Papen Solutions: 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.
Papen Solutions
Largest movements
- Receivables within one year -€31,903
down €31,903 (-59.3%), from €53,788 to €21,884
of which Trade receivables: -€30,638
- Cash +€7,286
up €7,286 (+301.8%), from €2,414 to €9,700
mainly Receivables within one year (+€31,903) and Other debts (+€3,826)
- Tangible fixed assets +€2,334
up €2,334 (+119.6%), from €1,951 to €4,284
of which Plant, machinery and equipment: +€1,598
- Profit (loss) carried forward -€18,638
down €18,638 (-51.6%), from €36,117 to €17,480
- Trade debts -€8,766
no longer reported in 2025 (was €8,766)
- Other debts +€3,826
up €3,826 (+96.9%), from €3,950 to €7,776
- Tax, wage and social debts +€1,498
up €1,498 (+34.7%), from €4,319 to €5,817
of which Taxes: +€3,781
- Other operating charges +€19,506
up €19,506 (+7239.7%), from €269 to €19,775
- Gross operating margin -€4,779
down €4,779 (-35.3%), from €13,550 to €8,771
- Financial charges +€943
up €943 (+952.6%), from €99 to €1,042
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 | €58,153 | €36,073 | -€22,079 | -38.0% |
| Fixed assets | 21/28 | €1,951 | €4,284 | +€2,334 | +119.6% |
| Tangible fixed assets | 22/27 | €1,951 | €4,284 | +€2,334 | +119.6% |
| Land and buildings | 22 | - | €1,263 | +€1,263 | |
| Plant, machinery and equipment | 23 | - | €1,598 | +€1,598 | |
| Furniture and vehicles | 24 | €1,951 | €1,424 | -€527 | -27.0% |
| Current assets | 29/58 | €56,202 | €31,789 | -€24,413 | -43.4% |
| Stocks and contracts in progress | 3 | - | €205 | +€205 | |
| Contracts in progress | 37 | - | €205 | +€205 | |
| Amounts receivable within one year | 40/41 | €53,788 | €21,884 | -€31,903 | -59.3% |
| Trade receivables | 40 | €45,932 | €15,294 | -€30,638 | -66.7% |
| Other amounts receivable | 41 | €7,855 | €6,590 | -€1,265 | -16.1% |
| Cash at bank and in hand | 54/58 | €2,414 | €9,700 | +€7,286 | +301.8% |
| Total equity and liabilities | 10/49 | €58,153 | €36,073 | -€22,079 | -38.0% |
| Equity | 10/15 | €41,117 | €22,480 | -€18,638 | -45.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,117 | €17,480 | -€18,638 | -51.6% |
| Amounts payable | 17/49 | €17,035 | €13,593 | -€3,442 | -20.2% |
| Amounts payable within one year | 42/48 | €17,035 | €13,593 | -€3,442 | -20.2% |
| Trade debts | 44 | €8,766 | - | -€8,766 | |
| Suppliers | 440/4 | €8,766 | - | -€8,766 | |
| Taxes, remuneration and social security | 45 | €4,319 | €5,817 | +€1,498 | +34.7% |
| Taxes | 450/3 | €1,018 | €4,799 | +€3,781 | +371.3% |
| Remuneration and social security | 454/9 | €3,301 | €1,018 | -€2,283 | -69.2% |
| Other amounts payable | 47/48 | €3,950 | €7,776 | +€3,826 | +96.9% |
| Non-recurring operating income | 76A | €11,582 | - | -€11,582 | |
| Remuneration, social security and pensions | 62 | €666 | €799 | +€133 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €527 | €633 | +€106 | +20.0% |
| Other operating charges | 640/8 | €269 | €19,775 | +€19,506 | +7239.7% |
| Gross operating margin | 9900 | €13,550 | €8,771 | -€4,779 | -35.3% |
| Operating profit (loss) | 9901 | €12,087 | -€12,436 | -€24,523 | |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €99 | €1,042 | +€943 | +952.6% |
| Recurring financial charges | 65 | €99 | €1,042 | +€943 | +952.6% |
| Profit (loss) for the period before taxes | 9903 | €11,993 | -€13,478 | -€25,471 | |
| Profit (loss) for the period | 9904 | €11,993 | -€13,478 | -€25,471 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,993 | -€13,478 | -€25,471 |
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 9 October 2026 via checked.be.