PAPYRUS.T: 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.T
Largest movements
- Tangible fixed assets -€88,580
down €88,580 (-21.9%), from €403,902 to €315,322
of which Other tangible fixed assets: -€50,742
- Receivables within one year +€14,657
up €14,657 (+97.4%), from €15,054 to €29,711
of which Other amounts receivable: +€13,392
- Cash +€13,363
up €13,363 (+20.0%), from €66,764 to €80,127
mainly Depreciation (+€94,993) and Net result for the year (+€72,027)
- Deferred charges and accrued income -€6,070
down €6,070 (-63.7%), from €9,529 to €3,459
- Profit (loss) carried forward +€72,027
up €72,027, from -€29,520 to €42,507
- Trade debts -€69,084
down €69,084 (-60.1%), from €114,885 to €45,800
- Debts after one year -€52,798
down €52,798 (-20.7%), from €254,750 to €201,952
- Other debts -€45,220
down €45,220 (-68.8%), from €65,737 to €20,517
- Current portion of long-term debt +€26,174
up €26,174 (+45.8%), from €57,202 to €83,376
- Staff costs +€41,800
up €41,800 (+9.9%), from €423,181 to €464,980
- Taxes +€29,388
up €29,388 (+4505.1%), from €652 to €30,040
- Gross operating margin +€16,414
up €16,414 (+2.5%), from €662,960 to €679,374
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 | €556,374 | €495,319 | -€61,055 | -11.0% |
| Fixed assets | 21/28 | €403,902 | €315,772 | -€88,130 | -21.8% |
| Tangible fixed assets | 22/27 | €403,902 | €315,322 | -€88,580 | -21.9% |
| Plant, machinery and equipment | 23 | €73,118 | €47,287 | -€25,831 | -35.3% |
| Furniture and vehicles | 24 | €22,741 | €10,734 | -€12,007 | -52.8% |
| Other tangible fixed assets | 26 | €308,043 | €257,301 | -€50,742 | -16.5% |
| Financial fixed assets | 28 | - | €450 | +€450 | |
| Current assets | 29/58 | €152,472 | €179,547 | +€27,075 | +17.8% |
| Stocks and contracts in progress | 3 | €61,125 | €66,250 | +€5,125 | +8.4% |
| Stocks | 30/36 | €61,125 | €66,250 | +€5,125 | +8.4% |
| Amounts receivable within one year | 40/41 | €15,054 | €29,711 | +€14,657 | +97.4% |
| Trade receivables | 40 | €552 | €1,817 | +€1,265 | +229.1% |
| Other amounts receivable | 41 | €14,502 | €27,894 | +€13,392 | +92.3% |
| Cash at bank and in hand | 54/58 | €66,764 | €80,127 | +€13,363 | +20.0% |
| Deferred charges and accrued income | 490/1 | €9,529 | €3,459 | -€6,070 | -63.7% |
| Total equity and liabilities | 10/49 | €556,374 | €495,319 | -€61,055 | -11.0% |
| Equity | 10/15 | -€4,520 | €67,507 | +€72,027 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,520 | €42,507 | +€72,027 | |
| Amounts payable | 17/49 | €560,895 | €427,812 | -€133,082 | -23.7% |
| Amounts payable after more than one year | 17 | €254,750 | €201,952 | -€52,798 | -20.7% |
| Financial debts | 170/4 | €254,750 | €201,952 | -€52,798 | -20.7% |
| Amounts payable within one year | 42/48 | €306,144 | €225,860 | -€80,284 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €57,202 | €83,376 | +€26,174 | +45.8% |
| Trade debts | 44 | €114,885 | €45,800 | -€69,084 | -60.1% |
| Suppliers | 440/4 | €114,885 | €45,800 | -€69,084 | -60.1% |
| Taxes, remuneration and social security | 45 | €68,321 | €76,168 | +€7,847 | +11.5% |
| Taxes | 450/3 | €22,255 | €24,858 | +€2,603 | +11.7% |
| Remuneration and social security | 454/9 | €46,066 | €51,310 | +€5,243 | +11.4% |
| Other amounts payable | 47/48 | €65,737 | €20,517 | -€45,220 | -68.8% |
| Remuneration, social security and pensions | 62 | €423,181 | €464,980 | +€41,800 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,297 | €94,993 | -€1,305 | -1.4% |
| Other operating charges | 640/8 | €2,046 | €3,993 | +€1,947 | +95.2% |
| Gross operating margin | 9900 | €662,960 | €679,374 | +€16,414 | +2.5% |
| Operating profit (loss) | 9901 | €141,436 | €115,408 | -€26,028 | -18.4% |
| Financial income | 75/76B | €0 | €25 | +€24 | +5616.3% |
| Recurring financial income | 75 | €0 | €25 | +€24 | +5616.3% |
| Financial charges | 65/66B | €15,981 | €13,366 | -€2,615 | -16.4% |
| Recurring financial charges | 65 | €15,981 | €13,366 | -€2,615 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €125,456 | €102,067 | -€23,389 | -18.6% |
| Income taxes | 67/77 | €652 | €30,040 | +€29,388 | +4505.1% |
| Profit (loss) for the period | 9904 | €124,804 | €72,027 | -€52,777 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €124,804 | €72,027 | -€52,777 | -42.3% |
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 11 October 2026 via checked.be.