Apheon Advisors: 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.
What changed
Apheon Advisors
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €705,970+€799,542
Equity
€1.9m
2024 · €2.3m-€494,488
Cash
€520,022
2024 · €793,363-€273,342
Balance sheet total
€5.4m
2024 · €16.6m-€11.1m
Largest movements
Assets
- Financial fixed assets -€12.6m
down €12.6m (-95.7%), from €13.2m to €561,444
of which Affiliated companies: -€12.6m
- Receivables within one year +€1.9m
up €1.9m (+116%), from €1.7m to €3.6m
of which Trade receivables: +€2.0m
- Cash -€273,342
down €273,342 (-34.5%), from €793,363 to €520,022
mainly Short-term financial debts (-€10.0m) and Accrued charges and deferred income (-€2.1m)
Equity and liabilities
- Short-term financial debts -€10.0m
no longer reported in 2025 (was €10.0m)
- Accrued charges and deferred income -€2.1m
down €2.1m (-95.7%), from €2.2m to €93,656
- Other debts +€2.1m
new in 2025: €2.1m
- Profit (loss) carried forward -€494,023
down €494,023 (-21.7%), from €2.3m to €1.8m
- Trade debts -€454,767
down €454,767 (-28.5%), from €1.6m to €1.1m
Income statement
- Financial income +€726,579
up €726,579 (+125%), from €580,107 to €1.3m
of which Non-recurring financial income: +€1.3m
- Services and other goods +€704,199
up €704,199 (+3.8%), from €18.6m to €19.3m
- Other operating income +€564,228
up €564,228 (+37.4%), from €1.5m to €2.1m
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.
Result 2024
€705,970
Turnover
+€5,000
Other operating income
+€564,228
Services and other goods
-€704,199
Staff costs
+€163,095
Depreciation
-€1,938
Other operating charges
+€989
Other operating items
+€2,801
Financial income
+€726,579
Financial charges
+€35,456
Taxes
+€7,531
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€889,698
Investment
+€12.6m
Financing
-€12.0m
Cash 2024
€793,363
From operations (derived)
-€889,698
Net result for the year
+€1.5m
Depreciation
+€165,248
Receivables within one year
-€1.9m
Deferred charges and accrued income
+€11,454
Trade debts
-€454,767
Tax, wage and social debts
-€161,123
Other debts
+€2.1m
Accrued charges and deferred income
-€2.1m
Investment (derived)
+€12.6m
Investment in fixed assets (net)
+€12.6m
Current investments
+€465
Financing
-€12.0m
Short-term financial debts
-€10.0m
Contributions, distributions and other
-€2.0m
Cash 2025
€520,022
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,583,809 | €5,442,906 | -€11.1m | -67.2% |
| Fixed assets | 21/28 | €13,902,270 | €1,121,130 | -€12.8m | -91.9% |
| Intangible fixed assets | 21 | €3,770 | €895 | -€2,874 | -76.3% |
| Tangible fixed assets | 22/27 | €693,808 | €558,791 | -€135,017 | -19.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €161,344 | €129,985 | -€31,359 | -19.4% |
| Other tangible fixed assets | 26 | €532,464 | €428,806 | -€103,658 | -19.5% |
| Financial fixed assets | 28 | €13,204,692 | €561,444 | -€12.6m | -95.7% |
| Affiliated companies | 280/1 | €13,204,226 | €560,978 | -€12.6m | -95.8% |
| Participating interests | 280 | €13,204,226 | €560,978 | -€12.6m | -95.8% |
| Other financial fixed assets | 284/8 | €466 | €466 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €466 | €466 | = | 0.0% |
| Current assets | 29/58 | €2,681,540 | €4,321,776 | +€1.6m | +61.2% |
| Amounts receivable within one year | 40/41 | €1,666,505 | €3,592,002 | +€1.9m | +116% |
| Trade receivables | 40 | €1,197,681 | €3,181,839 | +€2.0m | +166% |
| Other amounts receivable | 41 | €468,824 | €410,163 | -€58,661 | -12.5% |
| Current investments | 50/53 | €465 | - | -€465 | |
| Own shares | 50 | €465 | - | -€465 | |
