PAPER PARTNER: what changed
Two fiscal 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.
PAPER PARTNER
Largest movements
- Tangible fixed assets -€157,122
down €157,122 (-5.4%), from €2.9m to €2.8m
of which Land and buildings: -€180,429
- Current investments -€99,930
down €99,930 (-50.0%), from €199,930 to €100,000
- Profit (loss) carried forward -€219,541
down €219,541 (-2.9%), from -€7.5m to -€7.7m
- Revaluation surpluses -€166,050
down €166,050 (-6.7%), from €2.5m to €2.3m
- Reserves +€166,050
up €166,050 (+19.0%), from €875,617 to €1.0m
- Gross operating margin +€23,651
up €23,651 (+47.6%), from €49,683 to €73,334
- Depreciation +€7,120
up €7,120 (+3.8%), from €187,366 to €194,486
- Financial charges +€2,012
up €2,012 (+2.3%), from €89,383 to €91,395
- Financial income +€1,589
up €1,589 (+33.2%), from €4,786 to €6,375
of which Financial income: +€1,589
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 | €3,406,601 | €3,158,907 | -€247,694 | -7.3% |
| Fixed assets | 21/28 | €2,933,958 | €2,776,836 | -€157,122 | -5.4% |
| Tangible fixed assets | 22/27 | €2,933,958 | €2,776,836 | -€157,122 | -5.4% |
| Land and buildings | 22 | €2,894,003 | €2,713,575 | -€180,429 | -6.2% |
| Plant, machinery and equipment | 23 | €5,509 | €4,776 | -€733 | -13.3% |
| Furniture and vehicles | 24 | - | €24,842 | +€24,842 | |
| Other tangible fixed assets | 26 | €34,446 | €33,643 | -€802 | -2.3% |
| Current assets | 29/58 | €472,642 | €382,071 | -€90,571 | -19.2% |
| Amounts receivable within one year | 40/41 | €1,135 | €1,916 | +€781 | +68.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,135 | €1,916 | +€781 | +68.8% |
| Current investments | 50/53 | €199,930 | €100,000 | -€99,930 | -50.0% |
| Cash at bank and in hand | 54/58 | €265,443 | €274,141 | +€8,698 | +3.3% |
| Deferred charges and accrued income | 490/1 | €6,134 | €6,014 | -€121 | -2.0% |
| Total equity and liabilities | 10/49 | €3,406,601 | €3,158,907 | -€247,694 | -7.3% |
| Equity | 10/15 | €1,353,590 | €1,134,048 | -€219,541 | -16.2% |
| Contributions | 10/11 | €5,508,142 | €5,508,142 | = | 0.0% |
| Revaluation surpluses | 12 | €2,493,900 | €2,327,850 | -€166,050 | -6.7% |
| Reserves | 13 | €875,617 | €1,041,667 | +€166,050 | +19.0% |
| Distributable reserves | 133 | €875,617 | €1,041,667 | +€166,050 | +19.0% |
| Profit (loss) carried forward | 14 | -€7,524,069 | -€7,743,610 | -€219,541 | -2.9% |
| Provisions and deferred taxes | 16 | €810,782 | €806,063 | -€4,719 | -0.6% |
| Provisions for liabilities and charges | 160/5 | €810,782 | €806,063 | -€4,719 | -0.6% |
| Pensions and similar obligations | 160 | €810,782 | €806,063 | -€4,719 | -0.6% |
| Amounts payable | 17/49 | €1,242,228 | €1,218,796 | -€23,433 | -1.9% |
| Amounts payable after more than one year | 17 | €600,000 | €600,000 | = | 0.0% |
| Financial debts | 170/4 | €600,000 | €600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €642,228 | €618,714 | -€23,514 | -3.7% |
| Trade debts | 44 | €3,422 | €10,152 | +€6,730 | +196.7% |
| Suppliers | 440/4 | €3,422 | €10,152 | +€6,730 | +196.7% |
| Taxes, remuneration and social security | 45 | €507 | €605 | +€99 | +19.5% |
| Taxes | 450/3 | €507 | €605 | +€99 | +19.5% |
| Other amounts payable | 47/48 | €638,300 | €607,957 | -€30,343 | -4.8% |
| Accrued charges and deferred income | 492/3 | - | €81 | +€81 | |
| Non-recurring operating income | 76A | - | €7,500 | +€7,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,366 | €194,486 | +€7,120 | +3.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,134 | -€4,719 | -€585 | -14.2% |
| Other operating charges | 640/8 | €14,965 | €15,571 | +€606 | +4.0% |
| Gross operating margin | 9900 | €49,683 | €73,334 | +€23,651 | +47.6% |
| Operating profit (loss) | 9901 | -€148,514 | -€132,004 | +€16,509 | +11.1% |
| Financial income | 75/76B | €4,786 | €6,375 | +€1,589 | +33.2% |
| Recurring financial income | 75 | €4,786 | €6,375 | +€1,589 | +33.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €89,383 | €91,395 | +€2,012 | +2.3% |
| Recurring financial charges | 65 | €89,383 | €91,395 | +€2,012 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | -€233,110 | -€217,025 | +€16,086 | +6.9% |
| Income taxes | 67/77 | €1,943 | €2,517 | +€574 | +29.6% |
| Profit (loss) for the period | 9904 | -€235,053 | -€219,541 | +€15,512 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€235,053 | -€219,541 | +€15,512 | +6.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.