PAPYRUS: what changed
Two fiscal 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
- Tangible fixed assets +€144,715
up €144,715 (+34.5%), from €420,059 to €564,774
of which Land and buildings: +€144,288
- Receivables within one year -€92,681
down €92,681 (-84.7%), from €109,445 to €16,764
of which Trade receivables: -€79,457
- Receivables after one year -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Stocks and contracts +€45,143
up €45,143 (+42.8%), from €105,481 to €150,624
- Cash -€22,822
down €22,822 (-36.3%), from €62,899 to €40,077
mainly Investment in fixed assets (net) (-€176,101) and Stocks and contracts (-€45,143)
- Other debts +€91,325
up €91,325 (+114155.7%), from €80 to €91,405
- Debts after one year -€39,957
down €39,957 (-17.0%), from €235,605 to €195,648
- Reserves -€13,317
down €13,317 (-3.2%), from €421,004 to €407,687
- Trade debts -€10,531
down €10,531 (-30.8%), from €34,169 to €23,638
- Depreciation +€7,580
up €7,580 (+31.8%), from €23,807 to €31,386
- Staff costs +€2,555
up €2,555 (+3.3%), from €77,340 to €79,894
- Taxes -€2,150
down €2,150 (-29.0%), from €7,405 to €5,255
- Financial charges -€1,629
down €1,629 (-7.5%), from €21,628 to €19,999
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 | €767,894 | €789,948 | +€22,055 | +2.9% |
| Fixed assets | 21/28 | €420,069 | €564,784 | +€144,715 | +34.5% |
| Tangible fixed assets | 22/27 | €420,059 | €564,774 | +€144,715 | +34.5% |
| Land and buildings | 22 | €405,094 | €549,382 | +€144,288 | +35.6% |
| Plant, machinery and equipment | 23 | €3,590 | €6,133 | +€2,543 | +70.8% |
| Furniture and vehicles | 24 | €11,375 | €9,259 | -€2,116 | -18.6% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €347,824 | €225,164 | -€122,660 | -35.3% |
| Amounts receivable after more than one year | 29 | €70,000 | €0 | -€70,000 | -100.0% |
| Other amounts receivable | 291 | €70,000 | €0 | -€70,000 | -100.0% |
| Stocks and contracts in progress | 3 | €105,481 | €150,624 | +€45,143 | +42.8% |
| Stocks | 30/36 | €105,481 | €150,624 | +€45,143 | +42.8% |
| Amounts receivable within one year | 40/41 | €109,445 | €16,764 | -€92,681 | -84.7% |
| Trade receivables | 40 | €79,457 | €0 | -€79,457 | -100.0% |
| Other amounts receivable | 41 | €29,988 | €16,764 | -€13,224 | -44.1% |
| Cash at bank and in hand | 54/58 | €62,899 | €40,077 | -€22,822 | -36.3% |
| Deferred charges and accrued income | 490/1 | - | €17,699 | +€17,699 | |
| Total equity and liabilities | 10/49 | €767,894 | €789,948 | +€22,055 | +2.9% |
| Equity | 10/15 | €439,604 | €426,287 | -€13,317 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €421,004 | €407,687 | -€13,317 | -3.2% |
| Distributable reserves | 133 | €421,004 | €407,687 | -€13,317 | -3.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €328,289 | €363,661 | +€35,372 | +10.8% |
| Amounts payable after more than one year | 17 | €235,605 | €195,648 | -€39,957 | -17.0% |
| Financial debts | 170/4 | €235,605 | €195,648 | -€39,957 | -17.0% |
| Amounts payable within one year | 42/48 | €92,684 | €168,013 | +€75,329 | +81.3% |
| Current portion of amounts payable after more than one year | 42 | €43,683 | €39,957 | -€3,726 | -8.5% |
| Trade debts | 44 | €34,169 | €23,638 | -€10,531 | -30.8% |
| Suppliers | 440/4 | €34,169 | €23,638 | -€10,531 | -30.8% |
| Taxes, remuneration and social security | 45 | €14,751 | €13,013 | -€1,738 | -11.8% |
| Taxes | 450/3 | €5,786 | €2,705 | -€3,082 | -53.3% |
| Remuneration and social security | 454/9 | €8,965 | €10,309 | +€1,344 | +15.0% |
| Other amounts payable | 47/48 | €80 | €91,405 | +€91,325 | +114155.7% |
| Remuneration, social security and pensions | 62 | €77,340 | €79,894 | +€2,555 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,807 | €31,386 | +€7,580 | +31.8% |
| Other operating charges | 640/8 | €3,375 | €3,598 | +€223 | +6.6% |
| Gross operating margin | 9900 | €148,568 | €148,410 | -€158 | -0.1% |
| Operating profit (loss) | 9901 | €44,046 | €33,531 | -€10,515 | -23.9% |
| Financial income | 75/76B | €2,144 | €783 | -€1,361 | -63.5% |
| Recurring financial income | 75 | €2,144 | €783 | -€1,361 | -63.5% |
| Financial charges | 65/66B | €21,628 | €19,999 | -€1,629 | -7.5% |
| Recurring financial charges | 65 | €21,628 | €19,999 | -€1,629 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €24,563 | €14,315 | -€10,247 | -41.7% |
| Income taxes | 67/77 | €7,405 | €5,255 | -€2,150 | -29.0% |
| Profit (loss) for the period | 9904 | €17,158 | €9,060 | -€8,098 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,158 | €9,060 | -€8,098 | -47.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.