APCOR: 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.
APCOR
Largest movements
- Financial fixed assets +€1.1m
up €1.1m (+107.5%), from €990,500 to €2.1m
- Tangible fixed assets +€382,073
up €382,073 (+322.5%), from €118,459 to €500,532
- Receivables within one year -€85,239
down €85,239 (-59.5%), from €143,159 to €57,920
- Cash +€39,298
up €39,298 (+316.5%), from €12,417 to €51,715
mainly Debts after one year (+€1.2m) and Current portion of long-term debt (+€138,743)
- Debts after one year +€1.2m
up €1.2m (+260.8%), from €449,929 to €1.6m
- Current portion of long-term debt +€138,743
up €138,743 (+231.6%), from €59,915 to €198,658
- Reserves +€49,155
up €49,155 (+11.9%), from €413,911 to €463,066
of which Distributable reserves: +€49,155
- Gross operating margin +€92,494
up €92,494 (+84.5%), from €109,414 to €201,908
- Financial charges +€30,741
up €30,741 (+352.9%), from €8,710 to €39,452
- Depreciation +€18,035
up €18,035 (+188.6%), from €9,564 to €27,600
- Taxes +€8,679
up €8,679 (+33.8%), from €25,660 to €34,339
- Financial income -€2,168
down €2,168 (-70.3%), from €3,082 to €915
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 | €1,266,983 | €2,669,938 | +€1.4m | +110.7% |
| Fixed assets | 21/28 | €1,108,959 | €2,555,982 | +€1.4m | +130.5% |
| Tangible fixed assets | 22/27 | €118,459 | €500,532 | +€382,073 | +322.5% |
| Land and buildings | 22 | €118,459 | €500,532 | +€382,073 | +322.5% |
| Financial fixed assets | 28 | €990,500 | €2,055,450 | +€1.1m | +107.5% |
| Current assets | 29/58 | €158,024 | €113,956 | -€44,068 | -27.9% |
| Amounts receivable within one year | 40/41 | €143,159 | €57,920 | -€85,239 | -59.5% |
| Other amounts receivable | 41 | €143,159 | €57,920 | -€85,239 | -59.5% |
| Cash at bank and in hand | 54/58 | €12,417 | €51,715 | +€39,298 | +316.5% |
| Deferred charges and accrued income | 490/1 | €2,449 | €4,321 | +€1,873 | +76.5% |
| Total equity and liabilities | 10/49 | €1,266,983 | €2,669,938 | +€1.4m | +110.7% |
| Equity | 10/15 | €724,046 | €773,201 | +€49,155 | +6.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €413,911 | €463,066 | +€49,155 | +11.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €413,911 | €463,066 | +€49,155 | +11.9% |
| Profit (loss) carried forward | 14 | €285,135 | €285,135 | = | 0.0% |
| Amounts payable | 17/49 | €542,937 | €1,896,737 | +€1.4m | +249.3% |
| Amounts payable after more than one year | 17 | €449,929 | €1,623,165 | +€1.2m | +260.8% |
| Financial debts | 170/4 | €449,929 | €1,623,165 | +€1.2m | +260.8% |
| Amounts payable within one year | 42/48 | €91,212 | €267,263 | +€176,051 | +193.0% |
| Current portion of amounts payable after more than one year | 42 | €59,915 | €198,658 | +€138,743 | +231.6% |
| Financial debts | 43 | - | €10,093 | +€10,093 | |
| Credit institutions | 430/8 | - | €10,093 | +€10,093 | |
| Trade debts | 44 | €18,606 | €24,359 | +€5,752 | +30.9% |
| Suppliers | 440/4 | €18,606 | €24,359 | +€5,752 | +30.9% |
| Taxes, remuneration and social security | 45 | €12,691 | €25,933 | +€13,243 | +104.3% |
| Taxes | 450/3 | €10,712 | €24,183 | +€13,471 | +125.7% |
| Remuneration and social security | 454/9 | €1,978 | €1,750 | -€228 | -11.5% |
| Other amounts payable | 47/48 | €0 | €8,220 | +€8,220 | |
| Accrued charges and deferred income | 492/3 | €1,795 | €6,309 | +€4,514 | +251.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,564 | €27,600 | +€18,035 | +188.6% |
| Other operating charges | 640/8 | €2,541 | €3,833 | +€1,292 | +50.9% |
| Non-recurring operating charges | 66A | €329 | €116 | -€213 | -64.6% |
| Gross operating margin | 9900 | €109,414 | €201,908 | +€92,494 | +84.5% |
| Operating profit (loss) | 9901 | €96,980 | €170,359 | +€73,379 | +75.7% |
| Financial income | 75/76B | €3,082 | €915 | -€2,168 | -70.3% |
| Recurring financial income | 75 | €3,082 | €915 | -€2,168 | -70.3% |
| Financial charges | 65/66B | €8,710 | €39,452 | +€30,741 | +352.9% |
| Recurring financial charges | 65 | €8,710 | €39,452 | +€30,741 | +352.9% |
| Profit (loss) for the period before taxes | 9903 | €91,352 | €131,822 | +€40,470 | +44.3% |
| Income taxes | 67/77 | €25,660 | €34,339 | +€8,679 | +33.8% |
| Profit (loss) for the period | 9904 | €65,692 | €97,483 | +€31,791 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,692 | €97,483 | +€31,791 | +48.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.