APEX R&D: 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 R&D
Largest movements
- Current investments +€994,184
up €994,184 (+45.4%), from €2.2m to €3.2m
- Cash +€389,392
up €389,392 (+24.1%), from €1.6m to €2.0m
mainly Net result for the year (+€1.3m) and Receivables within one year (+€191,288)
- Receivables within one year -€191,288
down €191,288 (-31.9%), from €600,565 to €409,277
of which Trade receivables: -€181,742
- Profit (loss) carried forward +€1.3m
up €1.3m (+138%), from €947,232 to €2.3m
- Trade debts -€110,896
down €110,896 (-76.3%), from €145,414 to €34,518
- Gross operating margin +€539,955
up €539,955 (+53.0%), from €1.0m to €1.6m
- Staff costs +€141,465
up €141,465 (+73.9%), from €191,412 to €332,876
- Financial income +€18,548
up €18,548 (+10.6%), from €174,670 to €193,217
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 | €4,451,676 | €5,641,086 | +€1.2m | +26.7% |
| Fixed assets | 21/28 | €29,335 | €23,091 | -€6,245 | -21.3% |
| Intangible fixed assets | 21 | €1,192 | €50 | -€1,142 | -95.8% |
| Tangible fixed assets | 22/27 | €28,144 | €23,041 | -€5,103 | -18.1% |
| Land and buildings | 22 | €8,904 | €8,140 | -€765 | -8.6% |
| Plant, machinery and equipment | 23 | €3,727 | €2,453 | -€1,275 | -34.2% |
| Furniture and vehicles | 24 | €15,512 | €12,448 | -€3,064 | -19.8% |
| Current assets | 29/58 | €4,422,340 | €5,617,995 | +€1.2m | +27.0% |
| Amounts receivable within one year | 40/41 | €600,565 | €409,277 | -€191,288 | -31.9% |
| Trade receivables | 40 | €567,519 | €385,777 | -€181,742 | -32.0% |
| Other amounts receivable | 41 | €33,045 | €23,500 | -€9,545 | -28.9% |
| Current investments | 50/53 | €2,189,111 | €3,183,295 | +€994,184 | +45.4% |
| Cash at bank and in hand | 54/58 | €1,613,178 | €2,002,570 | +€389,392 | +24.1% |
| Deferred charges and accrued income | 490/1 | €19,487 | €22,853 | +€3,366 | +17.3% |
| Total equity and liabilities | 10/49 | €4,451,676 | €5,641,086 | +€1.2m | +26.7% |
| Equity | 10/15 | €4,240,826 | €5,520,252 | +€1.3m | +30.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,274,994 | €3,248,860 | -€26,134 | -0.8% |
| Tax-exempt reserves | 132 | €26,134 | €0 | -€26,134 | -100% |
| Distributable reserves | 133 | €3,248,860 | €3,248,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €947,232 | €2,252,792 | +€1.3m | +138% |
| Amounts payable | 17/49 | €210,850 | €120,834 | -€90,016 | -42.7% |
| Amounts payable within one year | 42/48 | €210,850 | €115,117 | -€95,733 | -45.4% |
| Trade debts | 44 | €145,414 | €34,518 | -€110,896 | -76.3% |
| Suppliers | 440/4 | €145,414 | €34,518 | -€110,896 | -76.3% |
| Taxes, remuneration and social security | 45 | €60,714 | €70,124 | +€9,410 | +15.5% |
| Taxes | 450/3 | €18,772 | €21,608 | +€2,836 | +15.1% |
| Remuneration and social security | 454/9 | €41,941 | €48,516 | +€6,575 | +15.7% |
| Other amounts payable | 47/48 | €4,722 | €10,475 | +€5,753 | +122% |
| Accrued charges and deferred income | 492/3 | - | €5,717 | +€5,717 | |
| Non-recurring operating income | 76A | - | €9,630 | +€9,630 | |
| Remuneration, social security and pensions | 62 | €191,412 | €332,876 | +€141,465 | +73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,361 | €11,189 | +€828 | +8.0% |
| Other operating charges | 640/8 | €1,397 | €1,754 | +€358 | +25.6% |
| Non-recurring operating charges | 66A | - | €55 | +€55 | |
| Gross operating margin | 9900 | €1,019,300 | €1,559,255 | +€539,955 | +53.0% |
| Operating profit (loss) | 9901 | €816,131 | €1,213,380 | +€397,249 | +48.7% |
| Financial income | 75/76B | €174,670 | €193,217 | +€18,548 | +10.6% |
| Recurring financial income | 75 | €174,670 | €193,217 | +€18,548 | +10.6% |
| Financial charges | 65/66B | €102,986 | €93,729 | -€9,257 | -9.0% |
| Recurring financial charges | 65 | €102,986 | €93,729 | -€9,257 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €887,815 | €1,312,869 | +€425,054 | +47.9% |
| Income taxes | 67/77 | €41,198 | €33,443 | -€7,755 | -18.8% |
| Profit (loss) for the period | 9904 | €846,617 | €1,279,426 | +€432,808 | +51.1% |
| Transfer from tax-exempt reserves | 789 | - | €26,134 | +€26,134 | |
| Profit (loss) for the period to be appropriated | 9905 | €846,617 | €1,305,560 | +€458,942 | +54.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.