APAC 39: 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 39
Largest movements
- Receivables within one year +€55,473
up €55,473 (+4616.7%), from €1,202 to €56,674
of which Trade receivables: +€45,321
- Cash -€39,638
down €39,638 (-69.7%), from €56,870 to €17,232
mainly Receivables within one year (-€55,473) and Other debts (-€10,619)
- Tangible fixed assets -€7,018
down €7,018 (-27.6%), from €25,410 to €18,393
- Profit (loss) carried forward +€21,655
up €21,655 (+55.5%), from €39,032 to €60,688
- Other debts -€10,619
down €10,619 (-82.3%), from €12,904 to €2,285
- Debts after one year -€8,033
down €8,033 (-56.3%), from €14,270 to €6,237
- Tax, wage and social debts +€5,580
up €5,580 (+93.8%), from €5,948 to €11,528
of which Taxes: +€6,430
- Trade debts -€1,477
down €1,477 (-59.4%), from €2,485 to €1,008
- Gross operating margin +€6,771
up €6,771 (+21.6%), from €31,363 to €38,134
- Depreciation +€3,935
up €3,935 (+127.6%), from €3,083 to €7,018
- Taxes +€690
up €690 (+10.4%), from €6,658 to €7,348
- Financial charges +€495
up €495 (+88.2%), from €561 to €1,056
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 | €84,362 | €93,152 | +€8,790 | +10.4% |
| Fixed assets | 21/28 | €25,410 | €18,393 | -€7,018 | -27.6% |
| Tangible fixed assets | 22/27 | €25,410 | €18,393 | -€7,018 | -27.6% |
| Furniture and vehicles | 24 | €25,410 | €18,393 | -€7,018 | -27.6% |
| Current assets | 29/58 | €58,952 | €74,760 | +€15,808 | +26.8% |
| Amounts receivable within one year | 40/41 | €1,202 | €56,674 | +€55,473 | +4616.7% |
| Trade receivables | 40 | €359 | €45,680 | +€45,321 | +12608.0% |
| Other amounts receivable | 41 | €842 | €10,994 | +€10,152 | +1205.6% |
| Cash at bank and in hand | 54/58 | €56,870 | €17,232 | -€39,638 | -69.7% |
| Deferred charges and accrued income | 490/1 | €880 | €853 | -€27 | -3.1% |
| Total equity and liabilities | 10/49 | €84,362 | €93,152 | +€8,790 | +10.4% |
| Equity | 10/15 | €41,032 | €62,688 | +€21,655 | +52.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,032 | €60,688 | +€21,655 | +55.5% |
| Amounts payable | 17/49 | €43,330 | €30,464 | -€12,865 | -29.7% |
| Amounts payable after more than one year | 17 | €14,270 | €6,237 | -€8,033 | -56.3% |
| Financial debts | 170/4 | €14,270 | €6,237 | -€8,033 | -56.3% |
| Amounts payable within one year | 42/48 | €29,060 | €23,699 | -€5,360 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €7,722 | €8,878 | +€1,155 | +15.0% |
| Trade debts | 44 | €2,485 | €1,008 | -€1,477 | -59.4% |
| Suppliers | 440/4 | €2,485 | €1,008 | -€1,477 | -59.4% |
| Taxes, remuneration and social security | 45 | €5,948 | €11,528 | +€5,580 | +93.8% |
| Taxes | 450/3 | €3,948 | €10,378 | +€6,430 | +162.9% |
| Remuneration and social security | 454/9 | €2,000 | €1,150 | -€850 | -42.5% |
| Other amounts payable | 47/48 | €12,904 | €2,285 | -€10,619 | -82.3% |
| Accrued charges and deferred income | 492/3 | - | €528 | +€528 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,083 | €7,018 | +€3,935 | +127.6% |
| Other operating charges | 640/8 | €1,031 | €1,057 | +€25 | +2.5% |
| Gross operating margin | 9900 | €31,363 | €38,134 | +€6,771 | +21.6% |
| Operating profit (loss) | 9901 | €27,248 | €30,060 | +€2,811 | +10.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €561 | €1,056 | +€495 | +88.2% |
| Recurring financial charges | 65 | €561 | €1,056 | +€495 | +88.2% |
| Profit (loss) for the period before taxes | 9903 | €26,687 | €29,003 | +€2,316 | +8.7% |
| Income taxes | 67/77 | €6,658 | €7,348 | +€690 | +10.4% |
| Profit (loss) for the period | 9904 | €20,029 | €21,655 | +€1,626 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,029 | €21,655 | +€1,626 | +8.1% |
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.