PAPHIBRI: 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
PAPHIBRI
NACE 47.791, Retail sale of antiques
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€549,359
2024 · €354,762+€194,597
Equity
€6.7m
2024 · €6.1m+€548,449
Cash
€156,831
2024 · €634,391-€477,560
Balance sheet total
€17.0m
2024 · €17.7m-€671,524
Largest movements
Assets
- Cash -€477,560
down €477,560 (-75.3%), from €634,391 to €156,831
mainly Other debts (-€662,513) and Debts after one year (-€564,684)
- Tangible fixed assets -€191,551
down €191,551 (-1.2%), from €16.3m to €16.1m
of which Land and buildings: -€647,558
Equity and liabilities
- Other debts -€662,513
down €662,513 (-20.3%), from €3.3m to €2.6m
- Debts after one year -€564,684
down €564,684 (-8.0%), from €7.1m to €6.5m
- Profit (loss) carried forward +€431,186
up €431,186 (+12.1%), from €3.6m to €4.0m
Income statement
- Gross operating margin +€264,239
up €264,239 (+18.3%), from €1.4m to €1.7m
- Taxes +€69,004
up €69,004 (+46.5%), from €148,239 to €217,243
- Depreciation +€27,793
up €27,793 (+4.0%), from €699,699 to €727,492
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.
Result 2024
€354,762
Gross operating margin
+€264,239
Staff costs
+€668
Depreciation
-€27,793
Other operating charges
+€12,237
Financial income
+€6,614
Financial charges
+€7,664
Taxes
-€69,004
Deferred taxes and other
-€28
Result 2025
€549,359
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€612,325
Investment
-€535,941
Financing
-€553,944
Cash 2024
€634,391
From operations (derived)
+€612,325
Net result for the year
+€549,359
Depreciation
+€727,492
Stocks and contracts
+€5,703
Receivables within one year
+€1,042
Deferred charges and accrued income
-€4,332
Provisions
-€31,244
Trade debts
+€4,985
Tax, wage and social debts
+€57,188
Other debts
-€662,513
Accrued charges and deferred income
-€35,355
Investment (derived)
-€535,941
Investment in fixed assets (net)
-€535,941
Financing
-€553,944
Debts after one year
-€564,684
Current portion of long-term debt
+€11,650
Contributions, distributions and other
-€910
Cash 2025
€156,831
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,656,829 | €16,985,304 | -€671,524 | -3.8% |
| Fixed assets | 21/28 | €16,337,444 | €16,145,893 | -€191,551 | -1.2% |
| Tangible fixed assets | 22/27 | €16,336,664 | €16,145,113 | -€191,551 | -1.2% |
| Land and buildings | 22 | €15,536,055 | €14,888,497 | -€647,558 | -4.2% |
| Furniture and vehicles | 24 | €18,121 | €17,451 | -€670 | -3.7% |
| Assets under construction and advance payments | 27 | €782,487 | €1,239,164 | +€456,677 | +58.4% |
| Financial fixed assets | 28 | €780 | €780 | = | 0.0% |
| Current assets | 29/58 | €1,319,385 | €839,412 | -€479,973 | -36.4% |
| Stocks and contracts in progress | 3 | €218,510 | €212,807 | -€5,703 | -2.6% |
| Stocks | 30/36 | €218,510 | €212,807 | -€5,703 | -2.6% |
| Amounts receivable within one year | 40/41 | €456,295 | €455,254 | -€1,042 | -0.2% |
| Trade receivables | 40 | €164,549 | €163,643 | -€906 | -0.6% |
| Other amounts receivable | 41 | €291,747 | €291,611 | -€136 | 0.0% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €634,391 | €156,831 | -€477,560 | -75.3% |
| Deferred charges and accrued income | 490/1 | €9,688 | €14,020 | +€4,332 | +44.7% |
