PAP Partners: what changed
Two fiscal 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.
PAP Partners
Largest movements
- Cash -€46,664
down €46,664 (-54.4%), from €85,779 to €39,115
mainly Trade debts (-€44,449) and Receivables within one year (-€32,767)
- Receivables within one year +€32,767
up €32,767 (+344.5%), from €9,512 to €42,279
of which Trade receivables: +€27,655
- Stocks and contracts +€3,402
up €3,402 (+7.6%), from €44,500 to €47,902
- Deferred charges and accrued income -€3,104
no longer reported in 2025 (was €3,104)
- Trade debts -€44,449
down €44,449 (-58.7%), from €75,749 to €31,301
- Other debts +€19,090
up €19,090 (+271.0%), from €7,044 to €26,134
- Profit (loss) carried forward +€11,058
up €11,058 (+43.4%), from -€25,458 to -€14,400
- Current portion of long-term debt +€4,138
new in 2025: €4,138
- Short-term financial debts -€4,135
no longer reported in 2025 (was €4,135)
- Gross operating margin +€57,925
up €57,925, from -€29,948 to €27,977
- Taxes +€11,894
up €11,894, from -€11 to €11,883
- Other operating charges +€3,391
up €3,391 (+1188.3%), from €285 to €3,676
- Staff costs -€837
down €837 (-82.2%), from €1,018 to €181
- Financial charges +€592
up €592 (+35893.9%), from €2 to €594
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.
Cash bridge derived
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 | €144,521 | €130,222 | -€14,299 | -9.9% |
| Fixed assets | 21/28 | €1,625 | €926 | -€700 | -43.1% |
| Tangible fixed assets | 22/27 | €1,625 | €926 | -€700 | -43.1% |
| Furniture and vehicles | 24 | €1,625 | €926 | -€700 | -43.1% |
| Current assets | 29/58 | €142,896 | €129,297 | -€13,599 | -9.5% |
| Stocks and contracts in progress | 3 | €44,500 | €47,902 | +€3,402 | +7.6% |
| Stocks | 30/36 | €44,500 | €47,902 | +€3,402 | +7.6% |
| Amounts receivable within one year | 40/41 | €9,512 | €42,279 | +€32,767 | +344.5% |
| Trade receivables | 40 | €9,512 | €37,167 | +€27,655 | +290.7% |
| Other amounts receivable | 41 | - | €5,112 | +€5,112 | |
| Cash at bank and in hand | 54/58 | €85,779 | €39,115 | -€46,664 | -54.4% |
| Deferred charges and accrued income | 490/1 | €3,104 | - | -€3,104 | |
| Total equity and liabilities | 10/49 | €144,521 | €130,222 | -€14,299 | -9.9% |
| Equity | 10/15 | €57,592 | €68,650 | +€11,058 | +19.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €64,459 | €64,459 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,858 | +€1,858 | |
| Reserves not available under the articles | 1311 | - | €1,858 | +€1,858 | |
| Distributable reserves | 133 | €64,459 | €62,600 | -€1,858 | -2.9% |
| Profit (loss) carried forward | 14 | -€25,458 | -€14,400 | +€11,058 | +43.4% |
| Amounts payable | 17/49 | €86,929 | €61,572 | -€25,357 | -29.2% |
| Amounts payable within one year | 42/48 | €86,929 | €61,572 | -€25,357 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,138 | +€4,138 | |
| Financial debts | 43 | €4,135 | - | -€4,135 | |
| Credit institutions | 430/8 | €4,135 | - | -€4,135 | |
| Trade debts | 44 | €75,749 | €31,301 | -€44,449 | -58.7% |
| Suppliers | 440/4 | €75,749 | €31,301 | -€44,449 | -58.7% |
| Other amounts payable | 47/48 | €7,044 | €26,134 | +€19,090 | +271.0% |
| Remuneration, social security and pensions | 62 | €1,018 | €181 | -€837 | -82.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,260 | €700 | -€560 | -44.5% |
| Other operating charges | 640/8 | €285 | €3,676 | +€3,391 | +1188.3% |
| Gross operating margin | 9900 | -€29,948 | €27,977 | +€57,925 | |
| Operating profit (loss) | 9901 | -€32,511 | €23,420 | +€55,931 | |
| Financial income | 75/76B | €0 | €135 | +€135 | +1353600.0% |
| Recurring financial income | 75 | €0 | €135 | +€135 | +1353600.0% |
| Financial charges | 65/66B | €2 | €594 | +€592 | +35893.9% |
| Recurring financial charges | 65 | €2 | €594 | +€592 | +35893.9% |
| Profit (loss) for the period before taxes | 9903 | -€32,513 | €22,962 | +€55,474 | |
| Income taxes | 67/77 | -€11 | €11,883 | +€11,894 | |
| Profit (loss) for the period | 9904 | -€32,501 | €11,079 | +€43,580 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,501 | €11,079 | +€43,580 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.