PAPYPOL: 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
PAPYPOL
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.6m
2024 · -€977+€2.6m
Equity
€5.7m
2024 · €3.1m+€2.6m
Cash
€23,440
2024 · €6,572+€16,867
Balance sheet total
€5.8m
2024 · €7.1m-€1.4m
Largest movements
Assets
- Tangible fixed assets -€2.4m
down €2.4m (-44.8%), from €5.3m to €3.0m
of which Land and buildings: -€2.4m
- Financial fixed assets +€1.1m
up €1.1m (+67.9%), from €1.6m to €2.7m
Equity and liabilities
- Reserves +€2.6m
up €2.6m (+98.0%), from €2.6m to €5.2m
of which Distributable reserves: +€2.6m
- Debts after one year -€2.4m
no longer reported in 2025 (was €2.4m)
- Other debts -€1.3m
no longer reported in 2025 (was €1.3m)
- Current portion of long-term debt -€266,765
no longer reported in 2025 (was €266,765)
Income statement
- Other operating income +€2.6m
up €2.6m (+8,677%), from €29,711 to €2.6m
- Turnover +€959,495
up €959,495 (+232%), from €413,322 to €1.4m
- Taxes +€904,407
up €904,407 (+249,919%), from €362 to €904,769
- Depreciation -€106,135
down €106,135 (-50.4%), from €210,560 to €104,425
- Services and other goods +€100,603
up €100,603 (+109%), from €92,217 to €192,820
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
-€977
Turnover
+€959,495
Other operating income
+€2.6m
Services and other goods
-€100,603
Depreciation
+€106,135
Other operating charges
-€12,335
Financial income
+€3,549
Financial charges
-€43,756
Taxes
-€904,407
Result 2025
€2.6m
raises the resultlowers the result
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
+€1.4m
Investment
+€1.3m
Financing
-€2.7m
Cash 2024
€6,572
From operations (derived)
+€1.4m
Net result for the year
+€2.6m
Depreciation
+€104,425
Receivables within one year
-€9,398
Deferred charges and accrued income
+€12,443
Smaller working-capital items
-€7,613
Other debts
-€1.3m
Accrued charges and deferred income
+€27,656
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€1.2m
Current investments
+€50,020
Financing
-€2.7m
Debts after one year
-€2.4m
Current portion of long-term debt
-€266,765
Cash 2025
€23,440
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,112,551 | €5,756,414 | -€1.4m | -19.1% |
| Fixed assets | 21/28 | €7,018,525 | €5,698,587 | -€1.3m | -18.8% |
| Intangible fixed assets | 21 | €74,918 | €66,961 | -€7,957 | -10.6% |
| Tangible fixed assets | 22/27 | €5,348,528 | €2,953,547 | -€2.4m | -44.8% |
| Land and buildings | 22 | €5,347,146 | €2,953,547 | -€2.4m | -44.8% |
| Plant, machinery and equipment | 23 | €1,270 | - | -€1,270 | |
| Furniture and vehicles | 24 | €112 | - | -€112 | |
| Financial fixed assets | 28 | €1,595,079 | €2,678,079 | +€1.1m | +67.9% |
| Affiliated companies | 280/1 | €1,595,079 | €2,678,079 | +€1.1m | +67.9% |
| Participating interests | 280 | €1,595,079 | €2,678,079 | +€1.1m | +67.9% |
| Current assets | 29/58 | €94,026 | €57,828 | -€36,198 | -38.5% |
| Amounts receivable within one year | 40/41 | €15,687 | €25,085 | +€9,398 | +59.9% |
| Trade receivables | 40 | €5,257 | €20,000 | +€14,743 | +280% |
| Other amounts receivable | 41 | €10,430 | €5,085 | -€5,345 | -51.2% |
| Current investments | 50/53 | €50,020 | - | -€50,020 | |
| Other investments | 51/53 | €50,020 | - | -€50,020 | |
