APAK: 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.
APAK
Largest movements
- Cash +€160,032
up €160,032 (+213.7%), from €74,874 to €234,907
mainly Receivables within one year (+€68,633) and Net result for the year (+€57,740)
- Receivables within one year -€68,633
down €68,633 (-43.4%), from €158,228 to €89,595
of which Trade receivables: -€67,740
- Tangible fixed assets -€22,910
down €22,910 (-12.1%), from €189,847 to €166,937
of which Land and buildings: -€14,873
- Reserves +€57,740
up €57,740 (+21.5%), from €268,978 to €326,718
- Other debts +€11,905
up €11,905 (+18.2%), from €65,246 to €77,151
- Gross operating margin +€44,805
up €44,805 (+16.0%), from €280,235 to €325,040
- Staff costs +€17,931
up €17,931 (+9.8%), from €182,837 to €200,768
- Taxes +€8,336
up €8,336 (+38.7%), from €21,528 to €29,863
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €429,895 | €497,126 | +€67,231 | +15.6% |
| Fixed assets | 21/28 | €195,535 | €172,625 | -€22,910 | -11.7% |
| Tangible fixed assets | 22/27 | €189,847 | €166,937 | -€22,910 | -12.1% |
| Land and buildings | 22 | €170,192 | €155,318 | -€14,873 | -8.7% |
| Plant, machinery and equipment | 23 | €6,541 | €3,546 | -€2,995 | -45.8% |
| Furniture and vehicles | 24 | €13,114 | €6,811 | -€6,302 | -48.1% |
| Other tangible fixed assets | 26 | - | €1,261 | +€1,261 | |
| Financial fixed assets | 28 | €5,688 | €5,688 | = | 0.0% |
| Current assets | 29/58 | €234,361 | €324,502 | +€90,141 | +38.5% |
| Amounts receivable within one year | 40/41 | €158,228 | €89,595 | -€68,633 | -43.4% |
| Trade receivables | 40 | €155,335 | €87,595 | -€67,740 | -43.6% |
| Other amounts receivable | 41 | €2,894 | €2,000 | -€894 | -30.9% |
| Cash at bank and in hand | 54/58 | €74,874 | €234,907 | +€160,032 | +213.7% |
| Deferred charges and accrued income | 490/1 | €1,258 | €0 | -€1,258 | -100.0% |
| Total equity and liabilities | 10/49 | €429,895 | €497,126 | +€67,231 | +15.6% |
| Equity | 10/15 | €289,978 | €347,718 | +€57,740 | +19.9% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €268,978 | €326,718 | +€57,740 | +21.5% |
| Distributable reserves | 133 | €268,978 | €326,718 | +€57,740 | +21.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €139,918 | €149,409 | +€9,491 | +6.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €139,918 | €145,205 | +€5,287 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €1,431 | €0 | -€1,431 | -100.0% |
| Financial debts | 43 | €1,274 | €1,266 | -€9 | -0.7% |
| Credit institutions | 430/8 | €1,274 | €1,266 | -€9 | -0.7% |
| Trade debts | 44 | €25,196 | €21,150 | -€4,046 | -16.1% |
| Suppliers | 440/4 | €25,196 | €21,150 | -€4,046 | -16.1% |
| Taxes, remuneration and social security | 45 | €46,771 | €45,638 | -€1,133 | -2.4% |
| Taxes | 450/3 | €30,553 | €26,409 | -€4,144 | -13.6% |
| Remuneration and social security | 454/9 | €16,217 | €19,229 | +€3,011 | +18.6% |
| Other amounts payable | 47/48 | €65,246 | €77,151 | +€11,905 | +18.2% |
| Accrued charges and deferred income | 492/3 | - | €4,204 | +€4,204 | |
| Non-recurring operating income | 76A | €1,609 | €152 | -€1,458 | -90.6% |
| Remuneration, social security and pensions | 62 | €182,837 | €200,768 | +€17,931 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,422 | €27,803 | +€1,381 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €475 | €0 | -€475 | -100.0% |
| Other operating charges | 640/8 | €4,855 | €3,074 | -€1,780 | -36.7% |
| Gross operating margin | 9900 | €280,235 | €325,040 | +€44,805 | +16.0% |
| Operating profit (loss) | 9901 | €65,646 | €93,395 | +€27,748 | +42.3% |
| Financial income | 75/76B | €1,102 | €0 | -€1,102 | -100.0% |
| Recurring financial income | 75 | €895 | €0 | -€895 | -100.0% |
| Non-recurring financial income | 76B | €207 | €0 | -€207 | -100.0% |
| Financial charges | 65/66B | €4,882 | €5,792 | +€910 | +18.6% |
| Recurring financial charges | 65 | €4,882 | €5,792 | +€910 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €61,866 | €87,603 | +€25,737 | +41.6% |
| Income taxes | 67/77 | €21,528 | €29,863 | +€8,336 | +38.7% |
| Profit (loss) for the period | 9904 | €40,338 | €57,740 | +€17,401 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,338 | €57,740 | +€17,401 | +43.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.