APAGO: 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.
APAGO
Largest movements
- Cash -€4,774
down €4,774 (-54.7%), from €8,720 to €3,946
mainly Net result for the year (-€3,757) and Receivables within one year (-€1,819)
- Receivables within one year +€1,819
up €1,819 (+136.0%), from €1,338 to €3,158
of which Other amounts receivable: +€2,316
- Tangible fixed assets -€1,134
down €1,134 (-82.7%), from €1,370 to €236
of which Plant, machinery and equipment: -€948
- Profit (loss) carried forward -€3,757
down €3,757 (-26.4%), from -€14,227 to -€17,984
- Trade debts -€500
no longer reported in 2025 (was €500)
- Tax, wage and social debts +€169
up €169 (+108.3%), from €156 to €324
- Gross operating margin +€13,969
up €13,969 (+99.8%), from -€14,003 to -€33
- Other operating charges +€1,749
new in 2025: €1,749
- Depreciation -€208
down €208 (-15.5%), from €1,342 to €1,134
- Financial income -€204
down €204 (-74.2%), from €275 to €71
- Taxes +€186
new in 2025: €186
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 | €11,429 | €7,340 | -€4,088 | -35.8% |
| Fixed assets | 21/28 | €1,370 | €236 | -€1,134 | -82.7% |
| Tangible fixed assets | 22/27 | €1,370 | €236 | -€1,134 | -82.7% |
| Plant, machinery and equipment | 23 | €1,184 | €236 | -€948 | -80.0% |
| Furniture and vehicles | 24 | €186 | - | -€186 | |
| Current assets | 29/58 | €10,059 | €7,104 | -€2,955 | -29.4% |
| Amounts receivable within one year | 40/41 | €1,338 | €3,158 | +€1,819 | +136.0% |
| Trade receivables | 40 | €605 | €108 | -€497 | -82.1% |
| Other amounts receivable | 41 | €733 | €3,050 | +€2,316 | +315.9% |
| Cash at bank and in hand | 54/58 | €8,720 | €3,946 | -€4,774 | -54.7% |
| Total equity and liabilities | 10/49 | €11,429 | €7,340 | -€4,088 | -35.8% |
| Equity | 10/15 | €5,773 | €2,016 | -€3,757 | -65.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,227 | -€17,984 | -€3,757 | -26.4% |
| Amounts payable | 17/49 | €5,656 | €5,324 | -€331 | -5.9% |
| Amounts payable within one year | 42/48 | €5,656 | €5,324 | -€331 | -5.9% |
| Trade debts | 44 | €500 | - | -€500 | |
| Suppliers | 440/4 | €500 | - | -€500 | |
| Taxes, remuneration and social security | 45 | €156 | €324 | +€169 | +108.3% |
| Taxes | 450/3 | €156 | €324 | +€169 | +108.3% |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €86 | - | -€86 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,342 | €1,134 | -€208 | -15.5% |
| Other operating charges | 640/8 | - | €1,749 | +€1,749 | |
| Gross operating margin | 9900 | -€14,003 | -€33 | +€13,969 | +99.8% |
| Operating profit (loss) | 9901 | -€15,430 | -€2,916 | +€12,514 | +81.1% |
| Financial income | 75/76B | €275 | €71 | -€204 | -74.2% |
| Recurring financial income | 75 | €275 | €71 | -€204 | -74.2% |
| Financial charges | 65/66B | €746 | €726 | -€20 | -2.6% |
| Recurring financial charges | 65 | €746 | €726 | -€20 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,900 | -€3,571 | +€12,329 | +77.5% |
| Income taxes | 67/77 | - | €186 | +€186 | |
| Profit (loss) for the period | 9904 | -€15,900 | -€3,757 | +€12,143 | +76.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,900 | -€3,757 | +€12,143 | +76.4% |
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.