APEC Group: 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.
APEC Group
Largest movements
- Receivables within one year +€336,465
up €336,465 (+324%), from €103,823 to €440,287
of which Trade receivables: +€329,718
- Stocks and contracts +€154,345
up €154,345 (+357%), from €43,175 to €197,520
- Tangible fixed assets -€51,504
down €51,504 (-55.3%), from €93,200 to €41,696
of which Furniture and vehicles: -€45,998
- Cash -€26,061
down €26,061 (-62.1%), from €41,968 to €15,907
mainly Receivables within one year (-€336,465) and Stocks and contracts (-€154,345)
- Deferred charges and accrued income +€7,581
up €7,581 (+143%), from €5,299 to €12,879
- Trade debts +€176,242
up €176,242 (+1,909%), from €9,231 to €185,473
- Reserves +€173,970
new in 2025: €173,970
- Profit (loss) carried forward -€110,260
down €110,260 (-100%), from €110,260 to €0
- Other debts +€75,565
up €75,565 (+575%), from €13,151 to €88,716
- Short-term financial debts +€59,645
up €59,645, from €0 to €59,645
- Gross operating margin +€25,988
up €25,988 (+11.8%), from €220,004 to €245,992
- Write-downs +€17,713
new in 2025: €17,713
- Staff costs +€17,087
up €17,087 (+11.9%), from €144,142 to €161,229
- Financial charges +€9,695
up €9,695 (+139%), from €6,956 to €16,650
- Financial income +€7,968
up €7,968 (+7,023%), from €113 to €8,081
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 | €287,464 | €717,271 | +€429,807 | +150% |
| Fixed assets | 21/28 | €93,200 | €50,677 | -€42,523 | -45.6% |
| Intangible fixed assets | 21 | - | €5,981 | +€5,981 | |
| Tangible fixed assets | 22/27 | €93,200 | €41,696 | -€51,504 | -55.3% |
| Plant, machinery and equipment | 23 | €18,784 | €13,278 | -€5,506 | -29.3% |
| Furniture and vehicles | 24 | €74,415 | €28,418 | -€45,998 | -61.8% |
| Financial fixed assets | 28 | - | €3,000 | +€3,000 | |
| Current assets | 29/58 | €194,265 | €666,594 | +€472,330 | +243% |
| Stocks and contracts in progress | 3 | €43,175 | €197,520 | +€154,345 | +357% |
| Stocks | 30/36 | €43,175 | €197,520 | +€154,345 | +357% |
| Amounts receivable within one year | 40/41 | €103,823 | €440,287 | +€336,465 | +324% |
| Trade receivables | 40 | €102,448 | €432,166 | +€329,718 | +322% |
| Other amounts receivable | 41 | €1,375 | €8,122 | +€6,747 | +491% |
| Cash at bank and in hand | 54/58 | €41,968 | €15,907 | -€26,061 | -62.1% |
| Deferred charges and accrued income | 490/1 | €5,299 | €12,879 | +€7,581 | +143% |
| Total equity and liabilities | 10/49 | €287,464 | €717,271 | +€429,807 | +150% |
| Equity | 10/15 | €135,260 | €238,970 | +€103,711 | +76.7% |
| Contributions | 10/11 | €25,000 | €65,000 | +€40,000 | +160% |
| Reserves | 13 | - | €173,970 | +€173,970 | |
| Distributable reserves | 133 | - | €173,970 | +€173,970 | |
| Profit (loss) carried forward | 14 | €110,260 | €0 | -€110,260 | -100% |
| Amounts payable | 17/49 | €152,205 | €478,301 | +€326,096 | +214% |
| Amounts payable after more than one year | 17 | €31,787 | €72,425 | +€40,638 | +128% |
| Financial debts | 170/4 | €31,787 | €72,425 | +€40,638 | +128% |
| Amounts payable within one year | 42/48 | €119,847 | €399,103 | +€279,256 | +233% |
| Current portion of amounts payable after more than one year | 42 | €40,999 | €32,690 | -€8,309 | -20.3% |
| Financial debts | 43 | €0 | €59,645 | +€59,645 | |
| Credit institutions | 430/8 | €0 | €59,645 | +€59,645 | |
| Trade debts | 44 | €9,231 | €185,473 | +€176,242 | +1,909% |
| Suppliers | 440/4 | €9,231 | €185,473 | +€176,242 | +1,909% |
| Taxes, remuneration and social security | 45 | €56,466 | €32,580 | -€23,887 | -42.3% |
| Taxes | 450/3 | €30,929 | €16,441 | -€14,488 | -46.8% |
| Remuneration and social security | 454/9 | €25,537 | €16,139 | -€9,399 | -36.8% |
| Other amounts payable | 47/48 | €13,151 | €88,716 | +€75,565 | +575% |
| Accrued charges and deferred income | 492/3 | €571 | €6,773 | +€6,202 | +1,087% |
| Non-recurring operating income | 76A | €10,603 | €10,946 | +€342 | +3.2% |
| Remuneration, social security and pensions | 62 | €144,142 | €161,229 | +€17,087 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,369 | €21,717 | -€4,652 | -17.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,713 | +€17,713 | |
| Other operating charges | 640/8 | €2,189 | €2,774 | +€585 | +26.7% |
| Gross operating margin | 9900 | €220,004 | €245,992 | +€25,988 | +11.8% |
| Operating profit (loss) | 9901 | €47,304 | €42,558 | -€4,746 | -10.0% |
| Financial income | 75/76B | €113 | €8,081 | +€7,968 | +7,023% |
| Recurring financial income | 75 | €113 | €8,081 | +€7,968 | +7,023% |
| Financial charges | 65/66B | €6,956 | €16,650 | +€9,695 | +139% |
| Recurring financial charges | 65 | €6,956 | €16,650 | +€9,695 | +139% |
| Profit (loss) for the period before taxes | 9903 | €40,462 | €33,989 | -€6,473 | -16.0% |
| Income taxes | 67/77 | €15,000 | €14,226 | -€774 | -5.2% |
| Profit (loss) for the period | 9904 | €25,462 | €19,763 | -€5,699 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,462 | €19,763 | -€5,699 | -22.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.