PAPEKI: 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.
PAPEKI
Largest movements
- Tangible fixed assets -€10,372
down €10,372 (-4.6%), from €225,619 to €215,247
of which Land and buildings: -€13,326
- Cash -€3,068
down €3,068 (-73.1%), from €4,200 to €1,131
mainly Other debts (-€87,398) and Investment in fixed assets (net) (-€3,749)
- Receivables within one year +€2,732
new in 2025: €2,732
- Other debts -€87,398
down €87,398 (-79.4%), from €110,131 to €22,732
- Debts after one year +€50,362
up €50,362 (+297%), from €16,977 to €67,339
- Reserves +€14,368
up €14,368 (+29.5%), from €48,692 to €63,060
of which Distributable reserves: +€16,228
- Current portion of long-term debt +€5,610
up €5,610 (+21.6%), from €25,923 to €31,533
- Trade debts +€3,311
up €3,311 (+2,884%), from €115 to €3,425
- Gross operating margin +€13,857
up €13,857 (+43.5%), from €31,852 to €45,709
- Financial charges +€3,102
up €3,102 (+97.9%), from €3,167 to €6,269
of which Financial charges: +€3,412
- Taxes +€2,956
up €2,956 (+145%), from €2,034 to €4,989
- Depreciation -€847
down €847 (-5.5%), from €15,508 to €14,661
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 | €230,996 | €219,747 | -€11,249 | -4.9% |
| Fixed assets | 21/28 | €226,159 | €215,247 | -€10,912 | -4.8% |
| Tangible fixed assets | 22/27 | €225,619 | €215,247 | -€10,372 | -4.6% |
| Land and buildings | 22 | €224,842 | €211,516 | -€13,326 | -5.9% |
| Plant, machinery and equipment | 23 | €777 | €3,731 | +€2,954 | +380% |
| Financial fixed assets | 28 | €540 | - | -€540 | |
| Current assets | 29/58 | €4,837 | €4,500 | -€337 | -7.0% |
| Amounts receivable within one year | 40/41 | - | €2,732 | +€2,732 | |
| Other amounts receivable | 41 | - | €2,732 | +€2,732 | |
| Cash at bank and in hand | 54/58 | €4,200 | €1,131 | -€3,068 | -73.1% |
| Deferred charges and accrued income | 490/1 | €637 | €637 | = | 0.0% |
| Total equity and liabilities | 10/49 | €230,996 | €219,747 | -€11,249 | -4.9% |
| Equity | 10/15 | €67,292 | €81,660 | +€14,368 | +21.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,692 | €63,060 | +€14,368 | +29.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €13,650 | €13,650 | = | 0.0% |
| Distributable reserves | 133 | €33,182 | €49,410 | +€16,228 | +48.9% |
| Amounts payable | 17/49 | €163,704 | €138,087 | -€25,616 | -15.6% |
| Amounts payable after more than one year | 17 | €16,977 | €67,339 | +€50,362 | +297% |
| Financial debts | 170/4 | €16,977 | €67,339 | +€50,362 | +297% |
| Amounts payable within one year | 42/48 | €146,727 | €70,748 | -€75,978 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €25,923 | €31,533 | +€5,610 | +21.6% |
| Trade debts | 44 | €115 | €3,425 | +€3,311 | +2,884% |
| Suppliers | 440/4 | €115 | €3,425 | +€3,311 | +2,884% |
| Advances received on contracts in progress | 46 | €10,400 | €10,569 | +€169 | +1.6% |
| Taxes, remuneration and social security | 45 | €158 | €2,489 | +€2,331 | +1,473% |
| Taxes | 450/3 | €158 | €2,489 | +€2,331 | +1,473% |
| Other amounts payable | 47/48 | €110,131 | €22,732 | -€87,398 | -79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,508 | €14,661 | -€847 | -5.5% |
| Other operating charges | 640/8 | €5,137 | €5,424 | +€288 | +5.6% |
| Gross operating margin | 9900 | €31,852 | €45,709 | +€13,857 | +43.5% |
| Operating profit (loss) | 9901 | €11,207 | €25,623 | +€14,416 | +129% |
| Financial income | 75/76B | €1 | €3 | +€2 | +163% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +163% |
| Financial charges | 65/66B | €3,167 | €6,269 | +€3,102 | +97.9% |
| Recurring financial charges | 65 | €2,856 | €6,269 | +€3,412 | +119% |
| Non-recurring financial charges | 66B | €310 | - | -€310 | |
| Profit (loss) for the period before taxes | 9903 | €8,041 | €19,357 | +€11,316 | +141% |
| Income taxes | 67/77 | €2,034 | €4,989 | +€2,956 | +145% |
| Profit (loss) for the period | 9904 | €6,008 | €14,368 | +€8,360 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €6,008 | €14,368 | +€8,360 | +139% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.