APEX MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€1,319
new in 2025: €1,319
- Cash -€1,279
down €1,279 (-99.3%), from €1,288 to €9
- Tangible fixed assets +€499
new in 2025: €499
- Deferred charges and accrued income +€75
new in 2025: €75
- Other debts +€12,344
up €12,344 (+17.1%), from €72,204 to €84,548
- Profit (loss) carried forward -€8,548
down €8,548 (-9.6%), from -€88,696 to -€97,244
- Trade debts -€3,668
down €3,668 (-43.5%), from €8,424 to €4,756
- Tax, wage and social debts +€486
up €486 (+37.5%), from €1,295 to €1,781
- Gross operating margin -€43,845
down €43,845, from €40,956 to -€2,889
- Financial charges +€1,664
up €1,664 (+268.4%), from €620 to €2,284
- Other operating charges -€661
down €661 (-63.0%), from €1,048 to €387
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,288 | €1,901 | +€613 | +47.6% |
| Fixed assets | 21/28 | - | €499 | +€499 | |
| Tangible fixed assets | 22/27 | - | €499 | +€499 | |
| Furniture and vehicles | 24 | - | €499 | +€499 | |
| Current assets | 29/58 | €1,288 | €1,403 | +€115 | +8.9% |
| Amounts receivable within one year | 40/41 | - | €1,319 | +€1,319 | |
| Trade receivables | 40 | - | €1,319 | +€1,319 | |
| Cash at bank and in hand | 54/58 | €1,288 | €9 | -€1,279 | -99.3% |
| Deferred charges and accrued income | 490/1 | - | €75 | +€75 | |
| Total equity and liabilities | 10/49 | €1,288 | €1,901 | +€613 | +47.6% |
| Equity | 10/15 | -€80,636 | -€89,184 | -€8,548 | -10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,696 | -€97,244 | -€8,548 | -9.6% |
| Amounts payable | 17/49 | €81,924 | €91,085 | +€9,162 | +11.2% |
| Amounts payable within one year | 42/48 | €81,924 | €91,085 | +€9,162 | +11.2% |
| Trade debts | 44 | €8,424 | €4,756 | -€3,668 | -43.5% |
| Suppliers | 440/4 | €8,424 | €4,756 | -€3,668 | -43.5% |
| Taxes, remuneration and social security | 45 | €1,295 | €1,781 | +€486 | +37.5% |
| Taxes | 450/3 | €1,295 | €1,781 | +€486 | +37.5% |
| Other amounts payable | 47/48 | €72,204 | €84,548 | +€12,344 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €13 | +€13 | |
| Other operating charges | 640/8 | €1,048 | €387 | -€661 | -63.0% |
| Gross operating margin | 9900 | €40,956 | -€2,889 | -€43,845 | |
| Operating profit (loss) | 9901 | €39,908 | -€3,290 | -€43,197 | |
| Financial charges | 65/66B | €620 | €2,284 | +€1,664 | +268.4% |
| Recurring financial charges | 65 | €620 | €2,284 | +€1,664 | +268.4% |
| Profit (loss) for the period before taxes | 9903 | €39,288 | -€5,573 | -€44,861 | |
| Income taxes | 67/77 | -€165 | - | +€165 | |
| Profit (loss) for the period | 9904 | €39,453 | -€5,573 | -€45,026 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,453 | -€5,573 | -€45,026 |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.