PAPIER DE SABLE: 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.
PAPIER DE SABLE
Largest movements
- Receivables within one year +€27,383
up €27,383 (+52.6%), from €52,043 to €79,426
of which Trade receivables: +€27,565
- Tangible fixed assets -€14,312
down €14,312 (-4.1%), from €345,131 to €330,818
of which Land and buildings: -€22,716
- Reserves +€9,619
up €9,619 (+19.7%), from €48,857 to €58,476
of which Distributable reserves: +€9,619
- Tax, wage and social debts +€6,616
up €6,616 (+66.4%), from €9,971 to €16,587
of which Taxes: +€5,457
- Gross operating margin -€24,832
down €24,832 (-20.5%), from €121,323 to €96,492
- Taxes -€10,315
down €10,315 (-66.9%), from €15,417 to €5,102
- Staff costs +€9,432
up €9,432 (+33.3%), from €28,312 to €37,744
- Depreciation -€4,457
down €4,457 (-11.4%), from €38,982 to €34,525
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 | €406,969 | €423,418 | +€16,449 | +4.0% |
| Fixed assets | 21/28 | €345,586 | €331,274 | -€14,312 | -4.1% |
| Tangible fixed assets | 22/27 | €345,131 | €330,818 | -€14,312 | -4.1% |
| Land and buildings | 22 | €320,567 | €297,852 | -€22,716 | -7.1% |
| Plant, machinery and equipment | 23 | €8,629 | €10,436 | +€1,806 | +20.9% |
| Leasing and similar rights | 25 | €6,036 | €0 | -€6,036 | -100% |
| Other tangible fixed assets | 26 | €9,898 | €22,531 | +€12,633 | +128% |
| Financial fixed assets | 28 | €455 | €455 | = | 0.0% |
| Current assets | 29/58 | €61,383 | €92,145 | +€30,762 | +50.1% |
| Amounts receivable within one year | 40/41 | €52,043 | €79,426 | +€27,383 | +52.6% |
| Trade receivables | 40 | €51,861 | €79,426 | +€27,565 | +53.2% |
| Other amounts receivable | 41 | €182 | €0 | -€182 | -100% |
| Cash at bank and in hand | 54/58 | €7,073 | €9,126 | +€2,053 | +29.0% |
| Deferred charges and accrued income | 490/1 | €2,267 | €3,593 | +€1,326 | +58.5% |
| Total equity and liabilities | 10/49 | €406,969 | €423,418 | +€16,449 | +4.0% |
| Equity | 10/15 | €55,057 | €64,676 | +€9,619 | +17.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €48,857 | €58,476 | +€9,619 | +19.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €39,997 | €49,616 | +€9,619 | +24.0% |
| Amounts payable | 17/49 | €351,912 | €358,742 | +€6,831 | +1.9% |
| Amounts payable after more than one year | 17 | €285,413 | €284,133 | -€1,280 | -0.4% |
| Financial debts | 170/4 | €180,413 | €179,133 | -€1,280 | -0.7% |
| Other amounts payable | 178/9 | €105,000 | €105,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €65,792 | €72,828 | +€7,036 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €28,016 | €28,051 | +€35 | +0.1% |
| Trade debts | 44 | €5,313 | €2,129 | -€3,184 | -59.9% |
| Suppliers | 440/4 | €5,313 | €2,129 | -€3,184 | -59.9% |
| Taxes, remuneration and social security | 45 | €9,971 | €16,587 | +€6,616 | +66.4% |
| Taxes | 450/3 | €8,719 | €14,176 | +€5,457 | +62.6% |
| Remuneration and social security | 454/9 | €1,252 | €2,412 | +€1,159 | +92.6% |
| Other amounts payable | 47/48 | €22,491 | €26,060 | +€3,569 | +15.9% |
| Accrued charges and deferred income | 492/3 | €706 | €1,781 | +€1,075 | +152% |
| Non-recurring operating income | 76A | €12,862 | €0 | -€12,862 | -100% |
| Remuneration, social security and pensions | 62 | €28,312 | €37,744 | +€9,432 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,982 | €34,525 | -€4,457 | -11.4% |
| Other operating charges | 640/8 | €1,995 | €2,320 | +€326 | +16.3% |
| Non-recurring operating charges | 66A | €2,049 | €400 | -€1,649 | -80.5% |
| Gross operating margin | 9900 | €121,323 | €96,492 | -€24,832 | -20.5% |
| Operating profit (loss) | 9901 | €49,985 | €21,502 | -€28,484 | -57.0% |
| Financial income | 75/76B | €42 | €43 | +€1 | +2.4% |
| Recurring financial income | 75 | €42 | €43 | +€1 | +2.4% |
| Financial charges | 65/66B | €5,621 | €6,823 | +€1,202 | +21.4% |
| Recurring financial charges | 65 | €5,621 | €6,823 | +€1,202 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €44,406 | €14,721 | -€29,685 | -66.8% |
| Income taxes | 67/77 | €15,417 | €5,102 | -€10,315 | -66.9% |
| Profit (loss) for the period | 9904 | €28,988 | €9,619 | -€19,370 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,988 | €9,619 | -€19,370 | -66.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.