APHIBEL: 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.
APHIBEL
Largest movements
- Receivables within one year +€58,738
up €58,738 (+50.6%), from €115,982 to €174,720
of which Other amounts receivable: +€87,477
- Cash -€48,969
down €48,969 (-8.9%), from €551,206 to €502,238
mainly Debts after one year (-€200,000) and Advances received (-€190,000)
- Financial fixed assets -€36,908
down €36,908 (-1.6%), from €2.3m to €2.3m
- Reserves +€300,416
up €300,416 (+16.4%), from €1.8m to €2.1m
- Debts after one year -€200,000
no longer reported in 2025 (was €200,000)
- Advances received -€190,000
no longer reported in 2025 (was €190,000)
- Tax, wage and social debts +€65,469
up €65,469 (+115%), from €57,170 to €122,639
- Trade debts -€36,098
down €36,098 (-49.1%), from €73,497 to €37,398
- Financial income -€250,000
no longer reported in 2025 (was €250,000)
- Gross operating margin +€187,864
up €187,864 (+77.0%), from €244,118 to €431,982
- Taxes -€107,121
down €107,121 (-58.7%), from €182,345 to €75,224
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 | €3,234,889 | €3,205,176 | -€29,713 | -0.9% |
| Fixed assets | 21/28 | €2,316,568 | €2,277,085 | -€39,483 | -1.7% |
| Tangible fixed assets | 22/27 | €4,568 | €1,993 | -€2,575 | -56.4% |
| Furniture and vehicles | 24 | €4,568 | €1,993 | -€2,575 | -56.4% |
| Financial fixed assets | 28 | €2,312,000 | €2,275,092 | -€36,908 | -1.6% |
| Current assets | 29/58 | €918,321 | €928,090 | +€9,769 | +1.1% |
| Stocks and contracts in progress | 3 | €251,132 | €251,132 | = | 0.0% |
| Stocks | 30/36 | €251,132 | €251,132 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €115,982 | €174,720 | +€58,738 | +50.6% |
| Trade receivables | 40 | €41,412 | €12,673 | -€28,739 | -69.4% |
| Other amounts receivable | 41 | €74,570 | €162,047 | +€87,477 | +117% |
| Cash at bank and in hand | 54/58 | €551,206 | €502,238 | -€48,969 | -8.9% |
| Total equity and liabilities | 10/49 | €3,234,889 | €3,205,176 | -€29,713 | -0.9% |
| Equity | 10/15 | €1,985,057 | €2,285,473 | +€300,416 | +15.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,829,222 | €2,129,638 | +€300,416 | +16.4% |
| Distributable reserves | 133 | €1,829,222 | €2,129,638 | +€300,416 | +16.4% |
| Profit (loss) carried forward | 14 | €5,835 | €5,835 | = | 0.0% |
| Amounts payable | 17/49 | €1,249,832 | €919,703 | -€330,129 | -26.4% |
| Amounts payable after more than one year | 17 | €200,000 | - | -€200,000 | |
| Financial debts | 170/4 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €1,049,832 | €919,703 | -€130,129 | -12.4% |
| Trade debts | 44 | €73,497 | €37,398 | -€36,098 | -49.1% |
| Suppliers | 440/4 | €73,497 | €37,398 | -€36,098 | -49.1% |
| Advances received on contracts in progress | 46 | €190,000 | - | -€190,000 | |
| Taxes, remuneration and social security | 45 | €57,170 | €122,639 | +€65,469 | +115% |
| Taxes | 450/3 | €57,170 | €122,639 | +€65,469 | +115% |
| Other amounts payable | 47/48 | €729,165 | €759,665 | +€30,500 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,626 | €2,575 | -€51 | -2.0% |
| Other operating charges | 640/8 | €218 | €266 | +€48 | +22.2% |
| Gross operating margin | 9900 | €244,118 | €431,982 | +€187,864 | +77.0% |
| Operating profit (loss) | 9901 | €241,274 | €429,141 | +€187,867 | +77.9% |
| Financial income | 75/76B | €250,000 | - | -€250,000 | |
| Recurring financial income | 75 | €250,000 | - | -€250,000 | |
| Financial charges | 65/66B | €57,563 | €53,501 | -€4,062 | -7.1% |
| Recurring financial charges | 65 | €57,563 | €53,501 | -€4,062 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €433,710 | €375,640 | -€58,071 | -13.4% |
| Income taxes | 67/77 | €182,345 | €75,224 | -€107,121 | -58.7% |
| Profit (loss) for the period | 9904 | €251,365 | €300,416 | +€49,051 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €251,365 | €300,416 | +€49,051 | +19.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.