PAPERAS: 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.
PAPERAS
Largest movements
- Cash +€7,328
up €7,328 (+24.5%), from €29,854 to €37,182
mainly Net result for the year (+€12,876) and Other debts (+€2,841)
- Tangible fixed assets +€705
up €705 (+60.6%), from €1,163 to €1,868
of which Furniture and vehicles: +€1,125
- Receivables within one year +€581
up €581 (+25.2%), from €2,303 to €2,883
- Profit (loss) carried forward +€11,195
no longer reported in 2025 (was -€11,195)
- Reserves -€6,310
down €6,310 (-33.1%), from €19,045 to €12,734
- Other debts +€2,841
up €2,841 (+17.2%), from €16,476 to €19,316
- Tax, wage and social debts +€1,419
up €1,419 (+65.4%), from €2,170 to €3,588
of which Remuneration and social security: +€1,290
- Gross operating margin +€10,091
up €10,091 (+172.2%), from €5,861 to €15,951
- Depreciation +€332
up €332 (+79.0%), from €420 to €752
- Taxes +€283
new in 2025: €283
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 | €47,216 | €56,015 | +€8,799 | +18.6% |
| Fixed assets | 21/28 | €1,163 | €1,868 | +€705 | +60.6% |
| Tangible fixed assets | 22/27 | €1,163 | €1,868 | +€705 | +60.6% |
| Plant, machinery and equipment | 23 | €1,163 | €743 | -€420 | -36.1% |
| Furniture and vehicles | 24 | - | €1,125 | +€1,125 | |
| Current assets | 29/58 | €46,054 | €54,147 | +€8,094 | +17.6% |
| Stocks and contracts in progress | 3 | €12,969 | €13,248 | +€279 | +2.1% |
| Stocks | 30/36 | €12,969 | €13,248 | +€279 | +2.1% |
| Amounts receivable within one year | 40/41 | €2,303 | €2,883 | +€581 | +25.2% |
| Trade receivables | 40 | €2,303 | €2,883 | +€581 | +25.2% |
| Cash at bank and in hand | 54/58 | €29,854 | €37,182 | +€7,328 | +24.5% |
| Deferred charges and accrued income | 490/1 | €928 | €835 | -€94 | -10.1% |
| Total equity and liabilities | 10/49 | €47,216 | €56,015 | +€8,799 | +18.6% |
| Equity | 10/15 | €26,450 | €31,334 | +€4,884 | +18.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,045 | €12,734 | -€6,310 | -33.1% |
| Distributable reserves | 133 | €19,045 | €12,734 | -€6,310 | -33.1% |
| Profit (loss) carried forward | 14 | -€11,195 | - | +€11,195 | |
| Amounts payable | 17/49 | €20,766 | €24,681 | +€3,915 | +18.9% |
| Amounts payable within one year | 42/48 | €20,494 | €24,681 | +€4,186 | +20.4% |
| Trade debts | 44 | €1,849 | €1,776 | -€73 | -3.9% |
| Suppliers | 440/4 | €1,849 | €1,776 | -€73 | -3.9% |
| Taxes, remuneration and social security | 45 | €2,170 | €3,588 | +€1,419 | +65.4% |
| Taxes | 450/3 | €320 | €448 | +€129 | +40.3% |
| Remuneration and social security | 454/9 | €1,850 | €3,140 | +€1,290 | +69.7% |
| Other amounts payable | 47/48 | €16,476 | €19,316 | +€2,841 | +17.2% |
| Accrued charges and deferred income | 492/3 | €272 | - | -€272 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €420 | €752 | +€332 | +79.0% |
| Other operating charges | 640/8 | €563 | €528 | -€35 | -6.2% |
| Gross operating margin | 9900 | €5,861 | €15,951 | +€10,091 | +172.2% |
| Operating profit (loss) | 9901 | €4,878 | €14,672 | +€9,794 | +200.8% |
| Financial income | 75/76B | €36 | €37 | +€1 | +3.1% |
| Recurring financial income | 75 | €36 | €37 | +€1 | +3.1% |
| Financial charges | 65/66B | €1,568 | €1,551 | -€18 | -1.1% |
| Recurring financial charges | 65 | €1,568 | €1,551 | -€18 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €3,346 | €13,159 | +€9,813 | +293.3% |
| Income taxes | 67/77 | - | €283 | +€283 | |
| Profit (loss) for the period | 9904 | €3,346 | €12,876 | +€9,530 | +284.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,346 | €12,876 | +€9,530 | +284.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.