APAVE BELGIUM: 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.
APAVE BELGIUM
Largest movements
- Receivables within one year +€163,172
up €163,172 (+13.6%), from €1.2m to €1.4m
of which Trade receivables: +€200,265
- Deferred charges and accrued income +€99,244
up €99,244 (+21,412%), from €464 to €99,708
- Cash +€37,306
up €37,306 (+41.9%), from €89,083 to €126,390
mainly Other debts (+€167,530) and Trade debts (+€91,747)
- Other debts +€167,530
up €167,530 (+16.5%), from €1.0m to €1.2m
- Trade debts +€91,747
up €91,747 (+20.8%), from €440,320 to €532,067
- Accrued charges and deferred income +€27,488
new in 2025: €27,488
- Profit (loss) carried forward +€26,596
up €26,596 (+7.8%), from -€340,478 to -€313,882
- Staff costs +€84,584
up €84,584 (+33.5%), from €252,146 to €336,729
- Other operating charges +€53,690
up €53,690 (+67.9%), from €79,110 to €132,799
- Write-downs -€15,825
down €15,825, from €8,837 to -€6,988
- Financial charges +€13,383
up €13,383 (+23.3%), from €57,449 to €70,832
- Depreciation +€7,568
up €7,568 (+368%), from €2,055 to €9,623
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 | €1,293,168 | €1,606,258 | +€313,090 | +24.2% |
| Fixed assets | 21/28 | €5,721 | €19,088 | +€13,367 | +234% |
| Tangible fixed assets | 22/27 | €5,721 | €19,088 | +€13,367 | +234% |
| Plant, machinery and equipment | 23 | €5,721 | €2,860 | -€2,861 | -50.0% |
| Furniture and vehicles | 24 | - | €16,228 | +€16,228 | |
| Current assets | 29/58 | €1,287,447 | €1,587,170 | +€299,723 | +23.3% |
| Amounts receivable within one year | 40/41 | €1,197,900 | €1,361,072 | +€163,172 | +13.6% |
| Trade receivables | 40 | €578,911 | €779,175 | +€200,265 | +34.6% |
| Other amounts receivable | 41 | €618,989 | €581,897 | -€37,092 | -6.0% |
| Cash at bank and in hand | 54/58 | €89,083 | €126,390 | +€37,306 | +41.9% |
| Deferred charges and accrued income | 490/1 | €464 | €99,708 | +€99,244 | +21,412% |
| Total equity and liabilities | 10/49 | €1,293,168 | €1,606,258 | +€313,090 | +24.2% |
| Equity | 10/15 | -€272,278 | -€245,682 | +€26,596 | +9.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€340,478 | -€313,882 | +€26,596 | +7.8% |
| Amounts payable | 17/49 | €1,565,446 | €1,851,940 | +€286,494 | +18.3% |
| Amounts payable within one year | 42/48 | €1,565,446 | €1,824,452 | +€259,006 | +16.5% |
| Trade debts | 44 | €440,320 | €532,067 | +€91,747 | +20.8% |
| Suppliers | 440/4 | €440,320 | €532,067 | +€91,747 | +20.8% |
| Taxes, remuneration and social security | 45 | €110,824 | €110,554 | -€270 | -0.2% |
| Taxes | 450/3 | €52,646 | €55,911 | +€3,265 | +6.2% |
| Remuneration and social security | 454/9 | €58,179 | €54,643 | -€3,536 | -6.1% |
| Other amounts payable | 47/48 | €1,014,302 | €1,181,831 | +€167,530 | +16.5% |
| Accrued charges and deferred income | 492/3 | - | €27,488 | +€27,488 | |
| Remuneration, social security and pensions | 62 | €252,146 | €336,729 | +€84,584 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,055 | €9,623 | +€7,568 | +368% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,837 | -€6,988 | -€15,825 | |
| Other operating charges | 640/8 | €79,110 | €132,799 | +€53,690 | +67.9% |
| Gross operating margin | 9900 | €562,078 | €567,482 | +€5,403 | +1.0% |
| Operating profit (loss) | 9901 | €219,931 | €95,318 | -€124,613 | -56.7% |
| Financial income | 75/76B | €90 | €2,110 | +€2,020 | +2,253% |
| Recurring financial income | 75 | €90 | €2,110 | +€2,020 | +2,253% |
| Financial charges | 65/66B | €57,449 | €70,832 | +€13,383 | +23.3% |
| Recurring financial charges | 65 | €57,449 | €70,832 | +€13,383 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €162,571 | €26,596 | -€135,975 | -83.6% |
| Profit (loss) for the period | 9904 | €162,571 | €26,596 | -€135,975 | -83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €162,571 | €26,596 | -€135,975 | -83.6% |
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 31 October 2026 via checked.be.