PAPAGO: 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.
PAPAGO
Largest movements
- Cash -€90,892
down €90,892 (-30.3%), from €300,354 to €209,461
mainly Other debts (-€83,730) and Debts after one year (-€60,000)
- Stocks and contracts -€12,908
down €12,908 (-28.1%), from €45,995 to €33,087
- Other debts -€83,730
down €83,730 (-78.9%), from €106,182 to €22,451
- Debts after one year -€60,000
down €60,000 (-50.8%), from €118,171 to €58,171
- Reserves +€41,124
up €41,124 (+36.2%), from €113,457 to €154,581
of which Distributable reserves: +€40,120
- Gross operating margin -€10,814
down €10,814 (-9.1%), from €119,048 to €108,234
- Depreciation -€5,213
down €5,213 (-82.0%), from €6,359 to €1,146
- Financial charges -€2,616
down €2,616 (-29.1%), from €9,003 to €6,388
- Staff costs +€1,278
up €1,278 (+3.5%), from €36,706 to €37,984
- Financial income -€1,209
down €1,209 (-43.6%), from €2,775 to €1,565
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 | €441,210 | €334,239 | -€106,971 | -24.2% |
| Fixed assets | 21/28 | €89,411 | €90,471 | +€1,060 | +1.2% |
| Tangible fixed assets | 22/27 | €88,159 | €89,219 | +€1,060 | +1.2% |
| Land and buildings | 22 | €84,959 | €87,430 | +€2,471 | +2.9% |
| Plant, machinery and equipment | 23 | €130 | €0 | -€130 | -100.0% |
| Furniture and vehicles | 24 | €3,069 | €1,789 | -€1,281 | -41.7% |
| Financial fixed assets | 28 | €1,253 | €1,253 | = | 0.0% |
| Current assets | 29/58 | €351,799 | €243,767 | -€108,031 | -30.7% |
| Stocks and contracts in progress | 3 | €45,995 | €33,087 | -€12,908 | -28.1% |
| Stocks | 30/36 | €45,995 | €33,087 | -€12,908 | -28.1% |
| Amounts receivable within one year | 40/41 | €4,965 | €1,150 | -€3,815 | -76.8% |
| Trade receivables | 40 | €2,096 | €831 | -€1,266 | -60.4% |
| Other amounts receivable | 41 | €2,868 | €319 | -€2,549 | -88.9% |
| Cash at bank and in hand | 54/58 | €300,354 | €209,461 | -€90,892 | -30.3% |
| Deferred charges and accrued income | 490/1 | €485 | €69 | -€416 | -85.8% |
| Total equity and liabilities | 10/49 | €441,210 | €334,239 | -€106,971 | -24.2% |
| Equity | 10/15 | €187,825 | €228,949 | +€41,124 | +21.9% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €113,457 | €154,581 | +€41,124 | +36.2% |
| Non-distributable reserves | 130/1 | €6,432 | €7,437 | +€1,005 | +15.6% |
| Legal reserve | 130 | €6,432 | €7,437 | +€1,005 | +15.6% |
| Tax-exempt reserves | 132 | €15,909 | €15,909 | = | 0.0% |
| Distributable reserves | 133 | €91,116 | €131,235 | +€40,120 | +44.0% |
| Amounts payable | 17/49 | €253,385 | €105,290 | -€148,096 | -58.4% |
| Amounts payable after more than one year | 17 | €118,171 | €58,171 | -€60,000 | -50.8% |
| Financial debts | 170/4 | €118,171 | €58,171 | -€60,000 | -50.8% |
| Amounts payable within one year | 42/48 | €134,595 | €47,119 | -€87,476 | -65.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €6,813 | €6,159 | -€654 | -9.6% |
| Suppliers | 440/4 | €6,813 | €6,159 | -€654 | -9.6% |
| Taxes, remuneration and social security | 45 | €21,601 | €18,509 | -€3,092 | -14.3% |
| Taxes | 450/3 | €14,279 | €13,213 | -€1,066 | -7.5% |
| Remuneration and social security | 454/9 | €7,321 | €5,296 | -€2,026 | -27.7% |
| Other amounts payable | 47/48 | €106,182 | €22,451 | -€83,730 | -78.9% |
| Accrued charges and deferred income | 492/3 | €620 | €0 | -€620 | -100.0% |
| Remuneration, social security and pensions | 62 | €36,706 | €37,984 | +€1,278 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,359 | €1,146 | -€5,213 | -82.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,153 | €5,187 | +€34 | +0.7% |
| Gross operating margin | 9900 | €119,048 | €108,234 | -€10,814 | -9.1% |
| Operating profit (loss) | 9901 | €70,830 | €63,917 | -€6,913 | -9.8% |
| Financial income | 75/76B | €2,775 | €1,565 | -€1,209 | -43.6% |
| Recurring financial income | 75 | €2,775 | €1,565 | -€1,209 | -43.6% |
| Financial charges | 65/66B | €9,003 | €6,388 | -€2,616 | -29.1% |
| Recurring financial charges | 65 | €9,003 | €6,388 | -€2,616 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €64,602 | €59,095 | -€5,507 | -8.5% |
| Income taxes | 67/77 | €19,051 | €17,970 | -€1,081 | -5.7% |
| Profit (loss) for the period | 9904 | €45,551 | €41,124 | -€4,426 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,551 | €41,124 | -€4,426 | -9.7% |
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 6 October 2026 via checked.be.