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
- Receivables within one year +€55,111
up €55,111 (+68.2%), from €80,860 to €135,972
of which Other amounts receivable: +€123,453
- Cash -€7,232
down €7,232 (-49.7%), from €14,541 to €7,309
mainly Receivables within one year (-€55,111) and Current portion of long-term debt (-€1,475)
- Reserves +€24,183
up €24,183 (+39.3%), from €61,584 to €85,767
of which Distributable reserves: +€24,183
- Trade debts +€22,888
up €22,888 (+2750.1%), from €832 to €23,720
- Gross operating margin +€27,961
up €27,961, from -€4,308 to €23,653
- Financial income +€7,027
up €7,027, from €0 to €7,027
- Taxes +€4,581
up €4,581, from -€1,000 to €3,581
- Financial charges -€452
down €452 (-84.1%), from €537 to €85
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.
Cash bridge derived
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 | €126,032 | €172,210 | +€46,178 | +36.6% |
| Fixed assets | 21/28 | €6,700 | €5,627 | -€1,074 | -16.0% |
| Tangible fixed assets | 22/27 | €4,212 | €2,989 | -€1,224 | -29.1% |
| Furniture and vehicles | 24 | €4,212 | €2,989 | -€1,224 | -29.1% |
| Financial fixed assets | 28 | €2,488 | €2,638 | +€150 | +6.0% |
| Current assets | 29/58 | €119,332 | €166,583 | +€47,251 | +39.6% |
| Stocks and contracts in progress | 3 | €23,930 | €22,930 | -€1,000 | -4.2% |
| Stocks | 30/36 | €23,930 | €22,930 | -€1,000 | -4.2% |
| Amounts receivable within one year | 40/41 | €80,860 | €135,972 | +€55,111 | +68.2% |
| Trade receivables | 40 | €68,341 | €0 | -€68,341 | -100.0% |
| Other amounts receivable | 41 | €12,519 | €135,972 | +€123,453 | +986.1% |
| Cash at bank and in hand | 54/58 | €14,541 | €7,309 | -€7,232 | -49.7% |
| Deferred charges and accrued income | 490/1 | €0 | €373 | +€373 | |
| Total equity and liabilities | 10/49 | €126,032 | €172,210 | +€46,178 | +36.6% |
| Equity | 10/15 | €122,716 | €146,899 | +€24,183 | +19.7% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €61,584 | €85,767 | +€24,183 | +39.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €59,724 | €83,907 | +€24,183 | +40.5% |
| Profit (loss) carried forward | 14 | €48,132 | €48,132 | = | 0.0% |
| Amounts payable | 17/49 | €3,316 | €25,311 | +€21,995 | +663.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,316 | €25,311 | +€21,995 | +663.3% |
| Current portion of amounts payable after more than one year | 42 | €2,484 | €1,009 | -€1,475 | -59.4% |
| Trade debts | 44 | €832 | €23,720 | +€22,888 | +2750.1% |
| Suppliers | 440/4 | €832 | €23,720 | +€22,888 | +2750.1% |
| Taxes, remuneration and social security | 45 | - | €581 | +€581 | |
| Taxes | 450/3 | - | €581 | +€581 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,224 | €1,224 | = | 0.0% |
| Other operating charges | 640/8 | €1,674 | €1,607 | -€67 | -4.0% |
| Gross operating margin | 9900 | -€4,308 | €23,653 | +€27,961 | |
| Operating profit (loss) | 9901 | -€7,206 | €20,822 | +€28,028 | |
| Financial income | 75/76B | €0 | €7,027 | +€7,027 | |
| Recurring financial income | 75 | €0 | €7,027 | +€7,027 | |
| Financial charges | 65/66B | €537 | €85 | -€452 | -84.1% |
| Recurring financial charges | 65 | €537 | €85 | -€452 | -84.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,743 | €27,764 | +€35,507 | |
| Income taxes | 67/77 | -€1,000 | €3,581 | +€4,581 | |
| Profit (loss) for the period | 9904 | -€6,743 | €24,183 | +€30,926 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,743 | €24,183 | +€30,926 |
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 10 October 2026 via checked.be.