Apham: 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.
Apham
Largest movements
- Receivables within one year +€21,935
up €21,935 (+32.5%), from €67,444 to €89,379
of which Trade receivables: +€27,311
- Cash -€18,706
down €18,706 (-30.9%), from €60,532 to €41,825
mainly Other debts (-€55,905) and Investment in fixed assets (net) (-€22,626)
- Tangible fixed assets +€10,305
up €10,305 (+6.7%), from €152,843 to €163,148
of which Land and buildings: +€9,829
- Stocks and contracts -€7,770
down €7,770 (-8.1%), from €95,871 to €88,101
- Other debts -€55,905
down €55,905 (-78.7%), from €70,994 to €15,089
- Debts after one year +€46,659
up €46,659 (+39.2%), from €118,980 to €165,639
- Current portion of long-term debt +€19,506
up €19,506 (+440%), from €4,435 to €23,941
- Tax, wage and social debts -€9,462
down €9,462 (-90.6%), from €10,445 to €983
of which Remuneration and social security: -€5,464
- Trade debts +€9,142
up €9,142 (+24.7%), from €37,076 to €46,218
- Staff costs -€52,048
down €52,048 (-74.7%), from €69,638 to €17,590
- Depreciation +€5,279
up €5,279 (+104%), from €5,073 to €10,352
- Gross operating margin +€3,066
up €3,066 (+8.3%), from €36,943 to €40,008
- Financial charges +€3,060
up €3,060 (+81.3%), from €3,763 to €6,823
- Other operating charges +€2,217
up €2,217 (+106%), from €2,084 to €4,302
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 | €387,375 | €398,276 | +€10,901 | +2.8% |
| Fixed assets | 21/28 | €152,843 | €165,117 | +€12,274 | +8.0% |
| Intangible fixed assets | 21 | - | €1,969 | +€1,969 | |
| Tangible fixed assets | 22/27 | €152,843 | €163,148 | +€10,305 | +6.7% |
| Land and buildings | 22 | €150,369 | €160,198 | +€9,829 | +6.5% |
| Plant, machinery and equipment | 23 | €2,443 | €2,950 | +€507 | +20.7% |
| Other tangible fixed assets | 26 | €31 | €0 | -€31 | -100% |
| Current assets | 29/58 | €234,532 | €233,159 | -€1,373 | -0.6% |
| Stocks and contracts in progress | 3 | €95,871 | €88,101 | -€7,770 | -8.1% |
| Stocks | 30/36 | €95,871 | €88,101 | -€7,770 | -8.1% |
| Amounts receivable within one year | 40/41 | €67,444 | €89,379 | +€21,935 | +32.5% |
| Trade receivables | 40 | €53,490 | €80,801 | +€27,311 | +51.1% |
| Other amounts receivable | 41 | €13,954 | €8,578 | -€5,376 | -38.5% |
| Cash at bank and in hand | 54/58 | €60,532 | €41,825 | -€18,706 | -30.9% |
| Deferred charges and accrued income | 490/1 | €10,686 | €13,854 | +€3,168 | +29.6% |
| Total equity and liabilities | 10/49 | €387,375 | €398,276 | +€10,901 | +2.8% |
| Equity | 10/15 | €145,445 | €146,406 | +€961 | +0.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €83,445 | €84,406 | +€961 | +1.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €77,245 | €78,206 | +€961 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €241,931 | €251,870 | +€9,940 | +4.1% |
| Amounts payable after more than one year | 17 | €118,980 | €165,639 | +€46,659 | +39.2% |
| Financial debts | 170/4 | €118,980 | €165,639 | +€46,659 | +39.2% |
| Amounts payable within one year | 42/48 | €122,951 | €86,231 | -€36,720 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €4,435 | €23,941 | +€19,506 | +440% |
| Trade debts | 44 | €37,076 | €46,218 | +€9,142 | +24.7% |
| Suppliers | 440/4 | €37,076 | €46,218 | +€9,142 | +24.7% |
| Taxes, remuneration and social security | 45 | €10,445 | €983 | -€9,462 | -90.6% |
| Taxes | 450/3 | €3,998 | €0 | -€3,998 | -100% |
| Remuneration and social security | 454/9 | €6,447 | €983 | -€5,464 | -84.8% |
| Other amounts payable | 47/48 | €70,994 | €15,089 | -€55,905 | -78.7% |
| Remuneration, social security and pensions | 62 | €69,638 | €17,590 | -€52,048 | -74.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,073 | €10,352 | +€5,279 | +104% |
| Other operating charges | 640/8 | €2,084 | €4,302 | +€2,217 | +106% |
| Non-recurring operating charges | 66A | €4,061 | €0 | -€4,061 | -100% |
| Gross operating margin | 9900 | €36,943 | €40,008 | +€3,066 | +8.3% |
| Operating profit (loss) | 9901 | -€43,914 | €7,765 | +€51,679 | |
| Financial income | 75/76B | €295 | €19 | -€275 | -93.5% |
| Recurring financial income | 75 | €295 | €19 | -€275 | -93.5% |
| Financial charges | 65/66B | €3,763 | €6,823 | +€3,060 | +81.3% |
| Recurring financial charges | 65 | €3,763 | €6,823 | +€3,060 | +81.3% |
| Profit (loss) for the period before taxes | 9903 | -€47,383 | €961 | +€48,344 | |
| Income taxes | 67/77 | -€50 | €0 | +€50 | |
| Profit (loss) for the period | 9904 | -€47,332 | €961 | +€48,294 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,332 | €961 | +€48,294 |
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 16 October 2026 via checked.be.