| Cash at bank and in hand | 54/58 | €6,572 | €23,440 | +€16,867 | +257% |
| Deferred charges and accrued income | 490/1 | €21,746 | €9,303 | -€12,443 | -57.2% |
| Total equity and liabilities | 10/49 | €7,112,551 | €5,756,414 | -€1.4m | -19.1% |
| Equity | 10/15 | €3,125,097 | €5,710,091 | +€2.6m | +82.7% |
| Contributions | 10/11 | €486,150 | €486,150 | = | 0.0% |
| Capital | 10 | €486,150 | €486,150 | = | 0.0% |
| Issued capital | 100 | €486,150 | €486,150 | = | 0.0% |
| Reserves | 13 | €2,638,947 | €5,223,941 | +€2.6m | +98.0% |
| Non-distributable reserves | 130/1 | €48,615 | €48,615 | = | 0.0% |
| Legal reserve | 130 | €48,615 | €48,615 | = | 0.0% |
| Distributable reserves | 133 | €2,590,332 | €5,175,326 | +€2.6m | +99.8% |
| Amounts payable | 17/49 | €3,987,454 | €46,324 | -€3.9m | -98.8% |
| Amounts payable after more than one year | 17 | €2,416,667 | - | -€2.4m | |
| Financial debts | 170/4 | €2,416,667 | - | -€2.4m | |
| Credit institutions | 173 | €1,716,667 | - | -€1.7m | |
| Other loans | 174 | €700,000 | - | -€700,000 | |
| Amounts payable within one year | 42/48 | €1,569,902 | €17,783 | -€1.6m | -98.9% |
| Current portion of amounts payable after more than one year | 42 | €266,765 | - | -€266,765 | |
| Trade debts | 44 | €19,634 | €17,739 | -€1,895 | -9.6% |
| Suppliers | 440/4 | €19,634 | €17,739 | -€1,895 | -9.6% |
| Taxes, remuneration and social security | 45 | €5,762 | €44 | -€5,718 | -99.2% |
| Taxes | 450/3 | €5,762 | €44 | -€5,718 | -99.2% |
| Other amounts payable | 47/48 | €1,277,742 | - | -€1.3m | |
| Accrued charges and deferred income | 492/3 | €885 | €28,541 | +€27,656 | +3,125% |
| Operating income | 70/76A | €443,032 | €3,980,421 | +€3.5m | +798% |
| Turnover | 70 | €413,322 | €1,372,817 | +€959,495 | +232% |
| Other operating income | 74 | €29,711 | €2,607,604 | +€2.6m | +8,677% |
| Operating charges | 60/66A | €335,095 | €341,899 | +€6,803 | +2.0% |
| Services and other goods | 61 | €92,217 | €192,820 | +€100,603 | +109% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,560 | €104,425 | -€106,135 | -50.4% |
| Other operating charges | 640/8 | €32,319 | €44,654 | +€12,335 | +38.2% |
| Operating profit (loss) | 9901 | €107,937 | €3,638,523 | +€3.5m | +3,271% |
| Financial income | 75/76B | €1,492 | €5,041 | +€3,549 | +238% |
| Recurring financial income | 75 | €1,492 | €5,041 | +€3,549 | +238% |
| Income from current assets | 751 | €1,492 | - | -€1,492 | |
| Other financial income | 752/9 | - | €5,041 | +€5,041 | |
| Financial charges | 65/66B | €110,044 | €153,800 | +€43,756 | +39.8% |
| Recurring financial charges | 65 | €110,044 | €153,800 | +€43,756 | +39.8% |
| Debt charges | 650 | €94,856 | - | -€94,856 | |
| Other financial charges | 652/9 | €15,188 | €153,800 | +€138,612 | +913% |
| Profit (loss) for the period before taxes | 9903 | -€615 | €3,489,763 | +€3.5m | |
| Income taxes | 67/77 | €362 | €904,769 | +€904,407 | +249,919% |
| Taxes | 670/3 | €362 | €904,769 | +€904,407 | +249,919% |
| Profit (loss) for the period | 9904 | -€977 | €2,584,994 | +€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€977 | €2,584,994 | +€2.6m |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.