PAPIER PRESENT: 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.
PAPIER PRESENT
Largest movements
- Cash -€857,010
down €857,010 (-48.0%), from €1.8m to €929,433
mainly Other debts (-€999,504) and Investment in fixed assets (net) (-€814,612)
- Tangible fixed assets +€579,088
up €579,088 (+264.9%), from €218,590 to €797,679
of which Other tangible fixed assets: +€573,345
- Financial fixed assets +€151,424
up €151,424 (+8621.8%), from €1,756 to €153,181
- Receivables within one year -€105,967
down €105,967 (-12.9%), from €821,602 to €715,636
of which Trade receivables: -€118,879
- Stocks and contracts -€47,505
down €47,505 (-9.6%), from €496,071 to €448,566
- Other debts -€999,504
down €999,504 (-99.6%), from €1.0m to €4,114
- Reserves +€407,821
up €407,821 (+30.4%), from €1.3m to €1.7m
of which Distributable reserves: +€407,821
- Debts after one year +€306,159
up €306,159 (+273.9%), from €111,760 to €417,919
- Tax, wage and social debts -€41,191
down €41,191 (-24.0%), from €171,380 to €130,189
of which Taxes: -€21,344
- Current portion of long-term debt +€36,270
up €36,270 (+83.9%), from €43,208 to €79,478
- Gross operating margin -€79,201
down €79,201 (-4.9%), from €1.6m to €1.5m
- Taxes -€42,616
down €42,616 (-26.2%), from €162,462 to €119,847
- Financial income -€20,894
down €20,894 (-42.8%), from €48,840 to €27,946
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 | €3,369,902 | €3,104,467 | -€265,435 | -7.9% |
| Fixed assets | 21/28 | €220,346 | €950,859 | +€730,513 | +331.5% |
| Tangible fixed assets | 22/27 | €218,590 | €797,679 | +€579,088 | +264.9% |
| Plant, machinery and equipment | 23 | €15,052 | €37,509 | +€22,457 | +149.2% |
| Furniture and vehicles | 24 | €187,378 | €170,664 | -€16,714 | -8.9% |
| Other tangible fixed assets | 26 | €16,161 | €589,505 | +€573,345 | +3547.8% |
| Financial fixed assets | 28 | €1,756 | €153,181 | +€151,424 | +8621.8% |
| Current assets | 29/58 | €3,149,556 | €2,153,608 | -€995,948 | -31.6% |
| Stocks and contracts in progress | 3 | €496,071 | €448,566 | -€47,505 | -9.6% |
| Stocks | 30/36 | €496,071 | €448,566 | -€47,505 | -9.6% |
| Amounts receivable within one year | 40/41 | €821,602 | €715,636 | -€105,967 | -12.9% |
| Trade receivables | 40 | €784,855 | €665,976 | -€118,879 | -15.1% |
| Other amounts receivable | 41 | €36,748 | €49,660 | +€12,912 | +35.1% |
| Current investments | 50/53 | €36,300 | €36,300 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,786,443 | €929,433 | -€857,010 | -48.0% |
| Deferred charges and accrued income | 490/1 | €9,140 | €23,674 | +€14,534 | +159.0% |
| Total equity and liabilities | 10/49 | €3,369,902 | €3,104,467 | -€265,435 | -7.9% |
| Equity | 10/15 | €1,408,881 | €1,816,702 | +€407,821 | +28.9% |
| Contributions | 10/11 | €69,410 | €69,410 | = | 0.0% |
| Reserves | 13 | €1,339,471 | €1,747,292 | +€407,821 | +30.4% |
| Tax-exempt reserves | 132 | €2,999 | €2,999 | = | 0.0% |
| Distributable reserves | 133 | €1,336,472 | €1,744,293 | +€407,821 | +30.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,961,021 | €1,287,765 | -€673,256 | -34.3% |
| Amounts payable after more than one year | 17 | €111,760 | €417,919 | +€306,159 | +273.9% |
| Financial debts | 170/4 | €111,760 | €417,919 | +€306,159 | +273.9% |
| Amounts payable within one year | 42/48 | €1,849,261 | €850,174 | -€999,087 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | €43,208 | €79,478 | +€36,270 | +83.9% |
| Trade debts | 44 | €285,908 | €313,536 | +€27,629 | +9.7% |
| Suppliers | 440/4 | €285,908 | €313,536 | +€27,629 | +9.7% |
| Advances received on contracts in progress | 46 | €345,147 | €322,856 | -€22,291 | -6.5% |
| Taxes, remuneration and social security | 45 | €171,380 | €130,189 | -€41,191 | -24.0% |
| Taxes | 450/3 | €80,414 | €59,070 | -€21,344 | -26.5% |
| Remuneration and social security | 454/9 | €90,966 | €71,120 | -€19,846 | -21.8% |
| Other amounts payable | 47/48 | €1,003,618 | €4,114 | -€999,504 | -99.6% |
| Accrued charges and deferred income | 492/3 | €0 | €19,672 | +€19,672 | |
| Non-recurring operating income | 76A | €12,670 | €0 | -€12,670 | -100.0% |
| Remuneration, social security and pensions | 62 | €882,090 | €881,001 | -€1,089 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,576 | €84,099 | +€14,523 | +20.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,669 | €11,132 | -€7,537 | -40.4% |
| Other operating charges | 640/8 | €21,788 | €22,361 | +€573 | +2.6% |
| Non-recurring operating charges | 66A | €15,628 | €0 | -€15,628 | -100.0% |
| Gross operating margin | 9900 | €1,607,247 | €1,528,046 | -€79,201 | -4.9% |
| Operating profit (loss) | 9901 | €599,496 | €529,453 | -€70,043 | -11.7% |
| Financial income | 75/76B | €48,840 | €27,946 | -€20,894 | -42.8% |
| Recurring financial income | 75 | €48,840 | €27,946 | -€20,894 | -42.8% |
| Financial charges | 65/66B | €21,342 | €29,731 | +€8,389 | +39.3% |
| Recurring financial charges | 65 | €21,342 | €29,731 | +€8,389 | +39.3% |
| Profit (loss) for the period before taxes | 9903 | €626,994 | €527,667 | -€99,326 | -15.8% |
| Income taxes | 67/77 | €162,462 | €119,847 | -€42,616 | -26.2% |
| Profit (loss) for the period | 9904 | €464,532 | €407,821 | -€56,711 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €464,532 | €407,821 | -€56,711 | -12.2% |
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 5 October 2026 via checked.be.