PAPIERSTAD: 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.
PAPIERSTAD
Largest movements
- Cash +€47,516
up €47,516 (+18.4%), from €258,090 to €305,606
mainly Tax, wage and social debts (+€16,181) and Stocks and contracts (+€15,257)
- Stocks and contracts -€15,257
down €15,257 (-13.5%), from €112,710 to €97,453
- Tangible fixed assets -€7,322
down €7,322 (-65.5%), from €11,180 to €3,858
of which Other tangible fixed assets: -€5,712
- Receivables within one year +€5,619
up €5,619 (+6.4%), from €88,289 to €93,908
- Tax, wage and social debts +€16,181
up €16,181 (+20.9%), from €77,533 to €93,714
of which Remuneration and social security: +€11,085
- Profit (loss) carried forward +€12,060
up €12,060 (+9.4%), from €128,278 to €140,338
- Trade debts +€5,148
up €5,148 (+29.6%), from €17,378 to €22,526
- Gross operating margin +€12,481
up €12,481 (+10.8%), from €115,932 to €128,413
- Taxes +€5,041
up €5,041 (+1,042%), from €484 to €5,525
- Staff costs -€3,683
down €3,683 (-3.8%), from €96,969 to €93,286
- Financial income +€1,622
up €1,622 (+222%), from €732 to €2,354
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 | €470,369 | €500,995 | +€30,626 | +6.5% |
| Fixed assets | 21/28 | €11,280 | €4,028 | -€7,252 | -64.3% |
| Tangible fixed assets | 22/27 | €11,180 | €3,858 | -€7,322 | -65.5% |
| Plant, machinery and equipment | 23 | €1,499 | €0 | -€1,499 | -100% |
| Furniture and vehicles | 24 | €1,086 | €975 | -€111 | -10.2% |
| Other tangible fixed assets | 26 | €8,595 | €2,883 | -€5,712 | -66.5% |
| Financial fixed assets | 28 | €100 | €170 | +€70 | +70.0% |
| Current assets | 29/58 | €459,089 | €496,967 | +€37,878 | +8.3% |
| Stocks and contracts in progress | 3 | €112,710 | €97,453 | -€15,257 | -13.5% |
| Stocks | 30/36 | €112,710 | €97,453 | -€15,257 | -13.5% |
| Amounts receivable within one year | 40/41 | €88,289 | €93,908 | +€5,619 | +6.4% |
| Trade receivables | 40 | €88,289 | €93,908 | +€5,619 | +6.4% |
| Cash at bank and in hand | 54/58 | €258,090 | €305,606 | +€47,516 | +18.4% |
| Total equity and liabilities | 10/49 | €470,369 | €500,995 | +€30,626 | +6.5% |
| Equity | 10/15 | €261,224 | €273,284 | +€12,060 | +4.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €82,946 | €82,946 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €77,946 | €77,946 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,278 | €140,338 | +€12,060 | +9.4% |
| Amounts payable | 17/49 | €209,145 | €227,711 | +€18,566 | +8.9% |
| Amounts payable within one year | 42/48 | €209,145 | €227,711 | +€18,566 | +8.9% |
| Trade debts | 44 | €17,378 | €22,526 | +€5,148 | +29.6% |
| Suppliers | 440/4 | €17,378 | €22,526 | +€5,148 | +29.6% |
| Taxes, remuneration and social security | 45 | €77,533 | €93,714 | +€16,181 | +20.9% |
| Taxes | 450/3 | €9,384 | €14,480 | +€5,096 | +54.3% |
| Remuneration and social security | 454/9 | €68,149 | €79,234 | +€11,085 | +16.3% |
| Other amounts payable | 47/48 | €114,234 | €111,471 | -€2,763 | -2.4% |
| Remuneration, social security and pensions | 62 | €96,969 | €93,286 | -€3,683 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,323 | €7,322 | -€1 | 0.0% |
| Other operating charges | 640/8 | €7,131 | €8,040 | +€909 | +12.7% |
| Gross operating margin | 9900 | €115,932 | €128,413 | +€12,481 | +10.8% |
| Operating profit (loss) | 9901 | €4,509 | €19,765 | +€15,256 | +338% |
| Financial income | 75/76B | €732 | €2,354 | +€1,622 | +222% |
| Recurring financial income | 75 | €732 | €2,354 | +€1,622 | +222% |
| Financial charges | 65/66B | €3,963 | €4,534 | +€571 | +14.4% |
| Recurring financial charges | 65 | €3,963 | €4,534 | +€571 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €1,278 | €17,585 | +€16,307 | +1,276% |
| Income taxes | 67/77 | €484 | €5,525 | +€5,041 | +1,042% |
| Profit (loss) for the period | 9904 | €794 | €12,060 | +€11,266 | +1,419% |
| Profit (loss) for the period to be appropriated | 9905 | €794 | €12,060 | +€11,266 | +1,419% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.