APEL: 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.
APEL
Largest movements
- Receivables within one year -€31,470
down €31,470 (-80.8%), from €38,928 to €7,458
of which Trade receivables: -€32,975
- Cash +€6,748
up €6,748 (+394%), from €1,714 to €8,462
mainly Receivables within one year (+€31,470) and Tax, wage and social debts (+€7,911)
- Tangible fixed assets -€3,319
down €3,319 (-37.4%), from €8,872 to €5,552
of which Furniture and vehicles: -€2,094
- Profit (loss) carried forward -€22,036
down €22,036 (-97.1%), from -€22,687 to -€44,723
- Other debts -€13,134
down €13,134 (-25.4%), from €51,694 to €38,560
- Tax, wage and social debts +€7,911
new in 2025: €7,911
- Trade debts -€782
down €782 (-41.0%), from €1,907 to €1,124
- Other operating charges +€11,043
up €11,043 (+1,181%), from €935 to €11,978
- Taxes +€9,379
new in 2025: €9,379
- Gross operating margin -€4,744
down €4,744 (-53.3%), from €8,901 to €4,157
- Financial charges +€1,334
up €1,334 (+732%), from €182 to €1,517
- Depreciation +€471
up €471 (+16.5%), from €2,848 to €3,319
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 | €49,514 | €21,472 | -€28,041 | -56.6% |
| Fixed assets | 21/28 | €8,872 | €5,552 | -€3,319 | -37.4% |
| Tangible fixed assets | 22/27 | €8,872 | €5,552 | -€3,319 | -37.4% |
| Plant, machinery and equipment | 23 | €3,500 | €2,274 | -€1,225 | -35.0% |
| Furniture and vehicles | 24 | €5,372 | €3,278 | -€2,094 | -39.0% |
| Current assets | 29/58 | €40,642 | €15,920 | -€24,722 | -60.8% |
| Amounts receivable within one year | 40/41 | €38,928 | €7,458 | -€31,470 | -80.8% |
| Trade receivables | 40 | €38,200 | €5,225 | -€32,975 | -86.3% |
| Other amounts receivable | 41 | €728 | €2,233 | +€1,505 | +207% |
| Cash at bank and in hand | 54/58 | €1,714 | €8,462 | +€6,748 | +394% |
| Total equity and liabilities | 10/49 | €49,514 | €21,472 | -€28,041 | -56.6% |
| Equity | 10/15 | -€4,087 | -€26,123 | -€22,036 | -539% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,687 | -€44,723 | -€22,036 | -97.1% |
| Amounts payable | 17/49 | €53,601 | €47,595 | -€6,005 | -11.2% |
| Amounts payable within one year | 42/48 | €53,601 | €47,595 | -€6,005 | -11.2% |
| Trade debts | 44 | €1,907 | €1,124 | -€782 | -41.0% |
| Suppliers | 440/4 | €1,907 | €1,124 | -€782 | -41.0% |
| Taxes, remuneration and social security | 45 | - | €7,911 | +€7,911 | |
| Taxes | 450/3 | - | €7,911 | +€7,911 | |
| Other amounts payable | 47/48 | €51,694 | €38,560 | -€13,134 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,848 | €3,319 | +€471 | +16.5% |
| Other operating charges | 640/8 | €935 | €11,978 | +€11,043 | +1,181% |
| Gross operating margin | 9900 | €8,901 | €4,157 | -€4,744 | -53.3% |
| Operating profit (loss) | 9901 | €5,118 | -€11,140 | -€16,258 | |
| Financial charges | 65/66B | €182 | €1,517 | +€1,334 | +732% |
| Recurring financial charges | 65 | €182 | €1,517 | +€1,334 | +732% |
| Profit (loss) for the period before taxes | 9903 | €4,936 | -€12,657 | -€17,592 | |
| Income taxes | 67/77 | - | €9,379 | +€9,379 | |
| Profit (loss) for the period | 9904 | €4,936 | -€22,036 | -€26,971 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,936 | -€22,036 | -€26,971 |
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.