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
- Cash +€50,853
up €50,853 (+57.8%), from €87,932 to €138,785
mainly Net result for the year (+€75,715) and Tax, wage and social debts (+€23,160)
- Receivables within one year -€3,915
down €3,915 (-65.5%), from €5,974 to €2,059
of which Trade receivables: -€2,526
- Reserves +€55,640
up €55,640 (+78.5%), from €70,860 to €126,500
- Tax, wage and social debts +€23,160
up €23,160 (+133%), from €17,461 to €40,621
of which Taxes: +€31,252
- Trade debts -€14,273
down €14,273 (-89.4%), from €15,963 to €1,690
- Other debts -€8,732
down €8,732 (-90.4%), from €9,656 to €924
- Profit (loss) carried forward -€5,425
down €5,425 (-96.2%), from €5,642 to €217
- Staff costs -€50,244
down €50,244 (-67.8%), from €74,129 to €23,885
- Taxes +€21,316
up €21,316 (+134%), from €15,900 to €37,216
- Depreciation +€8,127
up €8,127 (+63.0%), from €12,900 to €21,027
- Gross operating margin +€5,647
up €5,647 (+3.6%), from €158,912 to €164,559
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,779 | €210,839 | +€45,060 | +27.2% |
| Fixed assets | 21/28 | €71,286 | €69,302 | -€1,984 | -2.8% |
| Tangible fixed assets | 22/27 | €71,286 | €69,302 | -€1,984 | -2.8% |
| Plant, machinery and equipment | 23 | €22,224 | €21,026 | -€1,198 | -5.4% |
| Furniture and vehicles | 24 | €49,062 | €48,276 | -€786 | -1.6% |
| Current assets | 29/58 | €94,493 | €141,537 | +€47,044 | +49.8% |
| Amounts receivable within one year | 40/41 | €5,974 | €2,059 | -€3,915 | -65.5% |
| Trade receivables | 40 | €2,741 | €215 | -€2,526 | -92.2% |
| Other amounts receivable | 41 | €3,233 | €1,844 | -€1,389 | -43.0% |
| Cash at bank and in hand | 54/58 | €87,932 | €138,785 | +€50,853 | +57.8% |
| Deferred charges and accrued income | 490/1 | €587 | €693 | +€106 | +18.1% |
| Total equity and liabilities | 10/49 | €165,779 | €210,839 | +€45,060 | +27.2% |
| Equity | 10/15 | €95,102 | €145,317 | +€50,215 | +52.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €70,860 | €126,500 | +€55,640 | +78.5% |
| Distributable reserves | 133 | €70,860 | €126,500 | +€55,640 | +78.5% |
| Profit (loss) carried forward | 14 | €5,642 | €217 | -€5,425 | -96.2% |
| Amounts payable | 17/49 | €70,677 | €65,522 | -€5,155 | -7.3% |
| Amounts payable after more than one year | 17 | €27,597 | €22,287 | -€5,310 | -19.2% |
| Financial debts | 170/4 | €27,597 | €22,287 | -€5,310 | -19.2% |
| Amounts payable within one year | 42/48 | €43,080 | €43,235 | +€155 | +0.4% |
| Trade debts | 44 | €15,963 | €1,690 | -€14,273 | -89.4% |
| Suppliers | 440/4 | €15,963 | €1,690 | -€14,273 | -89.4% |
| Taxes, remuneration and social security | 45 | €17,461 | €40,621 | +€23,160 | +133% |
| Taxes | 450/3 | €9,369 | €40,621 | +€31,252 | +334% |
| Remuneration and social security | 454/9 | €8,092 | - | -€8,092 | |
| Other amounts payable | 47/48 | €9,656 | €924 | -€8,732 | -90.4% |
| Remuneration, social security and pensions | 62 | €74,129 | €23,885 | -€50,244 | -67.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,900 | €21,027 | +€8,127 | +63.0% |
| Other operating charges | 640/8 | €3,755 | €3,282 | -€473 | -12.6% |
| Non-recurring operating charges | 66A | €3,962 | €1,420 | -€2,542 | -64.2% |
| Gross operating margin | 9900 | €158,912 | €164,559 | +€5,647 | +3.6% |
| Operating profit (loss) | 9901 | €64,166 | €114,945 | +€50,779 | +79.1% |
| Financial income | 75/76B | €4 | €6 | +€2 | +50.0% |
| Recurring financial income | 75 | €4 | €6 | +€2 | +50.0% |
| Financial charges | 65/66B | €932 | €2,020 | +€1,088 | +117% |
| Recurring financial charges | 65 | €932 | €2,020 | +€1,088 | +117% |
| Profit (loss) for the period before taxes | 9903 | €63,238 | €112,931 | +€49,693 | +78.6% |
| Income taxes | 67/77 | €15,900 | €37,216 | +€21,316 | +134% |
| Profit (loss) for the period | 9904 | €47,338 | €75,715 | +€28,377 | +59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,338 | €75,715 | +€28,377 | +59.9% |
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 17 October 2026 via checked.be.