Papengoed: 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.
Papengoed
Largest movements
- Cash -€26,761
down €26,761 (-74.9%), from €35,730 to €8,969
mainly Other debts (-€19,798) and Net result for the year (-€7,872)
- Deferred charges and accrued income +€6,036
up €6,036 (+55.1%), from €10,949 to €16,985
- Tangible fixed assets -€5,699
down €5,699 (-4.9%), from €115,508 to €109,809
- Receivables within one year -€5,088
down €5,088 (-100%), from €5,088 to €0
- Other debts -€19,798
down €19,798 (-43.7%), from €45,281 to €25,483
- Profit (loss) carried forward -€7,872
down €7,872, from €0 to -€7,872
- Tax, wage and social debts -€6,834
down €6,834 (-100%), from €6,834 to €0
- Accrued charges and deferred income +€5,871
up €5,871 (+100%), from €5,865 to €11,736
- Trade debts -€3,134
down €3,134 (-43.9%), from €7,134 to €4,000
- Gross operating margin -€43,580
down €43,580 (-76.4%), from €57,066 to €13,486
- Taxes -€11,834
down €11,834 (-100%), from €11,834 to €0
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 | €167,276 | €135,763 | -€31,513 | -18.8% |
| Fixed assets | 21/28 | €115,508 | €109,809 | -€5,699 | -4.9% |
| Tangible fixed assets | 22/27 | €115,508 | €109,809 | -€5,699 | -4.9% |
| Land and buildings | 22 | €115,508 | €109,809 | -€5,699 | -4.9% |
| Current assets | 29/58 | €51,768 | €25,954 | -€25,814 | -49.9% |
| Amounts receivable within one year | 40/41 | €5,088 | €0 | -€5,088 | -100% |
| Other amounts receivable | 41 | €5,088 | €0 | -€5,088 | -100% |
| Cash at bank and in hand | 54/58 | €35,730 | €8,969 | -€26,761 | -74.9% |
| Deferred charges and accrued income | 490/1 | €10,949 | €16,985 | +€6,036 | +55.1% |
| Total equity and liabilities | 10/49 | €167,276 | €135,763 | -€31,513 | -18.8% |
| Equity | 10/15 | €93,656 | €85,784 | -€7,872 | -8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €75,056 | €75,056 | = | 0.0% |
| Distributable reserves | 133 | €75,056 | €75,056 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€7,872 | -€7,872 | |
| Amounts payable | 17/49 | €73,619 | €49,979 | -€23,640 | -32.1% |
| Amounts payable after more than one year | 17 | €8,505 | €8,760 | +€255 | +3.0% |
| Other amounts payable | 178/9 | €8,505 | €8,760 | +€255 | +3.0% |
| Amounts payable within one year | 42/48 | €59,250 | €29,483 | -€29,767 | -50.2% |
| Trade debts | 44 | €7,134 | €4,000 | -€3,134 | -43.9% |
| Suppliers | 440/4 | €7,134 | €4,000 | -€3,134 | -43.9% |
| Taxes, remuneration and social security | 45 | €6,834 | €0 | -€6,834 | -100% |
| Taxes | 450/3 | €6,834 | €0 | -€6,834 | -100% |
| Other amounts payable | 47/48 | €45,281 | €25,483 | -€19,798 | -43.7% |
| Accrued charges and deferred income | 492/3 | €5,865 | €11,736 | +€5,871 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,359 | €5,699 | +€340 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,786 | €5,786 | = | 0.0% |
| Other operating charges | 640/8 | €9,476 | €9,764 | +€287 | +3.0% |
| Gross operating margin | 9900 | €57,066 | €13,486 | -€43,580 | -76.4% |
| Operating profit (loss) | 9901 | €36,445 | -€7,763 | -€44,208 | |
| Financial income | 75/76B | €29 | €85 | +€55 | +187% |
| Recurring financial income | 75 | €29 | €85 | +€55 | +187% |
| Financial charges | 65/66B | €186 | €194 | +€8 | +4.1% |
| Recurring financial charges | 65 | €186 | €194 | +€8 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €36,288 | -€7,872 | -€44,160 | |
| Income taxes | 67/77 | €11,834 | €0 | -€11,834 | -100% |
| Profit (loss) for the period | 9904 | €24,454 | -€7,872 | -€32,326 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,454 | -€7,872 | -€32,326 |
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 15 October 2026 via checked.be.