APELEC: 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.
APELEC
Largest movements
- Cash +€60,648
up €60,648 (+76.1%), from €79,660 to €140,308
mainly Net result for the year (+€73,997) and Depreciation (+€59,851)
- Tangible fixed assets -€54,973
down €54,973 (-8.7%), from €635,256 to €580,283
of which Land and buildings: -€53,142
- Receivables within one year -€17,643
down €17,643 (-78.3%), from €22,540 to €4,897
of which Other amounts receivable: -€16,015
- Reserves +€73,997
up €73,997 (+31.7%), from €233,392 to €307,389
- Debts after one year -€61,574
down €61,574 (-15.2%), from €406,089 to €344,515
- Gross operating margin +€42,512
up €42,512 (+14.6%), from €290,263 to €332,774
- Staff costs +€10,185
up €10,185 (+7.6%), from €134,009 to €144,194
- Taxes +€6,016
up €6,016 (+20.0%), from €30,098 to €36,114
- Depreciation -€3,527
down €3,527 (-5.6%), from €63,377 to €59,851
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,670,967 | €1,683,304 | +€12,337 | +0.7% |
| Fixed assets | 21/28 | €1,272,840 | €1,217,867 | -€54,973 | -4.3% |
| Tangible fixed assets | 22/27 | €635,256 | €580,283 | -€54,973 | -8.7% |
| Land and buildings | 22 | €630,355 | €577,214 | -€53,142 | -8.4% |
| Plant, machinery and equipment | 23 | €4,901 | €3,069 | -€1,831 | -37.4% |
| Financial fixed assets | 28 | €637,584 | €637,584 | = | 0.0% |
| Current assets | 29/58 | €398,127 | €465,437 | +€67,310 | +16.9% |
| Stocks and contracts in progress | 3 | €198,427 | €207,370 | +€8,943 | +4.5% |
| Stocks | 30/36 | €198,427 | €207,370 | +€8,943 | +4.5% |
| Amounts receivable within one year | 40/41 | €22,540 | €4,897 | -€17,643 | -78.3% |
| Trade receivables | 40 | €2,736 | €1,109 | -€1,627 | -59.5% |
| Other amounts receivable | 41 | €19,804 | €3,789 | -€16,015 | -80.9% |
| Cash at bank and in hand | 54/58 | €79,660 | €140,308 | +€60,648 | +76.1% |
| Deferred charges and accrued income | 490/1 | €97,500 | €112,861 | +€15,361 | +15.8% |
| Total equity and liabilities | 10/49 | €1,670,967 | €1,683,304 | +€12,337 | +0.7% |
| Equity | 10/15 | €895,766 | €969,763 | +€73,997 | +8.3% |
| Contributions | 10/11 | €662,374 | €662,374 | = | 0.0% |
| Reserves | 13 | €233,392 | €307,389 | +€73,997 | +31.7% |
| Distributable reserves | 133 | €233,392 | €307,389 | +€73,997 | +31.7% |
| Amounts payable | 17/49 | €775,201 | €713,541 | -€61,660 | -8.0% |
| Amounts payable after more than one year | 17 | €406,089 | €344,515 | -€61,574 | -15.2% |
| Financial debts | 170/4 | €406,089 | €344,515 | -€61,574 | -15.2% |
| Amounts payable within one year | 42/48 | €362,754 | €368,587 | +€5,833 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €60,656 | €61,574 | +€918 | +1.5% |
| Financial debts | 43 | €13,611 | - | -€13,611 | |
| Other loans | 439 | €13,611 | - | -€13,611 | |
| Trade debts | 44 | €55,207 | €71,180 | +€15,973 | +28.9% |
| Suppliers | 440/4 | €55,207 | €71,180 | +€15,973 | +28.9% |
| Taxes, remuneration and social security | 45 | €17,028 | €14,876 | -€2,152 | -12.6% |
| Taxes | 450/3 | €1,259 | €1,809 | +€549 | +43.6% |
| Remuneration and social security | 454/9 | €15,769 | €13,068 | -€2,701 | -17.1% |
| Other amounts payable | 47/48 | €216,251 | €220,956 | +€4,705 | +2.2% |
| Accrued charges and deferred income | 492/3 | €6,358 | €440 | -€5,918 | -93.1% |
| Remuneration, social security and pensions | 62 | €134,009 | €144,194 | +€10,185 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,377 | €59,851 | -€3,527 | -5.6% |
| Other operating charges | 640/8 | €2,684 | €2,482 | -€202 | -7.5% |
| Gross operating margin | 9900 | €290,263 | €332,774 | +€42,512 | +14.6% |
| Operating profit (loss) | 9901 | €90,192 | €126,248 | +€36,055 | +40.0% |
| Financial income | 75/76B | €1,558 | €1,502 | -€56 | -3.6% |
| Recurring financial income | 75 | €1,558 | €1,502 | -€56 | -3.6% |
| Financial charges | 65/66B | €17,298 | €17,638 | +€340 | +2.0% |
| Recurring financial charges | 65 | €17,298 | €17,638 | +€340 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €74,452 | €110,111 | +€35,659 | +47.9% |
| Income taxes | 67/77 | €30,098 | €36,114 | +€6,016 | +20.0% |
| Profit (loss) for the period | 9904 | €44,354 | €73,997 | +€29,643 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,354 | €73,997 | +€29,643 | +66.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.