| Total equity and liabilities | 10/49 | €17,656,829 | €16,985,304 | -€671,524 | -3.8% |
| Equity | 10/15 | €6,139,255 | €6,687,704 | +€548,449 | +8.9% |
| Contributions | 10/11 | €235,499 | €235,499 | = | 0.0% |
| Capital | 10 | €235,499 | €235,499 | = | 0.0% |
| Issued capital | 100 | €235,499 | €235,499 | = | 0.0% |
| Reserves | 13 | €2,335,222 | €2,453,395 | +€118,173 | +5.1% |
| Non-distributable reserves | 130/1 | €23,550 | €23,550 | = | 0.0% |
| Legal reserve | 130 | €23,550 | €23,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,208,432 | €2,326,605 | +€118,173 | +5.4% |
| Distributable reserves | 133 | €103,240 | €103,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,559,368 | €3,990,553 | +€431,186 | +12.1% |
| Investment grants | 15 | €9,166 | €8,256 | -€910 | -9.9% |
| Provisions and deferred taxes | 16 | €322,773 | €291,529 | -€31,244 | -9.7% |
| Deferred taxes | 168 | €322,773 | €291,529 | -€31,244 | -9.7% |
| Amounts payable | 17/49 | €11,194,800 | €10,006,071 | -€1.2m | -10.6% |
| Amounts payable after more than one year | 17 | €7,079,902 | €6,515,217 | -€564,684 | -8.0% |
| Financial debts | 170/4 | €7,079,902 | €6,515,217 | -€564,684 | -8.0% |
| Amounts payable within one year | 42/48 | €3,962,597 | €3,373,908 | -€588,689 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €616,308 | €627,958 | +€11,650 | +1.9% |
| Trade debts | 44 | €21,527 | €26,512 | +€4,985 | +23.2% |
| Suppliers | 440/4 | €21,527 | €26,512 | +€4,985 | +23.2% |
| Taxes, remuneration and social security | 45 | €61,910 | €119,099 | +€57,188 | +92.4% |
| Taxes | 450/3 | €46,778 | €103,749 | +€56,971 | +122% |
| Remuneration and social security | 454/9 | €15,132 | €15,350 | +€218 | +1.4% |
| Other amounts payable | 47/48 | €3,262,852 | €2,600,339 | -€662,513 | -20.3% |
| Accrued charges and deferred income | 492/3 | €152,301 | €116,946 | -€35,355 | -23.2% |
| Remuneration, social security and pensions | 62 | €78,767 | €78,099 | -€668 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €699,699 | €727,492 | +€27,793 | +4.0% |
| Other operating charges | 640/8 | €125,146 | €112,909 | -€12,237 | -9.8% |
| Gross operating margin | 9900 | €1,446,853 | €1,711,091 | +€264,239 | +18.3% |
| Operating profit (loss) | 9901 | €543,241 | €792,592 | +€249,351 | +45.9% |
| Financial income | 75/76B | €5,231 | €11,845 | +€6,614 | +126% |
| Recurring financial income | 75 | €5,231 | €11,845 | +€6,614 | +126% |
| Financial charges | 65/66B | €76,744 | €69,079 | -€7,664 | -10.0% |
| Recurring financial charges | 65 | €76,744 | €69,079 | -€7,664 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €471,729 | €735,357 | +€263,628 | +55.9% |
| Transfer from deferred taxes | 780 | €31,272 | €31,244 | -€28 | -0.1% |
| Income taxes | 67/77 | €148,239 | €217,243 | +€69,004 | +46.5% |
| Profit (loss) for the period | 9904 | €354,762 | €549,359 | +€194,597 | +54.9% |
| Transfer from tax-exempt reserves | 789 | €92,410 | €92,327 | -€83 | -0.1% |
| Transfer to tax-exempt reserves | 689 | €122,090 | €210,500 | +€88,410 | +72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €325,082 | €431,186 | +€106,104 | +32.6% |
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 24 October 2026 via checked.be.