PAPIER HOVA: what changed
What changed
PAPIER HOVA
NACE 17.210, Manufacture of paper and paper products
filed annual accounts (NBB)
Net result for the year
€217,978
31-12-2024 · €106,266+€111,712
Equity
€1.8m
31-12-2024 · €1.7m+€117,637
Cash
€405,626
31-12-2024 · €201,301+€204,324
Balance sheet total
€3.0m
31-12-2024 · €2.9m+€151,221
Largest movements
Assets
- Cash +€204,324
up €204,324 (+102%), from €201,301 to €405,626
mainly Depreciation (+€253,759) and Net result for the year (+€217,978)
- Receivables within one year -€96,008
down €96,008 (-11.2%), from €858,022 to €762,014
- Tangible fixed assets +€51,414
up €51,414 (+5.4%), from €959,055 to €1.0m
of which Leasing and similar rights: +€188,252
Equity and liabilities
- Debts after one year +€122,096
up €122,096 (+22.6%), from €540,322 to €662,418
- Reserves +€119,000
up €119,000 (+9.0%), from €1.3m to €1.4m
of which Distributable reserves: +€119,000
- Short-term financial debts -€75,000
no longer reported in 2025 (was €75,000)
- Current portion of long-term debt -€37,333
down €37,333 (-19.4%), from €192,686 to €155,354
Income statement
- Gross operating margin +€315,178
up €315,178 (+27.2%), from €1.2m to €1.5m
- Staff costs +€74,723
up €74,723 (+11.4%), from €657,779 to €732,502
- Other operating charges +€62,012
up €62,012 (+48.8%), from €127,034 to €189,046
- Taxes +€53,627
up €53,627 (+305%), from €17,578 to €71,205
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 31-12-2024
€106,266
Gross operating margin
+€315,178
Staff costs
-€74,723
Depreciation
-€8,158
Other operating charges
-€62,012
Financial income
+€2,914
Financial charges
-€7,860
Taxes
-€53,627
Result 31-12-2025
€217,978
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€600,075
Investment
-€305,173
Financing
-€90,578
Cash 31-12-2024
€201,301
From operations (derived)
+€600,075
Net result for the year
+€217,978
Depreciation
+€253,759
Stocks and contracts
+€3,879
Receivables within one year
+€96,008
Deferred charges and accrued income
+€4,629
Trade debts
+€1,463
Tax, wage and social debts
-€6,233
Other debts
+€21,819
Accrued charges and deferred income
+€6,771
Investment (derived)
-€305,173
Investment in fixed assets (net)
-€305,173
Financing
-€90,578
Debts after one year
+€122,096
Current portion of long-term debt
-€37,333
Short-term financial debts
-€75,000
Contributions, distributions and other
-€100,341
Cash 31-12-2025
€405,626
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,857,838 | €3,009,059 | +€151,221 | +5.3% |
| Fixed assets | 21/28 | €959,055 | €1,010,469 | +€51,414 | +5.4% |
| Tangible fixed assets | 22/27 | €959,055 | €1,010,469 | +€51,414 | +5.4% |
| Plant, machinery and equipment | 23 | €399,714 | €289,680 | -€110,033 | -27.5% |
| Furniture and vehicles | 24 | €43,859 | €17,054 | -€26,804 | -61.1% |
| Leasing and similar rights | 25 | €515,483 | €703,735 | +€188,252 | +36.5% |
| Current assets | 29/58 | €1,898,782 | €1,998,590 | +€99,807 | +5.3% |
| Stocks and contracts in progress | 3 | €833,972 | €830,093 | -€3,879 | -0.5% |
| Stocks | 30/36 | €833,972 | €830,093 | -€3,879 | -0.5% |
| Amounts receivable within one year | 40/41 | €858,022 | €762,014 | -€96,008 | -11.2% |
| Trade receivables | 40 | €858,022 | €762,014 | -€96,008 | -11.2% |
| Cash at bank and in hand | 54/58 | €201,301 | €405,626 | +€204,324 | +102% |
| Deferred charges and accrued income | 490/1 | €5,487 | €857 | -€4,629 | -84.4% |
| Total equity and liabilities | 10/49 | €2,857,838 | €3,009,059 | +€151,221 | +5.3% |
| Equity | 10/15 | €1,709,194 | €1,826,831 | +€117,637 | +6.9% |
| Contributions | 10/11 | €380,000 | €380,000 | = | 0.0% |
| Contributions outside capital | 11 | €380,000 | €380,000 | = | 0.0% |
| Other | 1109/19 | €380,000 | €380,000 | = | 0.0% |
| Reserves | 13 | €1,326,250 | €1,445,250 | +€119,000 | +9.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,270,000 | €1,389,000 | +€119,000 | +9.4% |
| Profit (loss) carried forward | 14 | €2,944 | €1,581 | -€1,363 | -46.3% |
| Amounts payable | 17/49 | €1,148,644 | €1,182,228 | +€33,584 | +2.9% |
| Amounts payable after more than one year | 17 | €540,322 | €662,418 | +€122,096 | +22.6% |
| Financial debts | 170/4 | €540,322 | €662,418 | +€122,096 | +22.6% |
| Amounts payable within one year | 42/48 | €608,322 | €513,039 | -€95,283 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €192,686 | €155,354 | -€37,333 | -19.4% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €174,456 | €175,920 | +€1,463 | +0.8% |
| Suppliers | 440/4 | €174,456 | €175,920 | +€1,463 | +0.8% |
| Taxes, remuneration and social security | 45 | €83,552 | €77,319 | -€6,233 | -7.5% |
| Taxes | 450/3 | €28,583 | €20,290 | -€8,293 | -29.0% |
| Remuneration and social security | 454/9 | €54,969 | €57,030 | +€2,060 | +3.7% |
| Other amounts payable | 47/48 | €82,628 | €104,447 | +€21,819 | +26.4% |
| Accrued charges and deferred income | 492/3 | - | €6,771 | +€6,771 | |
| Non-recurring operating income | 76A | €7,085 | - | -€7,085 | |
| Remuneration, social security and pensions | 62 | €657,779 | €732,502 | +€74,723 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,601 | €253,759 | +€8,158 | +3.3% |
| Other operating charges | 640/8 | €127,034 | €189,046 | +€62,012 | +48.8% |
| Gross operating margin | 9900 | €1,157,498 | €1,472,677 | +€315,178 | +27.2% |
| Operating profit (loss) | 9901 | €127,084 | €297,370 | +€170,286 | +134% |
| Financial income | 75/76B | €44,422 | €47,335 | +€2,914 | +6.6% |
| Recurring financial income | 75 | €44,422 | €47,335 | +€2,914 | +6.6% |
| Financial charges | 65/66B | €47,663 | €55,523 | +€7,860 | +16.5% |
| Recurring financial charges | 65 | €47,663 | €55,523 | +€7,860 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €123,844 | €289,183 | +€165,339 | +134% |
| Income taxes | 67/77 | €17,578 | €71,205 | +€53,627 | +305% |
| Profit (loss) for the period | 9904 | €106,266 | €217,978 | +€111,712 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €106,266 | €217,978 | +€111,712 | +105% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.