MICHIEL PAPEN: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
MICHIEL PAPEN
Largest movements
- Receivables within one year +€43,510
up €43,510 (+119%), from €36,452 to €79,962
of which Trade receivables: +€43,510
- Tangible fixed assets -€6,815
down €6,815 (-1.6%), from €439,270 to €432,456
of which Land and buildings: -€11,583
- Reserves +€90,816
up €90,816 (+349%), from €26,039 to €116,855
- Debts after one year -€36,139
down €36,139 (-14.8%), from €244,319 to €208,180
- Other debts -€16,616
down €16,616 (-12.9%), from €128,555 to €111,940
- Gross operating margin +€82,721
up €82,721 (+113%), from €73,348 to €156,070
- Depreciation -€33,705
down €33,705 (-65.1%), from €51,787 to €18,082
- Taxes +€26,515
up €26,515 (+1,462%), from €1,814 to €28,329
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €476,262 | €514,462 | +€38,200 | +8.0% |
| Formation expenses | 20 | €540 | €270 | -€270 | -50.0% |
| Fixed assets | 21/28 | €439,270 | €432,456 | -€6,815 | -1.6% |
| Tangible fixed assets | 22/27 | €439,270 | €432,456 | -€6,815 | -1.6% |
| Land and buildings | 22 | €416,605 | €405,022 | -€11,583 | -2.8% |
| Plant, machinery and equipment | 23 | €5,010 | €2,657 | -€2,353 | -47.0% |
| Furniture and vehicles | 24 | €2,804 | €1,695 | -€1,109 | -39.6% |
| Other tangible fixed assets | 26 | €14,851 | €23,082 | +€8,231 | +55.4% |
| Current assets | 29/58 | €36,452 | €81,737 | +€45,285 | +124% |
| Amounts receivable within one year | 40/41 | €36,452 | €79,962 | +€43,510 | +119% |
| Trade receivables | 40 | €30,766 | €74,276 | +€43,510 | +141% |
| Other amounts receivable | 41 | €5,686 | €5,686 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €1,690 | +€1,690 | |
| Deferred charges and accrued income | 490/1 | - | €84 | +€84 | |
| Total equity and liabilities | 10/49 | €476,262 | €514,462 | +€38,200 | +8.0% |
| Equity | 10/15 | €28,539 | €119,355 | +€90,816 | +318% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €26,039 | €116,855 | +€90,816 | +349% |
| Distributable reserves | 133 | €26,039 | €116,855 | +€90,816 | +349% |
| Amounts payable | 17/49 | €447,724 | €395,108 | -€52,616 | -11.8% |
| Amounts payable after more than one year | 17 | €244,319 | €208,180 | -€36,139 | -14.8% |
| Financial debts | 170/4 | €244,319 | €208,180 | -€36,139 | -14.8% |
| Amounts payable within one year | 42/48 | €201,537 | €182,846 | -€18,691 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €32,781 | €34,516 | +€1,735 | +5.3% |
| Financial debts | 43 | €3,230 | €1,451 | -€1,779 | -55.1% |
| Credit institutions | 430/8 | €3,230 | €1,451 | -€1,779 | -55.1% |
| Trade debts | 44 | €11,830 | €12,299 | +€469 | +4.0% |
| Suppliers | 440/4 | €11,830 | €12,299 | +€469 | +4.0% |
| Taxes, remuneration and social security | 45 | €25,140 | €22,640 | -€2,501 | -9.9% |
| Taxes | 450/3 | €25,140 | €22,640 | -€2,501 | -9.9% |
| Other amounts payable | 47/48 | €128,555 | €111,940 | -€16,616 | -12.9% |
| Accrued charges and deferred income | 492/3 | €1,868 | €4,082 | +€2,214 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,787 | €18,082 | -€33,705 | -65.1% |
| Other operating charges | 640/8 | €3,455 | €2,686 | -€769 | -22.3% |
| Gross operating margin | 9900 | €73,348 | €156,070 | +€82,721 | +113% |
| Operating profit (loss) | 9901 | €18,107 | €135,302 | +€117,195 | +647% |
| Financial income | 75/76B | €6 | €0 | -€6 | -97.5% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -97.5% |
| Financial charges | 65/66B | €13,939 | €15,324 | +€1,385 | +9.9% |
| Recurring financial charges | 65 | €13,939 | €15,324 | +€1,385 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €4,173 | €119,978 | +€115,805 | +2,775% |
| Income taxes | 67/77 | €1,814 | €28,329 | +€26,515 | +1,462% |
| Profit (loss) for the period | 9904 | €2,360 | €91,649 | +€89,289 | +3,784% |
| Profit (loss) for the period to be appropriated | 9905 | €2,360 | €91,649 | +€89,289 | +3,784% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.