APAC: 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.
APAC
Largest movements
- Receivables after one year -€25,000
no longer reported in 2025 (was €25,000)
- Receivables within one year +€17,231
up €17,231 (+179.2%), from €9,618 to €26,849
of which Trade receivables: +€17,345
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€8,787
up €8,787 (+188.5%), from €4,661 to €13,448
- Other operating charges -€862
down €862 (-15.8%), from €5,447 to €4,584
- Depreciation +€760
up €760 (+5.7%), from €13,226 to €13,986
- Financial income -€625
down €625 (-58.5%), from €1,068 to €443
- Financial charges -€185
down €185 (-24.1%), from €771 to €585
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 | €1,321,723 | €1,315,819 | -€5,904 | -0.4% |
| Fixed assets | 21/28 | €1,262,326 | €1,255,953 | -€6,373 | -0.5% |
| Tangible fixed assets | 22/27 | €252,226 | €245,853 | -€6,373 | -2.5% |
| Land and buildings | 22 | €251,409 | €245,567 | -€5,842 | -2.3% |
| Furniture and vehicles | 24 | €817 | €287 | -€531 | -64.9% |
| Financial fixed assets | 28 | €1,010,100 | €1,010,100 | = | 0.0% |
| Current assets | 29/58 | €59,397 | €59,866 | +€469 | +0.8% |
| Amounts receivable after more than one year | 29 | €25,000 | - | -€25,000 | |
| Other amounts receivable | 291 | €25,000 | - | -€25,000 | |
| Amounts receivable within one year | 40/41 | €9,618 | €26,849 | +€17,231 | +179.2% |
| Trade receivables | 40 | €7,375 | €24,720 | +€17,345 | +235.2% |
| Other amounts receivable | 41 | €2,242 | €2,129 | -€113 | -5.1% |
| Cash at bank and in hand | 54/58 | €22,878 | €30,725 | +€7,848 | +34.3% |
| Deferred charges and accrued income | 490/1 | €1,901 | €2,292 | +€391 | +20.5% |
| Total equity and liabilities | 10/49 | €1,321,723 | €1,315,819 | -€5,904 | -0.4% |
| Equity | 10/15 | €404,330 | €398,890 | -€5,441 | -1.3% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €8,057 | €8,057 | = | 0.0% |
| Distributable reserves | 133 | €8,057 | €8,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,726 | -€159,167 | -€5,441 | -3.5% |
| Amounts payable | 17/49 | €917,393 | €916,929 | -€463 | -0.1% |
| Amounts payable within one year | 42/48 | €917,393 | €916,929 | -€463 | -0.1% |
| Trade debts | 44 | €4,047 | €3,312 | -€735 | -18.2% |
| Suppliers | 440/4 | €4,047 | €3,312 | -€735 | -18.2% |
| Taxes, remuneration and social security | 45 | €174 | €182 | +€8 | +4.5% |
| Taxes | 450/3 | €174 | €182 | +€8 | +4.5% |
| Other amounts payable | 47/48 | €913,171 | €913,435 | +€264 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,226 | €13,986 | +€760 | +5.7% |
| Other operating charges | 640/8 | €5,447 | €4,584 | -€862 | -15.8% |
| Gross operating margin | 9900 | €4,661 | €13,448 | +€8,787 | +188.5% |
| Operating profit (loss) | 9901 | -€14,011 | -€5,122 | +€8,890 | +63.4% |
| Financial income | 75/76B | €1,068 | €443 | -€625 | -58.5% |
| Recurring financial income | 75 | €1,068 | €443 | -€625 | -58.5% |
| Financial charges | 65/66B | €771 | €585 | -€185 | -24.1% |
| Recurring financial charges | 65 | €771 | €585 | -€185 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,715 | -€5,264 | +€8,450 | +61.6% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€13,889 | -€5,441 | +€8,448 | +60.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,889 | -€5,441 | +€8,448 | +60.8% |
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 28 September 2026 via checked.be.