PAPIC BEER: 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.
PAPIC BEER
Largest movements
- Cash -€7,319
down €7,319 (-79.6%), from €9,190 to €1,871
mainly Other debts (-€7,493) and Net result for the year (-€1,208)
- Intangible fixed assets -€1,384
no longer reported in 2025 (was €1,384)
- Receivables within one year -€566
down €566 (-83.7%), from €675 to €110
of which Trade receivables: -€500
- Formation expenses -€250
down €250 (-26.7%), from €936 to €686
- Deferred charges and accrued income +€130
new in 2025: €130
- Other debts -€7,493
down €7,493 (-38.8%), from €19,302 to €11,809
- Profit (loss) carried forward -€1,208
down €1,208 (-11.2%), from -€10,804 to -€12,012
- Trade debts -€687
no longer reported in 2025 (was €687)
- Gross operating margin +€9,773
up €9,773, from -€9,282 to €491
- Depreciation +€1,003
up €1,003 (+159.0%), from €631 to €1,634
- Other operating charges -€791
no longer reported in 2025 (was €791)
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 | €12,186 | €2,797 | -€9,388 | -77.0% |
| Formation expenses | 20 | €936 | €686 | -€250 | -26.7% |
| Fixed assets | 21/28 | €1,384 | - | -€1,384 | |
| Intangible fixed assets | 21 | €1,384 | - | -€1,384 | |
| Current assets | 29/58 | €9,866 | €2,111 | -€7,755 | -78.6% |
| Amounts receivable within one year | 40/41 | €675 | €110 | -€566 | -83.7% |
| Trade receivables | 40 | €500 | - | -€500 | |
| Other amounts receivable | 41 | €175 | €110 | -€66 | -37.3% |
| Cash at bank and in hand | 54/58 | €9,190 | €1,871 | -€7,319 | -79.6% |
| Deferred charges and accrued income | 490/1 | - | €130 | +€130 | |
| Total equity and liabilities | 10/49 | €12,186 | €2,797 | -€9,388 | -77.0% |
| Equity | 10/15 | -€7,804 | -€9,012 | -€1,208 | -15.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,804 | -€12,012 | -€1,208 | -11.2% |
| Amounts payable | 17/49 | €19,990 | €11,809 | -€8,180 | -40.9% |
| Amounts payable within one year | 42/48 | €19,990 | €11,809 | -€8,180 | -40.9% |
| Trade debts | 44 | €687 | - | -€687 | |
| Suppliers | 440/4 | €687 | - | -€687 | |
| Other amounts payable | 47/48 | €19,302 | €11,809 | -€7,493 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €631 | €1,634 | +€1,003 | +159.0% |
| Other operating charges | 640/8 | €791 | - | -€791 | |
| Gross operating margin | 9900 | -€9,282 | €491 | +€9,773 | |
| Operating profit (loss) | 9901 | -€10,704 | -€1,143 | +€9,561 | +89.3% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €103 | €65 | -€37 | -36.4% |
| Recurring financial charges | 65 | €103 | €65 | -€37 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,804 | -€1,208 | +€9,596 | +88.8% |
| Profit (loss) for the period | 9904 | -€10,804 | -€1,208 | +€9,596 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,804 | -€1,208 | +€9,596 | +88.8% |
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 4 October 2026 via checked.be.