PAPAY: 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.
PAPAY
Largest movements
- Tangible fixed assets +€48,848
up €48,848 (+668%), from €7,315 to €56,163
of which Plant, machinery and equipment: +€52,003
- Cash -€29,829
down €29,829 (-26.5%), from €112,637 to €82,808
mainly Investment in fixed assets (net) (-€53,200) and Receivables within one year (-€29,039)
- Receivables within one year +€29,039
up €29,039 (+264%), from €10,988 to €40,026
of which Other amounts receivable: +€24,528
- Profit (loss) carried forward +€23,490
up €23,490 (+35.3%), from €66,615 to €90,105
- Tax, wage and social debts +€23,096
up €23,096 (+50.3%), from €45,877 to €68,973
of which Remuneration and social security: +€14,360
- Other debts +€1,931
new in 2025: €1,931
- Gross operating margin +€21,299
up €21,299 (+18.0%), from €118,554 to €139,852
- Staff costs -€18,835
down €18,835 (-16.2%), from €116,252 to €97,417
- Taxes +€12,763
up €12,763 (+1,312%), from €972 to €13,736
- Financial income -€4,956
down €4,956 (-85.7%), from €5,786 to €830
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 | €132,953 | €181,904 | +€48,951 | +36.8% |
| Fixed assets | 21/28 | €7,409 | €56,258 | +€48,848 | +659% |
| Tangible fixed assets | 22/27 | €7,315 | €56,163 | +€48,848 | +668% |
| Plant, machinery and equipment | 23 | €1,473 | €53,475 | +€52,003 | +3,531% |
| Furniture and vehicles | 24 | €5,842 | €2,687 | -€3,155 | -54.0% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €125,543 | €125,646 | +€103 | +0.1% |
| Stocks and contracts in progress | 3 | €1,918 | €2,812 | +€894 | +46.6% |
| Stocks | 30/36 | €1,918 | €2,812 | +€894 | +46.6% |
| Amounts receivable within one year | 40/41 | €10,988 | €40,026 | +€29,039 | +264% |
| Trade receivables | 40 | €10,988 | €15,498 | +€4,511 | +41.1% |
| Other amounts receivable | 41 | - | €24,528 | +€24,528 | |
| Cash at bank and in hand | 54/58 | €112,637 | €82,808 | -€29,829 | -26.5% |
| Total equity and liabilities | 10/49 | €132,953 | €181,904 | +€48,951 | +36.8% |
| Equity | 10/15 | €87,075 | €110,565 | +€23,490 | +27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,615 | €90,105 | +€23,490 | +35.3% |
| Amounts payable | 17/49 | €45,877 | €71,339 | +€25,461 | +55.5% |
| Amounts payable within one year | 42/48 | €45,877 | €71,339 | +€25,461 | +55.5% |
| Trade debts | 44 | - | €434 | +€434 | |
| Suppliers | 440/4 | - | €434 | +€434 | |
| Taxes, remuneration and social security | 45 | €45,877 | €68,973 | +€23,096 | +50.3% |
| Taxes | 450/3 | €1,250 | €9,985 | +€8,736 | +699% |
| Remuneration and social security | 454/9 | €44,628 | €58,988 | +€14,360 | +32.2% |
| Other amounts payable | 47/48 | - | €1,931 | +€1,931 | |
| Remuneration, social security and pensions | 62 | €116,252 | €97,417 | -€18,835 | -16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,675 | €4,352 | +€677 | +18.4% |
| Other operating charges | 640/8 | €789 | €1,241 | +€452 | +57.4% |
| Non-recurring operating charges | 66A | - | €313 | +€313 | |
| Gross operating margin | 9900 | €118,554 | €139,852 | +€21,299 | +18.0% |
| Operating profit (loss) | 9901 | -€2,162 | €36,529 | +€38,691 | |
| Financial income | 75/76B | €5,786 | €830 | -€4,956 | -85.7% |
| Recurring financial income | 75 | €5,786 | €830 | -€4,956 | -85.7% |
| Financial charges | 65/66B | €197 | €134 | -€64 | -32.2% |
| Recurring financial charges | 65 | €197 | €134 | -€64 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €3,427 | €37,225 | +€33,799 | +986% |
| Income taxes | 67/77 | €972 | €13,736 | +€12,763 | +1,312% |
| Profit (loss) for the period | 9904 | €2,454 | €23,490 | +€21,036 | +857% |
| Profit (loss) for the period to be appropriated | 9905 | €2,454 | €23,490 | +€21,036 | +857% |
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 17 October 2026 via checked.be.