PAPI MANAGEMENT: 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.
What changed
PAPI MANAGEMENT
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€79,254
2024 · €91,773-€12,519
Equity
€729,363
2024 · €688,291+€41,072
Cash
€84,767
2024 · €81,089+€3,678
Balance sheet total
€872,341
2024 · €806,847+€65,494
Largest movements
Assets
- Current investments +€57,455
new in 2025: €57,455
Equity and liabilities
- Reserves +€41,072
up €41,072 (+7.0%), from €588,291 to €629,363
- Other debts +€19,198
up €19,198 (+650.7%), from €2,950 to €22,149
Income statement
- Gross operating margin -€18,817
down €18,817 (-14.2%), from €132,969 to €114,152
- Taxes -€5,755
down €5,755 (-15.6%), from €36,838 to €31,083
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
€91,773
Gross operating margin
-€18,817
Staff costs
+€261
Other operating charges
-€93
Financial charges
+€375
Taxes
+€5,755
Result 2025
€79,254
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.
From operations
+€99,641
Investment
-€57,764
Financing
-€38,199
Cash 2024
€81,089
From operations (derived)
+€99,641
Net result for the year
+€79,254
Depreciation
+€508
Receivables within one year
-€4,378
Deferred charges and accrued income
-€182
Trade debts
+€3,992
Tax, wage and social debts
+€1,249
Other debts
+€19,198
Investment (derived)
-€57,764
Investment in fixed assets (net)
-€309
Current investments
-€57,455
Financing
-€38,199
Current portion of long-term debt
-€17
Contributions, distributions and other
-€38,183
Cash 2025
€84,767
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €806,847 | €872,341 | +€65,494 | +8.1% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €699,474 | €699,275 | -€199 | 0.0% |
| Tangible fixed assets | 22/27 | €1,074 | €566 | -€508 | -47.3% |
| Furniture and vehicles | 24 | €1,074 | €566 | -€508 | -47.3% |
| Financial fixed assets | 28 | €698,400 | €698,709 | +€309 | 0.0% |
| Current assets | 29/58 | €107,372 | €173,066 | +€65,693 | +61.2% |
| Amounts receivable within one year | 40/41 | €26,072 | €30,451 | +€4,378 | +16.8% |
| Trade receivables | 40 | €16,016 | €18,353 | +€2,337 | +14.6% |
| Other amounts receivable | 41 | €10,056 | €12,098 | +€2,041 | +20.3% |
| Current investments | 50/53 | - | €57,455 | +€57,455 | |
| Cash at bank and in hand | 54/58 | €81,089 | €84,767 | +€3,678 | +4.5% |
| Deferred charges and accrued income | 490/1 | €211 | €393 | +€182 | +86.4% |
| Total equity and liabilities | 10/49 | €806,847 | €872,341 | +€65,494 | +8.1% |
| Equity | 10/15 | €688,291 | €729,363 | +€41,072 | +6.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €588,291 | €629,363 | +€41,072 | +7.0% |
| Distributable reserves | 133 | €588,291 | €629,363 | +€41,072 | +7.0% |
| Amounts payable | 17/49 | €118,556 | €142,978 | +€24,422 | +20.6% |
| Amounts payable after more than one year | 17 | €94,316 | €94,316 | = | 0.0% |
| Other amounts payable | 178/9 | €94,316 | €94,316 | = | 0.0% |
| Amounts payable within one year | 42/48 | €24,239 | €48,662 | +€24,422 | +100.8% |
| Current portion of amounts payable after more than one year | 42 | €13,411 | €13,394 | -€17 | -0.1% |
| Trade debts | 44 | €4,423 | €8,415 | +€3,992 | +90.3% |
| Suppliers | 440/4 | €4,423 | €8,415 | +€3,992 | +90.3% |
| Taxes, remuneration and social security | 45 | €3,455 | €4,704 | +€1,249 | +36.1% |
| Taxes | 450/3 | €3,279 | €4,528 | +€1,249 | +38.1% |
| Remuneration and social security | 454/9 | €176 | €176 | = | 0.0% |
| Other amounts payable | 47/48 | €2,950 | €22,149 | +€19,198 | +650.7% |
| Remuneration, social security and pensions | 62 | €261 | - | -€261 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €508 | €508 | = | 0.0% |
| Other operating charges | 640/8 | €1,354 | €1,447 | +€93 | +6.9% |
| Gross operating margin | 9900 | €132,969 | €114,152 | -€18,817 | -14.2% |
| Operating profit (loss) | 9901 | €130,846 | €112,197 | -€18,649 | -14.3% |
| Financial charges | 65/66B | €2,235 | €1,860 | -€375 | -16.8% |
| Recurring financial charges | 65 | €2,235 | €1,860 | -€375 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €128,611 | €110,337 | -€18,274 | -14.2% |
| Income taxes | 67/77 | €36,838 | €31,083 | -€5,755 | -15.6% |
| Profit (loss) for the period | 9904 | €91,773 | €79,254 | -€12,519 | -13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,773 | €79,254 | -€12,519 | -13.6% |
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.