APEX: 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.
APEX
Largest movements
- Cash -€256,151
down €256,151 (-35.1%), from €728,795 to €472,644
mainly Contributions, distributions and other (-€288,600) and Receivables within one year (-€60,725)
- Receivables within one year +€60,725
up €60,725 (+36.8%), from €164,876 to €225,601
of which Trade receivables: +€63,039
- Stocks and contracts +€32,955
up €32,955 (+9.9%), from €332,158 to €365,113
of which Contracts in progress: +€25,500
- Tangible fixed assets -€29,841
down €29,841 (-29.7%), from €100,609 to €70,769
- Reserves -€271,575
down €271,575 (-38.3%), from €709,092 to €437,517
of which Distributable reserves: -€271,575
- Advances received +€62,500
up €62,500 (+2500.0%), from €2,500 to €65,000
- Trade debts +€33,832
up €33,832 (+1115.0%), from €3,034 to €36,867
- Tax, wage and social debts -€25,290
down €25,290 (-54.8%), from €46,155 to €20,864
of which Taxes: -€21,914
- Accrued charges and deferred income +€20,793
up €20,793 (+63.2%), from €32,907 to €53,700
- Financial income -€14,999
down €14,999 (-100.0%), from €15,001 to €1
- Gross operating margin -€13,517
down €13,517 (-10.4%), from €130,074 to €116,557
- Write-downs +€7,554
up €7,554, from -€5,054 to €2,500
- Depreciation -€6,142
down €6,142 (-18.0%), from €34,067 to €27,924
- Staff costs -€5,752
down €5,752 (-15.1%), from €38,193 to €32,441
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 | €1,331,998 | €1,139,895 | -€192,103 | -14.4% |
| Fixed assets | 21/28 | €101,009 | €71,169 | -€29,841 | -29.5% |
| Tangible fixed assets | 22/27 | €100,609 | €70,769 | -€29,841 | -29.7% |
| Furniture and vehicles | 24 | €100,609 | €70,769 | -€29,841 | -29.7% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €1,230,988 | €1,068,726 | -€162,262 | -13.2% |
| Stocks and contracts in progress | 3 | €332,158 | €365,113 | +€32,955 | +9.9% |
| Stocks | 30/36 | €204,863 | €212,318 | +€7,455 | +3.6% |
| Contracts in progress | 37 | €127,295 | €152,795 | +€25,500 | +20.0% |
| Amounts receivable within one year | 40/41 | €164,876 | €225,601 | +€60,725 | +36.8% |
| Trade receivables | 40 | €141,891 | €204,930 | +€63,039 | +44.4% |
| Other amounts receivable | 41 | €22,985 | €20,671 | -€2,315 | -10.1% |
| Cash at bank and in hand | 54/58 | €728,795 | €472,644 | -€256,151 | -35.1% |
| Deferred charges and accrued income | 490/1 | €5,159 | €5,368 | +€209 | +4.1% |
| Total equity and liabilities | 10/49 | €1,331,998 | €1,139,895 | -€192,103 | -14.4% |
| Equity | 10/15 | €935,977 | €664,403 | -€271,574 | -29.0% |
| Contributions | 10/11 | €226,100 | €226,100 | = | 0.0% |
| Capital | 10 | €226,100 | €226,100 | = | 0.0% |
| Issued capital | 100 | €226,100 | €226,100 | = | 0.0% |
| Reserves | 13 | €709,092 | €437,517 | -€271,575 | -38.3% |
| Non-distributable reserves | 130/1 | €22,610 | €22,610 | = | 0.0% |
| Legal reserve | 130 | €22,610 | €22,610 | = | 0.0% |
| Distributable reserves | 133 | €686,482 | €414,907 | -€271,575 | -39.6% |
| Profit (loss) carried forward | 14 | €785 | €786 | +€1 | +0.1% |
| Amounts payable | 17/49 | €396,020 | €475,492 | +€79,471 | +20.1% |
| Amounts payable after more than one year | 17 | €26,028 | €15,873 | -€10,155 | -39.0% |
| Financial debts | 170/4 | €26,028 | €15,873 | -€10,155 | -39.0% |
| Amounts payable within one year | 42/48 | €337,085 | €405,919 | +€68,834 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €9,826 | €10,155 | +€329 | +3.3% |
| Trade debts | 44 | €3,034 | €36,867 | +€33,832 | +1115.0% |
| Suppliers | 440/4 | €3,034 | €36,867 | +€33,832 | +1115.0% |
| Advances received on contracts in progress | 46 | €2,500 | €65,000 | +€62,500 | +2500.0% |
| Taxes, remuneration and social security | 45 | €46,155 | €20,864 | -€25,290 | -54.8% |
| Taxes | 450/3 | €30,222 | €8,308 | -€21,914 | -72.5% |
| Remuneration and social security | 454/9 | €15,932 | €12,556 | -€3,376 | -21.2% |
| Other amounts payable | 47/48 | €275,570 | €273,033 | -€2,537 | -0.9% |
| Accrued charges and deferred income | 492/3 | €32,907 | €53,700 | +€20,793 | +63.2% |
| Remuneration, social security and pensions | 62 | €38,193 | €32,441 | -€5,752 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,067 | €27,924 | -€6,142 | -18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,054 | €2,500 | +€7,554 | |
| Other operating charges | 640/8 | €9,083 | €5,049 | -€4,034 | -44.4% |
| Gross operating margin | 9900 | €130,074 | €116,557 | -€13,517 | -10.4% |
| Operating profit (loss) | 9901 | €53,786 | €48,642 | -€5,144 | -9.6% |
| Financial income | 75/76B | €15,001 | €1 | -€14,999 | -100.0% |
| Recurring financial income | 75 | €15,001 | €1 | -€14,999 | -100.0% |
| Financial charges | 65/66B | €19,240 | €22,868 | +€3,628 | +18.9% |
| Recurring financial charges | 65 | €19,240 | €22,868 | +€3,628 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €49,546 | €25,775 | -€23,771 | -48.0% |
| Income taxes | 67/77 | €13,245 | €8,750 | -€4,495 | -33.9% |
| Profit (loss) for the period | 9904 | €36,301 | €17,026 | -€19,276 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,301 | €17,026 | -€19,276 | -53.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.