PAPAY
0864.681.754 · rovalta.com · 24/09/2026
ACTIVE
PAPAY
Financial year 2025 · closed on 31/12/2025
Net result
23,5 k €
+857.1% YoY
Gross margin
139,9 k €
+18.0% YoY
Equity
110,6 k €
+27.0% YoY
Overview
What does PAPAY do?
PAPAY is a Private limited company incorporated in 2004. Its registered office is in Etterbeek.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0864.681.754
Incorporation
13/04/2004
Legal form
Private limited company
Registered office
Chaussée de Wavre 382
1040 Etterbeek · BruxellesSee on map
1040 Etterbeek · BruxellesSee on map
Contributed capital
18 600,00 €
Latest accounts
31/12/2025
Joint committees (1)
- 201
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA
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Financials
Trend over 19 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2007 | 2006 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||||
| Gross margin | 139,9 k € | +18.0% | 118,6 k € | -13.3% | 136,8 k € | +18.0% | 115,9 k € | +106% | 56,3 k € | +16.9% | 48,1 k € | -31.5% | 70,3 k € | +64.0% | 42,9 k € | +61.7% | 26,5 k € | +4.5% | 25,4 k € | +69.9% | 14,9 k € | +53.0% | 9,8 k € | +9.6% | 8,9 k € | -49.0% | 17,5 k € | -37.6% | 28 k € | +95.0% | 14,4 k € | -62.5% | 38,3 k € | -1.7% | 39 k € | +18.1% | 33 k € |
| EBITDA | 40,9 k € | +2602% | 1,5 k € | -92.7% | 20,8 k € | -36.8% | 32,8 k € | +89.7% | 17,3 k € | +24.9% | 13,9 k € | -18.1% | 16,9 k € | +3255% | -536,4 € | +81.7% | -2,9 k € | -143% | 6,8 k € | +632% | -1,3 k € | +72.3% | -4,6 k € | +64.0% | -12,7 k € | -8885% | 145 € | -99.2% | 17,5 k € | +163% | 6,6 k € | +10.0% | 6 k € | -41.0% | 10,2 k € | +15.8% | 8,8 k € |
| Operating result | 36,5 k € | +1790% | -2,2 k € | -112% | 17,8 k € | -44.1% | 31,8 k € | +112% | 15 k € | +23.8% | 12,1 k € | -20.1% | 15,2 k € | +2933% | -536,4 € | +82.8% | -3,1 k € | -152% | 6 k € | +350% | -2,4 k € | +58.8% | -5,8 k € | +67.5% | -17,9 k € | -279% | -4,7 k € | -140% | 11,7 k € | +941% | 1,1 k € | +6000% | -19 € | -100% | 8,2 k € | +17.8% | 7 k € |
| Net result | 23,5 k € | +857% | 2,5 k € | -83.9% | 15,3 k € | -41.4% | 26 k € | +226% | 8 k € | -36.8% | 12,6 k € | -4.9% | 13,3 k € | +614% | -2,6 k € | +73.4% | -9,7 k € | -276% | 5,5 k € | +349% | -2,2 k € | -22.7% | -1,8 k € | +90.1% | -18,2 k € | -169% | -6,7 k € | -184% | 8 k € | +8063% | 98 € | -93.0% | 1,4 k € | -76.9% | 6,1 k € | +26.1% | 4,8 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||
| Equity | 110,6 k € | +27.0% | 87,1 k € | +2.9% | 84,6 k € | +22.0% | 69,4 k € | +60.1% | 43,3 k € | +22.6% | 35,3 k € | +55.7% | 22,7 k € | +141% | 9,4 k € | -21.5% | 12 k € | -43.3% | 21,2 k € | +30.7% | 16,2 k € | -12.0% | 18,4 k € | -8.9% | 20,2 k € | -47.3% | 38,4 k € | -15.0% | 45,1 k € | +21.6% | 37,1 k € | +0.3% | 37 k € | -0.0% | 37 k € | +19.6% | 31 k € |
| Total assets | 181,9 k € | +36.8% | 133 k € | -2.1% | 135,8 k € | +1.3% | 134,1 k € | +62.5% | 82,5 k € | +110% | 39,4 k € | +13.0% | 34,8 k € | +129% | 15,2 k € | +24.0% | 12,3 k € | -42.1% | 21,2 k € | -25.2% | 28,3 k € | +18.1% | 24 k € | -4.3% | 25 k € | -44.2% | 44,9 k € | -24.6% | 59,5 k € | +18.7% | 50,1 k € | -7.3% | 54,1 k € | +12.8% | 48 k € | +19.9% | 40 k € |
| Cash | 82,8 k € | -26.5% | 112,6 k € | +8.7% | 103,6 k € | -14.5% | 121,1 k € | +72.4% | 70,3 k € | +141% | 29,1 k € | +22.5% | 23,8 k € | +186% | 8,3 k € | +62.0% | 5,1 k € | -1.2% | 5,2 k € | +82.4% | 2,8 k € | +52.6% | 1,9 k € | -59.8% | 4,6 k € | -35.4% | 7,2 k € | -48.6% | 14 k € | +132% | 6 k € | -27.0% | 8,3 k € | +13.0% | 7,3 k € | -22.1% | 9,4 k € |
| Debts | 71,3 k € | +55.5% | 45,9 k € | -10.4% | 51,2 k € | -20.9% | 64,7 k € | +65.2% | 39,2 k € | +873% | 4 k € | -66.9% | 12,1 k € | +110% | 5,8 k € | +2133% | 258,9 € | – | 12,1 k € | +118% | 5,6 k € | +14.9% | 4,8 k € | -12.0% | 5,5 k € | -61.9% | 14,4 k € | +18.3% | 12,2 k € | -28.7% | 17,1 k € | +56.3% | 10,9 k € | +21.0% | 9 k € | ||
| Other | |||||||||||||||||||||||||||||||||||||
| Workforce | – | – | – | – | – | – | 1,3 ETP | – | – | – | – | 0,7 ETP | 0.0% | 0,7 ETP | +16.7% | 0,6 ETP | +50.0% | 0,4 ETP | 0.0% | 0,4 ETP | -60.0% | 1,0 ETP | 0.0% | 1,0 ETP | +11.1% | 0,9 ETP | |||||||||||
