P.A.P.L.A.: 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.
P.A.P.L.A.
Largest movements
- Cash -€17,820
down €17,820 (-84.6%), from €21,076 to €3,256
mainly Net result for the year (-€12,400) and Trade debts (-€4,401)
- Receivables within one year +€3,251
up €3,251 (+333%), from €975 to €4,226
- Tangible fixed assets +€1,678
new in 2025: €1,678
- Profit (loss) carried forward -€6,559
down €6,559, from €0 to -€6,559
- Reserves -€5,841
down €5,841 (-100%), from €5,841 to €0
- Trade debts -€4,401
down €4,401 (-100%), from €4,401 to €0
- Other debts +€3,782
new in 2025: €3,782
- Gross operating margin -€53,425
down €53,425, from €42,701 to -€10,723
- Taxes -€1,460
down €1,460 (-100%), from €1,460 to €0
- Other operating charges +€528
new in 2025: €528
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 | €22,051 | €9,161 | -€12,890 | -58.5% |
| Fixed assets | 21/28 | - | €1,678 | +€1,678 | |
| Tangible fixed assets | 22/27 | - | €1,678 | +€1,678 | |
| Furniture and vehicles | 24 | - | €1,678 | +€1,678 | |
| Current assets | 29/58 | €22,051 | €7,482 | -€14,569 | -66.1% |
| Amounts receivable within one year | 40/41 | €975 | €4,226 | +€3,251 | +333% |
| Other amounts receivable | 41 | €975 | €4,226 | +€3,251 | +333% |
| Cash at bank and in hand | 54/58 | €21,076 | €3,256 | -€17,820 | -84.6% |
| Total equity and liabilities | 10/49 | €22,051 | €9,161 | -€12,890 | -58.5% |
| Equity | 10/15 | €6,241 | -€6,159 | -€12,400 | |
| Contributions | 10/11 | €400 | €400 | = | 0.0% |
| Reserves | 13 | €5,841 | €0 | -€5,841 | -100% |
| Distributable reserves | 133 | €5,841 | €0 | -€5,841 | -100% |
| Profit (loss) carried forward | 14 | €0 | -€6,559 | -€6,559 | |
| Amounts payable | 17/49 | €15,810 | €15,320 | -€490 | -3.1% |
| Amounts payable within one year | 42/48 | €15,810 | €15,320 | -€490 | -3.1% |
| Trade debts | 44 | €4,401 | €0 | -€4,401 | -100% |
| Suppliers | 440/4 | €4,401 | €0 | -€4,401 | -100% |
| Taxes, remuneration and social security | 45 | €11,409 | €11,538 | +€129 | +1.1% |
| Taxes | 450/3 | €8,206 | €11,538 | +€3,332 | +40.6% |
| Remuneration and social security | 454/9 | €3,203 | €0 | -€3,203 | -100% |
| Other amounts payable | 47/48 | - | €3,782 | +€3,782 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €60 | +€60 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | - | €528 | +€528 | |
| Gross operating margin | 9900 | €42,701 | -€10,723 | -€53,425 | |
| Operating profit (loss) | 9901 | €42,701 | -€11,311 | -€54,013 | |
| Financial charges | 65/66B | €957 | €1,089 | +€133 | +13.9% |
| Recurring financial charges | 65 | €957 | €1,089 | +€133 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €41,745 | -€12,400 | -€54,145 | |
| Income taxes | 67/77 | €1,460 | €0 | -€1,460 | -100% |
| Profit (loss) for the period | 9904 | €40,284 | -€12,400 | -€52,685 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,284 | -€12,400 | -€52,685 |
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 29 October 2026 via checked.be.