A.PUCHER: 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.
A.PUCHER
Largest movements
- Receivables within one year +€49,923
up €49,923 (+327.7%), from €15,236 to €65,159
of which Trade receivables: +€34,477
- Cash -€15,229
down €15,229 (-22.7%), from €67,086 to €51,857
mainly Receivables within one year (-€49,923) and Other debts (-€9,075)
- Tangible fixed assets -€2,184
down €2,184 (-29.2%), from €7,484 to €5,300
- Profit (loss) carried forward +€31,906
up €31,906, from -€26,276 to €5,630
- Trade debts +€11,011
up €11,011 (+208.8%), from €5,275 to €16,286
- Other debts -€9,075
no longer reported in 2025 (was €9,075)
- Tax, wage and social debts -€1,332
no longer reported in 2025 (was €1,332)
- Gross operating margin +€35,489
up €35,489 (+376.5%), from €9,427 to €44,916
- Depreciation -€24,064
down €24,064 (-94.5%), from €25,456 to €1,393
- Financial income -€12,332
down €12,332 (-97.5%), from €12,650 to €318
- Financial charges -€8,376
down €8,376 (-84.5%), from €9,917 to €1,541
- Other operating charges +€5,872
up €5,872 (+477.3%), from €1,230 to €7,103
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 | €89,806 | €122,316 | +€32,510 | +36.2% |
| Fixed assets | 21/28 | €7,484 | €5,300 | -€2,184 | -29.2% |
| Tangible fixed assets | 22/27 | €7,484 | €5,300 | -€2,184 | -29.2% |
| Plant, machinery and equipment | 23 | €1,154 | €769 | -€385 | -33.4% |
| Furniture and vehicles | 24 | €2,104 | €1,294 | -€810 | -38.5% |
| Other tangible fixed assets | 26 | €4,226 | €3,237 | -€989 | -23.4% |
| Current assets | 29/58 | €82,322 | €117,016 | +€34,694 | +42.1% |
| Amounts receivable within one year | 40/41 | €15,236 | €65,159 | +€49,923 | +327.7% |
| Trade receivables | 40 | €4,523 | €39,000 | +€34,477 | +762.2% |
| Other amounts receivable | 41 | €10,713 | €26,159 | +€15,447 | +144.2% |
| Cash at bank and in hand | 54/58 | €67,086 | €51,857 | -€15,229 | -22.7% |
| Total equity and liabilities | 10/49 | €89,806 | €122,316 | +€32,510 | +36.2% |
| Equity | 10/15 | €74,124 | €106,030 | +€31,906 | +43.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €94,200 | €94,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €92,340 | €92,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,276 | €5,630 | +€31,906 | |
| Amounts payable | 17/49 | €15,682 | €16,286 | +€604 | +3.9% |
| Amounts payable within one year | 42/48 | €15,682 | €16,286 | +€604 | +3.9% |
| Trade debts | 44 | €5,275 | €16,286 | +€11,011 | +208.8% |
| Suppliers | 440/4 | €5,275 | €16,286 | +€11,011 | +208.8% |
| Taxes, remuneration and social security | 45 | €1,332 | - | -€1,332 | |
| Taxes | 450/3 | €1,332 | - | -€1,332 | |
| Other amounts payable | 47/48 | €9,075 | - | -€9,075 | |
| Non-recurring operating income | 76A | - | €36,896 | +€36,896 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,456 | €1,393 | -€24,064 | -94.5% |
| Other operating charges | 640/8 | €1,230 | €7,103 | +€5,872 | +477.3% |
| Gross operating margin | 9900 | €9,427 | €44,916 | +€35,489 | +376.5% |
| Operating profit (loss) | 9901 | -€17,260 | €36,421 | +€53,681 | |
| Financial income | 75/76B | €12,650 | €318 | -€12,332 | -97.5% |
| Recurring financial income | 75 | €12,650 | €318 | -€12,332 | -97.5% |
| Financial charges | 65/66B | €9,917 | €1,541 | -€8,376 | -84.5% |
| Recurring financial charges | 65 | €9,917 | €1,541 | -€8,376 | -84.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,527 | €35,198 | +€49,725 | |
| Income taxes | 67/77 | €1,221 | €3,292 | +€2,071 | +169.7% |
| Profit (loss) for the period | 9904 | -€15,748 | €31,906 | +€47,654 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,748 | €31,906 | +€47,654 |
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 6 October 2026 via checked.be.