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.
What changed
APEX
NACE 46.649, Wholesale of other machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€127,585
2024 · €587,171-€459,587
Equity
€5.1m
2024 · €5.0m+€127,585
Cash
€4.2m
2024 · €727,282+€3.4m
Balance sheet total
€5.2m
2024 · €5.3m-€33,147
Largest movements
Assets
- Current investments -€3.6m
down €3.6m (-100%), from €3.6m to €0
- Cash +€3.4m
up €3.4m (+473%), from €727,282 to €4.2m
mainly Current investments (+€3.6m) and Net result for the year (+€127,585)
Equity and liabilities
- Trade debts -€149,357
down €149,357 (-84.8%), from €176,115 to €26,758
- Profit (loss) carried forward +€127,585
up €127,585 (+7.9%), from €1.6m to €1.7m
Income statement
- Gross operating margin -€442,194
down €442,194 (-48.3%), from €916,461 to €474,268
- Taxes -€155,794
down €155,794 (-76.1%), from €204,758 to €48,963
- Staff costs +€80,876
up €80,876 (+33.1%), from €244,154 to €325,030
- Write-downs +€54,486
up €54,486, from -€54,486 to €0
- Financial income -€32,283
down €32,283 (-41.5%), from €77,717 to €45,434
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.
Result 2024
€587,171
Gross operating margin
-€442,194
Staff costs
-€80,876
Depreciation
-€6,330
Write-downs
-€54,486
Other operating charges
+€6,370
Financial income
-€32,283
Financial charges
-€5,582
Taxes
+€155,794
Result 2025
€127,585
raises the resultlowers the result
Derived cash bridge
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.
From operations
-€70,547
Investment
+€3.5m
Financing
-€8,497
Cash 2024
€727,282
From operations (derived)
-€70,547
Net result for the year
+€127,585
Depreciation
+€8,742
Stocks and contracts
-€47,072
Receivables within one year
-€15,998
Smaller working-capital items
+€5,554
Trade debts
-€149,357
Investment (derived)
+€3.5m
Investment in fixed assets (net)
-€30,631
Current investments
+€3.6m
Financing
-€8,497
Debts after one year
-€8,846
Current portion of long-term debt
+€348
Cash 2025
€4.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,278,187 | €5,245,041 | -€33,147 | -0.6% |
| Fixed assets | 21/28 | €28,788 | €50,678 | +€21,890 | +76.0% |
| Intangible fixed assets | 21 | €0 | €5,473 | +€5,473 | |
| Tangible fixed assets | 22/27 | €28,788 | €45,204 | +€16,417 | +57.0% |
| Furniture and vehicles | 24 | €28,788 | €45,204 | +€16,417 | +57.0% |
| Current assets | 29/58 | €5,249,400 | €5,194,363 | -€55,036 | -1.0% |
| Stocks and contracts in progress | 3 | €360,980 | €408,052 | +€47,072 | +13.0% |
| Stocks | 30/36 | €360,980 | €408,052 | +€47,072 | +13.0% |
| Amounts receivable within one year | 40/41 | €599,366 | €615,364 | +€15,998 | +2.7% |
| Trade receivables | 40 | €581,189 | €603,041 | +€21,852 | +3.8% |
| Other amounts receivable | 41 | €18,177 | €12,323 | -€5,854 | -32.2% |
| Current investments | 50/53 | €3,550,000 | €0 | -€3.6m | -100% |
| Cash at bank and in hand | 54/58 | €727,282 | €4,167,606 | +€3.4m | +473% |
| Deferred charges and accrued income | 490/1 | €11,772 | €3,341 | -€8,430 | -71.6% |
| Total equity and liabilities | 10/49 | €5,278,187 | €5,245,041 | -€33,147 | -0.6% |
| Equity | 10/15 | €5,009,696 | €5,137,280 | +€127,585 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,385,290 | €3,385,290 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €351,800 | €351,800 | = | 0.0% |
| Distributable reserves | 133 | €3,031,630 | €3,033,490 | +€1,860 | +0.1% |
| Profit (loss) carried forward | 14 | €1,605,805 | €1,733,390 | +€127,585 | +7.9% |
| Amounts payable | 17/49 | €268,492 | €107,761 | -€160,731 | -59.9% |
| Amounts payable after more than one year | 17 | €17,273 | €8,427 | -€8,846 | -51.2% |
| Financial debts | 170/4 | €17,273 | €8,427 | -€8,846 | -51.2% |
| Amounts payable within one year | 42/48 | €251,219 | €99,333 | -€151,885 | -60.5% |
| Current portion of amounts payable after more than one year | 42 | €8,497 | €8,846 | +€348 | +4.1% |
| Trade debts | 44 | €176,115 | €26,758 | -€149,357 | -84.8% |
| Suppliers | 440/4 | €176,115 | €26,758 | -€149,357 | -84.8% |
| Taxes, remuneration and social security | 45 | €66,584 | €63,707 | -€2,877 | -4.3% |
| Taxes | 450/3 | €35,910 | €30,911 | -€4,998 | -13.9% |
| Remuneration and social security | 454/9 | €30,674 | €32,795 | +€2,121 | +6.9% |
| Other amounts payable | 47/48 | €23 | €23 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €244,154 | €325,030 | +€80,876 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,412 | €8,742 | +€6,330 | +262% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€54,486 | €0 | +€54,486 | |
| Other operating charges | 640/8 | €10,130 | €3,760 | -€6,370 | -62.9% |
| Gross operating margin | 9900 | €916,461 | €474,268 | -€442,194 | -48.3% |
| Operating profit (loss) | 9901 | €714,252 | €136,736 | -€577,516 | -80.9% |
| Financial income | 75/76B | €77,717 | €45,434 | -€32,283 | -41.5% |
| Recurring financial income | 75 | €77,717 | €45,434 | -€32,283 | -41.5% |
| Financial charges | 65/66B | €40 | €5,622 | +€5,582 | +13,968% |
| Recurring financial charges | 65 | €40 | €5,622 | +€5,582 | +13,968% |
| Profit (loss) for the period before taxes | 9903 | €791,929 | €176,548 | -€615,381 | -77.7% |
| Income taxes | 67/77 | €204,758 | €48,963 | -€155,794 | -76.1% |
| Profit (loss) for the period | 9904 | €587,171 | €127,585 | -€459,587 | -78.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €587,171 | €127,585 | -€459,587 | -78.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.