| Cash at bank and in hand | 54/58 | €793,363 | €520,022 | -€273,342 | -34.5% |
| Deferred charges and accrued income | 490/1 | €221,207 | €209,752 | -€11,454 | -5.2% |
| Total equity and liabilities | 10/49 | €16,583,809 | €5,442,906 | -€11.1m | -67.2% |
| Equity | 10/15 | €2,345,736 | €1,851,248 | -€494,488 | -21.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,615 | €6,150 | -€465 | -7.0% |
| Non-distributable reserves | 130/1 | €6,615 | €6,150 | -€465 | -7.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Own shares acquired | 1312 | €465 | - | -€465 | |
| Profit (loss) carried forward | 14 | €2,277,621 | €1,783,598 | -€494,023 | -21.7% |
| Amounts payable | 17/49 | €14,238,073 | €3,591,658 | -€10.6m | -74.8% |
| Amounts payable within one year | 42/48 | €12,044,835 | €3,498,002 | -€8.5m | -71.0% |
| Financial debts | 43 | €10,000,000 | - | -€10.0m | |
| Credit institutions | 430/8 | €10,000,000 | - | -€10.0m | |
| Trade debts | 44 | €1,593,353 | €1,138,586 | -€454,767 | -28.5% |
| Suppliers | 440/4 | €1,593,353 | €1,138,586 | -€454,767 | -28.5% |
| Taxes, remuneration and social security | 45 | €451,482 | €290,359 | -€161,123 | -35.7% |
| Taxes | 450/3 | €120,348 | €62,207 | -€58,141 | -48.3% |
| Remuneration and social security | 454/9 | €331,134 | €228,152 | -€102,983 | -31.1% |
| Other amounts payable | 47/48 | - | €2,069,057 | +€2.1m | |
| Accrued charges and deferred income | 492/3 | €2,193,239 | €93,656 | -€2.1m | -95.7% |
| Operating income | 70/76A | €21,005,515 | €21,574,175 | +€568,661 | +2.7% |
| Turnover | 70 | €19,495,000 | €19,500,000 | +€5,000 | 0.0% |
| Other operating income | 74 | €1,509,933 | €2,074,160 | +€564,228 | +37.4% |
| Non-recurring operating income | 76A | €582 | €15 | -€567 | -97.4% |
| Operating charges | 60/66A | €20,152,066 | €20,690,750 | +€538,685 | +2.7% |
| Services and other goods | 61 | €18,621,533 | €19,325,732 | +€704,199 | +3.8% |
| Remuneration, social security and pensions | 62 | €1,359,930 | €1,196,835 | -€163,095 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,310 | €165,248 | +€1,938 | +1.2% |
| Other operating charges | 640/8 | €2,295 | €1,306 | -€989 | -43.1% |
| Non-recurring operating charges | 66A | €4,997 | €1,629 | -€3,368 | -67.4% |
| Operating profit (loss) | 9901 | €853,449 | €883,425 | +€29,976 | +3.5% |
| Financial income | 75/76B | €580,107 | €1,306,686 | +€726,579 | +125% |
| Recurring financial income | 75 | €580,107 | €48,164 | -€531,943 | -91.7% |
| Income from financial fixed assets | 750 | €578,841 | €46,606 | -€532,235 | -91.9% |
| Income from current assets | 751 | - | €1 | +€1 | |
| Other financial income | 752/9 | €1,266 | €1,557 | +€291 | +23.0% |
| Non-recurring financial income | 76B | - | €1,258,522 | +€1.3m | |
| Financial charges | 65/66B | €608,007 | €572,551 | -€35,456 | -5.8% |
| Recurring financial charges | 65 | €608,007 | €572,551 | -€35,456 | -5.8% |
| Debt charges | 650 | €599,657 | €563,556 | -€36,101 | -6.0% |
| Other financial charges | 652/9 | €8,350 | €8,995 | +€645 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €825,549 | €1,617,560 | +€792,011 | +95.9% |
| Income taxes | 67/77 | €119,579 | €112,048 | -€7,531 | -6.3% |
| Taxes | 670/3 | €120,418 | €112,048 | -€8,371 | -7.0% |
| Tax adjustments and reversals of tax provisions | 77 | €839 | - | -€839 | |
| Profit (loss) for the period | 9904 | €705,970 | €1,505,512 | +€799,542 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €705,970 | €1,505,512 | +€799,542 | +113% |
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 1 November 2026 via checked.be.