PAPEL: 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.
PAPEL
Largest movements
- Receivables within one year -€129,756
down €129,756 (-84.1%), from €154,224 to €24,468
of which Trade receivables: -€154,212
- Contributions +€1.1m
new in 2025: €1.1m
- Reserves -€1.1m
no longer reported in 2025 (was €1.1m)
- Current portion of long-term debt -€300,000
down €300,000 (-50.0%), from €600,000 to €300,000
- Other debts +€192,438
up €192,438 (+48.3%), from €398,384 to €590,822
- Tax, wage and social debts -€87,892
down €87,892 (-91.9%), from €95,656 to €7,764
- Gross operating margin -€176,594
down €176,594 (-75.8%), from €233,002 to €56,407
- Taxes -€40,071
down €40,071 (-84.2%), from €47,618 to €7,547
- Financial charges -€32,378
down €32,378 (-55.6%), from €58,277 to €25,900
- Financial income -€15,620
no longer reported in 2025 (was €15,620)
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 | €3,257,011 | €3,147,634 | -€109,377 | -3.4% |
| Fixed assets | 21/28 | €3,100,000 | €3,100,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,100,000 | €3,100,000 | = | 0.0% |
| Current assets | 29/58 | €157,011 | €47,634 | -€109,377 | -69.7% |
| Amounts receivable within one year | 40/41 | €154,224 | €24,468 | -€129,756 | -84.1% |
| Trade receivables | 40 | €154,212 | - | -€154,212 | |
| Other amounts receivable | 41 | €12 | €24,468 | +€24,456 | +198,185% |
| Cash at bank and in hand | 54/58 | €2,787 | €23,165 | +€20,378 | +731% |
| Total equity and liabilities | 10/49 | €3,257,011 | €3,147,634 | -€109,377 | -3.4% |
| Equity | 10/15 | €2,030,392 | €2,051,938 | +€21,546 | +1.1% |
| Contributions | 10/11 | - | €1,080,000 | +€1.1m | |
| Reserves | 13 | €1,080,000 | - | -€1.1m | |
| Distributable reserves | 133 | €1,080,000 | - | -€1.1m | |
| Profit (loss) carried forward | 14 | €950,392 | €971,938 | +€21,546 | +2.3% |
| Amounts payable | 17/49 | €1,226,619 | €1,095,696 | -€130,923 | -10.7% |
| Amounts payable within one year | 42/48 | €1,226,619 | €1,095,696 | -€130,923 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €600,000 | €300,000 | -€300,000 | -50.0% |
| Trade debts | 44 | €132,579 | €197,110 | +€64,531 | +48.7% |
| Suppliers | 440/4 | €132,579 | €197,110 | +€64,531 | +48.7% |
| Taxes, remuneration and social security | 45 | €95,656 | €7,764 | -€87,892 | -91.9% |
| Taxes | 450/3 | €95,656 | €7,764 | -€87,892 | -91.9% |
| Other amounts payable | 47/48 | €398,384 | €590,822 | +€192,438 | +48.3% |
| Other operating charges | 640/8 | €770 | €1,415 | +€645 | +83.8% |
| Gross operating margin | 9900 | €233,002 | €56,407 | -€176,594 | -75.8% |
| Operating profit (loss) | 9901 | €232,232 | €54,992 | -€177,239 | -76.3% |
| Financial income | 75/76B | €15,620 | - | -€15,620 | |
| Recurring financial income | 75 | €15,620 | - | -€15,620 | |
| Financial charges | 65/66B | €58,277 | €25,900 | -€32,378 | -55.6% |
| Recurring financial charges | 65 | €58,277 | €25,900 | -€32,378 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | €189,574 | €29,093 | -€160,481 | -84.7% |
| Income taxes | 67/77 | €47,618 | €7,547 | -€40,071 | -84.2% |
| Profit (loss) for the period | 9904 | €141,956 | €21,546 | -€120,410 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €141,956 | €21,546 | -€120,410 | -84.8% |
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 14 October 2026 via checked.be.