PAPILIUM: 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.
PAPILIUM
Largest movements
- Deferred charges and accrued income -€78,793
down €78,793 (-85.7%), from €91,992 to €13,200
- Cash +€72,346
up €72,346 (+348.9%), from €20,738 to €93,084
mainly Deferred charges and accrued income (+€78,793) and Other debts (+€50,494)
- Trade debts -€67,474
down €67,474 (-57.4%), from €117,544 to €50,070
- Reserves -€62,442
down €62,442 (-55.0%), from €113,552 to €51,110
- Other debts +€50,494
up €50,494 (+42827.6%), from €118 to €50,612
- Short-term financial debts +€50,000
new in 2025: €50,000
- Tax, wage and social debts +€21,703
up €21,703 (+46.4%), from €46,753 to €68,456
of which Remuneration and social security: +€12,274
- Staff costs +€109,551
up €109,551 (+22.7%), from €483,442 to €592,993
- Gross operating margin +€78,949
up €78,949 (+16.8%), from €470,802 to €549,752
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 | €396,626 | €389,704 | -€6,923 | -1.7% |
| Fixed assets | 21/28 | €23,352 | €21,366 | -€1,986 | -8.5% |
| Tangible fixed assets | 22/27 | €23,352 | €21,366 | -€1,986 | -8.5% |
| Furniture and vehicles | 24 | €23,352 | €21,366 | -€1,986 | -8.5% |
| Current assets | 29/58 | €373,275 | €368,338 | -€4,937 | -1.3% |
| Amounts receivable within one year | 40/41 | €260,544 | €262,053 | +€1,510 | +0.6% |
| Trade receivables | 40 | €251,385 | €261,518 | +€10,133 | +4.0% |
| Other amounts receivable | 41 | €9,159 | €536 | -€8,623 | -94.2% |
| Cash at bank and in hand | 54/58 | €20,738 | €93,084 | +€72,346 | +348.9% |
| Deferred charges and accrued income | 490/1 | €91,992 | €13,200 | -€78,793 | -85.7% |
| Total equity and liabilities | 10/49 | €396,626 | €389,704 | -€6,923 | -1.7% |
| Equity | 10/15 | €213,552 | €151,110 | -€62,442 | -29.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €113,552 | €51,110 | -€62,442 | -55.0% |
| Distributable reserves | 133 | €113,552 | €51,110 | -€62,442 | -55.0% |
| Amounts payable | 17/49 | €183,075 | €238,594 | +€55,519 | +30.3% |
| Amounts payable within one year | 42/48 | €166,914 | €221,637 | +€54,723 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €2,500 | €2,500 | = | 0.0% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €117,544 | €50,070 | -€67,474 | -57.4% |
| Suppliers | 440/4 | €117,544 | €50,070 | -€67,474 | -57.4% |
| Taxes, remuneration and social security | 45 | €46,753 | €68,456 | +€21,703 | +46.4% |
| Taxes | 450/3 | €22,445 | €31,874 | +€9,429 | +42.0% |
| Remuneration and social security | 454/9 | €24,307 | €36,582 | +€12,274 | +50.5% |
| Other amounts payable | 47/48 | €118 | €50,612 | +€50,494 | +42827.6% |
| Accrued charges and deferred income | 492/3 | €16,160 | €16,957 | +€796 | +4.9% |
| Remuneration, social security and pensions | 62 | €483,442 | €592,993 | +€109,551 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,169 | €11,272 | +€4,104 | +57.2% |
| Other operating charges | 640/8 | €804 | €887 | +€83 | +10.4% |
| Gross operating margin | 9900 | €470,802 | €549,752 | +€78,949 | +16.8% |
| Operating profit (loss) | 9901 | -€20,611 | -€55,400 | -€34,789 | -168.8% |
| Financial income | 75/76B | €316 | €422 | +€106 | +33.7% |
| Recurring financial income | 75 | €316 | €422 | +€106 | +33.7% |
| Financial charges | 65/66B | €2,556 | €5,945 | +€3,389 | +132.6% |
| Recurring financial charges | 65 | €2,556 | €5,945 | +€3,389 | +132.6% |
| Profit (loss) for the period before taxes | 9903 | -€22,852 | -€60,923 | -€38,071 | -166.6% |
| Income taxes | 67/77 | €1,323 | €1,519 | +€196 | +14.8% |
| Profit (loss) for the period | 9904 | -€24,174 | -€62,442 | -€38,267 | -158.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,174 | -€62,442 | -€38,267 | -158.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.