PAPILLON: 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.
PAPILLON
Largest movements
- Cash -€148,365
down €148,365 (-80.5%), from €184,360 to €35,995
mainly Contributions, distributions and other (-€119,903) and Receivables within one year (-€81,101)
- Receivables within one year +€81,101
up €81,101 (+13.5%), from €602,486 to €683,587
of which Other amounts receivable: +€119,300
- Tangible fixed assets -€79,953
down €79,953 (-37.0%), from €215,938 to €135,984
of which Furniture and vehicles: -€82,200
- Reserves -€101,840
down €101,840 (-51.4%), from €198,306 to €96,466
of which Distributable reserves: -€101,840
- Other debts +€52,949
up €52,949 (+72.8%), from €72,697 to €125,646
- Debts after one year -€51,425
down €51,425 (-25.5%), from €201,812 to €150,387
- Trade debts -€38,732
down €38,732 (-10.8%), from €357,169 to €318,437
- Gross operating margin -€14,334
down €14,334 (-11.8%), from €121,530 to €107,196
- Financial income -€6,668
down €6,668 (-23.1%), from €28,847 to €22,179
- Taxes -€6,609
down €6,609 (-37.3%), from €17,706 to €11,097
- Staff costs -€1,607
no longer reported in 2025 (was €1,607)
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 | €1,003,251 | €856,035 | -€147,216 | -14.7% |
| Fixed assets | 21/28 | €216,405 | €136,452 | -€79,953 | -36.9% |
| Tangible fixed assets | 22/27 | €215,938 | €135,984 | -€79,953 | -37.0% |
| Plant, machinery and equipment | 23 | €600 | €2,847 | +€2,247 | +374.5% |
| Furniture and vehicles | 24 | €215,338 | €133,138 | -€82,200 | -38.2% |
| Financial fixed assets | 28 | €468 | €468 | = | 0.0% |
| Current assets | 29/58 | €786,845 | €719,582 | -€67,263 | -8.5% |
| Amounts receivable within one year | 40/41 | €602,486 | €683,587 | +€81,101 | +13.5% |
| Trade receivables | 40 | €126,997 | €88,798 | -€38,199 | -30.1% |
| Other amounts receivable | 41 | €475,489 | €594,789 | +€119,300 | +25.1% |
| Cash at bank and in hand | 54/58 | €184,360 | €35,995 | -€148,365 | -80.5% |
| Total equity and liabilities | 10/49 | €1,003,251 | €856,035 | -€147,216 | -14.7% |
| Equity | 10/15 | €270,314 | €168,473 | -€101,840 | -37.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €198,306 | €96,466 | -€101,840 | -51.4% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €193,306 | €91,466 | -€101,840 | -52.7% |
| Profit (loss) carried forward | 14 | €22,007 | €22,007 | = | 0.0% |
| Amounts payable | 17/49 | €732,937 | €687,562 | -€45,376 | -6.2% |
| Amounts payable after more than one year | 17 | €201,812 | €150,387 | -€51,425 | -25.5% |
| Financial debts | 170/4 | €201,812 | €150,387 | -€51,425 | -25.5% |
| Amounts payable within one year | 42/48 | €531,126 | €537,134 | +€6,009 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €53,255 | €52,652 | -€603 | -1.1% |
| Trade debts | 44 | €357,169 | €318,437 | -€38,732 | -10.8% |
| Suppliers | 440/4 | €357,169 | €318,437 | -€38,732 | -10.8% |
| Taxes, remuneration and social security | 45 | €48,005 | €40,399 | -€7,606 | -15.8% |
| Taxes | 450/3 | €48,005 | €40,399 | -€7,606 | -15.8% |
| Other amounts payable | 47/48 | €72,697 | €125,646 | +€52,949 | +72.8% |
| Accrued charges and deferred income | 492/3 | - | €41 | +€41 | |
| Non-recurring operating income | 76A | €1,058 | €69,300 | +€68,242 | +6450.5% |
| Remuneration, social security and pensions | 62 | €1,607 | - | -€1,607 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,233 | €83,116 | +€883 | +1.1% |
| Other operating charges | 640/8 | €6,576 | €6,079 | -€497 | -7.6% |
| Gross operating margin | 9900 | €121,530 | €107,196 | -€14,334 | -11.8% |
| Operating profit (loss) | 9901 | €31,114 | €18,001 | -€13,114 | -42.1% |
| Financial income | 75/76B | €28,847 | €22,179 | -€6,668 | -23.1% |
| Recurring financial income | 75 | €28,847 | €22,179 | -€6,668 | -23.1% |
| Financial charges | 65/66B | €10,428 | €11,021 | +€593 | +5.7% |
| Recurring financial charges | 65 | €10,428 | €11,021 | +€593 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €49,534 | €29,159 | -€20,374 | -41.1% |
| Income taxes | 67/77 | €17,706 | €11,097 | -€6,609 | -37.3% |
| Profit (loss) for the period | 9904 | €31,827 | €18,062 | -€13,765 | -43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,827 | €18,062 | -€13,765 | -43.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.