PAPILIO PROJECTS: 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 PROJECTS
Largest movements
- Cash +€74,806
up €74,806 (+93.7%), from €79,802 to €154,608
mainly Net result for the year (+€72,348) and Current investments (+€22,447)
- Current investments -€22,447
down €22,447 (-31.5%), from €71,266 to €48,819
- Tangible fixed assets -€7,502
down €7,502 (-29.3%), from €25,590 to €18,089
- Reserves +€51,628
up €51,628 (+32.2%), from €160,200 to €211,828
- Current portion of long-term debt -€9,353
down €9,353 (-100.0%), from €9,353 to €0
- Trade debts -€2,978
down €2,978 (-61.2%), from €4,869 to €1,891
- Other debts +€2,946
new in 2025: €2,946
- Financial income +€97,545
up €97,545 (+1503.3%), from €6,489 to €104,034
- Taxes +€27,096
up €27,096 (+487.2%), from €5,561 to €32,658
- Financial charges +€15,433
up €15,433 (+1139.6%), from €1,354 to €16,787
- Gross operating margin +€5,682
up €5,682 (+18.9%), from €29,997 to €35,679
- Other operating charges +€3,846
up €3,846 (+224.0%), from €1,717 to €5,563
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.
Cash bridge derived
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 | €198,476 | €241,827 | +€43,351 | +21.8% |
| Fixed assets | 21/28 | €25,590 | €18,089 | -€7,502 | -29.3% |
| Tangible fixed assets | 22/27 | €25,590 | €18,089 | -€7,502 | -29.3% |
| Furniture and vehicles | 24 | €25,590 | €18,089 | -€7,502 | -29.3% |
| Current assets | 29/58 | €172,886 | €223,739 | +€50,853 | +29.4% |
| Amounts receivable within one year | 40/41 | €21,817 | €20,312 | -€1,505 | -6.9% |
| Trade receivables | 40 | €10,769 | €18,803 | +€8,034 | +74.6% |
| Other amounts receivable | 41 | €11,048 | €1,509 | -€9,540 | -86.3% |
| Current investments | 50/53 | €71,266 | €48,819 | -€22,447 | -31.5% |
| Cash at bank and in hand | 54/58 | €79,802 | €154,608 | +€74,806 | +93.7% |
| Total equity and liabilities | 10/49 | €198,476 | €241,827 | +€43,351 | +21.8% |
| Equity | 10/15 | €178,750 | €230,378 | +€51,628 | +28.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €160,200 | €211,828 | +€51,628 | +32.2% |
| Distributable reserves | 133 | €160,200 | €211,828 | +€51,628 | +32.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,726 | €11,449 | -€8,277 | -42.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €19,726 | €11,449 | -€8,277 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €9,353 | €0 | -€9,353 | -100.0% |
| Trade debts | 44 | €4,869 | €1,891 | -€2,978 | -61.2% |
| Suppliers | 440/4 | €4,869 | €1,891 | -€2,978 | -61.2% |
| Taxes, remuneration and social security | 45 | €5,504 | €6,612 | +€1,108 | +20.1% |
| Taxes | 450/3 | €5,504 | €6,612 | +€1,108 | +20.1% |
| Other amounts payable | 47/48 | - | €2,946 | +€2,946 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,312 | €12,358 | -€1,955 | -13.7% |
| Other operating charges | 640/8 | €1,717 | €5,563 | +€3,846 | +224.0% |
| Gross operating margin | 9900 | €29,997 | €35,679 | +€5,682 | +18.9% |
| Operating profit (loss) | 9901 | €13,968 | €17,759 | +€3,791 | +27.1% |
| Financial income | 75/76B | €6,489 | €104,034 | +€97,545 | +1503.3% |
| Recurring financial income | 75 | €6,489 | €104,034 | +€97,545 | +1503.3% |
| Financial charges | 65/66B | €1,354 | €16,787 | +€15,433 | +1139.6% |
| Recurring financial charges | 65 | €1,354 | €16,787 | +€15,433 | +1139.6% |
| Profit (loss) for the period before taxes | 9903 | €19,102 | €105,006 | +€85,903 | +449.7% |
| Income taxes | 67/77 | €5,561 | €32,658 | +€27,096 | +487.2% |
| Profit (loss) for the period | 9904 | €13,541 | €72,348 | +€58,807 | +434.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,541 | €72,348 | +€58,807 | +434.3% |
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 11 October 2026 via checked.be.