PAPO: 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.
PAPO
Largest movements
- Intangible fixed assets -€19,629
down €19,629 (-28.6%), from €68,701 to €49,072
- Stocks and contracts -€12,561
down €12,561 (-15.2%), from €82,731 to €70,171
- Cash +€10,403
up €10,403 (+114.5%), from €9,087 to €19,489
mainly Net result for the year (+€37,067) and Depreciation (+€20,646)
- Receivables within one year -€2,939
down €2,939 (-93.5%), from €3,145 to €206
- Deferred charges and accrued income +€2,638
up €2,638 (+170.7%), from €1,545 to €4,183
- Debts after one year -€49,116
down €49,116 (-29.8%), from €165,062 to €115,946
- Profit (loss) carried forward +€37,067
up €37,067 (+18.8%), from -€197,623 to -€160,556
- Trade debts -€23,367
down €23,367 (-85.6%), from €27,313 to €3,946
- Other debts +€17,693
up €17,693 (+21.4%), from €82,807 to €100,500
- Tax, wage and social debts -€4,332
down €4,332 (-49.0%), from €8,841 to €4,509
- Gross operating margin +€15,937
up €15,937 (+28.5%), from €55,976 to €71,913
- Financial income +€3,684
up €3,684 (+4318.9%), from €85 to €3,770
- Financial charges -€2,630
down €2,630 (-18.3%), from €14,360 to €11,729
- Depreciation +€1,017
up €1,017 (+5.2%), from €19,629 to €20,646
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 | €166,259 | €146,782 | -€19,477 | -11.7% |
| Fixed assets | 21/28 | €69,751 | €52,733 | -€17,018 | -24.4% |
| Intangible fixed assets | 21 | €68,701 | €49,072 | -€19,629 | -28.6% |
| Tangible fixed assets | 22/27 | - | €2,611 | +€2,611 | |
| Furniture and vehicles | 24 | - | €2,611 | +€2,611 | |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €96,508 | €94,049 | -€2,459 | -2.5% |
| Stocks and contracts in progress | 3 | €82,731 | €70,171 | -€12,561 | -15.2% |
| Stocks | 30/36 | €82,731 | €70,171 | -€12,561 | -15.2% |
| Amounts receivable within one year | 40/41 | €3,145 | €206 | -€2,939 | -93.5% |
| Trade receivables | 40 | €3,145 | €206 | -€2,939 | -93.5% |
| Cash at bank and in hand | 54/58 | €9,087 | €19,489 | +€10,403 | +114.5% |
| Deferred charges and accrued income | 490/1 | €1,545 | €4,183 | +€2,638 | +170.7% |
| Total equity and liabilities | 10/49 | €166,259 | €146,782 | -€19,477 | -11.7% |
| Equity | 10/15 | -€164,355 | -€127,288 | +€37,067 | +22.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €8,479 | €8,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,623 | -€160,556 | +€37,067 | +18.8% |
| Amounts payable | 17/49 | €330,614 | €274,070 | -€56,544 | -17.1% |
| Amounts payable after more than one year | 17 | €165,062 | €115,946 | -€49,116 | -29.8% |
| Financial debts | 170/4 | €165,062 | €115,946 | -€49,116 | -29.8% |
| Amounts payable within one year | 42/48 | €165,501 | €158,071 | -€7,430 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €46,540 | €49,116 | +€2,576 | +5.5% |
| Trade debts | 44 | €27,313 | €3,946 | -€23,367 | -85.6% |
| Suppliers | 440/4 | €27,313 | €3,946 | -€23,367 | -85.6% |
| Taxes, remuneration and social security | 45 | €8,841 | €4,509 | -€4,332 | -49.0% |
| Taxes | 450/3 | €8,841 | €4,509 | -€4,332 | -49.0% |
| Other amounts payable | 47/48 | €82,807 | €100,500 | +€17,693 | +21.4% |
| Accrued charges and deferred income | 492/3 | €51 | €52 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,629 | €20,646 | +€1,017 | +5.2% |
| Other operating charges | 640/8 | €5,750 | €6,240 | +€490 | +8.5% |
| Gross operating margin | 9900 | €55,976 | €71,913 | +€15,937 | +28.5% |
| Operating profit (loss) | 9901 | €30,596 | €45,027 | +€14,430 | +47.2% |
| Financial income | 75/76B | €85 | €3,770 | +€3,684 | +4318.9% |
| Recurring financial income | 75 | €85 | €3,770 | +€3,684 | +4318.9% |
| Financial charges | 65/66B | €14,360 | €11,729 | -€2,630 | -18.3% |
| Recurring financial charges | 65 | €14,360 | €11,729 | -€2,630 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €16,322 | €37,067 | +€20,745 | +127.1% |
| Profit (loss) for the period | 9904 | €16,322 | €37,067 | +€20,745 | +127.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,322 | €37,067 | +€20,745 | +127.1% |
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 9 October 2026 via checked.be.