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 +€99,530
up €99,530 (+28.6%), from €347,662 to €447,192
- Cash -€32,024
down €32,024 (-29.0%), from €110,547 to €78,523
mainly Receivables within one year (-€99,530) and Investment in fixed assets (net) (-€69,331)
- Deferred charges and accrued income +€13,438
new in 2025: €13,438
- Debts within one year +€151,201
up €151,201 (+15.1%), from €1.0m to €1.2m
of which Trade debts: +€149,035
- Profit (loss) carried forward -€63,877
down €63,877 (-18.0%), from -€355,811 to -€419,688
- Gross operating margin +€316,305
up €316,305 (+52.8%), from €599,367 to €915,672
- Staff costs +€172,679
up €172,679 (+27.3%), from €631,876 to €804,555
- Other operating charges +€45,759
up €45,759 (+65.1%), from €70,335 to €116,094
- Depreciation +€23,874
up €23,874 (+61.1%), from €39,077 to €62,951
- Write-downs -€16,164
down €16,164, from €15,439 to -€725
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 | €645,789 | €733,113 | +€87,324 | +13.5% |
| Fixed assets | 21/28 | €187,580 | €193,960 | +€6,380 | +3.4% |
| Tangible fixed assets | 22/27 | €129,070 | €135,450 | +€6,380 | +4.9% |
| Plant, machinery and equipment | 23 | €16,964 | €9,844 | -€7,120 | -42.0% |
| Furniture and vehicles | 24 | €112,106 | €125,606 | +€13,500 | +12.0% |
| Financial fixed assets | 28 | €58,510 | €58,510 | = | 0.0% |
| Current assets | 29/58 | €458,209 | €539,153 | +€80,944 | +17.7% |
| Amounts receivable within one year | 40/41 | €347,662 | €447,192 | +€99,530 | +28.6% |
| Trade receivables | 40 | €347,662 | €447,192 | +€99,530 | +28.6% |
| Cash at bank and in hand | 54/58 | €110,547 | €78,523 | -€32,024 | -29.0% |
| Deferred charges and accrued income | 490/1 | - | €13,438 | +€13,438 | |
| Total equity and liabilities | 10/49 | €645,789 | €733,113 | +€87,324 | +13.5% |
| Equity | 10/15 | -€355,811 | -€419,688 | -€63,877 | -18.0% |
| Profit (loss) carried forward | 14 | -€355,811 | -€419,688 | -€63,877 | -18.0% |
| Amounts payable | 17/49 | €1,001,600 | €1,152,801 | +€151,201 | +15.1% |
| Amounts payable within one year | 42/48 | €1,001,600 | €1,152,801 | +€151,201 | +15.1% |
| Trade debts | 44 | €270,610 | €419,645 | +€149,035 | +55.1% |
| Suppliers | 440/4 | €270,610 | €419,645 | +€149,035 | +55.1% |
| Advances received on contracts in progress | 46 | €2,670 | - | -€2,670 | |
| Taxes, remuneration and social security | 45 | €109,346 | €151,285 | +€41,939 | +38.4% |
| Taxes | 450/3 | €14,942 | €52,152 | +€37,210 | +249% |
| Remuneration and social security | 454/9 | €94,404 | €99,133 | +€4,729 | +5.0% |
| Remuneration, social security and pensions | 62 | €631,876 | €804,555 | +€172,679 | +27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,077 | €62,951 | +€23,874 | +61.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,439 | -€725 | -€16,164 | |
| Other operating charges | 640/8 | €70,335 | €116,094 | +€45,759 | +65.1% |
| Gross operating margin | 9900 | €599,367 | €915,672 | +€316,305 | +52.8% |
| Operating profit (loss) | 9901 | -€157,360 | -€67,203 | +€90,157 | +57.3% |
| Financial income | 75/76B | €3,620 | €4,407 | +€787 | +21.7% |
| Recurring financial income | 75 | €3,620 | €4,407 | +€787 | +21.7% |
| Financial charges | 65/66B | €129 | €1,081 | +€952 | +738% |
| Recurring financial charges | 65 | €129 | €1,081 | +€952 | +738% |
| Profit (loss) for the period before taxes | 9903 | -€153,869 | -€63,877 | +€89,992 | +58.5% |
| Income taxes | 67/77 | €308 | - | -€308 | |
| Profit (loss) for the period | 9904 | -€154,177 | -€63,877 | +€90,300 | +58.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€154,177 | -€63,877 | +€90,300 | +58.6% |
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.