APEGO: 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.
APEGO
Largest movements
- Current investments -€18,600
down €18,600 (-32.6%), from €57,000 to €38,400
- Cash -€4,267
down €4,267 (-15.8%), from €27,056 to €22,790
mainly Contributions, distributions and other (-€58,824) and Trade debts (-€7,325)
- Deferred charges and accrued income +€1,576
up €1,576 (+2,397%), from €66 to €1,642
- Reserves -€34,804
down €34,804 (-46.2%), from €75,344 to €40,539
of which Distributable reserves: -€34,804
- Other debts +€13,612
up €13,612 (+239%), from €5,699 to €19,311
- Trade debts -€7,325
down €7,325 (-87.3%), from €8,394 to €1,069
- Accrued charges and deferred income +€3,709
up €3,709 (+326%), from €1,139 to €4,848
- Tax, wage and social debts +€3,458
up €3,458 (+180%), from €1,925 to €5,383
of which Taxes: +€5,208
- Gross operating margin +€4,480
up €4,480 (+14.1%), from €31,794 to €36,274
- Depreciation +€1,030
up €1,030 (+33.4%), from €3,088 to €4,118
- Other operating charges +€780
up €780 (+424%), from €184 to €964
- Financial charges +€720
up €720 (+360%), from €200 to €920
- Taxes +€446
up €446 (+7.7%), from €5,807 to €6,253
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 | €111,100 | €89,749 | -€21,350 | -19.2% |
| Fixed assets | 21/28 | €18,706 | €19,441 | +€735 | +3.9% |
| Tangible fixed assets | 22/27 | €18,706 | €19,441 | +€735 | +3.9% |
| Land and buildings | 22 | €1,762 | €1,584 | -€178 | -10.1% |
| Furniture and vehicles | 24 | €16,943 | €17,857 | +€913 | +5.4% |
| Current assets | 29/58 | €92,394 | €70,309 | -€22,085 | -23.9% |
| Amounts receivable within one year | 40/41 | €8,272 | €7,477 | -€794 | -9.6% |
| Trade receivables | 40 | €7,079 | €6,730 | -€348 | -4.9% |
| Other amounts receivable | 41 | €1,193 | €747 | -€446 | -37.4% |
| Current investments | 50/53 | €57,000 | €38,400 | -€18,600 | -32.6% |
| Cash at bank and in hand | 54/58 | €27,056 | €22,790 | -€4,267 | -15.8% |
| Deferred charges and accrued income | 490/1 | €66 | €1,642 | +€1,576 | +2,397% |
| Total equity and liabilities | 10/49 | €111,100 | €89,749 | -€21,350 | -19.2% |
| Equity | 10/15 | €93,944 | €59,139 | -€34,804 | -37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,344 | €40,539 | -€34,804 | -46.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €75,344 | €40,539 | -€34,804 | -46.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,156 | €30,610 | +€13,454 | +78.4% |
| Amounts payable within one year | 42/48 | €16,017 | €25,762 | +€9,745 | +60.8% |
| Trade debts | 44 | €8,394 | €1,069 | -€7,325 | -87.3% |
| Suppliers | 440/4 | €8,394 | €1,069 | -€7,325 | -87.3% |
| Taxes, remuneration and social security | 45 | €1,925 | €5,383 | +€3,458 | +180% |
| Taxes | 450/3 | €175 | €5,383 | +€5,208 | +2,979% |
| Remuneration and social security | 454/9 | €1,750 | €0 | -€1,750 | -100% |
| Other amounts payable | 47/48 | €5,699 | €19,311 | +€13,612 | +239% |
| Accrued charges and deferred income | 492/3 | €1,139 | €4,848 | +€3,709 | +326% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,088 | €4,118 | +€1,030 | +33.4% |
| Other operating charges | 640/8 | €184 | €964 | +€780 | +424% |
| Gross operating margin | 9900 | €31,794 | €36,274 | +€4,480 | +14.1% |
| Operating profit (loss) | 9901 | €28,522 | €31,192 | +€2,670 | +9.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €200 | €920 | +€720 | +360% |
| Recurring financial charges | 65 | €200 | €920 | +€720 | +360% |
| Profit (loss) for the period before taxes | 9903 | €28,322 | €30,272 | +€1,950 | +6.9% |
| Income taxes | 67/77 | €5,807 | €6,253 | +€446 | +7.7% |
| Profit (loss) for the period | 9904 | €22,515 | €24,019 | +€1,504 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,515 | €24,019 | +€1,504 | +6.7% |
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 14 October 2026 via checked.be.