PAPIERUS: 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.
PAPIERUS
Largest movements
- Cash +€46,781
up €46,781 (+35.8%), from €130,847 to €177,628
mainly Net result for the year (+€72,058) and Depreciation (+€46,614)
- Tangible fixed assets -€44,032
down €44,032 (-6.8%), from €649,935 to €605,903
of which Land and buildings: -€36,866
- Receivables within one year -€37,204
down €37,204 (-80.0%), from €46,484 to €9,280
of which Trade receivables: -€25,887
- Current investments +€12,390
up €12,390 (+9.7%), from €127,123 to €139,513
- Tax, wage and social debts -€25,330
down €25,330 (-55.7%), from €45,469 to €20,139
of which Taxes: -€30,484
- Debts after one year -€17,335
down €17,335 (-23.7%), from €73,284 to €55,949
of which Financial debts: -€17,335
- Reserves +€17,268
up €17,268 (+2.7%), from €648,023 to €665,291
of which Distributable reserves: +€17,268
- Trade debts -€14,182
down €14,182 (-22.8%), from €62,326 to €48,143
- Other debts +€11,076
up €11,076 (+254%), from €4,353 to €15,429
- Taxes -€14,030
down €14,030 (-33.0%), from €42,500 to €28,470
- Staff costs +€11,105
up €11,105 (+15.7%), from €70,615 to €81,720
- Depreciation +€10,667
up €10,667 (+29.7%), from €35,948 to €46,614
- Financial charges +€10,327
up €10,327 (+586%), from €1,762 to €12,089
of which Financial charges: +€10,327
- Gross operating margin -€10,044
down €10,044 (-3.9%), from €254,316 to €244,272
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 | €1,087,468 | €1,059,583 | -€27,884 | -2.6% |
| Fixed assets | 21/28 | €650,699 | €607,615 | -€43,085 | -6.6% |
| Intangible fixed assets | 21 | - | €947 | +€947 | |
| Tangible fixed assets | 22/27 | €649,935 | €605,903 | -€44,032 | -6.8% |
| Land and buildings | 22 | €634,936 | €598,070 | -€36,866 | -5.8% |
| Plant, machinery and equipment | 23 | €2,015 | €1,237 | -€778 | -38.6% |
| Furniture and vehicles | 24 | €12,984 | €6,596 | -€6,388 | -49.2% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €764 | €764 | = | 0.0% |
| Current assets | 29/58 | €436,768 | €451,969 | +€15,200 | +3.5% |
| Stocks and contracts in progress | 3 | €130,557 | €123,964 | -€6,592 | -5.0% |
| Stocks | 30/36 | €130,557 | €123,964 | -€6,592 | -5.0% |
| Amounts receivable within one year | 40/41 | €46,484 | €9,280 | -€37,204 | -80.0% |
| Trade receivables | 40 | €26,591 | €703 | -€25,887 | -97.4% |
| Other amounts receivable | 41 | €19,894 | €8,577 | -€11,317 | -56.9% |
| Current investments | 50/53 | €127,123 | €139,513 | +€12,390 | +9.7% |
| Cash at bank and in hand | 54/58 | €130,847 | €177,628 | +€46,781 | +35.8% |
| Deferred charges and accrued income | 490/1 | €1,758 | €1,583 | -€175 | -10.0% |
| Total equity and liabilities | 10/49 | €1,087,468 | €1,059,583 | -€27,884 | -2.6% |
| Equity | 10/15 | €885,320 | €902,588 | +€17,268 | +2.0% |
| Contributions | 10/11 | €237,298 | €237,298 | = | 0.0% |
| Reserves | 13 | €648,023 | €665,291 | +€17,268 | +2.7% |
| Tax-exempt reserves | 132 | €10,663 | €10,663 | = | 0.0% |
| Distributable reserves | 133 | €637,360 | €654,628 | +€17,268 | +2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €202,147 | €156,995 | -€45,152 | -22.3% |
| Amounts payable after more than one year | 17 | €73,284 | €55,949 | -€17,335 | -23.7% |
| Financial debts | 170/4 | €73,284 | €55,949 | -€17,335 | -23.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €128,864 | €101,046 | -€27,818 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €16,716 | €17,335 | +€619 | +3.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €62,326 | €48,143 | -€14,182 | -22.8% |
| Suppliers | 440/4 | €62,326 | €48,143 | -€14,182 | -22.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €45,469 | €20,139 | -€25,330 | -55.7% |
| Taxes | 450/3 | €35,328 | €4,844 | -€30,484 | -86.3% |
| Remuneration and social security | 454/9 | €10,141 | €15,295 | +€5,154 | +50.8% |
| Other amounts payable | 47/48 | €4,353 | €15,429 | +€11,076 | +254% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Remuneration, social security and pensions | 62 | €70,615 | €81,720 | +€11,105 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,948 | €46,614 | +€10,667 | +29.7% |
| Other operating charges | 640/8 | €4,006 | €4,067 | +€61 | +1.5% |
| Non-recurring operating charges | 66A | €714 | €0 | -€714 | -100% |
| Gross operating margin | 9900 | €254,316 | €244,272 | -€10,044 | -3.9% |
| Operating profit (loss) | 9901 | €143,034 | €111,871 | -€31,163 | -21.8% |
| Financial income | 75/76B | €211 | €746 | +€536 | +254% |
| Recurring financial income | 75 | €211 | €746 | +€536 | +254% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,762 | €12,089 | +€10,327 | +586% |
| Recurring financial charges | 65 | €1,762 | €12,089 | +€10,327 | +586% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €141,482 | €100,528 | -€40,954 | -28.9% |
| Income taxes | 67/77 | €42,500 | €28,470 | -€14,030 | -33.0% |
| Profit (loss) for the period | 9904 | €98,982 | €72,058 | -€26,924 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,982 | €72,058 | -€26,924 | -27.2% |
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.