PAPERBOX: 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.
PAPERBOX
Largest movements
- Intangible fixed assets +€428,325
up €428,325 (+79.1%), from €541,802 to €970,127
- Receivables within one year +€64,095
up €64,095 (+48.0%), from €133,611 to €197,707
of which Trade receivables: +€88,005
- Accrued charges and deferred income +€284,736
up €284,736 (+914%), from €31,154 to €315,889
- Short-term financial debts +€226,510
up €226,510 (+130%), from €173,608 to €400,118
of which Other loans: +€332,392
- Trade debts +€111,923
up €111,923 (+220%), from €50,953 to €162,877
- Profit (loss) carried forward -€106,216
down €106,216 (-168%), from -€63,265 to -€169,481
- Debts after one year -€29,059
down €29,059 (-38.3%), from €75,799 to €46,739
- Staff costs +€327,624
up €327,624 (+86.7%), from €377,965 to €705,590
- Gross operating margin +€158,269
up €158,269 (+27.4%), from €576,658 to €734,928
- Depreciation +€59,815
up €59,815 (+122%), from €49,135 to €108,950
- Financial charges +€9,988
up €9,988 (+65.6%), from €15,225 to €25,213
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 | €770,044 | €1,281,485 | +€511,441 | +66.4% |
| Fixed assets | 21/28 | €551,118 | €983,096 | +€431,977 | +78.4% |
| Intangible fixed assets | 21 | €541,802 | €970,127 | +€428,325 | +79.1% |
| Tangible fixed assets | 22/27 | €4,816 | €8,468 | +€3,652 | +75.8% |
| Furniture and vehicles | 24 | €4,816 | €8,468 | +€3,652 | +75.8% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €218,926 | €298,390 | +€79,464 | +36.3% |
| Amounts receivable within one year | 40/41 | €133,611 | €197,707 | +€64,095 | +48.0% |
| Trade receivables | 40 | €21,589 | €109,595 | +€88,005 | +408% |
| Other amounts receivable | 41 | €112,022 | €88,112 | -€23,910 | -21.3% |
| Cash at bank and in hand | 54/58 | €70,104 | €77,501 | +€7,397 | +10.6% |
| Deferred charges and accrued income | 490/1 | €15,211 | €23,182 | +€7,971 | +52.4% |
| Total equity and liabilities | 10/49 | €770,044 | €1,281,485 | +€511,441 | +66.4% |
| Equity | 10/15 | €370,233 | €264,017 | -€106,216 | -28.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €33,178 | €33,178 | = | 0.0% |
| Distributable reserves | 133 | €33,178 | €33,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,265 | -€169,481 | -€106,216 | -168% |
| Investment grants | 15 | €350,320 | €350,320 | = | 0.0% |
| Amounts payable | 17/49 | €399,811 | €1,017,468 | +€617,657 | +154% |
| Amounts payable after more than one year | 17 | €75,799 | €46,739 | -€29,059 | -38.3% |
| Financial debts | 170/4 | €75,799 | €46,739 | -€29,059 | -38.3% |
| Amounts payable within one year | 42/48 | €292,859 | €654,840 | +€361,981 | +124% |
| Current portion of amounts payable after more than one year | 42 | €28,708 | €29,059 | +€351 | +1.2% |
| Financial debts | 43 | €173,608 | €400,118 | +€226,510 | +130% |
| Credit institutions | 430/8 | €156,000 | €50,118 | -€105,882 | -67.9% |
| Other loans | 439 | €17,608 | €350,000 | +€332,392 | +1,888% |
| Trade debts | 44 | €50,953 | €162,877 | +€111,923 | +220% |
| Suppliers | 440/4 | €50,953 | €162,877 | +€111,923 | +220% |
| Taxes, remuneration and social security | 45 | €39,589 | €62,786 | +€23,197 | +58.6% |
| Taxes | 450/3 | €472 | €5,687 | +€5,215 | +1,105% |
| Remuneration and social security | 454/9 | €39,117 | €57,099 | +€17,982 | +46.0% |
| Accrued charges and deferred income | 492/3 | €31,154 | €315,889 | +€284,736 | +914% |
| Remuneration, social security and pensions | 62 | €377,965 | €705,590 | +€327,624 | +86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,135 | €108,950 | +€59,815 | +122% |
| Other operating charges | 640/8 | €1,122 | €933 | -€189 | -16.8% |
| Gross operating margin | 9900 | €576,658 | €734,928 | +€158,269 | +27.4% |
| Operating profit (loss) | 9901 | €148,436 | -€80,545 | -€228,981 | |
| Financial income | 75/76B | €238 | €156 | -€82 | -34.6% |
| Recurring financial income | 75 | €238 | €156 | -€82 | -34.6% |
| Financial charges | 65/66B | €15,225 | €25,213 | +€9,988 | +65.6% |
| Recurring financial charges | 65 | €15,225 | €25,213 | +€9,988 | +65.6% |
| Profit (loss) for the period before taxes | 9903 | €133,450 | -€105,601 | -€239,051 | |
| Income taxes | 67/77 | €472 | €615 | +€143 | +30.2% |
| Profit (loss) for the period | 9904 | €132,978 | -€106,216 | -€239,194 | |
| Profit (loss) for the period to be appropriated | 9905 | €132,978 | -€106,216 | -€239,194 |
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 16 October 2026 via checked.be.