APCODENT: 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.
APCODENT
Largest movements
- Cash -€13,670
down €13,670 (-24.5%), from €55,710 to €42,040
mainly Debts after one year (-€12,454) and Investment in fixed assets (net) (-€12,303)
- Receivables within one year +€5,920
up €5,920 (+48.4%), from €12,226 to €18,146
of which Other amounts receivable: +€16,925
- Tangible fixed assets -€5,698
down €5,698 (-3.6%), from €158,699 to €153,002
of which Land and buildings: -€12,400
- Debts after one year -€12,454
down €12,454 (-13.9%), from €89,563 to €77,109
- Reserves +€9,000
up €9,000 (+6.5%), from €137,860 to €146,860
of which Distributable reserves: +€9,000
- Current portion of long-term debt -€7,305
down €7,305 (-19.5%), from €37,478 to €30,173
- Trade debts +€6,434
up €6,434 (+645.9%), from €996 to €7,430
- Accrued charges and deferred income -€4,085
no longer reported in 2025 (was €4,085)
- Gross operating margin -€55,246
down €55,246 (-54.3%), from €101,719 to €46,474
- Depreciation -€21,985
down €21,985 (-54.1%), from €40,611 to €18,625
- Taxes -€9,547
down €9,547 (-66.1%), from €14,441 to €4,893
- Staff costs +€5,083
up €5,083 (+222.4%), from €2,286 to €7,369
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 | €303,407 | €291,417 | -€11,990 | -4.0% |
| Fixed assets | 21/28 | €160,471 | €154,148 | -€6,323 | -3.9% |
| Intangible fixed assets | 21 | €1,771 | €1,146 | -€625 | -35.3% |
| Tangible fixed assets | 22/27 | €158,699 | €153,002 | -€5,698 | -3.6% |
| Land and buildings | 22 | €150,042 | €137,642 | -€12,400 | -8.3% |
| Plant, machinery and equipment | 23 | €6,784 | €9,722 | +€2,939 | +43.3% |
| Furniture and vehicles | 24 | €1,874 | €5,638 | +€3,763 | +200.8% |
| Current assets | 29/58 | €142,936 | €137,269 | -€5,667 | -4.0% |
| Amounts receivable within one year | 40/41 | €12,226 | €18,146 | +€5,920 | +48.4% |
| Trade receivables | 40 | €11,005 | - | -€11,005 | |
| Other amounts receivable | 41 | €1,221 | €18,146 | +€16,925 | +1386.2% |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €55,710 | €42,040 | -€13,670 | -24.5% |
| Deferred charges and accrued income | 490/1 | - | €2,083 | +€2,083 | |
| Total equity and liabilities | 10/49 | €303,407 | €291,417 | -€11,990 | -4.0% |
| Equity | 10/15 | €164,734 | €174,251 | +€9,517 | +5.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €137,860 | €146,860 | +€9,000 | +6.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €136,000 | €145,000 | +€9,000 | +6.6% |
| Profit (loss) carried forward | 14 | €14,474 | €14,991 | +€517 | +3.6% |
| Amounts payable | 17/49 | €138,673 | €117,166 | -€21,507 | -15.5% |
| Amounts payable after more than one year | 17 | €89,563 | €77,109 | -€12,454 | -13.9% |
| Financial debts | 170/4 | €89,563 | €77,109 | -€12,454 | -13.9% |
| Amounts payable within one year | 42/48 | €45,024 | €40,057 | -€4,967 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €37,478 | €30,173 | -€7,305 | -19.5% |
| Trade debts | 44 | €996 | €7,430 | +€6,434 | +645.9% |
| Suppliers | 440/4 | €996 | €7,430 | +€6,434 | +645.9% |
| Taxes, remuneration and social security | 45 | €3,170 | - | -€3,170 | |
| Taxes | 450/3 | €3,170 | - | -€3,170 | |
| Other amounts payable | 47/48 | €3,380 | €2,454 | -€926 | -27.4% |
| Accrued charges and deferred income | 492/3 | €4,085 | - | -€4,085 | |
| Non-recurring operating income | 76A | €19,000 | €472 | -€18,528 | -97.5% |
| Remuneration, social security and pensions | 62 | €2,286 | €7,369 | +€5,083 | +222.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,611 | €18,625 | -€21,985 | -54.1% |
| Other operating charges | 640/8 | €449 | €580 | +€130 | +29.0% |
| Non-recurring operating charges | 66A | - | €733 | +€733 | |
| Gross operating margin | 9900 | €101,719 | €46,474 | -€55,246 | -54.3% |
| Operating profit (loss) | 9901 | €58,374 | €19,167 | -€39,206 | -67.2% |
| Financial income | 75/76B | €2 | €2 | -€0 | -9.9% |
| Recurring financial income | 75 | €2 | €2 | -€0 | -9.9% |
| Financial charges | 65/66B | €5,294 | €4,759 | -€535 | -10.1% |
| Recurring financial charges | 65 | €5,294 | €4,759 | -€535 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €53,082 | €14,410 | -€38,672 | -72.9% |
| Income taxes | 67/77 | €14,441 | €4,893 | -€9,547 | -66.1% |
| Profit (loss) for the period | 9904 | €38,641 | €9,517 | -€29,125 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,641 | €9,517 | -€29,125 | -75.4% |
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 2 October 2026 via checked.be.