Papiko Holding: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
Papiko Holding
Largest movements
- Receivables after one year -€4.1m
down €4.1m (-100%), from €4.1m to €0
- Cash -€244,396
down €244,396 (-82.1%), from €297,855 to €53,459
mainly Debts after one year (-€4.0m) and Other debts (-€163,824)
- Debts after one year -€4.0m
down €4.0m (-100%), from €4.0m to €0
- Other debts -€163,824
down €163,824 (-62.1%), from €263,822 to €99,997
- Financial income -€228,375
down €228,375 (-83.0%), from €275,306 to €46,932
- Financial charges -€222,586
down €222,586 (-82.3%), from €270,494 to €47,908
- Gross operating margin +€9,225
up €9,225 (+8.2%), from €111,893 to €121,118
- Staff costs -€5,169
down €5,169 (-5.5%), from €93,441 to €88,272
- Depreciation +€1,401
new in 2025: €1,401
Change in the result, 2024 to 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.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,672,684 | €10,380,802 | -€4.3m | -29.3% |
| Fixed assets | 21/28 | €10,248,445 | €10,314,623 | +€66,178 | +0.6% |
| Tangible fixed assets | 22/27 | - | €66,178 | +€66,178 | |
| Furniture and vehicles | 24 | - | €66,178 | +€66,178 | |
| Financial fixed assets | 28 | €10,248,445 | €10,248,445 | = | 0.0% |
| Current assets | 29/58 | €4,424,239 | €66,179 | -€4.4m | -98.5% |
| Amounts receivable after more than one year | 29 | €4,124,000 | €0 | -€4.1m | -100% |
| Other amounts receivable | 291 | €4,124,000 | €0 | -€4.1m | -100% |
| Amounts receivable within one year | 40/41 | €611 | €9,587 | +€8,976 | +1,469% |
| Trade receivables | 40 | €0 | €992 | +€992 | |
| Other amounts receivable | 41 | €611 | €8,595 | +€7,984 | +1,307% |
| Cash at bank and in hand | 54/58 | €297,855 | €53,459 | -€244,396 | -82.1% |
| Deferred charges and accrued income | 490/1 | €1,772 | €3,134 | +€1,361 | +76.8% |
| Total equity and liabilities | 10/49 | €14,672,684 | €10,380,802 | -€4.3m | -29.3% |
| Equity | 10/15 | €10,256,724 | €10,258,256 | +€1,533 | 0.0% |
| Contributions | 10/11 | €7,097,093 | €7,097,093 | = | 0.0% |
| Reserves | 13 | €3,159,631 | €3,161,164 | +€1,533 | 0.0% |
| Distributable reserves | 133 | €3,159,631 | €3,161,164 | +€1,533 | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €4,415,960 | €122,546 | -€4.3m | -97.2% |
| Amounts payable after more than one year | 17 | €4,048,000 | €0 | -€4.0m | -100% |
| Financial debts | 170/4 | €4,048,000 | €0 | -€4.0m | -100% |
| Amounts payable within one year | 42/48 | €363,407 | €122,546 | -€240,861 | -66.3% |
| Trade debts | 44 | €1,119 | €3,401 | +€2,282 | +204% |
| Suppliers | 440/4 | €1,119 | €3,401 | +€2,282 | +204% |
| Taxes, remuneration and social security | 45 | €98,466 | €19,147 | -€79,319 | -80.6% |
| Taxes | 450/3 | €83,978 | €4,908 | -€79,070 | -94.2% |
| Remuneration and social security | 454/9 | €14,489 | €14,239 | -€249 | -1.7% |
| Other amounts payable | 47/48 | €263,822 | €99,997 | -€163,824 | -62.1% |
| Accrued charges and deferred income | 492/3 | €4,553 | €0 | -€4,553 | -100% |
| Remuneration, social security and pensions | 62 | €93,441 | €88,272 | -€5,169 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,401 | +€1,401 | |
| Other operating charges | 640/8 | €1,171 | €1,206 | +€36 | +3.0% |
| Gross operating margin | 9900 | €111,893 | €121,118 | +€9,225 | +8.2% |
| Operating profit (loss) | 9901 | €17,281 | €30,239 | +€12,958 | +75.0% |
| Financial income | 75/76B | €275,306 | €46,932 | -€228,375 | -83.0% |
| Recurring financial income | 75 | €275,306 | €46,932 | -€228,375 | -83.0% |
| Financial charges | 65/66B | €270,494 | €47,908 | -€222,586 | -82.3% |
| Recurring financial charges | 65 | €270,494 | €47,908 | -€222,586 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | €22,094 | €29,263 | +€7,169 | +32.4% |
| Income taxes | 67/77 | €7,403 | €7,730 | +€328 | +4.4% |
| Profit (loss) for the period | 9904 | €14,691 | €21,533 | +€6,842 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,691 | €21,533 | +€6,842 | +46.6% |
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 1 November 2026 via checked.be.