PAPISA: 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.
PAPISA
Largest movements
- Cash +€46,952
up €46,952 (+104.5%), from €44,919 to €91,871
mainly Receivables within one year (+€30,000) and Depreciation (+€13,486)
- Receivables within one year -€30,000
no longer reported in 2025 (was €30,000)
No liability line moved by more than 1% of the balance sheet total.
- Purchases and services -€28,048
no longer reported in 2025 (was €28,048)
- Other operating charges +€1,308
up €1,308 (+10.3%), from €12,708 to €14,015
- Depreciation +€1,287
up €1,287 (+10.6%), from €12,199 to €13,486
- Taxes -€617
down €617 (-26.0%), from €2,372 to €1,755
- Gross operating margin +€479
up €479 (+1.4%), from €33,953 to €34,432
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 | €1,858,755 | €1,862,834 | +€4,079 | +0.2% |
| Fixed assets | 21/28 | €1,783,836 | €1,770,350 | -€13,486 | -0.8% |
| Tangible fixed assets | 22/27 | €1,783,836 | €1,770,350 | -€13,486 | -0.8% |
| Land and buildings | 22 | €1,709,442 | €1,709,442 | = | 0.0% |
| Plant, machinery and equipment | 23 | €58,525 | €49,449 | -€9,076 | -15.5% |
| Furniture and vehicles | 24 | €15,868 | €11,459 | -€4,410 | -27.8% |
| Current assets | 29/58 | €74,919 | €92,484 | +€17,564 | +23.4% |
| Amounts receivable within one year | 40/41 | €30,000 | - | -€30,000 | |
| Trade receivables | 40 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €44,919 | €91,871 | +€46,952 | +104.5% |
| Deferred charges and accrued income | 490/1 | - | €612 | +€612 | |
| Total equity and liabilities | 10/49 | €1,858,755 | €1,862,834 | +€4,079 | +0.2% |
| Equity | 10/15 | €1,840,093 | €1,844,789 | +€4,696 | +0.3% |
| Contributions | 10/11 | €669,000 | €669,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,110,942 | €1,110,942 | = | 0.0% |
| Reserves | 13 | €1,055 | €1,055 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,055 | €1,055 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,055 | €1,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,096 | €63,792 | +€4,696 | +7.9% |
| Amounts payable | 17/49 | €18,662 | €18,045 | -€617 | -3.3% |
| Amounts payable within one year | 42/48 | €18,662 | €18,045 | -€617 | -3.3% |
| Taxes, remuneration and social security | 45 | €2,372 | €1,755 | -€617 | -26.0% |
| Taxes | 450/3 | €2,372 | €1,755 | -€617 | -26.0% |
| Other amounts payable | 47/48 | €16,290 | €16,290 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €28,048 | - | -€28,048 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,199 | €13,486 | +€1,287 | +10.6% |
| Other operating charges | 640/8 | €12,708 | €14,015 | +€1,308 | +10.3% |
| Gross operating margin | 9900 | €33,953 | €34,432 | +€479 | +1.4% |
| Operating profit (loss) | 9901 | €9,047 | €6,931 | -€2,116 | -23.4% |
| Financial charges | 65/66B | €473 | €480 | +€7 | +1.4% |
| Recurring financial charges | 65 | €473 | €480 | +€7 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €8,574 | €6,451 | -€2,123 | -24.8% |
| Income taxes | 67/77 | €2,372 | €1,755 | -€617 | -26.0% |
| Profit (loss) for the period | 9904 | €6,201 | €4,696 | -€1,506 | -24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,201 | €4,696 | -€1,506 | -24.3% |
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 30 September 2026 via checked.be.