PAPAS: 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.
PAPAS
Largest movements
- Tangible fixed assets -€12,270
down €12,270 (-7.3%), from €167,018 to €154,748
of which Land and buildings: -€9,502
- Cash +€9,572
up €9,572 (+9.9%), from €96,991 to €106,563
mainly Net result for the year (+€35,996) and Other debts (+€30,489)
- Receivables within one year +€9,318
up €9,318 (+14.9%), from €62,615 to €71,933
of which Other amounts receivable: +€7,225
- Deferred charges and accrued income +€6,590
up €6,590 (+779.4%), from €845 to €7,435
- Other debts +€30,489
up €30,489 (+112.6%), from €27,073 to €57,562
- Reserves -€12,030
down €12,030 (-5.1%), from €236,914 to €224,884
- Gross operating margin -€53,507
down €53,507 (-29.7%), from €180,003 to €126,496
- Staff costs -€22,742
down €22,742 (-32.4%), from €70,198 to €47,455
- Taxes -€8,984
down €8,984 (-38.4%), from €23,415 to €14,431
- Other operating charges +€2,396
up €2,396 (+195.9%), from €1,223 to €3,618
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 | €333,577 | €347,587 | +€14,009 | +4.2% |
| Fixed assets | 21/28 | €167,093 | €154,823 | -€12,270 | -7.3% |
| Tangible fixed assets | 22/27 | €167,018 | €154,748 | -€12,270 | -7.3% |
| Land and buildings | 22 | €79,184 | €69,682 | -€9,502 | -12.0% |
| Plant, machinery and equipment | 23 | €22,250 | €22,541 | +€291 | +1.3% |
| Furniture and vehicles | 24 | €791 | €2,898 | +€2,106 | +266.2% |
| Other tangible fixed assets | 26 | €64,792 | €59,626 | -€5,166 | -8.0% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €166,484 | €192,764 | +€26,280 | +15.8% |
| Stocks and contracts in progress | 3 | €6,033 | €6,832 | +€800 | +13.3% |
| Stocks | 30/36 | €6,033 | €6,832 | +€800 | +13.3% |
| Amounts receivable within one year | 40/41 | €62,615 | €71,933 | +€9,318 | +14.9% |
| Trade receivables | 40 | €3,498 | €5,591 | +€2,093 | +59.8% |
| Other amounts receivable | 41 | €59,118 | €66,342 | +€7,225 | +12.2% |
| Cash at bank and in hand | 54/58 | €96,991 | €106,563 | +€9,572 | +9.9% |
| Deferred charges and accrued income | 490/1 | €845 | €7,435 | +€6,590 | +779.4% |
| Total equity and liabilities | 10/49 | €333,577 | €347,587 | +€14,009 | +4.2% |
| Equity | 10/15 | €257,798 | €245,768 | -€12,030 | -4.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €236,914 | €224,884 | -€12,030 | -5.1% |
| Distributable reserves | 133 | €236,914 | €224,884 | -€12,030 | -5.1% |
| Profit (loss) carried forward | 14 | €18,884 | €18,884 | = | 0.0% |
| Amounts payable | 17/49 | €75,779 | €101,819 | +€26,040 | +34.4% |
| Amounts payable within one year | 42/48 | €73,279 | €101,819 | +€28,540 | +38.9% |
| Trade debts | 44 | €39,328 | €39,318 | -€9 | 0.0% |
| Suppliers | 440/4 | €39,328 | €39,318 | -€9 | 0.0% |
| Taxes, remuneration and social security | 45 | €6,878 | €4,938 | -€1,940 | -28.2% |
| Taxes | 450/3 | €1,184 | €2,591 | +€1,407 | +118.8% |
| Remuneration and social security | 454/9 | €5,694 | €2,347 | -€3,347 | -58.8% |
| Other amounts payable | 47/48 | €27,073 | €57,562 | +€30,489 | +112.6% |
| Accrued charges and deferred income | 492/3 | €2,500 | - | -€2,500 | |
| Remuneration, social security and pensions | 62 | €70,198 | €47,455 | -€22,742 | -32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,170 | €26,741 | +€1,570 | +6.2% |
| Other operating charges | 640/8 | €1,223 | €3,618 | +€2,396 | +195.9% |
| Gross operating margin | 9900 | €180,003 | €126,496 | -€53,507 | -29.7% |
| Operating profit (loss) | 9901 | €83,412 | €48,681 | -€34,730 | -41.6% |
| Financial income | 75/76B | €5,095 | €5,314 | +€219 | +4.3% |
| Recurring financial income | 75 | €5,095 | €5,314 | +€219 | +4.3% |
| Financial charges | 65/66B | €3,869 | €3,568 | -€301 | -7.8% |
| Recurring financial charges | 65 | €3,869 | €3,568 | -€301 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €84,638 | €50,427 | -€34,211 | -40.4% |
| Income taxes | 67/77 | €23,415 | €14,431 | -€8,984 | -38.4% |
| Profit (loss) for the period | 9904 | €61,223 | €35,996 | -€25,227 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,223 | €35,996 | -€25,227 | -41.2% |
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 11 October 2026 via checked.be.