A.P.E.: 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.
A.P.E.
Largest movements
- Current investments -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Cash -€754,068
down €754,068 (-39.3%), from €1.9m to €1.2m
mainly Contributions, distributions and other (-€1.5m) and Net result for the year (-€424,939)
- Receivables within one year -€266,261
down €266,261 (-19.8%), from €1.3m to €1.1m
of which Other amounts receivable: -€219,676
- Receivables after one year +€137,325
up €137,325 (+45.7%), from €300,766 to €438,091
- Reserves -€1.9m
down €1.9m (-52.4%), from €3.7m to €1.8m
of which Distributable reserves: -€1.9m
- Financial charges -€1.2m
down €1.2m (-78.4%), from €1.6m to €343,458
of which Non-recurring financial charges: -€1.2m
- Financial income -€278,906
down €278,906 (-50.6%), from €550,897 to €271,992
of which Financial income: -€252,334
- Staff costs -€52,759
down €52,759 (-25.6%), from €205,846 to €153,087
- Gross operating margin -€34,511
down €34,511 (-21.4%), from -€161,610 to -€196,121
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 | €9,254,069 | €7,295,226 | -€2.0m | -21.2% |
| Fixed assets | 21/28 | €4,685,826 | €4,611,337 | -€74,490 | -1.6% |
| Tangible fixed assets | 22/27 | €69,662 | €74,840 | +€5,178 | +7.4% |
| Land and buildings | 22 | €49,712 | €49,712 | = | 0.0% |
| Furniture and vehicles | 24 | €3,950 | €4,086 | +€136 | +3.4% |
| Other tangible fixed assets | 26 | €16,000 | €21,042 | +€5,042 | +31.5% |
| Financial fixed assets | 28 | €4,616,164 | €4,536,497 | -€79,667 | -1.7% |
| Current assets | 29/58 | €4,568,243 | €2,683,889 | -€1.9m | -41.2% |
| Amounts receivable after more than one year | 29 | €300,766 | €438,091 | +€137,325 | +45.7% |
| Other amounts receivable | 291 | €300,766 | €438,091 | +€137,325 | +45.7% |
| Amounts receivable within one year | 40/41 | €1,346,493 | €1,080,232 | -€266,261 | -19.8% |
| Trade receivables | 40 | €46,585 | - | -€46,585 | |
| Other amounts receivable | 41 | €1,299,908 | €1,080,232 | -€219,676 | -16.9% |
| Current investments | 50/53 | €1,000,000 | €0 | -€1.0m | -100% |
| Cash at bank and in hand | 54/58 | €1,917,531 | €1,163,463 | -€754,068 | -39.3% |
| Deferred charges and accrued income | 490/1 | €3,453 | €2,102 | -€1,350 | -39.1% |
| Total equity and liabilities | 10/49 | €9,254,069 | €7,295,226 | -€2.0m | -21.2% |
| Equity | 10/15 | €9,076,133 | €7,151,194 | -€1.9m | -21.2% |
| Contributions | 10/11 | €5,400,000 | €5,400,000 | = | 0.0% |
| Capital | 10 | €5,400,000 | €5,400,000 | = | 0.0% |
| Issued capital | 100 | €5,400,000 | €5,400,000 | = | 0.0% |
| Reserves | 13 | €3,676,133 | €1,751,194 | -€1.9m | -52.4% |
| Non-distributable reserves | 130/1 | €416,055 | €416,055 | = | 0.0% |
| Legal reserve | 130 | €416,055 | €416,055 | = | 0.0% |
| Distributable reserves | 133 | €3,260,078 | €1,335,139 | -€1.9m | -59.0% |
| Amounts payable | 17/49 | €177,936 | €144,032 | -€33,905 | -19.1% |
| Amounts payable within one year | 42/48 | €177,936 | €144,032 | -€33,905 | -19.1% |
| Financial debts | 43 | €116,022 | €100,437 | -€15,585 | -13.4% |
| Other loans | 439 | €116,022 | €100,437 | -€15,585 | -13.4% |
| Trade debts | 44 | €7,757 | €20,402 | +€12,644 | +163% |
| Suppliers | 440/4 | €7,757 | €20,402 | +€12,644 | +163% |
| Taxes, remuneration and social security | 45 | €22,133 | €21,354 | -€779 | -3.5% |
| Taxes | 450/3 | €5,966 | €5,469 | -€497 | -8.3% |
| Remuneration and social security | 454/9 | €16,167 | €15,885 | -€282 | -1.7% |
| Other amounts payable | 47/48 | €32,025 | €1,840 | -€30,185 | -94.3% |
| Remuneration, social security and pensions | 62 | €205,846 | €153,087 | -€52,759 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,628 | €2,846 | -€781 | -21.5% |
| Other operating charges | 640/8 | €1,384 | €1,419 | +€35 | +2.5% |
| Gross operating margin | 9900 | -€161,610 | -€196,121 | -€34,511 | -21.4% |
| Operating profit (loss) | 9901 | -€372,467 | -€353,473 | +€18,994 | +5.1% |
| Financial income | 75/76B | €550,897 | €271,992 | -€278,906 | -50.6% |
| Recurring financial income | 75 | €374,326 | €121,992 | -€252,334 | -67.4% |
| Non-recurring financial income | 76B | €176,572 | €150,000 | -€26,572 | -15.0% |
| Financial charges | 65/66B | €1,589,412 | €343,458 | -€1.2m | -78.4% |
| Recurring financial charges | 65 | €10,700 | €7,197 | -€3,503 | -32.7% |
| Non-recurring financial charges | 66B | €1,578,712 | €336,261 | -€1.2m | -78.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,410,982 | -€424,939 | +€986,043 | +69.9% |
| Profit (loss) for the period | 9904 | -€1,410,982 | -€424,939 | +€986,043 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,410,982 | -€424,939 | +€986,043 | +69.9% |
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 28 October 2026 via checked.be.