PAPRIVERM: 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.
What changed
PAPRIVERM
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€229,745
2024 · €178,691-€408,436
Equity
€2.2m
2024 · €2.4m-€236,884
Cash
€255,824
2024 · €349,572-€93,748
Balance sheet total
€6.4m
2024 · €5.9m+€443,832
Largest movements
Assets
- Tangible fixed assets +€341,879
up €341,879 (+8.2%), from €4.2m to €4.5m
of which Land and buildings: +€537,144
- Receivables within one year +€155,756
up €155,756 (+19.3%), from €805,143 to €960,899
of which Trade receivables: +€132,899
- Financial fixed assets -€134,237
down €134,237 (-34.4%), from €390,717 to €256,480
- Stocks and contracts +€97,946
up €97,946 (+77.9%), from €125,654 to €223,600
- Cash -€93,748
down €93,748 (-26.8%), from €349,572 to €255,824
mainly Investment in fixed assets (net) (-€882,965) and Net result for the year (-€229,745)
Equity and liabilities
- Debts after one year +€400,927
up €400,927 (+16.5%), from €2.4m to €2.8m
- Short-term financial debts +€370,000
new in 2025: €370,000
- Profit (loss) carried forward -€210,762
down €210,762, from €0 to -€210,762
Income statement
- Depreciation +€146,092
up €146,092 (+30.1%), from €485,304 to €631,396
- Staff costs +€140,537
up €140,537 (+20.2%), from €695,232 to €835,769
- Gross operating margin -€133,036
down €133,036 (-8.9%), from €1.5m to €1.4m
- Taxes -€34,200
down €34,200 (-96.4%), from €35,463 to €1,263
- Financial charges +€33,552
up €33,552 (+42.8%), from €78,385 to €111,937
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.
Result 2024
€178,691
Gross operating margin
-€133,036
Staff costs
-€140,537
Depreciation
-€146,092
Other operating charges
+€10,975
Other operating items
+€17,684
Financial income
-€18,181
Financial charges
-€33,552
Taxes
+€34,200
Deferred taxes and other
+€102
Result 2025
-€229,745
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€31,042
Investment
-€882,965
Financing
+€758,175
Cash 2024
€349,572
From operations (derived)
+€31,042
Net result for the year
-€229,745
Depreciation
+€631,396
Receivables after one year
-€21,016
Stocks and contracts
-€97,946
Receivables within one year
-€155,756
Deferred charges and accrued income
-€11,293
Provisions
-€376
Trade debts
-€33,321
Tax, wage and social debts
-€21,627
Other debts
-€29,274
Investment (derived)
-€882,965
Investment in fixed assets (net)
-€882,965
Financing
+€758,175
Debts after one year
+€400,927
Current portion of long-term debt
-€5,612
Short-term financial debts
+€370,000
Contributions, distributions and other
-€7,139
Cash 2025
€255,824
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,934,483 | €6,378,315 | +€443,832 | +7.5% |
| Fixed assets | 21/28 | €4,570,745 | €4,822,314 | +€251,569 | +5.5% |
| Intangible fixed assets | 21 | €17,608 | €61,535 | +€43,927 | +249% |
| Tangible fixed assets | 22/27 | €4,162,420 | €4,504,299 | +€341,879 | +8.2% |
| Land and buildings | 22 | €2,784,364 | €3,321,508 | +€537,144 | +19.3% |
| Plant, machinery and equipment | 23 | €1,283,194 | €1,112,605 | -€170,589 | -13.3% |
| Furniture and vehicles | 24 | €89,369 | €70,185 | -€19,184 | -21.5% |
| Leasing and similar rights | 25 | €5,493 | €0 | -€5,493 | -100% |
| Financial fixed assets | 28 | €390,717 | €256,480 | -€134,237 | -34.4% |
| Current assets | 29/58 | €1,363,738 | €1,556,001 | +€192,263 | +14.1% |
| Amounts receivable after more than one year | 29 | €10,508 | €31,524 | +€21,016 | +200% |
| Other amounts receivable | 291 | €10,508 | €31,524 | +€21,016 | +200% |
