Apex Advisory: 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 Advisory
Largest movements
- Cash +€92,565
up €92,565 (+37.6%), from €246,139 to €338,704
mainly Net result for the year (+€111,229) and Depreciation (+€59,462)
- Tangible fixed assets +€17,847
up €17,847 (+4.2%), from €429,211 to €447,058
of which Other tangible fixed assets: +€58,080
- Reserves +€111,229
up €111,229 (+22.4%), from €495,490 to €606,719
- Debts after one year -€11,211
down €11,211 (-6.5%), from €173,671 to €162,461
- Gross operating margin +€71,261
up €71,261 (+44.2%), from €161,255 to €232,516
- Taxes +€21,311
up €21,311 (+71.4%), from €29,856 to €51,167
- Depreciation +€13,174
up €13,174 (+28.5%), from €46,288 to €59,462
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 | €695,710 | €801,858 | +€106,148 | +15.3% |
| Fixed assets | 21/28 | €435,946 | €447,058 | +€11,112 | +2.5% |
| Tangible fixed assets | 22/27 | €429,211 | €447,058 | +€17,847 | +4.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €113,372 | €73,139 | -€40,234 | -35.5% |
| Other tangible fixed assets | 26 | €315,839 | €373,919 | +€58,080 | +18.4% |
| Financial fixed assets | 28 | €6,735 | €0 | -€6,735 | -100% |
| Current assets | 29/58 | €259,764 | €354,801 | +€95,037 | +36.6% |
| Amounts receivable within one year | 40/41 | €10,139 | €10,002 | -€136 | -1.3% |
| Trade receivables | 40 | €10,139 | €6,666 | -€3,472 | -34.2% |
| Other amounts receivable | 41 | - | €3,336 | +€3,336 | |
| Cash at bank and in hand | 54/58 | €246,139 | €338,704 | +€92,565 | +37.6% |
| Deferred charges and accrued income | 490/1 | €3,487 | €6,095 | +€2,608 | +74.8% |
| Total equity and liabilities | 10/49 | €695,710 | €801,858 | +€106,148 | +15.3% |
| Equity | 10/15 | €503,550 | €614,779 | +€111,229 | +22.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €495,490 | €606,719 | +€111,229 | +22.4% |
| Distributable reserves | 133 | €495,490 | €606,719 | +€111,229 | +22.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €192,160 | €187,080 | -€5,081 | -2.6% |
| Amounts payable after more than one year | 17 | €173,671 | €162,461 | -€11,211 | -6.5% |
| Financial debts | 170/4 | €173,671 | €162,461 | -€11,211 | -6.5% |
| Amounts payable within one year | 42/48 | €18,268 | €24,088 | +€5,819 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €10,816 | €11,211 | +€395 | +3.7% |
| Trade debts | 44 | €1,449 | €6,870 | +€5,421 | +374% |
| Suppliers | 440/4 | €1,449 | €6,870 | +€5,421 | +374% |
| Taxes, remuneration and social security | 45 | €5,942 | €6,007 | +€65 | +1.1% |
| Taxes | 450/3 | €5,942 | €6,007 | +€65 | +1.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €62 | €0 | -€62 | -100% |
| Accrued charges and deferred income | 492/3 | €221 | €531 | +€311 | +141% |
| Non-recurring operating income | 76A | €1,964 | €0 | -€1,964 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,288 | €59,462 | +€13,174 | +28.5% |
| Other operating charges | 640/8 | €3,507 | €3,726 | +€219 | +6.2% |
| Gross operating margin | 9900 | €161,255 | €232,516 | +€71,261 | +44.2% |
| Operating profit (loss) | 9901 | €111,459 | €169,328 | +€57,868 | +51.9% |
| Financial income | 75/76B | €28 | €33 | +€5 | +17.9% |
| Recurring financial income | 75 | €28 | €33 | +€5 | +17.9% |
| Financial charges | 65/66B | €7,005 | €6,965 | -€40 | -0.6% |
| Recurring financial charges | 65 | €7,005 | €6,965 | -€40 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €104,483 | €162,396 | +€57,913 | +55.4% |
| Income taxes | 67/77 | €29,856 | €51,167 | +€21,311 | +71.4% |
| Profit (loss) for the period | 9904 | €74,627 | €111,229 | +€36,602 | +49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,627 | €111,229 | +€36,602 | +49.0% |
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 14 October 2026 via checked.be.