PAPINGLO: 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.
PAPINGLO
Largest movements
- Cash -€32,463
down €32,463 (-71.5%), from €45,399 to €12,935
mainly Debts after one year (-€85,672) and Investment in fixed assets (net) (-€31,409)
- Tangible fixed assets -€30,752
down €30,752 (-6.7%), from €457,987 to €427,235
- Debts after one year -€85,672
down €85,672 (-53.5%), from €160,140 to €74,468
- Reserves +€23,400
up €23,400 (+15.8%), from €148,314 to €171,714
of which Distributable reserves: +€23,400
- Gross operating margin +€16,008
up €16,008 (+17.6%), from €91,202 to €107,210
- Taxes +€4,389
up €4,389 (+129.1%), from €3,400 to €7,789
- Financial charges -€3,692
down €3,692 (-27.5%), from €13,430 to €9,737
- Depreciation +€2,406
up €2,406 (+4.0%), from €59,755 to €62,161
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 | €522,155 | €459,670 | -€62,486 | -12.0% |
| Fixed assets | 21/28 | €457,987 | €427,235 | -€30,752 | -6.7% |
| Tangible fixed assets | 22/27 | €457,987 | €427,235 | -€30,752 | -6.7% |
| Land and buildings | 22 | €457,987 | €427,235 | -€30,752 | -6.7% |
| Current assets | 29/58 | €64,168 | €32,435 | -€31,733 | -49.5% |
| Amounts receivable within one year | 40/41 | - | €22 | +€22 | |
| Other amounts receivable | 41 | - | €22 | +€22 | |
| Cash at bank and in hand | 54/58 | €45,399 | €12,935 | -€32,463 | -71.5% |
| Deferred charges and accrued income | 490/1 | €18,769 | €19,477 | +€708 | +3.8% |
| Total equity and liabilities | 10/49 | €522,155 | €459,670 | -€62,486 | -12.0% |
| Equity | 10/15 | €272,314 | €295,714 | +€23,400 | +8.6% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €148,314 | €171,714 | +€23,400 | +15.8% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €117,164 | €140,564 | +€23,400 | +20.0% |
| Amounts payable | 17/49 | €249,842 | €163,956 | -€85,886 | -34.4% |
| Amounts payable after more than one year | 17 | €160,140 | €74,468 | -€85,672 | -53.5% |
| Financial debts | 170/4 | €160,140 | €74,468 | -€85,672 | -53.5% |
| Amounts payable within one year | 42/48 | €87,654 | €87,375 | -€278 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €81,817 | €85,672 | +€3,855 | +4.7% |
| Trade debts | 44 | - | €128 | +€128 | |
| Suppliers | 440/4 | - | €128 | +€128 | |
| Taxes, remuneration and social security | 45 | €5,837 | €1,575 | -€4,262 | -73.0% |
| Taxes | 450/3 | €5,837 | €1,575 | -€4,262 | -73.0% |
| Accrued charges and deferred income | 492/3 | €2,048 | €2,113 | +€64 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,755 | €62,161 | +€2,406 | +4.0% |
| Other operating charges | 640/8 | €3,612 | €4,137 | +€525 | +14.5% |
| Gross operating margin | 9900 | €91,202 | €107,210 | +€16,008 | +17.6% |
| Operating profit (loss) | 9901 | €27,834 | €40,912 | +€13,077 | +47.0% |
| Financial income | 75/76B | €9 | €15 | +€6 | +75.3% |
| Recurring financial income | 75 | €9 | €15 | +€6 | +75.3% |
| Financial charges | 65/66B | €13,430 | €9,737 | -€3,692 | -27.5% |
| Recurring financial charges | 65 | €13,430 | €9,737 | -€3,692 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €14,414 | €31,190 | +€16,776 | +116.4% |
| Income taxes | 67/77 | €3,400 | €7,789 | +€4,389 | +129.1% |
| Profit (loss) for the period | 9904 | €11,013 | €23,400 | +€12,387 | +112.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,013 | €23,400 | +€12,387 | +112.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.