APADES: 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.
APADES
Largest movements
- Receivables within one year -€15,895
down €15,895 (-11.3%), from €140,311 to €124,417
of which Other amounts receivable: -€8,252
- Cash +€14,361
up €14,361 (+15.0%), from €95,949 to €110,310
mainly Other debts (+€46,976) and Net result for the year (+€42,600)
- Current investments +€7,009
new in 2025: €7,009
- Other debts +€46,976
up €46,976 (+211.7%), from €22,193 to €69,169
- Reserves -€18,616
down €18,616 (-8.4%), from €221,959 to €203,344
- Tax, wage and social debts -€14,052
down €14,052 (-33.2%), from €42,382 to €28,330
of which Taxes: -€19,352
- Contributions -€11,400
down €11,400 (-91.9%), from €12,400 to €1,000
- Gross operating margin -€56,676
down €56,676 (-42.7%), from €132,613 to €75,937
- Taxes -€18,312
down €18,312 (-50.5%), from €36,280 to €17,968
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 | €300,775 | €302,994 | +€2,219 | +0.7% |
| Fixed assets | 21/28 | €57,227 | €56,584 | -€643 | -1.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €20,235 | €19,592 | -€643 | -3.2% |
| Plant, machinery and equipment | 23 | €818 | €0 | -€818 | -100.0% |
| Furniture and vehicles | 24 | €19,417 | €19,592 | +€175 | +0.9% |
| Financial fixed assets | 28 | €36,992 | €36,992 | = | 0.0% |
| Current assets | 29/58 | €243,548 | €246,409 | +€2,861 | +1.2% |
| Amounts receivable within one year | 40/41 | €140,311 | €124,417 | -€15,895 | -11.3% |
| Trade receivables | 40 | €129,028 | €121,385 | -€7,642 | -5.9% |
| Other amounts receivable | 41 | €11,284 | €3,032 | -€8,252 | -73.1% |
| Current investments | 50/53 | - | €7,009 | +€7,009 | |
| Cash at bank and in hand | 54/58 | €95,949 | €110,310 | +€14,361 | +15.0% |
| Deferred charges and accrued income | 490/1 | €7,288 | €4,674 | -€2,614 | -35.9% |
| Total equity and liabilities | 10/49 | €300,775 | €302,994 | +€2,219 | +0.7% |
| Equity | 10/15 | €234,359 | €204,344 | -€30,016 | -12.8% |
| Contributions | 10/11 | €12,400 | €1,000 | -€11,400 | -91.9% |
| Reserves | 13 | €221,959 | €203,344 | -€18,616 | -8.4% |
| Distributable reserves | 133 | €221,959 | €203,344 | -€18,616 | -8.4% |
| Amounts payable | 17/49 | €66,416 | €98,650 | +€32,234 | +48.5% |
| Amounts payable within one year | 42/48 | €66,416 | €98,650 | +€32,234 | +48.5% |
| Financial debts | 43 | - | €1,006 | +€1,006 | |
| Credit institutions | 430/8 | - | €1,006 | +€1,006 | |
| Trade debts | 44 | €1,841 | €145 | -€1,696 | -92.1% |
| Suppliers | 440/4 | €1,841 | €145 | -€1,696 | -92.1% |
| Taxes, remuneration and social security | 45 | €42,382 | €28,330 | -€14,052 | -33.2% |
| Taxes | 450/3 | €38,382 | €19,030 | -€19,352 | -50.4% |
| Remuneration and social security | 454/9 | €4,000 | €9,300 | +€5,300 | +132.5% |
| Other amounts payable | 47/48 | €22,193 | €69,169 | +€46,976 | +211.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,551 | €12,713 | +€1,162 | +10.1% |
| Other operating charges | 640/8 | €632 | €673 | +€41 | +6.6% |
| Gross operating margin | 9900 | €132,613 | €75,937 | -€56,676 | -42.7% |
| Operating profit (loss) | 9901 | €120,430 | €62,551 | -€57,879 | -48.1% |
| Financial income | 75/76B | €180 | €9 | -€171 | -95.1% |
| Recurring financial income | 75 | €180 | €9 | -€171 | -95.1% |
| Financial charges | 65/66B | €2,839 | €1,991 | -€848 | -29.9% |
| Recurring financial charges | 65 | €2,839 | €1,991 | -€848 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €117,771 | €60,569 | -€57,202 | -48.6% |
| Income taxes | 67/77 | €36,280 | €17,968 | -€18,312 | -50.5% |
| Profit (loss) for the period | 9904 | €81,491 | €42,600 | -€38,891 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,491 | €42,600 | -€38,891 | -47.7% |
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 30 September 2026 via checked.be.