APAGA Management: 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.
APAGA Management
Largest movements
- Receivables within one year +€561,476
up €561,476 (+21.3%), from €2.6m to €3.2m
of which Other amounts receivable: +€490,301
- Cash -€393,268
down €393,268 (-49.5%), from €795,002 to €401,734
mainly Contributions, distributions and other (-€1.7m) and Receivables within one year (-€561,476)
- Debts after one year +€1.1m
up €1.1m (+760%), from €140,000 to €1.2m
- Reserves -€747,090
down €747,090 (-5.5%), from €13.5m to €12.8m
of which Distributable reserves: -€623,090
- Financial income -€1.2m
down €1.2m (-50.8%), from €2.3m to €1.2m
of which Financial income: -€1.2m
- Gross operating margin +€170,840
up €170,840 (+154%), from €110,951 to €281,791
- Financial charges -€95,320
down €95,320 (-44.2%), from €215,416 to €120,096
- Taxes -€82,699
down €82,699 (-35.9%), from €230,456 to €147,757
- Staff costs +€53,300
new in 2025: €53,300
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 | €38,648,744 | €38,746,307 | +€97,563 | +0.3% |
| Fixed assets | 21/28 | €32,005,769 | €31,993,937 | -€11,832 | 0.0% |
| Tangible fixed assets | 22/27 | €577,562 | €565,880 | -€11,682 | -2.0% |
| Land and buildings | 22 | €310,384 | €297,060 | -€13,324 | -4.3% |
| Furniture and vehicles | 24 | €4,698 | €6,340 | +€1,642 | +34.9% |
| Other tangible fixed assets | 26 | €262,480 | €262,480 | = | 0.0% |
| Financial fixed assets | 28 | €31,428,207 | €31,428,057 | -€150 | 0.0% |
| Current assets | 29/58 | €6,642,975 | €6,752,370 | +€109,395 | +1.6% |
| Amounts receivable within one year | 40/41 | €2,640,458 | €3,201,934 | +€561,476 | +21.3% |
| Trade receivables | 40 | €68,809 | €139,983 | +€71,175 | +103% |
| Other amounts receivable | 41 | €2,571,650 | €3,061,950 | +€490,301 | +19.1% |
| Current investments | 50/53 | €3,203,249 | €3,148,430 | -€54,819 | -1.7% |
| Cash at bank and in hand | 54/58 | €795,002 | €401,734 | -€393,268 | -49.5% |
| Deferred charges and accrued income | 490/1 | €4,266 | €272 | -€3,994 | -93.6% |
| Total equity and liabilities | 10/49 | €38,648,744 | €38,746,307 | +€97,563 | +0.3% |
| Equity | 10/15 | €36,808,893 | €36,061,803 | -€747,090 | -2.0% |
| Contributions | 10/11 | €19,139,264 | €19,139,264 | = | 0.0% |
| Reserves | 13 | €13,530,252 | €12,783,162 | -€747,090 | -5.5% |
| Tax-exempt reserves | 132 | €124,000 | - | -€124,000 | |
| Distributable reserves | 133 | €13,406,252 | €12,783,162 | -€623,090 | -4.6% |
| Profit (loss) carried forward | 14 | €4,139,377 | €4,139,377 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €50,870 | +€50,870 | |
| Provisions for liabilities and charges | 160/5 | - | €50,870 | +€50,870 | |
| Other liabilities and charges | 164/5 | - | €50,870 | +€50,870 | |
| Amounts payable | 17/49 | €1,839,851 | €2,633,634 | +€793,782 | +43.1% |
| Amounts payable after more than one year | 17 | €140,000 | €1,204,000 | +€1.1m | +760% |
| Financial debts | 170/4 | €140,000 | €1,204,000 | +€1.1m | +760% |
| Amounts payable within one year | 42/48 | €1,699,851 | €1,429,634 | -€270,218 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €28,000 | €28,000 | = | 0.0% |
| Trade debts | 44 | - | €6,217 | +€6,217 | |
| Suppliers | 440/4 | - | €6,217 | +€6,217 | |
| Taxes, remuneration and social security | 45 | €260,355 | €356,699 | +€96,344 | +37.0% |
| Taxes | 450/3 | €219,607 | €312,472 | +€92,865 | +42.3% |
| Remuneration and social security | 454/9 | €40,748 | €44,227 | +€3,479 | +8.5% |
| Other amounts payable | 47/48 | €1,411,497 | €1,038,718 | -€372,778 | -26.4% |
| Remuneration, social security and pensions | 62 | - | €53,300 | +€53,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,274 | €14,682 | +€408 | +2.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €50,870 | +€50,870 | |
| Other operating charges | 640/8 | €1,113 | €1,941 | +€827 | +74.3% |
| Non-recurring operating charges | 66A | - | €57,800 | +€57,800 | |
| Gross operating margin | 9900 | €110,951 | €281,791 | +€170,840 | +154% |
| Operating profit (loss) | 9901 | €95,564 | €103,198 | +€7,634 | +8.0% |
| Financial income | 75/76B | €2,347,947 | €1,154,408 | -€1.2m | -50.8% |
| Recurring financial income | 75 | €2,346,449 | €1,127,308 | -€1.2m | -52.0% |
| Non-recurring financial income | 76B | €1,497 | €27,100 | +€25,603 | +1,710% |
| Financial charges | 65/66B | €215,416 | €120,096 | -€95,320 | -44.2% |
| Recurring financial charges | 65 | €215,416 | €120,096 | -€95,320 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €2,228,094 | €1,137,509 | -€1.1m | -48.9% |
| Income taxes | 67/77 | €230,456 | €147,757 | -€82,699 | -35.9% |
| Profit (loss) for the period | 9904 | €1,997,638 | €989,752 | -€1.0m | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,997,638 | €989,752 | -€1.0m | -50.5% |
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 15 October 2026 via checked.be.