PAPALLONA: 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.
PAPALLONA
Largest movements
- Receivables within one year +€100,823
up €100,823 (+87.0%), from €115,895 to €216,718
of which Other amounts receivable: +€110,429
- Current investments -€67,500
down €67,500 (-64.3%), from €105,000 to €37,500
- Cash -€40,913
down €40,913 (-99.9%), from €40,969 to €56
mainly Receivables within one year (-€100,823) and Net result for the year (-€12,674)
- Tangible fixed assets -€10,938
down €10,938 (-10.5%), from €103,745 to €92,807
of which Land and buildings: -€7,874
- Trade debts -€9,312
down €9,312 (-87.2%), from €10,684 to €1,371
- Profit (loss) carried forward -€9,197
new in 2025: -€9,197
- Gross operating margin +€20,521
up €20,521 (+66.0%), from -€31,103 to -€10,583
- Financial income +€5,352
up €5,352 (+124.7%), from €4,293 to €9,645
- Depreciation -€1,267
down €1,267 (-10.4%), from €12,205 to €10,938
- Financial charges -€320
down €320 (-49.2%), from €649 to €330
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 | €368,774 | €347,081 | -€21,693 | -5.9% |
| Fixed assets | 21/28 | €103,745 | €92,807 | -€10,938 | -10.5% |
| Tangible fixed assets | 22/27 | €103,745 | €92,807 | -€10,938 | -10.5% |
| Land and buildings | 22 | €89,866 | €81,993 | -€7,874 | -8.8% |
| Plant, machinery and equipment | 23 | €5,966 | €4,772 | -€1,195 | -20.0% |
| Furniture and vehicles | 24 | €7,912 | €6,043 | -€1,869 | -23.6% |
| Current assets | 29/58 | €265,029 | €254,274 | -€10,755 | -4.1% |
| Amounts receivable within one year | 40/41 | €115,895 | €216,718 | +€100,823 | +87.0% |
| Trade receivables | 40 | €9,607 | €0 | -€9,607 | -100.0% |
| Other amounts receivable | 41 | €106,288 | €216,718 | +€110,429 | +103.9% |
| Current investments | 50/53 | €105,000 | €37,500 | -€67,500 | -64.3% |
| Cash at bank and in hand | 54/58 | €40,969 | €56 | -€40,913 | -99.9% |
| Deferred charges and accrued income | 490/1 | €3,165 | €0 | -€3,165 | -100.0% |
| Total equity and liabilities | 10/49 | €368,774 | €347,081 | -€21,693 | -5.9% |
| Equity | 10/15 | €356,429 | €343,755 | -€12,674 | -3.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €348,369 | €344,892 | -€3,477 | -1.0% |
| Distributable reserves | 133 | €348,369 | €344,892 | -€3,477 | -1.0% |
| Profit (loss) carried forward | 14 | - | -€9,197 | -€9,197 | |
| Amounts payable | 17/49 | €12,344 | €3,326 | -€9,019 | -73.1% |
| Amounts payable within one year | 42/48 | €11,890 | €3,326 | -€8,564 | -72.0% |
| Financial debts | 43 | - | €748 | +€748 | |
| Credit institutions | 430/8 | - | €748 | +€748 | |
| Trade debts | 44 | €10,684 | €1,371 | -€9,312 | -87.2% |
| Suppliers | 440/4 | €10,684 | €1,371 | -€9,312 | -87.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,206 | €1,206 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €455 | €0 | -€455 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,205 | €10,938 | -€1,267 | -10.4% |
| Other operating charges | 640/8 | €387 | €469 | +€81 | +21.0% |
| Gross operating margin | 9900 | -€31,103 | -€10,583 | +€20,521 | +66.0% |
| Operating profit (loss) | 9901 | -€43,696 | -€21,989 | +€21,706 | +49.7% |
| Financial income | 75/76B | €4,293 | €9,645 | +€5,352 | +124.7% |
| Recurring financial income | 75 | €4,293 | €9,645 | +€5,352 | +124.7% |
| Financial charges | 65/66B | €649 | €330 | -€320 | -49.2% |
| Recurring financial charges | 65 | €649 | €330 | -€320 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | -€40,052 | -€12,674 | +€27,378 | +68.4% |
| Income taxes | 67/77 | €215 | €0 | -€215 | -100.0% |
| Profit (loss) for the period | 9904 | -€40,267 | -€12,674 | +€27,593 | +68.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,267 | -€12,674 | +€27,593 | +68.5% |
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 3 October 2026 via checked.be.