PAPILLON: 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.
PAPILLON
Largest movements
- Receivables within one year +€231,800
up €231,800 (+1514.6%), from €15,305 to €247,105
of which Other amounts receivable: +€231,782
- Tangible fixed assets -€118,617
down €118,617 (-98.0%), from €121,041 to €2,424
of which Plant, machinery and equipment: -€116,179
- Cash +€10,406
up €10,406 (+33.1%), from €31,478 to €41,883
- Reserves +€126,400
up €126,400 (+144.6%), from €87,400 to €213,800
- Tax, wage and social debts -€7,676
down €7,676 (-36.6%), from €20,992 to €13,316
- Provisions +€5,000
new in 2025: €5,000
- Gross operating margin +€150,495
up €150,495 (+320.6%), from €46,946 to €197,441
- Taxes +€50,751
up €50,751 (+442.1%), from €11,479 to €62,230
- Depreciation -€8,315
down €8,315 (-77.3%), from €10,752 to €2,438
- Financial charges -€2,019
down €2,019 (-66.6%), from €3,033 to €1,014
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €169,230 | €291,652 | +€122,422 | +72.3% |
| Fixed assets | 21/28 | €121,401 | €2,664 | -€118,737 | -97.8% |
| Tangible fixed assets | 22/27 | €121,041 | €2,424 | -€118,617 | -98.0% |
| Plant, machinery and equipment | 23 | €116,179 | - | -€116,179 | |
| Furniture and vehicles | 24 | €4,862 | €2,424 | -€2,438 | -50.1% |
| Financial fixed assets | 28 | €360 | €240 | -€120 | -33.3% |
| Current assets | 29/58 | €47,829 | €288,988 | +€241,159 | +504.2% |
| Amounts receivable within one year | 40/41 | €15,305 | €247,105 | +€231,800 | +1514.6% |
| Trade receivables | 40 | - | €18 | +€18 | |
| Other amounts receivable | 41 | €15,305 | €247,087 | +€231,782 | +1514.4% |
| Cash at bank and in hand | 54/58 | €31,478 | €41,883 | +€10,406 | +33.1% |
| Deferred charges and accrued income | 490/1 | €1,047 | - | -€1,047 | |
| Total equity and liabilities | 10/49 | €169,230 | €291,652 | +€122,422 | +72.3% |
| Equity | 10/15 | €141,194 | €267,641 | +€126,447 | +89.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €87,400 | €213,800 | +€126,400 | +144.6% |
| Distributable reserves | 133 | €87,400 | €213,800 | +€126,400 | +144.6% |
| Profit (loss) carried forward | 14 | €33,794 | €33,841 | +€47 | +0.1% |
| Provisions and deferred taxes | 16 | - | €5,000 | +€5,000 | |
| Provisions for liabilities and charges | 160/5 | - | €5,000 | +€5,000 | |
| Other liabilities and charges | 164/5 | - | €5,000 | +€5,000 | |
| Amounts payable | 17/49 | €28,036 | €19,011 | -€9,025 | -32.2% |
| Amounts payable within one year | 42/48 | €28,036 | €19,011 | -€9,025 | -32.2% |
| Trade debts | 44 | €6,693 | €5,695 | -€998 | -14.9% |
| Suppliers | 440/4 | €6,693 | €5,695 | -€998 | -14.9% |
| Taxes, remuneration and social security | 45 | €20,992 | €13,316 | -€7,676 | -36.6% |
| Taxes | 450/3 | €20,992 | €13,316 | -€7,676 | -36.6% |
| Other amounts payable | 47/48 | €352 | - | -€352 | |
| Non-recurring operating income | 76A | - | €216,821 | +€216,821 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,752 | €2,438 | -€8,315 | -77.3% |
| Other operating charges | 640/8 | €2,256 | €1,502 | -€755 | -33.4% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €46,946 | €197,441 | +€150,495 | +320.6% |
| Operating profit (loss) | 9901 | €33,938 | €188,502 | +€154,564 | +455.4% |
| Financial income | 75/76B | €628 | €1,189 | +€562 | +89.5% |
| Recurring financial income | 75 | €628 | €1,189 | +€562 | +89.5% |
| Financial charges | 65/66B | €3,033 | €1,014 | -€2,019 | -66.6% |
| Recurring financial charges | 65 | €3,033 | €1,014 | -€2,019 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | €31,533 | €188,677 | +€157,144 | +498.4% |
| Income taxes | 67/77 | €11,479 | €62,230 | +€50,751 | +442.1% |
| Profit (loss) for the period | 9904 | €20,054 | €126,447 | +€106,394 | +530.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,054 | €126,447 | +€106,394 | +530.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.