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 -€15,284
down €15,284 (-81.8%), from €18,679 to €3,395
mainly Net result for the year (-€13,484) and Debts after one year (-€13,288)
- Tangible fixed assets -€11,051
down €11,051 (-2.9%), from €381,112 to €370,061
- Profit (loss) carried forward -€13,484
down €13,484 (-48.5%), from -€27,778 to -€41,261
- Debts after one year -€13,288
down €13,288 (-5.8%), from €228,675 to €215,388
of which Financial debts: -€13,288
- Gross operating margin -€1,116
down €1,116 (-10.6%), from €10,559 to €9,443
- Financial charges +€273
up €273 (+2.8%), from €9,683 to €9,956
of which Financial charges: +€273
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 | €400,146 | €373,801 | -€26,345 | -6.6% |
| Fixed assets | 21/28 | €381,112 | €370,061 | -€11,051 | -2.9% |
| Tangible fixed assets | 22/27 | €381,112 | €370,061 | -€11,051 | -2.9% |
| Land and buildings | 22 | €381,112 | €370,061 | -€11,051 | -2.9% |
| Current assets | 29/58 | €19,034 | €3,740 | -€15,294 | -80.4% |
| Amounts receivable within one year | 40/41 | €354 | €95 | -€259 | -73.1% |
| Trade receivables | 40 | €337 | €95 | -€242 | -71.7% |
| Other amounts receivable | 41 | €17 | €0 | -€17 | -100.0% |
| Cash at bank and in hand | 54/58 | €18,679 | €3,395 | -€15,284 | -81.8% |
| Deferred charges and accrued income | 490/1 | - | €250 | +€250 | |
| Total equity and liabilities | 10/49 | €400,146 | €373,801 | -€26,345 | -6.6% |
| Equity | 10/15 | -€21,278 | -€34,761 | -€13,484 | -63.4% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,778 | -€41,261 | -€13,484 | -48.5% |
| Amounts payable | 17/49 | €421,424 | €408,562 | -€12,862 | -3.1% |
| Amounts payable after more than one year | 17 | €228,675 | €215,388 | -€13,288 | -5.8% |
| Financial debts | 170/4 | €226,020 | €212,733 | -€13,288 | -5.9% |
| Other amounts payable | 178/9 | €2,655 | €2,655 | = | 0.0% |
| Amounts payable within one year | 42/48 | €192,749 | €193,175 | +€426 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €12,749 | €13,288 | +€539 | +4.2% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €180,000 | €179,887 | -€113 | -0.1% |
| Non-recurring operating income | 76A | €180 | €0 | -€180 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,051 | €11,051 | = | 0.0% |
| Other operating charges | 640/8 | €1,864 | €1,920 | +€56 | +3.0% |
| Gross operating margin | 9900 | €10,559 | €9,443 | -€1,116 | -10.6% |
| Operating profit (loss) | 9901 | -€2,356 | -€3,528 | -€1,172 | -49.8% |
| Financial charges | 65/66B | €9,683 | €9,956 | +€273 | +2.8% |
| Recurring financial charges | 65 | €9,683 | €9,956 | +€273 | +2.8% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€12,039 | -€13,484 | -€1,445 | -12.0% |
| Profit (loss) for the period | 9904 | -€12,039 | -€13,484 | -€1,445 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,039 | -€13,484 | -€1,445 | -12.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.