APANA: 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.
APANA
Largest movements
- Cash -€176,163
down €176,163 (-69.8%), from €252,490 to €76,328
mainly Debts after one year (-€339,768) and Receivables within one year (-€59,181)
- Financial fixed assets -€95,302
down €95,302 (-6.9%), from €1.4m to €1.3m
- Receivables within one year +€59,181
up €59,181 (+7.4%), from €804,769 to €863,950
of which Other amounts receivable: +€109,030
- Debts after one year -€339,768
down €339,768 (-10.0%), from €3.4m to €3.1m
of which Other amounts payable: -€369,768
- Profit (loss) carried forward +€195,052
up €195,052 (+17.5%), from €1.1m to €1.3m
- Trade debts -€48,965
down €48,965 (-86.4%), from €56,671 to €7,706
- Financial income -€1.2m
down €1.2m (-84.3%), from €1.4m to €227,058
- Other operating charges -€310,000
down €310,000 (-100%), from €310,000 to €0
- Gross operating margin +€124,610
up €124,610 (+274%), from €45,507 to €170,117
- Financial charges -€94,167
down €94,167 (-31.8%), from €296,291 to €202,123
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 | €4,593,265 | €4,399,949 | -€193,316 | -4.2% |
| Fixed assets | 21/28 | €1,375,847 | €1,280,545 | -€95,302 | -6.9% |
| Financial fixed assets | 28 | €1,375,847 | €1,280,545 | -€95,302 | -6.9% |
| Current assets | 29/58 | €3,217,418 | €3,119,404 | -€98,014 | -3.0% |
| Amounts receivable within one year | 40/41 | €804,769 | €863,950 | +€59,181 | +7.4% |
| Trade receivables | 40 | €74,535 | €24,685 | -€49,850 | -66.9% |
| Other amounts receivable | 41 | €730,235 | €839,265 | +€109,030 | +14.9% |
| Current investments | 50/53 | €2,160,159 | €2,179,126 | +€18,968 | +0.9% |
| Cash at bank and in hand | 54/58 | €252,490 | €76,328 | -€176,163 | -69.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,593,265 | €4,399,949 | -€193,316 | -4.2% |
| Equity | 10/15 | €1,135,704 | €1,330,756 | +€195,052 | +17.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,115,299 | €1,310,351 | +€195,052 | +17.5% |
| Amounts payable | 17/49 | €3,457,561 | €3,069,193 | -€388,368 | -11.2% |
| Amounts payable after more than one year | 17 | €3,391,711 | €3,051,943 | -€339,768 | -10.0% |
| Financial debts | 170/4 | €1,475,000 | €1,505,000 | +€30,000 | +2.0% |
| Other amounts payable | 178/9 | €1,916,711 | €1,546,943 | -€369,768 | -19.3% |
| Amounts payable within one year | 42/48 | €65,850 | €17,250 | -€48,600 | -73.8% |
| Trade debts | 44 | €56,671 | €7,706 | -€48,965 | -86.4% |
| Suppliers | 440/4 | €56,671 | €7,706 | -€48,965 | -86.4% |
| Other amounts payable | 47/48 | €9,179 | €9,544 | +€366 | +4.0% |
| Non-recurring operating income | 76A | - | €1,671 | +€1,671 | |
| Other operating charges | 640/8 | €310,000 | €0 | -€310,000 | -100% |
| Gross operating margin | 9900 | €45,507 | €170,117 | +€124,610 | +274% |
| Operating profit (loss) | 9901 | -€264,493 | €170,117 | +€434,610 | |
| Financial income | 75/76B | €1,442,578 | €227,058 | -€1.2m | -84.3% |
| Recurring financial income | 75 | €1,442,578 | €227,058 | -€1.2m | -84.3% |
| Financial charges | 65/66B | €296,291 | €202,123 | -€94,167 | -31.8% |
| Recurring financial charges | 65 | €296,291 | €202,123 | -€94,167 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €881,794 | €195,052 | -€686,742 | -77.9% |
| Profit (loss) for the period | 9904 | €881,794 | €195,052 | -€686,742 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €881,794 | €195,052 | -€686,742 | -77.9% |
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 20 October 2026 via checked.be.