PAPER STREET: what changed
What changed
PAPER STREET
NACE 73.110, Advertising agencies
filed annual accounts (NBB)
Net result for the year
-€39,227
2024 · -€28,014-€11,213
Equity
€137,922
2024 · €177,212-€39,290
Cash
€41,327
2024 · €132,802-€91,475
Balance sheet total
€338,768
2024 · €394,356-€55,588
Largest movements
Assets
- Cash -€91,475
down €91,475 (-68.9%), from €132,802 to €41,327
mainly Receivables within one year (-€54,291) and Net result for the year (-€39,227)
- Receivables within one year +€54,291
up €54,291 (+1,402%), from €3,872 to €58,164
of which Other amounts receivable: +€54,291
- Tangible fixed assets -€18,331
down €18,331 (-7.1%), from €256,733 to €238,402
Equity and liabilities
- Profit (loss) carried forward -€39,290
down €39,290 (-179%), from -€21,988 to -€61,278
- Debts after one year -€17,188
down €17,188 (-8.8%), from €195,876 to €178,688
Income statement
- Gross operating margin -€24,092
down €24,092, from €21,936 to -€2,155
- Staff costs -€11,587
down €11,587 (-46.5%), from €24,929 to €13,342
- Financial income +€875
up €875, from €0 to €875
- Financial charges -€346
down €346 (-7.4%), from €4,685 to €4,339
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€28,014
Gross operating margin
-€24,092
Staff costs
+€11,587
Depreciation
+€95
Other operating charges
-€59
Financial income
+€875
Financial charges
+€346
Taxes
+€35
Result 2025
-€39,227
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€74,574
Investment
€0
Financing
-€16,901
Cash 2024
€132,802
From operations (derived)
-€74,574
Net result for the year
-€39,227
Depreciation
+€18,331
Receivables within one year
-€54,291
Deferred charges and accrued income
+€73
Trade debts
+€2,078
Tax, wage and social debts
-€1,538
Financing
-€16,901
Debts after one year
-€17,188
Current portion of long-term debt
+€350
Contributions, distributions and other
-€63
Cash 2025
€41,327
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €394,356 | €338,768 | -€55,588 | -14.1% |
| Fixed assets | 21/28 | €256,733 | €238,402 | -€18,331 | -7.1% |
| Tangible fixed assets | 22/27 | €256,733 | €238,402 | -€18,331 | -7.1% |
| Land and buildings | 22 | €256,733 | €238,402 | -€18,331 | -7.1% |
| Current assets | 29/58 | €137,623 | €100,366 | -€37,257 | -27.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,872 | €58,164 | +€54,291 | +1,402% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,872 | €58,164 | +€54,291 | +1,402% |
| Cash at bank and in hand | 54/58 | €132,802 | €41,327 | -€91,475 | -68.9% |
| Deferred charges and accrued income | 490/1 | €948 | €875 | -€73 | -7.7% |
| Total equity and liabilities | 10/49 | €394,356 | €338,768 | -€55,588 | -14.1% |
| Equity | 10/15 | €177,212 | €137,922 | -€39,290 | -22.2% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €199,200 | €199,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €199,200 | €199,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,988 | -€61,278 | -€39,290 | -179% |
| Amounts payable | 17/49 | €217,143 | €200,846 | -€16,297 | -7.5% |
| Amounts payable after more than one year | 17 | €195,876 | €178,688 | -€17,188 | -8.8% |
| Financial debts | 170/4 | €195,876 | €178,688 | -€17,188 | -8.8% |
| Amounts payable within one year | 42/48 | €21,268 | €22,158 | +€891 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €16,838 | €17,188 | +€350 | +2.1% |
| Trade debts | 44 | €1,084 | €3,162 | +€2,078 | +192% |
| Suppliers | 440/4 | €1,084 | €3,162 | +€2,078 | +192% |
| Taxes, remuneration and social security | 45 | €3,346 | €1,808 | -€1,538 | -46.0% |
| Taxes | 450/3 | €36 | €15 | -€21 | -57.9% |
| Remuneration and social security | 454/9 | €3,309 | €1,793 | -€1,517 | -45.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €24,929 | €13,342 | -€11,587 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,425 | €18,331 | -€95 | -0.5% |
| Other operating charges | 640/8 | €1,876 | €1,935 | +€59 | +3.1% |
| Gross operating margin | 9900 | €21,936 | -€2,155 | -€24,092 | |
| Operating profit (loss) | 9901 | -€23,294 | -€35,763 | -€12,469 | -53.5% |
| Financial income | 75/76B | €0 | €875 | +€875 | |
| Recurring financial income | 75 | €0 | €875 | +€875 | |
| Financial charges | 65/66B | €4,685 | €4,339 | -€346 | -7.4% |
| Recurring financial charges | 65 | €4,685 | €4,339 | -€346 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,979 | -€39,227 | -€11,248 | -40.2% |
| Income taxes | 67/77 | €35 | €0 | -€35 | -100% |
| Profit (loss) for the period | 9904 | -€28,014 | -€39,227 | -€11,213 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,014 | -€39,227 | -€11,213 | -40.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.