Papeterie liégeoise: 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.
Papeterie liégeoise
Largest movements
- Cash +€21,978
up €21,978 (+51.0%), from €43,111 to €65,089
mainly Trade debts (+€22,795) and Receivables within one year (+€12,149)
- Stocks and contracts +€21,859
up €21,859 (+9.2%), from €237,022 to €258,880
- Receivables within one year -€12,149
down €12,149 (-51.0%), from €23,825 to €11,676
of which Trade receivables: -€10,981
- Trade debts +€22,795
up €22,795 (+27.0%), from €84,408 to €107,203
- Gross operating margin -€16,058
down €16,058 (-6.8%), from €237,637 to €221,580
- Staff costs -€9,987
down €9,987 (-4.6%), from €215,486 to €205,499
- Depreciation -€5,083
down €5,083 (-41.2%), from €12,350 to €7,267
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 | €320,050 | €347,123 | +€27,073 | +8.5% |
| Fixed assets | 21/28 | €15,059 | €10,598 | -€4,461 | -29.6% |
| Intangible fixed assets | 21 | €4,496 | €2,517 | -€1,980 | -44.0% |
| Tangible fixed assets | 22/27 | €10,273 | €7,791 | -€2,482 | -24.2% |
| Plant, machinery and equipment | 23 | €935 | €629 | -€306 | -32.7% |
| Furniture and vehicles | 24 | €1,203 | €2,945 | +€1,742 | +145% |
| Other tangible fixed assets | 26 | €8,134 | €4,216 | -€3,918 | -48.2% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €304,991 | €336,526 | +€31,535 | +10.3% |
| Stocks and contracts in progress | 3 | €237,022 | €258,880 | +€21,859 | +9.2% |
| Stocks | 30/36 | €237,022 | €258,880 | +€21,859 | +9.2% |
| Amounts receivable within one year | 40/41 | €23,825 | €11,676 | -€12,149 | -51.0% |
| Trade receivables | 40 | €18,712 | €7,731 | -€10,981 | -58.7% |
| Other amounts receivable | 41 | €5,113 | €3,945 | -€1,168 | -22.8% |
| Cash at bank and in hand | 54/58 | €43,111 | €65,089 | +€21,978 | +51.0% |
| Deferred charges and accrued income | 490/1 | €1,033 | €880 | -€153 | -14.8% |
| Total equity and liabilities | 10/49 | €320,050 | €347,123 | +€27,073 | +8.5% |
| Equity | 10/15 | €183,036 | €184,619 | +€1,583 | +0.9% |
| Contributions | 10/11 | €141,000 | €141,000 | = | 0.0% |
| Capital | 10 | €141,000 | €141,000 | = | 0.0% |
| Issued capital | 100 | €141,000 | €141,000 | = | 0.0% |
| Reserves | 13 | €40,469 | €40,469 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,414 | €14,414 | = | 0.0% |
| Legal reserve | 130 | €14,100 | €14,100 | = | 0.0% |
| Other | 1319 | €314 | €314 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,499 | €9,499 | = | 0.0% |
| Distributable reserves | 133 | €16,556 | €16,556 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,567 | €3,150 | +€1,583 | +101% |
| Amounts payable | 17/49 | €137,014 | €162,504 | +€25,490 | +18.6% |
| Amounts payable within one year | 42/48 | €135,851 | €161,742 | +€25,891 | +19.1% |
| Financial debts | 43 | €15,000 | €15,000 | = | 0.0% |
| Credit institutions | 430/8 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €84,408 | €107,203 | +€22,795 | +27.0% |
| Suppliers | 440/4 | €84,408 | €107,203 | +€22,795 | +27.0% |
| Taxes, remuneration and social security | 45 | €36,444 | €39,540 | +€3,096 | +8.5% |
| Taxes | 450/3 | €16,749 | €18,822 | +€2,073 | +12.4% |
| Remuneration and social security | 454/9 | €19,694 | €20,718 | +€1,023 | +5.2% |
| Accrued charges and deferred income | 492/3 | €1,163 | €762 | -€401 | -34.5% |
| Remuneration, social security and pensions | 62 | €215,486 | €205,499 | -€9,987 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,350 | €7,267 | -€5,083 | -41.2% |
| Other operating charges | 640/8 | €1,879 | €1,214 | -€665 | -35.4% |
| Non-recurring operating charges | 66A | €4 | - | -€4 | |
| Gross operating margin | 9900 | €237,637 | €221,580 | -€16,058 | -6.8% |
| Operating profit (loss) | 9901 | €7,918 | €7,599 | -€318 | -4.0% |
| Financial charges | 65/66B | €6,408 | €5,690 | -€718 | -11.2% |
| Recurring financial charges | 65 | €6,408 | €5,690 | -€718 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €1,509 | €1,909 | +€400 | +26.5% |
| Income taxes | 67/77 | - | €326 | +€326 | |
| Profit (loss) for the period | 9904 | €1,509 | €1,583 | +€74 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,509 | €1,583 | +€74 | +4.9% |
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 17 October 2026 via checked.be.