PapSeven: 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.
PapSeven
Largest movements
- Tangible fixed assets -€41,346
down €41,346 (-5.2%), from €799,799 to €758,453
of which Land and buildings: -€31,554
- Stocks and contracts +€34,366
up €34,366 (+17.5%), from €196,903 to €231,269
- Cash +€11,188
up €11,188 (+154%), from €7,284 to €18,472
mainly Depreciation (+€42,379) and Trade debts (+€33,766)
- Debts after one year -€54,499
down €54,499 (-9.8%), from €556,279 to €501,780
- Trade debts +€33,766
up €33,766 (+50.8%), from €66,520 to €100,286
- Profit (loss) carried forward +€29,475
up €29,475 (+42.2%), from €69,904 to €99,379
- Accrued charges and deferred income -€11,495
no longer reported in 2025 (was €11,495)
- Gross operating margin -€10,317
down €10,317 (-4.2%), from €246,274 to €235,958
- Staff costs -€6,329
down €6,329 (-4.7%), from €135,827 to €129,498
- Taxes +€5,056
up €5,056 (+3,950%), from €128 to €5,184
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 | €1,012,939 | €1,018,246 | +€5,306 | +0.5% |
| Fixed assets | 21/28 | €800,084 | €758,738 | -€41,346 | -5.2% |
| Tangible fixed assets | 22/27 | €799,799 | €758,453 | -€41,346 | -5.2% |
| Land and buildings | 22 | €742,586 | €711,032 | -€31,554 | -4.2% |
| Plant, machinery and equipment | 23 | €55,689 | €45,611 | -€10,078 | -18.1% |
| Furniture and vehicles | 24 | €1,524 | €1,810 | +€286 | +18.8% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €212,855 | €259,508 | +€46,652 | +21.9% |
| Stocks and contracts in progress | 3 | €196,903 | €231,269 | +€34,366 | +17.5% |
| Stocks | 30/36 | €196,903 | €231,269 | +€34,366 | +17.5% |
| Amounts receivable within one year | 40/41 | €5,610 | €3,036 | -€2,575 | -45.9% |
| Trade receivables | 40 | €4,392 | €2,664 | -€1,729 | -39.4% |
| Other amounts receivable | 41 | €1,218 | €372 | -€846 | -69.5% |
| Cash at bank and in hand | 54/58 | €7,284 | €18,472 | +€11,188 | +154% |
| Deferred charges and accrued income | 490/1 | €3,058 | €6,731 | +€3,673 | +120% |
| Total equity and liabilities | 10/49 | €1,012,939 | €1,018,246 | +€5,306 | +0.5% |
| Equity | 10/15 | €90,364 | €119,839 | +€29,475 | +32.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,904 | €99,379 | +€29,475 | +42.2% |
| Amounts payable | 17/49 | €922,575 | €898,407 | -€24,169 | -2.6% |
| Amounts payable after more than one year | 17 | €556,279 | €501,780 | -€54,499 | -9.8% |
| Financial debts | 170/4 | €556,279 | €501,780 | -€54,499 | -9.8% |
| Amounts payable within one year | 42/48 | €354,801 | €396,626 | +€41,826 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €64,051 | €72,855 | +€8,804 | +13.7% |
| Trade debts | 44 | €66,520 | €100,286 | +€33,766 | +50.8% |
| Suppliers | 440/4 | €66,520 | €100,286 | +€33,766 | +50.8% |
| Taxes, remuneration and social security | 45 | €34,575 | €42,468 | +€7,893 | +22.8% |
| Taxes | 450/3 | €8,555 | €13,328 | +€4,773 | +55.8% |
| Remuneration and social security | 454/9 | €26,020 | €29,140 | +€3,119 | +12.0% |
| Other amounts payable | 47/48 | €189,654 | €181,017 | -€8,637 | -4.6% |
| Accrued charges and deferred income | 492/3 | €11,495 | - | -€11,495 | |
| Remuneration, social security and pensions | 62 | €135,827 | €129,498 | -€6,329 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,659 | €42,379 | -€2,280 | -5.1% |
| Other operating charges | 640/8 | €12,649 | €13,157 | +€508 | +4.0% |
| Non-recurring operating charges | 66A | €1,987 | €1,163 | -€823 | -41.5% |
| Gross operating margin | 9900 | €246,274 | €235,958 | -€10,317 | -4.2% |
| Operating profit (loss) | 9901 | €51,152 | €49,760 | -€1,392 | -2.7% |
| Financial income | 75/76B | €331 | €256 | -€76 | -22.8% |
| Recurring financial income | 75 | €331 | €256 | -€76 | -22.8% |
| Financial charges | 65/66B | €16,705 | €15,356 | -€1,349 | -8.1% |
| Recurring financial charges | 65 | €16,705 | €15,356 | -€1,349 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €34,779 | €34,659 | -€119 | -0.3% |
| Income taxes | 67/77 | €128 | €5,184 | +€5,056 | +3,950% |
| Profit (loss) for the period | 9904 | €34,651 | €29,475 | -€5,176 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,651 | €29,475 | -€5,176 | -14.9% |
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.