POPAY BE: 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.
POPAY BE
Largest movements
- Receivables within one year +€152,024
up €152,024 (+14.6%), from €1.0m to €1.2m
of which Trade receivables: +€152,318
- Cash +€150,973
up €150,973 (+238%), from €63,479 to €214,452
mainly Net result for the year (+€240,967) and Trade debts (+€210,763)
- Reserves +€240,967
up €240,967 (+39.6%), from €607,988 to €848,955
- Trade debts +€210,763
up €210,763 (+114%), from €184,950 to €395,713
- Tax, wage and social debts -€131,620
down €131,620 (-52.7%), from €249,752 to €118,131
of which Taxes: -€128,864
- Other debts -€86,011
down €86,011 (-50.0%), from €171,879 to €85,868
- Short-term financial debts +€62,516
up €62,516 (+417%), from €15,000 to €77,516
of which Other loans: +€32,516
- Staff costs +€63,919
up €63,919 (+10.5%), from €610,355 to €674,275
- Gross operating margin -€44,086
down €44,086 (-4.1%), from €1.1m to €1.0m
- Depreciation +€17,633
up €17,633 (+866%), from €2,037 to €19,669
- Taxes +€10,749
up €10,749 (+13.7%), from €78,598 to €89,347
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 | €1,249,569 | €1,563,033 | +€313,464 | +25.1% |
| Fixed assets | 21/28 | €33,711 | €41,133 | +€7,421 | +22.0% |
| Tangible fixed assets | 22/27 | €24,611 | €32,033 | +€7,421 | +30.2% |
| Plant, machinery and equipment | 23 | €3,800 | €2,850 | -€950 | -25.0% |
| Furniture and vehicles | 24 | €20,811 | €29,183 | +€8,371 | +40.2% |
| Financial fixed assets | 28 | €9,100 | €9,100 | = | 0.0% |
| Current assets | 29/58 | €1,215,858 | €1,521,901 | +€306,043 | +25.2% |
| Amounts receivable after more than one year | 29 | €100,000 | €97,150 | -€2,850 | -2.9% |
| Other amounts receivable | 291 | €100,000 | €97,150 | -€2,850 | -2.9% |
| Amounts receivable within one year | 40/41 | €1,044,650 | €1,196,674 | +€152,024 | +14.6% |
| Trade receivables | 40 | €980,202 | €1,132,520 | +€152,318 | +15.5% |
| Other amounts receivable | 41 | €64,448 | €64,154 | -€294 | -0.5% |
| Cash at bank and in hand | 54/58 | €63,479 | €214,452 | +€150,973 | +238% |
| Deferred charges and accrued income | 490/1 | €7,729 | €13,625 | +€5,896 | +76.3% |
| Total equity and liabilities | 10/49 | €1,249,569 | €1,563,033 | +€313,464 | +25.1% |
| Equity | 10/15 | €627,988 | €868,955 | +€240,967 | +38.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €607,988 | €848,955 | +€240,967 | +39.6% |
| Distributable reserves | 133 | €607,988 | €848,955 | +€240,967 | +39.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €621,581 | €694,078 | +€72,498 | +11.7% |
| Amounts payable within one year | 42/48 | €621,581 | €694,078 | +€72,498 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | - | €16,850 | +€16,850 | |
| Financial debts | 43 | €15,000 | €77,516 | +€62,516 | +417% |
| Credit institutions | 430/8 | €15,000 | €45,000 | +€30,000 | +200% |
| Other loans | 439 | - | €32,516 | +€32,516 | |
| Trade debts | 44 | €184,950 | €395,713 | +€210,763 | +114% |
| Suppliers | 440/4 | €184,950 | €395,713 | +€210,763 | +114% |
| Taxes, remuneration and social security | 45 | €249,752 | €118,131 | -€131,620 | -52.7% |
| Taxes | 450/3 | €176,784 | €47,920 | -€128,864 | -72.9% |
| Remuneration and social security | 454/9 | €72,967 | €70,212 | -€2,756 | -3.8% |
| Other amounts payable | 47/48 | €171,879 | €85,868 | -€86,011 | -50.0% |
| Remuneration, social security and pensions | 62 | €610,355 | €674,275 | +€63,919 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,037 | €19,669 | +€17,633 | +866% |
| Other operating charges | 640/8 | €1,374 | €1,214 | -€161 | -11.7% |
| Gross operating margin | 9900 | €1,068,383 | €1,024,297 | -€44,086 | -4.1% |
| Operating profit (loss) | 9901 | €454,617 | €329,139 | -€125,478 | -27.6% |
| Financial income | 75/76B | €3,841 | €7,534 | +€3,693 | +96.1% |
| Recurring financial income | 75 | €3,841 | €7,534 | +€3,693 | +96.1% |
| Financial charges | 65/66B | €5,229 | €6,360 | +€1,132 | +21.6% |
| Recurring financial charges | 65 | €5,229 | €6,360 | +€1,132 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €453,230 | €330,313 | -€122,916 | -27.1% |
| Income taxes | 67/77 | €78,598 | €89,347 | +€10,749 | +13.7% |
| Profit (loss) for the period | 9904 | €374,632 | €240,967 | -€133,665 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €374,632 | €240,967 | -€133,665 | -35.7% |
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 14 October 2026 via checked.be.