APEX: 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.
APEX
Largest movements
- Receivables after one year -€68,000
down €68,000 (-81.9%), from €83,000 to €15,000
- Cash +€48,059
up €48,059 (+42.4%), from €113,446 to €161,505
mainly Receivables after one year (+€68,000) and Net result for the year (+€60,865)
- Deferred charges and accrued income +€18,182
up €18,182 (+577.6%), from €3,148 to €21,330
- Receivables within one year -€6,835
down €6,835 (-33.8%), from €20,250 to €13,415
of which Other amounts receivable: -€3,736
- Tangible fixed assets -€2,900
down €2,900 (-26.0%), from €11,146 to €8,246
of which Plant, machinery and equipment: -€1,606
- Reserves -€9,035
down €9,035 (-4.5%), from €199,955 to €190,920
- Gross operating margin +€19,121
up €19,121 (+28.1%), from €68,154 to €87,275
- Taxes +€4,680
up €4,680 (+24.7%), from €18,977 to €23,656
- Financial income -€1,225
down €1,225 (-41.7%), from €2,940 to €1,715
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 | €234,290 | €223,996 | -€10,294 | -4.4% |
| Fixed assets | 21/28 | €11,146 | €8,246 | -€2,900 | -26.0% |
| Tangible fixed assets | 22/27 | €11,146 | €8,246 | -€2,900 | -26.0% |
| Plant, machinery and equipment | 23 | €7,806 | €6,200 | -€1,606 | -20.6% |
| Furniture and vehicles | 24 | €3,340 | €2,046 | -€1,294 | -38.7% |
| Current assets | 29/58 | €223,144 | €215,750 | -€7,394 | -3.3% |
| Amounts receivable after more than one year | 29 | €83,000 | €15,000 | -€68,000 | -81.9% |
| Other amounts receivable | 291 | €83,000 | €15,000 | -€68,000 | -81.9% |
| Amounts receivable within one year | 40/41 | €20,250 | €13,415 | -€6,835 | -33.8% |
| Trade receivables | 40 | €12,085 | €8,987 | -€3,099 | -25.6% |
| Other amounts receivable | 41 | €8,165 | €4,429 | -€3,736 | -45.8% |
| Current investments | 50/53 | €3,300 | €4,500 | +€1,200 | +36.4% |
| Cash at bank and in hand | 54/58 | €113,446 | €161,505 | +€48,059 | +42.4% |
| Deferred charges and accrued income | 490/1 | €3,148 | €21,330 | +€18,182 | +577.6% |
| Total equity and liabilities | 10/49 | €234,290 | €223,996 | -€10,294 | -4.4% |
| Equity | 10/15 | €223,727 | €214,692 | -€9,035 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,955 | €190,920 | -€9,035 | -4.5% |
| Distributable reserves | 133 | €199,955 | €190,920 | -€9,035 | -4.5% |
| Profit (loss) carried forward | 14 | €5,172 | €5,172 | +€0 | 0.0% |
| Amounts payable | 17/49 | €10,563 | €9,304 | -€1,259 | -11.9% |
| Amounts payable within one year | 42/48 | €10,563 | €9,304 | -€1,259 | -11.9% |
| Trade debts | 44 | €1,834 | €13 | -€1,821 | -99.3% |
| Suppliers | 440/4 | €1,834 | €13 | -€1,821 | -99.3% |
| Taxes, remuneration and social security | 45 | €7,918 | €9,127 | +€1,209 | +15.3% |
| Taxes | 450/3 | €7,918 | €9,127 | +€1,209 | +15.3% |
| Other amounts payable | 47/48 | €812 | €164 | -€648 | -79.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,725 | €2,900 | +€175 | +6.4% |
| Other operating charges | 640/8 | €558 | €1,296 | +€738 | +132.2% |
| Gross operating margin | 9900 | €68,154 | €87,275 | +€19,121 | +28.1% |
| Operating profit (loss) | 9901 | €64,870 | €83,079 | +€18,208 | +28.1% |
| Financial income | 75/76B | €2,940 | €1,715 | -€1,225 | -41.7% |
| Recurring financial income | 75 | €2,940 | €1,715 | -€1,225 | -41.7% |
| Financial charges | 65/66B | €59 | €272 | +€214 | +365.1% |
| Recurring financial charges | 65 | €59 | €272 | +€214 | +365.1% |
| Profit (loss) for the period before taxes | 9903 | €67,752 | €84,522 | +€16,770 | +24.8% |
| Income taxes | 67/77 | €18,977 | €23,656 | +€4,680 | +24.7% |
| Profit (loss) for the period | 9904 | €48,775 | €60,865 | +€12,090 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,775 | €60,865 | +€12,090 | +24.8% |
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.