PAPYRUS: 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.
PAPYRUS
Largest movements
- Cash +€14,899
up €14,899 (+44.3%), from €33,648 to €48,546
mainly Trade debts (+€16,022) and Debts after one year (+€15,378)
- Stocks and contracts +€7,060
up €7,060 (+14.7%), from €47,876 to €54,936
- Tangible fixed assets +€4,334
up €4,334 (+7.0%), from €62,181 to €66,514
of which Land and buildings: +€4,453
- Receivables within one year +€2,436
up €2,436 (+607%), from €401 to €2,837
of which Trade receivables: +€2,300
- Trade debts +€16,022
up €16,022 (+63.2%), from €25,333 to €41,355
- Debts after one year +€15,378
up €15,378 (+21.1%), from €73,050 to €88,428
of which Other amounts payable: +€9,999
- Short-term financial debts -€9,676
no longer reported in 2025 (was €9,676)
- Profit (loss) carried forward +€4,933
up €4,933 (+12.9%), from -€38,190 to -€33,257
- Gross operating margin +€18,182
up €18,182 (+45.5%), from €39,966 to €58,148
- Staff costs +€1,172
up €1,172 (+2.8%), from €41,360 to €42,532
- Financial charges +€808
up €808 (+21.3%), from €3,789 to €4,597
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 | €157,502 | €186,214 | +€28,712 | +18.2% |
| Fixed assets | 21/28 | €62,305 | €66,638 | +€4,334 | +7.0% |
| Tangible fixed assets | 22/27 | €62,181 | €66,514 | +€4,334 | +7.0% |
| Land and buildings | 22 | €62,062 | €66,514 | +€4,453 | +7.2% |
| Plant, machinery and equipment | 23 | €119 | - | -€119 | |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €95,197 | €119,575 | +€24,378 | +25.6% |
| Stocks and contracts in progress | 3 | €47,876 | €54,936 | +€7,060 | +14.7% |
| Stocks | 30/36 | €47,876 | €54,936 | +€7,060 | +14.7% |
| Amounts receivable within one year | 40/41 | €401 | €2,837 | +€2,436 | +607% |
| Trade receivables | 40 | €396 | €2,696 | +€2,300 | +581% |
| Other amounts receivable | 41 | €6 | €142 | +€136 | +2,423% |
| Cash at bank and in hand | 54/58 | €33,648 | €48,546 | +€14,899 | +44.3% |
| Deferred charges and accrued income | 490/1 | €13,272 | €13,255 | -€16 | -0.1% |
| Total equity and liabilities | 10/49 | €157,502 | €186,214 | +€28,712 | +18.2% |
| Equity | 10/15 | €34,300 | €39,233 | +€4,933 | +14.4% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €27,490 | €27,490 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,493 | €9,493 | = | 0.0% |
| Distributable reserves | 133 | €17,997 | €17,997 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,190 | -€33,257 | +€4,933 | +12.9% |
| Amounts payable | 17/49 | €123,201 | €146,980 | +€23,779 | +19.3% |
| Amounts payable after more than one year | 17 | €73,050 | €88,428 | +€15,378 | +21.1% |
| Financial debts | 170/4 | - | €5,379 | +€5,379 | |
| Other amounts payable | 178/9 | €73,050 | €83,048 | +€9,999 | +13.7% |
| Amounts payable within one year | 42/48 | €50,152 | €58,553 | +€8,401 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €1,732 | €2,552 | +€819 | +47.3% |
| Financial debts | 43 | €9,676 | - | -€9,676 | |
| Credit institutions | 430/8 | €9,676 | - | -€9,676 | |
| Trade debts | 44 | €25,333 | €41,355 | +€16,022 | +63.2% |
| Suppliers | 440/4 | €25,333 | €41,355 | +€16,022 | +63.2% |
| Taxes, remuneration and social security | 45 | €13,410 | €14,647 | +€1,236 | +9.2% |
| Taxes | 450/3 | €244 | €900 | +€656 | +269% |
| Remuneration and social security | 454/9 | €13,166 | €13,746 | +€580 | +4.4% |
| Remuneration, social security and pensions | 62 | €41,360 | €42,532 | +€1,172 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,230 | €4,180 | -€50 | -1.2% |
| Other operating charges | 640/8 | €1,737 | €1,958 | +€221 | +12.7% |
| Gross operating margin | 9900 | €39,966 | €58,148 | +€18,182 | +45.5% |
| Operating profit (loss) | 9901 | -€7,362 | €9,478 | +€16,839 | |
| Financial income | 75/76B | €1 | €52 | +€51 | +6,281% |
| Recurring financial income | 75 | €1 | €52 | +€51 | +6,281% |
| Financial charges | 65/66B | €3,789 | €4,597 | +€808 | +21.3% |
| Recurring financial charges | 65 | €3,789 | €4,597 | +€808 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,150 | €4,933 | +€16,083 | |
| Profit (loss) for the period | 9904 | -€11,150 | €4,933 | +€16,083 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,150 | €4,933 | +€16,083 |
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 17 October 2026 via checked.be.