Estimate
Indicative valuation
As an indication, this company is worth
between 100 k€ and 250 k€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2014 · 1 active
Active mandates
FATEH MASSAD
ActiveFinancials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Micro model | Micro model | Micro model | Micro model | Micro model | Abridged model |
| Start of the financial year | 01/01/2025 | 01/01/2024 | 01/01/2023 | 01/01/2022 | 01/01/2021 | 01/01/2020 |
| Closing of the financial year | 31/12/2025 | 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | 31/12/2020 |
| Length of the financial year | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months |
| Filing date | 31/08/2026 | 30/07/2025 | 30/08/2024 | 30/08/2023 | 05/12/2022 | 31/08/2021 |
| General meeting | 30/06/2026 | 30/06/2025 | 28/06/2024 | 30/06/2023 | 30/06/2022 | 30/06/2021 |
| Currency of the financial year | EUR | EUR | EUR | EUR | EUR | EUR |
| NBB quality label | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls |
Ratios
Financial ratios
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
20 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Micro model | 31/12/2025 | 30/06/2026 | 31/08/2026 | French | |
| Micro model | 31/12/2024 | 30/06/2025 | 30/07/2025 | French | |
| Micro model | 31/12/2023 | 28/06/2024 | 30/08/2024 | French | |
| Micro model | 31/12/2022 | 30/06/2023 | 30/08/2023 | French | |
| Micro modelCorrection | 31/12/2021 | 30/06/2022 | 05/12/2022 | French | |
| Micro model | 31/12/2021 | 30/06/2022 | 30/08/2022 | French | |
| Abridged model | 31/12/2020 | 30/06/2021 | 31/08/2021 | French | |
| Abridged model | 31/12/2019 | 30/06/2020 | 31/10/2020 | French | |
| Micro model | 31/12/2018 | 30/06/2019 | 29/08/2019 | French | |
| Micro model | 31/12/2017 | 30/06/2018 | 30/08/2018 | French | |
| Micro model | 31/12/2016 | 10/06/2017 | 11/10/2017 | French | |
| Abridged model | 31/12/2015 | 01/07/2016 | 30/08/2016 | French | |
| Abridged model | 31/12/2014 | 13/07/2015 | 28/08/2015 | French | |
| Abridged model | 31/12/2013 | 08/08/2014 | 29/08/2014 | French | |
| Abridged model | 31/12/2012 | 31/05/2013 | 06/08/2013 | French | |
| Abridged model | 31/12/2011 | 01/06/2012 | 07/09/2012 | French | |
| Abridged model | 31/12/2010 | 14/06/2011 | 31/08/2011 | French | |
| Abridged model | 31/12/2009 | 30/06/2010 | 30/09/2010 | French | |
| Abridged model | 31/12/2007 | 29/05/2008 | 28/08/2008 | French | |
| Abridged model | 31/12/2006 | 31/05/2007 | 22/08/2007 | French |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 100 k€ and 250 k€
The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2014 · 1 active
Active mandates
FATEH MASSAD
ActiveShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates14/12/2023MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS - OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
- Mandates01/09/2017CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
- Mandates16/11/2016CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
- Mandates20/10/2011CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
- Mandates29/06/2011CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
- Mandates09/03/2011CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
- Mandates04/08/2010CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
- Mandates20/04/2010CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 202523,5 k €↑
- 2024Annual accounts 20242,5 k €↓
- 2023Annual accounts 202315,3 k €↓
- 2022Annual accounts 202226 k €↑
- 2021Annual accounts 20218 k €↓
- 2020Annual accounts 202012,6 k €↓
- 2019Annual accounts 201913,3 k €↑
- 2018Annual accounts 2018-2,6 k €↑
- 2017Annual accounts 2017-9,7 k €↓
- 2016Annual accounts 20165,5 k €↑
- 2015Annual accounts 2015-2,2 k €↓
- 2014Annual accounts 2014-1,8 k €↑
- 2013Annual accounts 2013-18,2 k €↓
- 2012Annual accounts 2012-6,7 k €↓
- 2011Annual accounts 20118 k €↑
- 2010Annual accounts 201098 €↓
- 2009Annual accounts 20091,4 k €↓
- 2007Annual accounts 20076,1 k €↑
- 2006Annual accounts 20064,8 k €
- 13/04/2004IncorporationPrivate limited company