| Stocks and contracts in progress | 3 | €125,654 | €223,600 | +€97,946 | +77.9% |
| Stocks | 30/36 | €125,654 | €223,600 | +€97,946 | +77.9% |
| Amounts receivable within one year | 40/41 | €805,143 | €960,899 | +€155,756 | +19.3% |
| Trade receivables | 40 | €117,387 | €250,287 | +€132,899 | +113% |
| Other amounts receivable | 41 | €687,756 | €710,613 | +€22,857 | +3.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €349,572 | €255,824 | -€93,748 | -26.8% |
| Deferred charges and accrued income | 490/1 | €72,861 | €84,154 | +€11,293 | +15.5% |
| Total equity and liabilities | 10/49 | €5,934,483 | €6,378,315 | +€443,832 | +7.5% |
| Equity | 10/15 | €2,408,919 | €2,172,034 | -€236,884 | -9.8% |
| Contributions | 10/11 | €638,486 | €638,486 | = | 0.0% |
| Reserves | 13 | €1,655,615 | €1,636,632 | -€18,983 | -1.1% |
| Distributable reserves | 133 | €1,655,615 | €1,636,632 | -€18,983 | -1.1% |
| Profit (loss) carried forward | 14 | €0 | -€210,762 | -€210,762 | |
| Investment grants | 15 | €114,818 | €107,679 | -€7,139 | -6.2% |
| Provisions and deferred taxes | 16 | €6,043 | €5,667 | -€376 | -6.2% |
| Deferred taxes | 168 | €6,043 | €5,667 | -€376 | -6.2% |
| Amounts payable | 17/49 | €3,519,521 | €4,200,613 | +€681,092 | +19.4% |
| Amounts payable after more than one year | 17 | €2,427,185 | €2,828,112 | +€400,927 | +16.5% |
| Financial debts | 170/4 | €2,427,185 | €2,828,112 | +€400,927 | +16.5% |
| Amounts payable within one year | 42/48 | €1,092,336 | €1,372,501 | +€280,165 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €442,495 | €436,882 | -€5,612 | -1.3% |
| Financial debts | 43 | - | €370,000 | +€370,000 | |
| Credit institutions | 430/8 | - | €370,000 | +€370,000 | |
| Trade debts | 44 | €361,918 | €328,597 | -€33,321 | -9.2% |
| Suppliers | 440/4 | €361,918 | €328,597 | -€33,321 | -9.2% |
| Taxes, remuneration and social security | 45 | €121,040 | €99,412 | -€21,627 | -17.9% |
| Taxes | 450/3 | €48,088 | €20,505 | -€27,583 | -57.4% |
| Remuneration and social security | 454/9 | €72,951 | €78,907 | +€5,956 | +8.2% |
| Other amounts payable | 47/48 | €166,884 | €137,610 | -€29,274 | -17.5% |
| Non-recurring operating income | 76A | - | €24,847 | +€24,847 | |
| Remuneration, social security and pensions | 62 | €695,232 | €835,769 | +€140,537 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €485,304 | €631,396 | +€146,092 | +30.1% |
| Other operating charges | 640/8 | €42,534 | €31,559 | -€10,975 | -25.8% |
| Non-recurring operating charges | 66A | €17,684 | €0 | -€17,684 | -100% |
| Gross operating margin | 9900 | €1,488,335 | €1,355,300 | -€133,036 | -8.9% |
| Operating profit (loss) | 9901 | €247,581 | -€143,425 | -€391,006 | |
| Financial income | 75/76B | €44,340 | €26,158 | -€18,181 | -41.0% |
| Recurring financial income | 75 | €44,340 | €26,158 | -€18,181 | -41.0% |
| Financial charges | 65/66B | €78,385 | €111,937 | +€33,552 | +42.8% |
| Recurring financial charges | 65 | €78,385 | €111,937 | +€33,552 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €213,536 | -€229,203 | -€442,739 | |
| Transfer from deferred taxes | 780 | €619 | €721 | +€102 | +16.5% |
| Income taxes | 67/77 | €35,463 | €1,263 | -€34,200 | -96.4% |
| Profit (loss) for the period | 9904 | €178,691 | -€229,745 | -€408,436 | |
| Profit (loss) for the period to be appropriated | 9905 | €178,691 | -€229,745 | -€408,436 |
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 14 October 2026 via checked.be.