PAPILIO: 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.
PAPILIO
Largest movements
- Cash -€30,801
down €30,801 (-60.2%), from €51,179 to €20,378
mainly Other debts (-€59,556) and Provisions (-€3,888)
- Tangible fixed assets -€25,115
down €25,115 (-5.9%), from €428,142 to €403,027
of which Land and buildings: -€24,386
- Other debts -€59,556
down €59,556 (-48.5%), from €122,697 to €63,141
- Profit (loss) carried forward +€13,159
up €13,159 (+17.4%), from -€75,720 to -€62,561
- Reserves -€11,267
down €11,267 (-12.3%), from €91,742 to €80,475
of which Tax-exempt reserves: -€11,267
- Gross operating margin +€4,403
up €4,403 (+16.1%), from €27,271 to €31,674
- Financial charges -€2,279
down €2,279 (-32.7%), from €6,974 to €4,695
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 | €479,322 | €423,405 | -€55,916 | -11.7% |
| Fixed assets | 21/28 | €428,142 | €403,027 | -€25,115 | -5.9% |
| Tangible fixed assets | 22/27 | €428,142 | €403,027 | -€25,115 | -5.9% |
| Land and buildings | 22 | €424,224 | €399,838 | -€24,386 | -5.7% |
| Furniture and vehicles | 24 | €3,918 | €3,189 | -€729 | -18.6% |
| Current assets | 29/58 | €51,179 | €20,378 | -€30,801 | -60.2% |
| Cash at bank and in hand | 54/58 | €51,179 | €20,378 | -€30,801 | -60.2% |
| Total equity and liabilities | 10/49 | €479,322 | €423,405 | -€55,916 | -11.7% |
| Equity | 10/15 | €295,268 | €297,161 | +€1,893 | +0.6% |
| Contributions | 10/11 | €279,247 | €279,247 | = | 0.0% |
| Reserves | 13 | €91,742 | €80,475 | -€11,267 | -12.3% |
| Tax-exempt reserves | 132 | €77,301 | €66,034 | -€11,267 | -14.6% |
| Distributable reserves | 133 | €14,442 | €14,442 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,720 | -€62,561 | +€13,159 | +17.4% |
| Provisions and deferred taxes | 16 | €41,287 | €37,400 | -€3,888 | -9.4% |
| Deferred taxes | 168 | €41,287 | €37,400 | -€3,888 | -9.4% |
| Amounts payable | 17/49 | €142,766 | €88,845 | -€53,921 | -37.8% |
| Amounts payable within one year | 42/48 | €125,065 | €66,499 | -€58,566 | -46.8% |
| Trade debts | 44 | €1,004 | €1,252 | +€248 | +24.7% |
| Suppliers | 440/4 | €1,004 | €1,252 | +€248 | +24.7% |
| Advances received on contracts in progress | 46 | €1,364 | €2,106 | +€742 | +54.4% |
| Other amounts payable | 47/48 | €122,697 | €63,141 | -€59,556 | -48.5% |
| Accrued charges and deferred income | 492/3 | €17,701 | €22,346 | +€4,645 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,216 | €25,115 | -€101 | -0.4% |
| Other operating charges | 640/8 | €3,802 | €4,052 | +€251 | +6.6% |
| Gross operating margin | 9900 | €27,271 | €31,674 | +€4,403 | +16.1% |
| Operating profit (loss) | 9901 | -€1,747 | €2,506 | +€4,253 | |
| Financial income | 75/76B | €414 | €277 | -€137 | -33.1% |
| Recurring financial income | 75 | €414 | €277 | -€137 | -33.1% |
| Financial charges | 65/66B | €6,974 | €4,695 | -€2,279 | -32.7% |
| Recurring financial charges | 65 | €6,974 | €4,695 | -€2,279 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,307 | -€1,912 | +€6,395 | +77.0% |
| Transfer from deferred taxes | 780 | €5,491 | €3,888 | -€1,604 | -29.2% |
| Income taxes | 67/77 | €124 | €83 | -€41 | -33.2% |
| Profit (loss) for the period | 9904 | -€2,940 | €1,893 | +€4,832 | |
| Transfer from tax-exempt reserves | 789 | €12,813 | €11,267 | -€1,546 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,873 | €13,159 | +€3,286 | +33.3% |
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 20 October 2026 via checked.be.