PAPACENO: 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.
PAPACENO
Largest movements
- Cash -€3,624
down €3,624 (-16.5%), from €21,975 to €18,350
mainly Trade debts (-€5,102) and Net result for the year (-€1,346)
- Deferred charges and accrued income -€1,318
down €1,318 (-39.7%), from €3,322 to €2,004
- Tangible fixed assets -€953
down €953 (-74.3%), from €1,282 to €329
of which Plant, machinery and equipment: -€565
- Stocks and contracts +€746
up €746 (+11.4%), from €6,553 to €7,299
- Trade debts -€5,102
down €5,102 (-89.4%), from €5,708 to €606
- Other debts +€1,990
up €1,990 (+2.9%), from €68,307 to €70,297
- Profit (loss) carried forward -€1,346
down €1,346 (-2.2%), from -€61,300 to -€62,646
- Tax, wage and social debts -€419
down €419 (-17.7%), from €2,365 to €1,946
- Gross operating margin -€11,930
down €11,930, from €11,843 to -€88
- Financial income +€1,635
up €1,635 (+984%), from €166 to €1,801
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 | €34,157 | €29,128 | -€5,029 | -14.7% |
| Fixed assets | 21/28 | €1,282 | €329 | -€953 | -74.3% |
| Tangible fixed assets | 22/27 | €1,282 | €329 | -€953 | -74.3% |
| Plant, machinery and equipment | 23 | €769 | €205 | -€565 | -73.4% |
| Furniture and vehicles | 24 | €58 | €20 | -€38 | -65.3% |
| Other tangible fixed assets | 26 | €454 | €104 | -€350 | -77.1% |
| Current assets | 29/58 | €32,876 | €28,799 | -€4,076 | -12.4% |
| Stocks and contracts in progress | 3 | €6,553 | €7,299 | +€746 | +11.4% |
| Stocks | 30/36 | €6,553 | €7,299 | +€746 | +11.4% |
| Amounts receivable within one year | 40/41 | €1,026 | €1,147 | +€121 | +11.8% |
| Trade receivables | 40 | €937 | €1,061 | +€124 | +13.2% |
| Other amounts receivable | 41 | €89 | €86 | -€3 | -3.2% |
| Cash at bank and in hand | 54/58 | €21,975 | €18,350 | -€3,624 | -16.5% |
| Deferred charges and accrued income | 490/1 | €3,322 | €2,004 | -€1,318 | -39.7% |
| Total equity and liabilities | 10/49 | €34,157 | €29,128 | -€5,029 | -14.7% |
| Equity | 10/15 | -€42,708 | -€44,054 | -€1,346 | -3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,300 | -€62,646 | -€1,346 | -2.2% |
| Amounts payable | 17/49 | €76,865 | €73,183 | -€3,683 | -4.8% |
| Amounts payable within one year | 42/48 | €76,666 | €72,849 | -€3,817 | -5.0% |
| Trade debts | 44 | €5,708 | €606 | -€5,102 | -89.4% |
| Suppliers | 440/4 | €5,708 | €606 | -€5,102 | -89.4% |
| Advances received on contracts in progress | 46 | €286 | - | -€286 | |
| Taxes, remuneration and social security | 45 | €2,365 | €1,946 | -€419 | -17.7% |
| Taxes | 450/3 | €2,365 | €1,946 | -€419 | -17.7% |
| Other amounts payable | 47/48 | €68,307 | €70,297 | +€1,990 | +2.9% |
| Accrued charges and deferred income | 492/3 | €199 | €333 | +€134 | +67.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €953 | €953 | = | 0.0% |
| Other operating charges | 640/8 | €1,937 | €1,924 | -€13 | -0.7% |
| Gross operating margin | 9900 | €11,843 | -€88 | -€11,930 | |
| Operating profit (loss) | 9901 | €8,953 | -€2,965 | -€11,918 | |
| Financial income | 75/76B | €166 | €1,801 | +€1,635 | +984% |
| Recurring financial income | 75 | €166 | €1,801 | +€1,635 | +984% |
| Financial charges | 65/66B | €295 | €182 | -€112 | -38.1% |
| Recurring financial charges | 65 | €295 | €182 | -€112 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €8,824 | -€1,346 | -€10,171 | |
| Profit (loss) for the period | 9904 | €8,824 | -€1,346 | -€10,171 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,824 | -€1,346 | -€10,171 |
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 28 October 2026 via checked.be.