APEXCO: 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.
APEXCO
Largest movements
- Tangible fixed assets +€20,894
up €20,894 (+1,427%), from €1,464 to €22,359
- Receivables within one year +€2,331
up €2,331 (+3.0%), from €77,683 to €80,014
of which Trade receivables: +€1,777
- Deferred charges and accrued income +€1,754
up €1,754 (+105%), from €1,676 to €3,430
- Debts after one year +€16,358
new in 2025: €16,358
- Reserves +€11,596
up €11,596 (+28.2%), from €41,092 to €52,688
of which Distributable reserves: +€11,596
- Other debts -€10,000
no longer reported in 2025 (was €10,000)
- Current portion of long-term debt +€3,358
new in 2025: €3,358
- Tax, wage and social debts +€2,533
up €2,533 (+30.4%), from €8,342 to €10,875
- Depreciation +€2,763
up €2,763 (+118%), from €2,333 to €5,096
- Taxes -€1,165
down €1,165 (-14.0%), from €8,338 to €7,173
- Financial charges +€392
up €392 (+190%), from €207 to €599
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 | €84,313 | €108,371 | +€24,058 | +28.5% |
| Fixed assets | 21/28 | €1,464 | €22,359 | +€20,894 | +1,427% |
| Tangible fixed assets | 22/27 | €1,464 | €22,359 | +€20,894 | +1,427% |
| Furniture and vehicles | 24 | €1,464 | €22,359 | +€20,894 | +1,427% |
| Current assets | 29/58 | €82,848 | €86,012 | +€3,163 | +3.8% |
| Amounts receivable within one year | 40/41 | €77,683 | €80,014 | +€2,331 | +3.0% |
| Trade receivables | 40 | - | €1,777 | +€1,777 | |
| Other amounts receivable | 41 | €77,683 | €78,238 | +€555 | +0.7% |
| Cash at bank and in hand | 54/58 | €3,490 | €2,568 | -€922 | -26.4% |
| Deferred charges and accrued income | 490/1 | €1,676 | €3,430 | +€1,754 | +105% |
| Total equity and liabilities | 10/49 | €84,313 | €108,371 | +€24,058 | +28.5% |
| Equity | 10/15 | €65,971 | €77,567 | +€11,596 | +17.6% |
| Contributions | 10/11 | €1,250 | €1,250 | = | 0.0% |
| Reserves | 13 | €41,092 | €52,688 | +€11,596 | +28.2% |
| Non-distributable reserves | 130/1 | €125 | €125 | = | 0.0% |
| Reserves not available under the articles | 1311 | €125 | €125 | = | 0.0% |
| Distributable reserves | 133 | €40,967 | €52,563 | +€11,596 | +28.3% |
| Profit (loss) carried forward | 14 | €23,629 | €23,629 | = | 0.0% |
| Amounts payable | 17/49 | €18,342 | €30,804 | +€12,462 | +67.9% |
| Amounts payable after more than one year | 17 | - | €16,358 | +€16,358 | |
| Financial debts | 170/4 | - | €16,358 | +€16,358 | |
| Amounts payable within one year | 42/48 | €18,342 | €14,446 | -€3,896 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | - | €3,358 | +€3,358 | |
| Trade debts | 44 | - | €213 | +€213 | |
| Suppliers | 440/4 | - | €213 | +€213 | |
| Taxes, remuneration and social security | 45 | €8,342 | €10,875 | +€2,533 | +30.4% |
| Taxes | 450/3 | €8,342 | €10,875 | +€2,533 | +30.4% |
| Other amounts payable | 47/48 | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,333 | €5,096 | +€2,763 | +118% |
| Other operating charges | 640/8 | €824 | €592 | -€232 | -28.2% |
| Gross operating margin | 9900 | €24,965 | €25,055 | +€90 | +0.4% |
| Operating profit (loss) | 9901 | €21,808 | €19,367 | -€2,440 | -11.2% |
| Financial charges | 65/66B | €207 | €599 | +€392 | +190% |
| Recurring financial charges | 65 | €207 | €599 | +€392 | +190% |
| Profit (loss) for the period before taxes | 9903 | €21,601 | €18,769 | -€2,832 | -13.1% |
| Income taxes | 67/77 | €8,338 | €7,173 | -€1,165 | -14.0% |
| Profit (loss) for the period | 9904 | €13,263 | €11,596 | -€1,668 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,263 | €11,596 | -€1,668 | -12.6% |
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.