PAPPAERT: 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.
PAPPAERT
Largest movements
- Receivables within one year +€31,702
up €31,702 (+79.7%), from €39,762 to €71,463
- Tangible fixed assets +€23,957
up €23,957 (+116%), from €20,589 to €44,545
of which Furniture and vehicles: +€25,588
- Debts after one year +€31,750
new in 2025: €31,750
- Current portion of long-term debt +€12,666
new in 2025: €12,666
- Reserves +€11,843
up €11,843 (+15.9%), from €74,345 to €86,188
- Trade debts -€1,786
down €1,786 (-44.6%), from €4,003 to €2,217
- Gross operating margin -€3,555
down €3,555 (-9.4%), from €37,946 to €34,391
- Financial charges +€1,486
up €1,486 (+532%), from €279 to €1,765
- Taxes -€1,441
down €1,441 (-20.2%), from €7,140 to €5,699
- Depreciation +€1,121
up €1,121 (+11.1%), from €10,139 to €11,260
- Financial income +€1,106
up €1,106 (+55.0%), from €2,011 to €3,117
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.
Derived cash bridge
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 | €80,822 | €135,973 | +€55,152 | +68.2% |
| Fixed assets | 21/28 | €20,589 | €44,545 | +€23,957 | +116% |
| Tangible fixed assets | 22/27 | €20,589 | €44,545 | +€23,957 | +116% |
| Land and buildings | 22 | €982 | €679 | -€303 | -30.8% |
| Plant, machinery and equipment | 23 | €5,071 | €3,742 | -€1,329 | -26.2% |
| Furniture and vehicles | 24 | €14,536 | €40,124 | +€25,588 | +176% |
| Current assets | 29/58 | €60,233 | €91,428 | +€31,195 | +51.8% |
| Amounts receivable within one year | 40/41 | €39,762 | €71,463 | +€31,702 | +79.7% |
| Other amounts receivable | 41 | €39,762 | €71,463 | +€31,702 | +79.7% |
| Cash at bank and in hand | 54/58 | €8,296 | €8,034 | -€262 | -3.2% |
| Deferred charges and accrued income | 490/1 | €12,176 | €11,931 | -€245 | -2.0% |
| Total equity and liabilities | 10/49 | €80,822 | €135,973 | +€55,152 | +68.2% |
| Equity | 10/15 | €76,345 | €88,188 | +€11,843 | +15.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €74,345 | €86,188 | +€11,843 | +15.9% |
| Distributable reserves | 133 | €74,345 | €86,188 | +€11,843 | +15.9% |
| Amounts payable | 17/49 | €4,477 | €47,785 | +€43,308 | +967% |
| Amounts payable after more than one year | 17 | - | €31,750 | +€31,750 | |
| Financial debts | 170/4 | - | €31,750 | +€31,750 | |
| Amounts payable within one year | 42/48 | €4,477 | €15,150 | +€10,673 | +238% |
| Current portion of amounts payable after more than one year | 42 | - | €12,666 | +€12,666 | |
| Trade debts | 44 | €4,003 | €2,217 | -€1,786 | -44.6% |
| Suppliers | 440/4 | €4,003 | €2,217 | -€1,786 | -44.6% |
| Taxes, remuneration and social security | 45 | €474 | €266 | -€208 | -43.8% |
| Taxes | 450/3 | €474 | €266 | -€208 | -43.8% |
| Accrued charges and deferred income | 492/3 | - | €885 | +€885 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,139 | €11,260 | +€1,121 | +11.1% |
| Other operating charges | 640/8 | €834 | €607 | -€227 | -27.2% |
| Non-recurring operating charges | 66A | - | €6,333 | +€6,333 | |
| Gross operating margin | 9900 | €37,946 | €34,391 | -€3,555 | -9.4% |
| Operating profit (loss) | 9901 | €26,972 | €16,191 | -€10,782 | -40.0% |
| Financial income | 75/76B | €2,011 | €3,117 | +€1,106 | +55.0% |
| Recurring financial income | 75 | €2,011 | €3,117 | +€1,106 | +55.0% |
| Financial charges | 65/66B | €279 | €1,765 | +€1,486 | +532% |
| Recurring financial charges | 65 | €279 | €1,765 | +€1,486 | +532% |
| Profit (loss) for the period before taxes | 9903 | €28,704 | €17,542 | -€11,162 | -38.9% |
| Income taxes | 67/77 | €7,140 | €5,699 | -€1,441 | -20.2% |
| Profit (loss) for the period | 9904 | €21,564 | €11,843 | -€9,721 | -45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,564 | €11,843 | -€9,721 | -45.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.