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.
APEC
Largest movements
- Tangible fixed assets -€25,382
down €25,382 (-10.9%), from €232,287 to €206,905
of which Land and buildings: -€23,622
- 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
- 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
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 | €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.