PAPAEMMANUEL: 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.
PAPAEMMANUEL
Largest movements
- Receivables within one year -€70,199
down €70,199 (-85.5%), from €82,082 to €11,883
of which Trade receivables: -€63,000
- Cash -€8,199
down €8,199 (-6.8%), from €121,145 to €112,946
mainly Contributions, distributions and other (-€309,647) and Tax, wage and social debts (-€43,552)
- Tax, wage and social debts -€43,552
down €43,552 (-48.9%), from €89,034 to €45,482
- Profit (loss) carried forward -€19,225
no longer reported in 2025 (was €19,225)
- Reserves -€9,651
down €9,651 (-19.3%), from €49,881 to €40,230
- Other debts -€5,970
down €5,970 (-10.0%), from €59,987 to €54,017
- Gross operating margin +€573,591
up €573,591, from -€294,604 to €278,987
- Taxes -€28,760
no longer reported in 2025 (was €28,760)
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 | €218,227 | €139,829 | -€78,398 | -35.9% |
| Current assets | 29/58 | €218,227 | €139,829 | -€78,398 | -35.9% |
| Amounts receivable within one year | 40/41 | €82,082 | €11,883 | -€70,199 | -85.5% |
| Trade receivables | 40 | €63,000 | - | -€63,000 | |
| Other amounts receivable | 41 | €19,082 | €11,883 | -€7,199 | -37.7% |
| Current investments | 50/53 | €15,000 | €15,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €121,145 | €112,946 | -€8,199 | -6.8% |
| Total equity and liabilities | 10/49 | €218,227 | €139,829 | -€78,398 | -35.9% |
| Equity | 10/15 | €69,206 | €40,330 | -€28,876 | -41.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €49,881 | €40,230 | -€9,651 | -19.3% |
| Distributable reserves | 133 | €49,881 | €40,230 | -€9,651 | -19.3% |
| Profit (loss) carried forward | 14 | €19,225 | - | -€19,225 | |
| Amounts payable | 17/49 | €149,021 | €99,499 | -€49,522 | -33.2% |
| Amounts payable within one year | 42/48 | €149,021 | €99,499 | -€49,522 | -33.2% |
| Taxes, remuneration and social security | 45 | €89,034 | €45,482 | -€43,552 | -48.9% |
| Taxes | 450/3 | €89,034 | €45,482 | -€43,552 | -48.9% |
| Other amounts payable | 47/48 | €59,987 | €54,017 | -€5,970 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,367 | - | -€1,367 | |
| Other operating charges | 640/8 | €775 | €400 | -€375 | -48.4% |
| Gross operating margin | 9900 | -€294,604 | €278,987 | +€573,591 | |
| Operating profit (loss) | 9901 | -€296,746 | €278,587 | +€575,333 | |
| Financial income | 75/76B | - | €2,450 | +€2,450 | |
| Recurring financial income | 75 | - | €2,450 | +€2,450 | |
| Financial charges | 65/66B | €259 | €266 | +€7 | +2.7% |
| Recurring financial charges | 65 | €259 | €266 | +€7 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€297,005 | €280,771 | +€577,776 | |
| Income taxes | 67/77 | €28,760 | - | -€28,760 | |
| Profit (loss) for the period | 9904 | -€325,765 | €280,771 | +€606,536 | |
| Profit (loss) for the period to be appropriated | 9905 | -€325,765 | €280,771 | +€606,536 |
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 22 October 2026 via checked.be.