FREDERIC PAPEIANS: 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.
FREDERIC PAPEIANS
Largest movements
- Tangible fixed assets -€94,389
down €94,389 (-82.8%), from €113,938 to €19,549
of which Land and buildings: -€99,062
- Cash +€25,558
up €25,558 (+19.0%), from €134,438 to €159,996
mainly Investment in fixed assets (net) (+€91,422) and Other debts (+€50,000)
- Receivables within one year +€9,080
up €9,080 (+11.5%), from €78,966 to €88,045
of which Other amounts receivable: +€17,433
- Deferred charges and accrued income -€6,983
down €6,983 (-46.9%), from €14,904 to €7,921
- Reserves -€65,159
down €65,159 (-23.5%), from €277,760 to €212,600
- Other debts +€50,000
new in 2025: €50,000
- Debts after one year -€30,025
no longer reported in 2025 (was €30,025)
- Current portion of long-term debt -€14,271
down €14,271 (-76.8%), from €18,579 to €4,308
- Tax, wage and social debts -€8,226
down €8,226 (-96.1%), from €8,564 to €338
- Other operating charges +€118,638
up €118,638 (+6,820%), from €1,740 to €120,378
- Write-downs -€118,356
new in 2025: -€118,356
- Gross operating margin -€8,302
down €8,302 (-18.6%), from €44,593 to €36,291
- Depreciation -€3,855
down €3,855 (-56.5%), from €6,821 to €2,967
- Taxes -€3,689
down €3,689 (-30.1%), from €12,255 to €8,566
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 | €342,316 | €275,581 | -€66,734 | -19.5% |
| Fixed assets | 21/28 | €114,008 | €19,618 | -€94,389 | -82.8% |
| Tangible fixed assets | 22/27 | €113,938 | €19,549 | -€94,389 | -82.8% |
| Land and buildings | 22 | €99,062 | - | -€99,062 | |
| Plant, machinery and equipment | 23 | €343 | €40 | -€303 | -88.3% |
| Furniture and vehicles | 24 | €4,808 | €3,314 | -€1,494 | -31.1% |
| Other tangible fixed assets | 26 | €9,724 | €16,195 | +€6,470 | +66.5% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €228,308 | €255,963 | +€27,655 | +12.1% |
| Amounts receivable within one year | 40/41 | €78,966 | €88,045 | +€9,080 | +11.5% |
| Trade receivables | 40 | €8,353 | - | -€8,353 | |
| Other amounts receivable | 41 | €70,612 | €88,045 | +€17,433 | +24.7% |
| Cash at bank and in hand | 54/58 | €134,438 | €159,996 | +€25,558 | +19.0% |
| Deferred charges and accrued income | 490/1 | €14,904 | €7,921 | -€6,983 | -46.9% |
| Total equity and liabilities | 10/49 | €342,316 | €275,581 | -€66,734 | -19.5% |
| Equity | 10/15 | €283,960 | €218,800 | -€65,159 | -22.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €277,760 | €212,600 | -€65,159 | -23.5% |
| Distributable reserves | 133 | €277,760 | €212,600 | -€65,159 | -23.5% |
| Amounts payable | 17/49 | €58,356 | €56,781 | -€1,575 | -2.7% |
| Amounts payable after more than one year | 17 | €30,025 | - | -€30,025 | |
| Financial debts | 170/4 | €30,025 | - | -€30,025 | |
| Amounts payable within one year | 42/48 | €27,481 | €56,781 | +€29,300 | +107% |
| Current portion of amounts payable after more than one year | 42 | €18,579 | €4,308 | -€14,271 | -76.8% |
| Trade debts | 44 | €338 | €2,136 | +€1,797 | +531% |
| Suppliers | 440/4 | €338 | €2,136 | +€1,797 | +531% |
| Taxes, remuneration and social security | 45 | €8,564 | €338 | -€8,226 | -96.1% |
| Taxes | 450/3 | €8,564 | €338 | -€8,226 | -96.1% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €850 | - | -€850 | |
| Non-recurring operating income | 76A | - | €89,038 | +€89,038 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,821 | €2,967 | -€3,855 | -56.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€118,356 | -€118,356 | |
| Other operating charges | 640/8 | €1,740 | €120,378 | +€118,638 | +6,820% |
| Gross operating margin | 9900 | €44,593 | €36,291 | -€8,302 | -18.6% |
| Operating profit (loss) | 9901 | €36,032 | €31,302 | -€4,730 | -13.1% |
| Financial income | 75/76B | €6,193 | €5,250 | -€943 | -15.2% |
| Recurring financial income | 75 | €6,193 | €5,250 | -€943 | -15.2% |
| Financial charges | 65/66B | €3,049 | €3,145 | +€97 | +3.2% |
| Recurring financial charges | 65 | €3,049 | €3,145 | +€97 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €39,176 | €33,407 | -€5,770 | -14.7% |
| Income taxes | 67/77 | €12,255 | €8,566 | -€3,689 | -30.1% |
| Profit (loss) for the period | 9904 | €26,922 | €24,841 | -€2,081 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,922 | €24,841 | -€2,081 | -7.7% |
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 24 October 2026 via checked.be.