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
- Current investments -€350,000
down €350,000 (-53.8%), from €650,000 to €300,000
- Cash +€88,454
up €88,454 (+78.7%), from €112,393 to €200,847
mainly Current investments (+€350,000) and Net result for the year (+€127,844)
- Tangible fixed assets +€30,240
new in 2026: €30,240
- Receivables within one year +€9,588
up €9,588 (+48.9%), from €19,602 to €29,190
of which Other amounts receivable: +€4,797
- Other debts -€285,610
down €285,610 (-79.2%), from €360,443 to €74,833
- Reserves +€53,000
up €53,000 (+16.6%), from €318,860 to €371,860
- Tax, wage and social debts +€10,618
up €10,618 (+38.0%), from €27,933 to €38,551
of which Taxes: +€10,508
- Gross operating margin +€35,825
up €35,825 (+24.9%), from €144,021 to €179,846
- Financial income -€13,579
down €13,579 (-70.8%), from €19,180 to €5,601
- Taxes +€5,875
up €5,875 (+12.2%), from €48,125 to €54,000
- Depreciation +€2,807
new in 2026: €2,807
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €791,848 | €568,438 | -€223,410 | -28.2% |
| Fixed assets | 21/28 | - | €30,240 | +€30,240 | |
| Tangible fixed assets | 22/27 | - | €30,240 | +€30,240 | |
| Furniture and vehicles | 24 | - | €30,240 | +€30,240 | |
| Current assets | 29/58 | €791,848 | €538,198 | -€253,650 | -32.0% |
| Amounts receivable within one year | 40/41 | €19,602 | €29,190 | +€9,588 | +48.9% |
| Trade receivables | 40 | €19,602 | €24,394 | +€4,792 | +24.4% |
| Other amounts receivable | 41 | - | €4,797 | +€4,797 | |
| Current investments | 50/53 | €650,000 | €300,000 | -€350,000 | -53.8% |
| Cash at bank and in hand | 54/58 | €112,393 | €200,847 | +€88,454 | +78.7% |
| Deferred charges and accrued income | 490/1 | €9,853 | €8,161 | -€1,692 | -17.2% |
| Total equity and liabilities | 10/49 | €791,848 | €568,438 | -€223,410 | -28.2% |
| Equity | 10/15 | €401,063 | €454,074 | +€53,011 | +13.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €318,860 | €371,860 | +€53,000 | +16.6% |
| Distributable reserves | 133 | €318,860 | €371,860 | +€53,000 | +16.6% |
| Profit (loss) carried forward | 14 | €76,003 | €76,014 | +€11 | 0.0% |
| Amounts payable | 17/49 | €390,785 | €114,364 | -€276,421 | -70.7% |
| Amounts payable within one year | 42/48 | €389,057 | €113,384 | -€275,673 | -70.9% |
| Trade debts | 44 | €681 | €0 | -€681 | -100% |
| Suppliers | 440/4 | €681 | €0 | -€681 | -100% |
| Taxes, remuneration and social security | 45 | €27,933 | €38,551 | +€10,618 | +38.0% |
| Taxes | 450/3 | €25,643 | €36,151 | +€10,508 | +41.0% |
| Remuneration and social security | 454/9 | €2,290 | €2,400 | +€110 | +4.8% |
| Other amounts payable | 47/48 | €360,443 | €74,833 | -€285,610 | -79.2% |
| Accrued charges and deferred income | 492/3 | €1,728 | €981 | -€747 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,807 | +€2,807 | |
| Other operating charges | 640/8 | €603 | €644 | +€41 | +6.8% |
| Gross operating margin | 9900 | €144,021 | €179,846 | +€35,825 | +24.9% |
| Operating profit (loss) | 9901 | €143,418 | €176,395 | +€32,977 | +23.0% |
| Financial income | 75/76B | €19,180 | €5,601 | -€13,579 | -70.8% |
| Recurring financial income | 75 | €19,180 | €5,601 | -€13,579 | -70.8% |
| Financial charges | 65/66B | €155 | €151 | -€4 | -2.4% |
| Recurring financial charges | 65 | €155 | €151 | -€4 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €162,442 | €181,844 | +€19,402 | +11.9% |
| Income taxes | 67/77 | €48,125 | €54,000 | +€5,875 | +12.2% |
| Profit (loss) for the period | 9904 | €114,317 | €127,844 | +€13,527 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €114,317 | €127,844 | +€13,527 | +11.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.