APECON: 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.
APECON
Largest movements
- Tangible fixed assets +€53,619
up €53,619 (+46.7%), from €114,832 to €168,451
of which Furniture and vehicles: +€54,503
- Cash -€14,910
down €14,910 (-76.0%), from €19,609 to €4,699
mainly Investment in fixed assets (net) (-€73,553) and Other debts (-€4,580)
- Debts after one year +€30,620
up €30,620 (+39.5%), from €77,462 to €108,082
of which Other amounts payable: +€42,055
- Tax, wage and social debts +€8,809
up €8,809 (+114.0%), from €7,725 to €16,533
of which Remuneration and social security: +€7,349
- Current portion of long-term debt +€5,914
up €5,914 (+36.9%), from €16,044 to €21,958
- Other debts -€4,580
down €4,580 (-87.4%), from €5,238 to €658
- Gross operating margin -€20,129
down €20,129 (-39.8%), from €50,553 to €30,423
- Taxes -€6,768
down €6,768 (-87.1%), from €7,774 to €1,006
- Depreciation +€5,370
up €5,370 (+36.9%), from €14,564 to €19,934
- Other operating charges +€877
up €877 (+53.9%), from €1,627 to €2,503
- Financial charges +€753
up €753 (+14.3%), from €5,278 to €6,031
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 | €156,115 | €194,882 | +€38,767 | +24.8% |
| Fixed assets | 21/28 | €114,832 | €168,451 | +€53,619 | +46.7% |
| Tangible fixed assets | 22/27 | €114,832 | €168,451 | +€53,619 | +46.7% |
| Land and buildings | 22 | €588 | €3,950 | +€3,362 | +571.9% |
| Plant, machinery and equipment | 23 | €356 | €4,584 | +€4,228 | +1186.9% |
| Furniture and vehicles | 24 | €15,905 | €70,407 | +€54,503 | +342.7% |
| Leasing and similar rights | 25 | €81,823 | €75,529 | -€6,294 | -7.7% |
| Other tangible fixed assets | 26 | €16,160 | €13,980 | -€2,180 | -13.5% |
| Current assets | 29/58 | €41,283 | €26,432 | -€14,852 | -36.0% |
| Amounts receivable within one year | 40/41 | €21,675 | €21,733 | +€58 | +0.3% |
| Trade receivables | 40 | €17,430 | €17,310 | -€120 | -0.7% |
| Other amounts receivable | 41 | €4,245 | €4,422 | +€177 | +4.2% |
| Cash at bank and in hand | 54/58 | €19,609 | €4,699 | -€14,910 | -76.0% |
| Total equity and liabilities | 10/49 | €156,115 | €194,882 | +€38,767 | +24.8% |
| Equity | 10/15 | €43,882 | €42,417 | -€1,466 | -3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €29,874 | €29,874 | = | 0.0% |
| Distributable reserves | 133 | €29,874 | €29,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,809 | €6,343 | -€1,466 | -18.8% |
| Amounts payable | 17/49 | €112,233 | €152,466 | +€40,233 | +35.8% |
| Amounts payable after more than one year | 17 | €77,462 | €108,082 | +€30,620 | +39.5% |
| Financial debts | 170/4 | €77,462 | €66,028 | -€11,434 | -14.8% |
| Other amounts payable | 178/9 | - | €42,055 | +€42,055 | |
| Amounts payable within one year | 42/48 | €34,771 | €44,383 | +€9,612 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €16,044 | €21,958 | +€5,914 | +36.9% |
| Financial debts | 43 | €1,979 | €720 | -€1,259 | -63.6% |
| Credit institutions | 430/8 | €1,979 | - | -€1,979 | |
| Other loans | 439 | - | €720 | +€720 | |
| Trade debts | 44 | €3,785 | €4,513 | +€728 | +19.2% |
| Suppliers | 440/4 | €3,785 | €4,513 | +€728 | +19.2% |
| Taxes, remuneration and social security | 45 | €7,725 | €16,533 | +€8,809 | +114.0% |
| Taxes | 450/3 | €7,725 | €9,184 | +€1,459 | +18.9% |
| Remuneration and social security | 454/9 | - | €7,349 | +€7,349 | |
| Other amounts payable | 47/48 | €5,238 | €658 | -€4,580 | -87.4% |
| Non-recurring operating income | 76A | €5,161 | - | -€5,161 | |
| Remuneration, social security and pensions | 62 | €2,479 | €2,414 | -€64 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,564 | €19,934 | +€5,370 | +36.9% |
| Other operating charges | 640/8 | €1,627 | €2,503 | +€877 | +53.9% |
| Non-recurring operating charges | 66A | €2,309 | - | -€2,309 | |
| Gross operating margin | 9900 | €50,553 | €30,423 | -€20,129 | -39.8% |
| Operating profit (loss) | 9901 | €29,575 | €5,571 | -€24,003 | -81.2% |
| Financial income | 75/76B | €5 | €0 | -€4 | -92.0% |
| Recurring financial income | 75 | €5 | €0 | -€4 | -92.0% |
| Financial charges | 65/66B | €5,278 | €6,031 | +€753 | +14.3% |
| Recurring financial charges | 65 | €5,278 | €6,031 | +€753 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €24,301 | -€459 | -€24,761 | |
| Income taxes | 67/77 | €7,774 | €1,006 | -€6,768 | -87.1% |
| Profit (loss) for the period | 9904 | €16,527 | -€1,466 | -€17,993 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,527 | -€1,466 | -€17,993 |
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 10 October 2026 via checked.be.