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APEC: 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.

What changed

APEC

BE 0455.120.535
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4,319
2024 · -€3,954-€365
Equity
-€72,493
2024 · -€68,174-€4,319
Cash
€14,511
2024 · €13,122+€1,389
Balance sheet total
€221,596
2024 · €245,746-€24,151

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets -€25,382

    down €25,382 (-10.9%), from €232,287 to €206,905

    of which Land and buildings: -€23,622

Equity and liabilities
  • Other debts -€19,058

    down €19,058 (-6.4%), from €297,836 to €278,778

  • Profit (loss) carried forward -€4,319

    down €4,319 (-3.3%), from -€130,174 to -€134,493

Income statement
  • Gross operating margin -€1,072

    down €1,072 (-3.7%), from €28,632 to €27,560

  • Depreciation -€724

    down €724 (-2.6%), from €28,226 to €27,502

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 -€3,954
Gross operating margin -€1,072
Depreciation +€724
Other operating charges -€103
Financial charges +€85
Result 2025 -€4,319

Cash bridge derived

cash 2024 to 2025

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.

From operations +€5,893
Investment -€2,120
Financing -€2,384
Cash 2024 €13,122
Net result for the year -€4,319
Depreciation +€27,502
Deferred charges and accrued income +€157
Trade debts +€1,610
Other debts -€19,058
Investment in fixed assets (net) -€2,120
Debts after one year -€2,441
Current portion of long-term debt +€57
Cash 2025 €14,511
Every line side by side 31 lines
Line Code 2024 2025 Change %
Total assets 20/58 €245,746 €221,596 -€24,151 -9.8%
Fixed assets 21/28 €232,287 €206,905 -€25,382 -10.9%
Tangible fixed assets 22/27 €232,287 €206,905 -€25,382 -10.9%
Land and buildings 22 €229,645 €206,023 -€23,622 -10.3%
Plant, machinery and equipment 23 €2,642 €882 -€1,760 -66.6%
Current assets 29/58 €13,459 €14,690 +€1,231 +9.1%
Cash at bank and in hand 54/58 €13,122 €14,511 +€1,389 +10.6%
Deferred charges and accrued income 490/1 €337 €180 -€157 -46.7%
Total equity and liabilities 10/49 €245,746 €221,596 -€24,151 -9.8%
Equity 10/15 -€68,174 -€72,493 -€4,319 -6.3%
Contributions 10/11 €62,000 €62,000 = 0.0%
Capital 10 €62,000 €62,000 = 0.0%
Issued capital 100 €62,000 €62,000 = 0.0%
Profit (loss) carried forward 14 -€130,174 -€134,493 -€4,319 -3.3%
Amounts payable 17/49 €313,920 €294,089 -€19,832 -6.3%
Amounts payable after more than one year 17 €13,042 €10,601 -€2,441 -18.7%
Financial debts 170/4 €13,042 €10,601 -€2,441 -18.7%
Amounts payable within one year 42/48 €300,879 €283,488 -€17,391 -5.8%
Current portion of amounts payable after more than one year 42 €2,400 €2,457 +€57 +2.4%
Trade debts 44 €643 €2,253 +€1,610 +250.6%
Suppliers 440/4 €643 €2,253 +€1,610 +250.6%
Other amounts payable 47/48 €297,836 €278,778 -€19,058 -6.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €28,226 €27,502 -€724 -2.6%
Other operating charges 640/8 €3,591 €3,694 +€103 +2.9%
Gross operating margin 9900 €28,632 €27,560 -€1,072 -3.7%
Operating profit (loss) 9901 -€3,185 -€3,636 -€451 -14.1%
Financial charges 65/66B €769 €684 -€85 -11.1%
Recurring financial charges 65 €769 €684 -€85 -11.1%
Profit (loss) for the period before taxes 9903 -€3,954 -€4,319 -€365 -9.2%
Profit (loss) for the period 9904 -€3,954 -€4,319 -€365 -9.2%
Profit (loss) for the period to be appropriated 9905 -€3,954 -€4,319 -€365 -9.2%

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 6 October 2026 via checked.be.