PAPY JO: what changed
PAPY JO
Largest movements
- Tangible fixed assets -€26,911
down €26,911 (-8.7%), from €310,876 to €283,964
of which Plant, machinery and equipment: -€16,002
- Receivables within one year +€8,493
up €8,493 (+97.1%), from €8,744 to €17,237
of which Trade receivables: +€7,912
- Debts after one year -€32,034
down €32,034 (-13.2%), from €242,848 to €210,814
- Other debts +€30,546
up €30,546 (+31.6%), from €96,613 to €127,159
- Profit (loss) carried forward -€22,367
down €22,367 (-28.3%), from -€79,109 to -€101,476
- Trade debts +€4,525
up €4,525 (+52.1%), from €8,679 to €13,204
- Gross operating margin -€19,200
down €19,200 (-44.1%), from €43,493 to €24,293
- Staff costs -€2,346
down €2,346 (-29.6%), from €7,925 to €5,578
- Depreciation +€1,134
up €1,134 (+4.4%), from €25,778 to €26,911
- Other operating charges -€702
down €702 (-23.7%), from €2,965 to €2,263
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €326,561 | €308,173 | -€18,389 | -5.6% |
| Fixed assets | 21/28 | €310,876 | €283,964 | -€26,911 | -8.7% |
| Tangible fixed assets | 22/27 | €310,876 | €283,964 | -€26,911 | -8.7% |
| Land and buildings | 22 | €130,915 | €120,005 | -€10,910 | -8.3% |
| Plant, machinery and equipment | 23 | €179,961 | €163,959 | -€16,002 | -8.9% |
| Current assets | 29/58 | €15,686 | €24,209 | +€8,523 | +54.3% |
| Stocks and contracts in progress | 3 | €2,789 | €3,211 | +€422 | +15.1% |
| Stocks | 30/36 | €2,789 | €3,211 | +€422 | +15.1% |
| Amounts receivable within one year | 40/41 | €8,744 | €17,237 | +€8,493 | +97.1% |
| Trade receivables | 40 | €7,294 | €15,206 | +€7,912 | +108% |
| Other amounts receivable | 41 | €1,450 | €2,030 | +€581 | +40.1% |
| Cash at bank and in hand | 54/58 | €4,153 | €3,761 | -€391 | -9.4% |
| Total equity and liabilities | 10/49 | €326,561 | €308,173 | -€18,389 | -5.6% |
| Equity | 10/15 | -€58,649 | -€81,016 | -€22,367 | -38.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,109 | -€101,476 | -€22,367 | -28.3% |
| Amounts payable | 17/49 | €385,210 | €389,189 | +€3,979 | +1.0% |
| Amounts payable after more than one year | 17 | €242,848 | €210,814 | -€32,034 | -13.2% |
| Financial debts | 170/4 | €242,848 | €210,814 | -€32,034 | -13.2% |
| Amounts payable within one year | 42/48 | €139,867 | €178,375 | +€38,508 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €30,559 | €32,034 | +€1,475 | +4.8% |
| Trade debts | 44 | €8,679 | €13,204 | +€4,525 | +52.1% |
| Suppliers | 440/4 | €8,679 | €13,204 | +€4,525 | +52.1% |
| Taxes, remuneration and social security | 45 | €4,016 | €5,977 | +€1,962 | +48.9% |
| Taxes | 450/3 | €1,483 | €1,339 | -€144 | -9.7% |
| Remuneration and social security | 454/9 | €2,533 | €4,638 | +€2,105 | +83.1% |
| Other amounts payable | 47/48 | €96,613 | €127,159 | +€30,546 | +31.6% |
| Accrued charges and deferred income | 492/3 | €2,495 | - | -€2,495 | |
| Remuneration, social security and pensions | 62 | €7,925 | €5,578 | -€2,346 | -29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,778 | €26,911 | +€1,134 | +4.4% |
| Other operating charges | 640/8 | €2,965 | €2,263 | -€702 | -23.7% |
| Gross operating margin | 9900 | €43,493 | €24,293 | -€19,200 | -44.1% |
| Operating profit (loss) | 9901 | €6,826 | -€10,459 | -€17,286 | |
| Financial charges | 65/66B | €11,371 | €11,780 | +€409 | +3.6% |
| Recurring financial charges | 65 | €11,371 | €11,780 | +€409 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,545 | -€22,239 | -€17,694 | -389% |
| Income taxes | 67/77 | €131 | €128 | -€3 | -2.1% |
| Profit (loss) for the period | 9904 | -€4,676 | -€22,367 | -€17,692 | -378% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,676 | -€22,367 | -€17,692 | -378% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.