PAPAIA: 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.
PAPAIA
Largest movements
- Stocks and contracts -€92,666
down €92,666 (-43.4%), from €213,377 to €120,712
- Cash +€56,262
up €56,262 (+550%), from €10,222 to €66,485
mainly Stocks and contracts (+€92,666) and Net result for the year (+€43,490)
- Receivables within one year +€3,302
up €3,302 (+121%), from €2,721 to €6,023
of which Trade receivables: +€2,770
- Profit (loss) carried forward +€43,490
up €43,490, from -€41,444 to €2,046
- Debts after one year -€28,768
down €28,768 (-17.5%), from €164,145 to €135,377
of which Financial debts: -€28,768
- Trade debts -€27,437
down €27,437 (-65.9%), from €41,654 to €14,216
- Other debts -€23,970
down €23,970 (-61.1%), from €39,248 to €15,278
- Gross operating margin +€65,987
up €65,987 (+51.0%), from €129,280 to €195,267
- Write-downs +€41,290
up €41,290 (+174%), from €23,709 to €64,999
- Taxes +€7,400
up €7,400 (+96.1%), from €7,702 to €15,103
- Staff costs -€6,342
down €6,342 (-11.3%), from €56,340 to €49,998
- Other operating charges -€2,921
down €2,921 (-49.0%), from €5,966 to €3,045
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €273,627 | €237,469 | -€36,158 | -13.2% |
| Fixed assets | 21/28 | €45,249 | €44,250 | -€999 | -2.2% |
| Tangible fixed assets | 22/27 | €39,249 | €38,250 | -€999 | -2.5% |
| Furniture and vehicles | 24 | €37,560 | €37,694 | +€134 | +0.4% |
| Other tangible fixed assets | 26 | €1,689 | €556 | -€1,133 | -67.1% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €228,378 | €193,219 | -€35,159 | -15.4% |
| Stocks and contracts in progress | 3 | €213,377 | €120,712 | -€92,666 | -43.4% |
| Stocks | 30/36 | €213,377 | €120,712 | -€92,666 | -43.4% |
| Amounts receivable within one year | 40/41 | €2,721 | €6,023 | +€3,302 | +121% |
| Trade receivables | 40 | €2,721 | €5,491 | +€2,770 | +102% |
| Other amounts receivable | 41 | - | €532 | +€532 | |
| Cash at bank and in hand | 54/58 | €10,222 | €66,485 | +€56,262 | +550% |
| Deferred charges and accrued income | 490/1 | €2,058 | - | -€2,058 | |
| Total equity and liabilities | 10/49 | €273,627 | €237,469 | -€36,158 | -13.2% |
| Equity | 10/15 | -€21,444 | €22,046 | +€43,490 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,444 | €2,046 | +€43,490 | |
| Amounts payable | 17/49 | €295,071 | €215,423 | -€79,647 | -27.0% |
| Amounts payable after more than one year | 17 | €164,145 | €135,377 | -€28,768 | -17.5% |
| Financial debts | 170/4 | €74,145 | €45,377 | -€28,768 | -38.8% |
| Other amounts payable | 178/9 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €130,925 | €80,046 | -€50,879 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €27,582 | €28,768 | +€1,186 | +4.3% |
| Trade debts | 44 | €41,654 | €14,216 | -€27,437 | -65.9% |
| Suppliers | 440/4 | €41,654 | €14,216 | -€27,437 | -65.9% |
| Taxes, remuneration and social security | 45 | €22,442 | €21,783 | -€659 | -2.9% |
| Taxes | 450/3 | €18,867 | €19,542 | +€675 | +3.6% |
| Remuneration and social security | 454/9 | €3,575 | €2,241 | -€1,334 | -37.3% |
| Other amounts payable | 47/48 | €39,248 | €15,278 | -€23,970 | -61.1% |
| Remuneration, social security and pensions | 62 | €56,340 | €49,998 | -€6,342 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,937 | €10,702 | +€1,765 | +19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,709 | €64,999 | +€41,290 | +174% |
| Other operating charges | 640/8 | €5,966 | €3,045 | -€2,921 | -49.0% |
| Gross operating margin | 9900 | €129,280 | €195,267 | +€65,987 | +51.0% |
| Operating profit (loss) | 9901 | €34,328 | €66,524 | +€32,196 | +93.8% |
| Financial income | 75/76B | €2 | €1 | -€1 | -44.4% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -44.4% |
| Financial charges | 65/66B | €7,859 | €7,932 | +€73 | +0.9% |
| Recurring financial charges | 65 | €7,859 | €7,932 | +€73 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €26,471 | €58,592 | +€32,122 | +121% |
| Income taxes | 67/77 | €7,702 | €15,103 | +€7,400 | +96.1% |
| Profit (loss) for the period | 9904 | €18,768 | €43,490 | +€24,721 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €18,768 | €43,490 | +€24,721 | +132% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.