APEX CD: 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 CD
Largest movements
- Deferred charges and accrued income -€16,182
down €16,182 (-49.3%), from €32,813 to €16,631
- Cash -€11,166
down €11,166 (-26.7%), from €41,859 to €30,693
mainly Contributions, distributions and other (-€82,400) and Other debts (-€17,231)
- Tangible fixed assets +€4,495
up €4,495 (+56.2%), from €8,005 to €12,500
of which Plant, machinery and equipment: +€3,888
- Other debts -€17,231
down €17,231 (-50.5%), from €34,124 to €16,893
- Debts after one year -€3,969
no longer reported in 2025 (was €3,969)
- Current portion of long-term debt -€3,923
down €3,923 (-49.7%), from €7,891 to €3,969
- Trade debts +€2,227
up €2,227 (+317.5%), from €701 to €2,928
- Gross operating margin +€8,209
up €8,209 (+8.1%), from €101,050 to €109,259
- Other operating charges -€6,538
down €6,538 (-92.9%), from €7,039 to €501
- Taxes +€1,373
up €1,373 (+6.6%), from €20,881 to €22,254
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 | €82,677 | €59,824 | -€22,853 | -27.6% |
| Fixed assets | 21/28 | €8,005 | €12,500 | +€4,495 | +56.2% |
| Tangible fixed assets | 22/27 | €8,005 | €12,500 | +€4,495 | +56.2% |
| Plant, machinery and equipment | 23 | - | €3,888 | +€3,888 | |
| Furniture and vehicles | 24 | €8,005 | €8,612 | +€607 | +7.6% |
| Current assets | 29/58 | €74,672 | €47,325 | -€27,348 | -36.6% |
| Cash at bank and in hand | 54/58 | €41,859 | €30,693 | -€11,166 | -26.7% |
| Deferred charges and accrued income | 490/1 | €32,813 | €16,631 | -€16,182 | -49.3% |
| Total equity and liabilities | 10/49 | €82,677 | €59,824 | -€22,853 | -27.6% |
| Equity | 10/15 | €18,861 | €18,670 | -€190 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €261 | €70 | -€190 | -73.1% |
| Amounts payable | 17/49 | €63,816 | €41,154 | -€22,662 | -35.5% |
| Amounts payable after more than one year | 17 | €3,969 | - | -€3,969 | |
| Financial debts | 170/4 | €3,969 | - | -€3,969 | |
| Amounts payable within one year | 42/48 | €59,848 | €41,154 | -€18,694 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €7,891 | €3,969 | -€3,923 | -49.7% |
| Trade debts | 44 | €701 | €2,928 | +€2,227 | +317.5% |
| Suppliers | 440/4 | €701 | €2,928 | +€2,227 | +317.5% |
| Taxes, remuneration and social security | 45 | €17,131 | €17,364 | +€233 | +1.4% |
| Taxes | 450/3 | €17,131 | €17,364 | +€233 | +1.4% |
| Other amounts payable | 47/48 | €34,124 | €16,893 | -€17,231 | -50.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,045 | €4,058 | +€1,013 | +33.3% |
| Other operating charges | 640/8 | €7,039 | €501 | -€6,538 | -92.9% |
| Gross operating margin | 9900 | €101,050 | €109,259 | +€8,209 | +8.1% |
| Operating profit (loss) | 9901 | €90,966 | €104,700 | +€13,734 | +15.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €316 | €236 | -€80 | -25.3% |
| Recurring financial charges | 65 | €316 | €236 | -€80 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €90,651 | €104,464 | +€13,813 | +15.2% |
| Income taxes | 67/77 | €20,881 | €22,254 | +€1,373 | +6.6% |
| Profit (loss) for the period | 9904 | €69,770 | €82,210 | +€12,440 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,770 | €82,210 | +€12,440 | +17.8% |
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 2 October 2026 via checked.be.