 22 | €270,994 | €1,157,245 | +€886,252 | +327% |
| Furniture and vehicles | 24 | - | €54,505 | +€54,505 | |
| Assets under construction and advance payments | 27 | €363,190 | €0 | -€363,190 | -100% |
| Current assets | 29/58 | €88,818 | €29,669 | -€59,148 | -66.6% |
| Amounts receivable within one year | 40/41 | €9,302 | €2,298 | -€7,004 | -75.3% |
| Trade receivables | 40 | - | €1,402 | +€1,402 | |
| Other amounts receivable | 41 | €9,302 | €896 | -€8,406 | -90.4% |
| Cash at bank and in hand | 54/58 | €79,499 | €27,083 | -€52,415 | -65.9% |
| Deferred charges and accrued income | 490/1 | €18 | €288 | +€270 | +1,532% |
| Total equity and liabilities | 10/49 | €726,317 | €1,245,303 | +€518,986 | +71.5% |
| Equity | 10/15 | €155,972 | €62,503 | -€93,470 | -59.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,028 | -€137,497 | -€93,470 | -212% |
| Amounts payable | 17/49 | €570,345 | €1,182,800 | +€612,456 | +107% |
| Amounts payable after more than one year | 17 | €543,776 | €1,150,732 | +€606,956 | +112% |
| Financial debts | 170/4 | €543,776 | €1,150,732 | +€606,956 | +112% |
| Amounts payable within one year | 42/48 | €26,569 | €31,050 | +€4,481 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €19,798 | €20,610 | +€812 | +4.1% |
| Trade debts | 44 | €2,157 | €6,140 | +€3,983 | +185% |
| Suppliers | 440/4 | €2,157 | €6,140 | +€3,983 | +185% |
| Advances received on contracts in progress | 46 | - | €30 | +€30 | |
| Other amounts payable | 47/48 | €4,613 | €4,269 | -€344 | -7.5% |
| Accrued charges and deferred income | 492/3 | - | €1,019 | +€1,019 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €819 | €20,045 | +€19,226 | +2,348% |
| Other operating charges | 640/8 | €686 | €262 | -€423 | -61.7% |
| Gross operating margin | 9900 | -€5,664 | -€35,962 | -€30,298 | -535% |
| Operating profit (loss) | 9901 | -€7,169 | -€56,269 | -€49,101 | -685% |
| Financial income | 75/76B | €0 | €276 | +€275 | +137,720% |
| Recurring financial income | 75 | €0 | €276 | +€275 | +137,720% |
| Financial charges | 65/66B | €36,859 | €37,476 | +€617 | +1.7% |
| Recurring financial charges | 65 | €36,859 | €37,476 | +€617 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€44,028 | -€93,470 | -€49,442 | -112% |
| Profit (loss) for the period | 9904 | -€44,028 | -€93,470 | -€49,442 | -112% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,028 | -€93,470 | -€49,442 | -112% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.