APE MANAGEMENT: 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.
APE MANAGEMENT
Largest movements
- Tangible fixed assets -€51,337
down €51,337 (-2.7%), from €1.9m to €1.8m
of which Other tangible fixed assets: -€96,308
- Debts after one year -€1.2m
down €1.2m (-76.9%), from €1.6m to €367,100
- Other debts +€859,962
up €859,962 (+360%), from €239,002 to €1.1m
- Profit (loss) carried forward +€343,877
up €343,877 (+168%), from €204,484 to €548,361
- Trade debts -€30,896
down €30,896 (-74.8%), from €41,286 to €10,390
- Gross operating margin +€548,781
up €548,781 (+2,096%), from €26,178 to €574,959
- Financial charges +€38,997
up €38,997 (+34.7%), from €112,247 to €151,243
- Depreciation -€20,784
down €20,784 (-27.5%), from €75,575 to €54,791
- Taxes -€10,312
down €10,312 (-98.7%), from €10,453 to €141
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 | €2,155,405 | €2,098,543 | -€56,863 | -2.6% |
| Fixed assets | 21/28 | €2,088,675 | €2,036,288 | -€52,387 | -2.5% |
| Tangible fixed assets | 22/27 | €1,870,005 | €1,818,668 | -€51,337 | -2.7% |
| Land and buildings | 22 | €1,717,498 | €1,776,429 | +€58,931 | +3.4% |
| Plant, machinery and equipment | 23 | €20,008 | €15,858 | -€4,150 | -20.7% |
| Furniture and vehicles | 24 | €36,191 | €26,380 | -€9,810 | -27.1% |
| Other tangible fixed assets | 26 | €96,308 | €0 | -€96,308 | -100% |
| Financial fixed assets | 28 | €218,670 | €217,620 | -€1,050 | -0.5% |
| Current assets | 29/58 | €66,731 | €62,255 | -€4,475 | -6.7% |
| Stocks and contracts in progress | 3 | €27,724 | €27,724 | = | 0.0% |
| Stocks | 30/36 | €27,724 | €27,724 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €33,347 | €30,416 | -€2,931 | -8.8% |
| Deferred charges and accrued income | 490/1 | €5,660 | €4,115 | -€1,544 | -27.3% |
| Total equity and liabilities | 10/49 | €2,155,405 | €2,098,543 | -€56,863 | -2.6% |
| Equity | 10/15 | €223,084 | €566,961 | +€343,877 | +154% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €204,484 | €548,361 | +€343,877 | +168% |
| Amounts payable | 17/49 | €1,932,321 | €1,531,582 | -€400,740 | -20.7% |
| Amounts payable after more than one year | 17 | €1,588,698 | €367,100 | -€1.2m | -76.9% |
| Financial debts | 170/4 | €1,588,698 | €367,100 | -€1.2m | -76.9% |
| Amounts payable within one year | 42/48 | €342,673 | €1,163,531 | +€820,858 | +240% |
| Current portion of amounts payable after more than one year | 42 | €50,432 | €46,757 | -€3,675 | -7.3% |
| Trade debts | 44 | €41,286 | €10,390 | -€30,896 | -74.8% |
| Suppliers | 440/4 | €41,286 | €10,390 | -€30,896 | -74.8% |
| Taxes, remuneration and social security | 45 | €11,953 | €7,420 | -€4,533 | -37.9% |
| Taxes | 450/3 | €11,953 | €7,420 | -€4,533 | -37.9% |
| Other amounts payable | 47/48 | €239,002 | €1,098,964 | +€859,962 | +360% |
| Accrued charges and deferred income | 492/3 | €950 | €950 | = | 0.0% |
| Non-recurring operating income | 76A | €28,052 | €29,595 | +€1,543 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,575 | €54,791 | -€20,784 | -27.5% |
| Other operating charges | 640/8 | €4,969 | €7,568 | +€2,599 | +52.3% |
| Non-recurring operating charges | 66A | €1,151 | €17,411 | +€16,260 | +1,412% |
| Gross operating margin | 9900 | €26,178 | €574,959 | +€548,781 | +2,096% |
| Operating profit (loss) | 9901 | -€55,518 | €495,189 | +€550,707 | |
| Financial income | 75/76B | €34 | €73 | +€39 | +117% |
| Recurring financial income | 75 | €34 | €73 | +€39 | +117% |
| Financial charges | 65/66B | €112,247 | €151,243 | +€38,997 | +34.7% |
| Recurring financial charges | 65 | €112,247 | €151,243 | +€38,997 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | -€167,732 | €344,018 | +€511,750 | |
| Income taxes | 67/77 | €10,453 | €141 | -€10,312 | -98.7% |
| Profit (loss) for the period | 9904 | -€178,185 | €343,877 | +€522,062 | |
| Profit (loss) for the period to be appropriated | 9905 | -€178,185 | €343,877 | +€522,062 |
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 13 October 2026 via checked.be.