APAX: 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.
APAX
Largest movements
- Stocks and contracts -€248,611
no longer reported in 2025 (was €248,611)
- Tangible fixed assets +€126,712
up €126,712 (+201.1%), from €63,000 to €189,712
of which Land and buildings: +€126,712
- Receivables within one year +€8,979
up €8,979 (+67.3%), from €13,348 to €22,327
of which Trade receivables: +€6,500
- Cash -€3,468
down €3,468 (-77.0%), from €4,505 to €1,036
mainly Short-term financial debts (-€202,500) and Investment in fixed assets (net) (-€130,000)
- Short-term financial debts -€202,500
no longer reported in 2025 (was €202,500)
- Debts after one year +€183,809
new in 2025: €183,809
of which Financial debts: +€113,809
- Other debts -€71,002
down €71,002 (-84.0%), from €84,575 to €13,573
- Profit (loss) carried forward -€22,917
down €22,917 (-275.8%), from -€8,310 to -€31,227
- Tax, wage and social debts -€11,856
no longer reported in 2025 (was €11,856)
- Other operating charges +€27,205
up €27,205 (+4687.1%), from €580 to €27,785
- Gross operating margin +€18,793
up €18,793, from -€1,292 to €17,501
- Financial charges +€2,848
up €2,848 (+45.0%), from €6,336 to €9,184
- Depreciation +€2,719
up €2,719 (+372.7%), from €730 to €3,449
- Taxes -€329
no longer reported in 2025 (was €329)
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 | €329,981 | €213,076 | -€116,905 | -35.4% |
| Fixed assets | 21/28 | €63,161 | €189,712 | +€126,551 | +200.4% |
| Intangible fixed assets | 21 | €161 | - | -€161 | |
| Tangible fixed assets | 22/27 | €63,000 | €189,712 | +€126,712 | +201.1% |
| Land and buildings | 22 | - | €126,712 | +€126,712 | |
| Other tangible fixed assets | 26 | €63,000 | €63,000 | = | 0.0% |
| Current assets | 29/58 | €266,820 | €23,364 | -€243,456 | -91.2% |
| Stocks and contracts in progress | 3 | €248,611 | - | -€248,611 | |
| Stocks | 30/36 | €248,611 | - | -€248,611 | |
| Amounts receivable within one year | 40/41 | €13,348 | €22,327 | +€8,979 | +67.3% |
| Trade receivables | 40 | - | €6,500 | +€6,500 | |
| Other amounts receivable | 41 | €13,348 | €15,827 | +€2,479 | +18.6% |
| Cash at bank and in hand | 54/58 | €4,505 | €1,036 | -€3,468 | -77.0% |
| Deferred charges and accrued income | 490/1 | €356 | - | -€356 | |
| Total equity and liabilities | 10/49 | €329,981 | €213,076 | -€116,905 | -35.4% |
| Equity | 10/15 | €30,588 | €7,671 | -€22,917 | -74.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €35,897 | €35,897 | = | 0.0% |
| Distributable reserves | 133 | €35,897 | €35,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,310 | -€31,227 | -€22,917 | -275.8% |
| Amounts payable | 17/49 | €299,393 | €205,405 | -€93,988 | -31.4% |
| Amounts payable after more than one year | 17 | - | €183,809 | +€183,809 | |
| Financial debts | 170/4 | - | €113,809 | +€113,809 | |
| Other amounts payable | 178/9 | - | €70,000 | +€70,000 | |
| Amounts payable within one year | 42/48 | €299,393 | €21,596 | -€277,797 | -92.8% |
| Current portion of amounts payable after more than one year | 42 | - | €6,486 | +€6,486 | |
| Financial debts | 43 | €202,500 | - | -€202,500 | |
| Credit institutions | 430/8 | €202,500 | - | -€202,500 | |
| Trade debts | 44 | €462 | €1,537 | +€1,075 | +232.4% |
| Suppliers | 440/4 | €462 | €1,537 | +€1,075 | +232.4% |
| Taxes, remuneration and social security | 45 | €11,856 | - | -€11,856 | |
| Taxes | 450/3 | €11,856 | - | -€11,856 | |
| Other amounts payable | 47/48 | €84,575 | €13,573 | -€71,002 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €730 | €3,449 | +€2,719 | +372.7% |
| Other operating charges | 640/8 | €580 | €27,785 | +€27,205 | +4687.1% |
| Gross operating margin | 9900 | -€1,292 | €17,501 | +€18,793 | |
| Operating profit (loss) | 9901 | -€2,602 | -€13,733 | -€11,131 | -427.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +320.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +320.0% |
| Financial charges | 65/66B | €6,336 | €9,184 | +€2,848 | +45.0% |
| Recurring financial charges | 65 | €6,336 | €9,184 | +€2,848 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,938 | -€22,917 | -€13,979 | -156.4% |
| Income taxes | 67/77 | €329 | - | -€329 | |
| Profit (loss) for the period | 9904 | -€9,267 | -€22,917 | -€13,650 | -147.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,267 | -€22,917 | -€13,650 | -147.3% |
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 1 October 2026 via checked.be.