PaperAs: 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.
What changed
PaperAs
NACE 47.621, Retail sale of newspapers and periodicals
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€52,224
2025 · €41,493+€10,731
Equity
€131,431
2025 · €124,226+€7,204
Cash
€71,793
2025 · €71,287+€506
Balance sheet total
€350,631
2025 · €252,581+€98,051
Largest movements
Assets
- Receivables within one year +€64,589
up €64,589 (+229%), from €28,172 to €92,760
of which Trade receivables: +€69,645
- Tangible fixed assets +€25,778
up €25,778 (+136%), from €18,899 to €44,677
of which Assets under construction and advance payments: +€22,721
- Stocks and contracts +€7,080
up €7,080 (+5.5%), from €128,242 to €135,322
Equity and liabilities
- Short-term financial debts +€38,509
up €38,509 (+145%), from €26,628 to €65,137
- Debts after one year +€29,456
new in 2026: €29,456
- Trade debts +€20,987
up €20,987 (+30.1%), from €69,822 to €90,808
- Profit (loss) carried forward +€7,204
up €7,204 (+12.9%), from €56,026 to €63,231
- Current portion of long-term debt +€7,110
up €7,110 (+468%), from €1,520 to €8,631
Income statement
- Gross operating margin +€34,706
up €34,706 (+17.6%), from €196,643 to €231,349
- Staff costs +€19,315
up €19,315 (+14.7%), from €131,348 to €150,662
- Taxes +€3,844
up €3,844 (+36.5%), from €10,524 to €14,368
From the 2025 result to the 2026 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.
Result 2025
€41,493
Gross operating margin
+€34,706
Staff costs
-€19,315
Depreciation
-€890
Write-downs
-€609
Other operating charges
+€455
Financial income
+€332
Financial charges
-€104
Taxes
-€3,844
Result 2026
€52,224
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€3,102
Investment
-€32,652
Financing
+€30,055
Cash 2025
€71,287
From operations (derived)
+€3,102
Net result for the year
+€52,224
Depreciation
+€6,874
Stocks and contracts
-€7,080
Receivables within one year
-€64,589
Deferred charges and accrued income
-€98
Trade debts
+€20,987
Tax, wage and social debts
-€6,143
Advances received
+€731
Other debts
+€1,317
Accrued charges and deferred income
-€1,121
Investment (derived)
-€32,652
Investment in fixed assets (net)
-€32,652
Financing
+€30,055
Debts after one year
+€29,456
Current portion of long-term debt
+€7,110
Short-term financial debts
+€38,509
Contributions, distributions and other
-€45,020
Cash 2026
€71,793
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €252,581 | €350,631 | +€98,051 | +38.8% |
| Fixed assets | 21/28 | €24,254 | €50,032 | +€25,778 | +106% |
| Tangible fixed assets | 22/27 | €18,899 | €44,677 | +€25,778 | +136% |
| Plant, machinery and equipment | 23 | €303 | €167 | -€136 | -44.9% |
| Furniture and vehicles | 24 | €3,204 | €6,567 | +€3,363 | +105% |
| Other tangible fixed assets | 26 | €15,393 | €15,222 | -€170 | -1.1% |
| Assets under construction and advance payments | 27 | - | €22,721 | +€22,721 | |
| Financial fixed assets | 28 | €5,355 | €5,355 | = | 0.0% |
| Current assets | 29/58 | €228,327 | €300,600 | +€72,273 | +31.7% |
| Stocks and contracts in progress | 3 | €128,242 | €135,322 | +€7,080 | +5.5% |
| Stocks | 30/36 | €128,242 | €135,322 | +€7,080 | +5.5% |
| Amounts receivable within one year | 40/41 | €28,172 | €92,760 | +€64,589 | +229% |
| Trade receivables | 40 | €22,106 | €91,751 | +€69,645 | +315% |
| Other amounts receivable | 41 | €6,066 | €1,009 | -€5,057 | -83.4% |
| Cash at bank and in hand | 54/58 | €71,287 | €71,793 | +€506 | +0.7% |
| Deferred charges and accrued income | 490/1 | €625 | €724 | +€98 | +15.7% |
| Total equity and liabilities | 10/49 | €252,581 | €350,631 | +€98,051 | +38.8% |
| Equity | 10/15 | €124,226 | €131,431 | +€7,204 | +5.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,026 | €63,231 | +€7,204 | +12.9% |
| Amounts payable | 17/49 | €128,355 | €219,201 | +€90,846 | +70.8% |
| Amounts payable after more than one year | 17 | - | €29,456 | +€29,456 | |
| Financial debts | 170/4 | - | €29,456 | +€29,456 | |
| Amounts payable within one year | 42/48 | €126,986 | €189,497 | +€62,511 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €1,520 | €8,631 | +€7,110 | +468% |
| Financial debts | 43 | €26,628 | €65,137 | +€38,509 | +145% |
| Credit institutions | 430/8 | €26,628 | €65,137 | +€38,509 | +145% |
| Trade debts | 44 | €69,822 | €90,808 | +€20,987 | +30.1% |
| Suppliers | 440/4 | €69,822 | €90,808 | +€20,987 | +30.1% |
| Advances received on contracts in progress | 46 | €1,099 | €1,830 | +€731 | +66.5% |
| Taxes, remuneration and social security | 45 | €26,130 | €19,987 | -€6,143 | -23.5% |
| Taxes | 450/3 | €12,153 | €2,224 | -€9,929 | -81.7% |
| Remuneration and social security | 454/9 | €13,977 | €17,763 | +€3,786 | +27.1% |
| Other amounts payable | 47/48 | €1,787 | €3,104 | +€1,317 | +73.7% |
| Accrued charges and deferred income | 492/3 | €1,368 | €248 | -€1,121 | -81.9% |
| Remuneration, social security and pensions | 62 | €131,348 | €150,662 | +€19,315 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,984 | €6,874 | +€890 | +14.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €609 | +€609 | |
| Other operating charges | 640/8 | €970 | €515 | -€455 | -46.9% |
| Gross operating margin | 9900 | €196,643 | €231,349 | +€34,706 | +17.6% |
| Operating profit (loss) | 9901 | €58,341 | €72,689 | +€14,347 | +24.6% |
| Financial income | 75/76B | €26 | €357 | +€332 | +1,296% |
| Recurring financial income | 75 | €26 | €357 | +€332 | +1,296% |
| Financial charges | 65/66B | €6,350 | €6,454 | +€104 | +1.6% |
| Recurring financial charges | 65 | €6,350 | €6,454 | +€104 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €52,017 | €66,592 | +€14,575 | +28.0% |
| Income taxes | 67/77 | €10,524 | €14,368 | +€3,844 | +36.5% |
| Profit (loss) for the period | 9904 | €41,493 | €52,224 | +€10,731 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,493 | €52,224 | +€10,731 | +25.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.