PAPIL: 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.
PAPIL
Largest movements
- Receivables within one year -€19,006
down €19,006 (-37.4%), from €50,807 to €31,801
of which Trade receivables: -€23,046
- Current investments +€9,901
up €9,901 (+8.5%), from €116,117 to €126,018
- Intangible fixed assets +€5,335
new in 2024: €5,335
- Cash +€5,144
up €5,144 (+14.2%), from €36,282 to €41,426
mainly Receivables within one year (+€19,006) and Net result for the year (+€9,114)
- Tangible fixed assets -€5,085
down €5,085 (-19.2%), from €26,507 to €21,422
- Tax, wage and social debts -€10,605
down €10,605 (-48.2%), from €22,013 to €11,408
of which Taxes: -€8,005
- Reserves +€9,100
up €9,100 (+16.7%), from €54,560 to €63,660
of which Distributable reserves: +€9,100
- Trade debts -€7,476
down €7,476 (-57.8%), from €12,936 to €5,460
- Current portion of long-term debt +€2,536
new in 2024: €2,536
- Taxes -€6,099
down €6,099 (-67.5%), from €9,029 to €2,930
- Gross operating margin -€5,102
down €5,102 (-18.5%), from €27,642 to €22,540
- Financial charges +€3,264
up €3,264 (+799.9%), from €408 to €3,672
- Other operating charges +€693
up €693 (+58.6%), from €1,183 to €1,876
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €232,893 | €228,614 | -€4,279 | -1.8% |
| Fixed assets | 21/28 | €26,551 | €26,861 | +€310 | +1.2% |
| Intangible fixed assets | 21 | - | €5,335 | +€5,335 | |
| Tangible fixed assets | 22/27 | €26,507 | €21,422 | -€5,085 | -19.2% |
| Plant, machinery and equipment | 23 | €5,334 | €3,790 | -€1,544 | -29.0% |
| Furniture and vehicles | 24 | €5,663 | €3,188 | -€2,475 | -43.7% |
| Other tangible fixed assets | 26 | €15,510 | €14,444 | -€1,066 | -6.9% |
| Financial fixed assets | 28 | €44 | €104 | +€60 | +135.5% |
| Current assets | 29/58 | €206,342 | €201,753 | -€4,589 | -2.2% |
| Amounts receivable within one year | 40/41 | €50,807 | €31,801 | -€19,006 | -37.4% |
| Trade receivables | 40 | €50,233 | €27,187 | -€23,046 | -45.9% |
| Other amounts receivable | 41 | €574 | €4,615 | +€4,041 | +703.9% |
| Current investments | 50/53 | €116,117 | €126,018 | +€9,901 | +8.5% |
| Cash at bank and in hand | 54/58 | €36,282 | €41,426 | +€5,144 | +14.2% |
| Deferred charges and accrued income | 490/1 | €3,136 | €2,508 | -€628 | -20.0% |
| Total equity and liabilities | 10/49 | €232,893 | €228,614 | -€4,279 | -1.8% |
| Equity | 10/15 | €186,299 | €195,413 | +€9,114 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €54,560 | €63,660 | +€9,100 | +16.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €52,700 | €61,800 | +€9,100 | +17.3% |
| Profit (loss) carried forward | 14 | €113,139 | €113,153 | +€14 | 0.0% |
| Amounts payable | 17/49 | €46,594 | €33,201 | -€13,393 | -28.7% |
| Amounts payable within one year | 42/48 | €46,594 | €33,201 | -€13,393 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | - | €2,536 | +€2,536 | |
| Financial debts | 43 | €428 | €285 | -€143 | -33.3% |
| Credit institutions | 430/8 | €428 | €285 | -€143 | -33.3% |
| Trade debts | 44 | €12,936 | €5,460 | -€7,476 | -57.8% |
| Suppliers | 440/4 | €12,936 | €5,460 | -€7,476 | -57.8% |
| Taxes, remuneration and social security | 45 | €22,013 | €11,408 | -€10,605 | -48.2% |
| Taxes | 450/3 | €19,413 | €11,408 | -€8,005 | -41.2% |
| Remuneration and social security | 454/9 | €2,600 | - | -€2,600 | |
| Other amounts payable | 47/48 | €11,217 | €13,511 | +€2,294 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,687 | €5,855 | +€168 | +3.0% |
| Other operating charges | 640/8 | €1,183 | €1,876 | +€693 | +58.6% |
| Gross operating margin | 9900 | €27,642 | €22,540 | -€5,102 | -18.5% |
| Operating profit (loss) | 9901 | €20,772 | €14,809 | -€5,963 | -28.7% |
| Financial income | 75/76B | €698 | €907 | +€209 | +29.9% |
| Recurring financial income | 75 | €698 | €907 | +€209 | +29.9% |
| Financial charges | 65/66B | €408 | €3,672 | +€3,264 | +799.9% |
| Recurring financial charges | 65 | €408 | €3,672 | +€3,264 | +799.9% |
| Profit (loss) for the period before taxes | 9903 | €21,062 | €12,044 | -€9,018 | -42.8% |
| Income taxes | 67/77 | €9,029 | €2,930 | -€6,099 | -67.5% |
| Profit (loss) for the period | 9904 | €12,033 | €9,114 | -€2,919 | -24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,033 | €9,114 | -€2,919 | -24.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.