APILEC: 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.
APILEC
Largest movements
- Receivables within one year +€987,111
up €987,111 (+85.5%), from €1.2m to €2.1m
of which Trade receivables: +€924,691
- Current investments -€570,526
down €570,526 (-48.6%), from €1.2m to €602,757
- Financial fixed assets +€350,000
up €350,000 (+705929.8%), from €50 to €350,050
- Cash +€315,669
up €315,669 (+122.4%), from €257,902 to €573,571
mainly Trade debts (+€725,469) and Current investments (+€570,526)
- Tangible fixed assets -€52,971
down €52,971 (-7.9%), from €668,596 to €615,626
of which Land and buildings: -€85,432
- Trade debts +€725,469
up €725,469 (+389.2%), from €186,400 to €911,869
- Reserves +€204,500
up €204,500 (+8.7%), from €2.4m to €2.6m
of which Tax-exempt reserves: +€126,300
- Debts after one year +€165,941
up €165,941 (+83.0%), from €199,828 to €365,769
- Tax, wage and social debts -€116,014
down €116,014 (-34.7%), from €334,321 to €218,307
of which Taxes: -€159,990
- Other debts +€98,509
up €98,509 (+235.2%), from €41,885 to €140,394
- Gross operating margin -€461,988
down €461,988 (-20.6%), from €2.2m to €1.8m
- Taxes -€213,236
down €213,236 (-71.0%), from €300,453 to €87,217
- Staff costs +€52,050
up €52,050 (+4.6%), from €1.1m to €1.2m
- Financial charges -€24,938
down €24,938 (-15.6%), from €159,474 to €134,536
- Depreciation +€24,739
up €24,739 (+21.5%), from €115,241 to €139,980
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.
Cash bridge derived
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 | €3,429,806 | €4,474,530 | +€1.0m | +30.5% |
| Fixed assets | 21/28 | €701,617 | €987,975 | +€286,359 | +40.8% |
| Intangible fixed assets | 21 | €32,971 | €22,300 | -€10,671 | -32.4% |
| Tangible fixed assets | 22/27 | €668,596 | €615,626 | -€52,971 | -7.9% |
| Land and buildings | 22 | €576,926 | €491,494 | -€85,432 | -14.8% |
| Plant, machinery and equipment | 23 | €6,834 | €8,154 | +€1,320 | +19.3% |
| Furniture and vehicles | 24 | €84,836 | €115,978 | +€31,142 | +36.7% |
| Financial fixed assets | 28 | €50 | €350,050 | +€350,000 | +705929.8% |
| Current assets | 29/58 | €2,728,189 | €3,486,555 | +€758,366 | +27.8% |
| Stocks and contracts in progress | 3 | €142,890 | €169,136 | +€26,246 | +18.4% |
| Stocks | 30/36 | €142,890 | €169,136 | +€26,246 | +18.4% |
| Amounts receivable within one year | 40/41 | €1,153,955 | €2,141,066 | +€987,111 | +85.5% |
| Trade receivables | 40 | €1,121,939 | €2,046,630 | +€924,691 | +82.4% |
| Other amounts receivable | 41 | €32,016 | €94,436 | +€62,420 | +195.0% |
| Current investments | 50/53 | €1,173,283 | €602,757 | -€570,526 | -48.6% |
| Cash at bank and in hand | 54/58 | €257,902 | €573,571 | +€315,669 | +122.4% |
| Deferred charges and accrued income | 490/1 | €159 | €25 | -€134 | -84.3% |
| Total equity and liabilities | 10/49 | €3,429,806 | €4,474,530 | +€1.0m | +30.5% |
| Equity | 10/15 | €2,555,641 | €2,751,564 | +€195,923 | +7.7% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €2,357,668 | €2,562,168 | +€204,500 | +8.7% |
| Tax-exempt reserves | 132 | €187,150 | €313,450 | +€126,300 | +67.5% |
| Distributable reserves | 133 | €2,170,518 | €2,248,718 | +€78,200 | +3.6% |
| Profit (loss) carried forward | 14 | €100,937 | €101,018 | +€81 | +0.1% |
| Investment grants | 15 | €52,036 | €43,378 | -€8,658 | -16.6% |
| Amounts payable | 17/49 | €874,165 | €1,722,967 | +€848,801 | +97.1% |
| Amounts payable after more than one year | 17 | €199,828 | €365,769 | +€165,941 | +83.0% |
| Financial debts | 170/4 | €199,828 | €365,769 | +€165,941 | +83.0% |
| Amounts payable within one year | 42/48 | €674,289 | €1,356,902 | +€682,613 | +101.2% |
| Current portion of amounts payable after more than one year | 42 | €54,423 | €34,059 | -€20,363 | -37.4% |
| Financial debts | 43 | €57,261 | €52,274 | -€4,988 | -8.7% |
| Other loans | 439 | €57,261 | €52,274 | -€4,988 | -8.7% |
| Trade debts | 44 | €186,400 | €911,869 | +€725,469 | +389.2% |
| Suppliers | 440/4 | €186,400 | €911,869 | +€725,469 | +389.2% |
| Taxes, remuneration and social security | 45 | €334,321 | €218,307 | -€116,014 | -34.7% |
| Taxes | 450/3 | €197,997 | €38,007 | -€159,990 | -80.8% |
| Remuneration and social security | 454/9 | €136,324 | €180,300 | +€43,975 | +32.3% |
| Other amounts payable | 47/48 | €41,885 | €140,394 | +€98,509 | +235.2% |
| Accrued charges and deferred income | 492/3 | €48 | €295 | +€247 | +520.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,132,882 | €1,184,932 | +€52,050 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,241 | €139,980 | +€24,739 | +21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,073 | €0 | -€7,073 | -100.0% |
| Other operating charges | 640/8 | €12,859 | €19,563 | +€6,704 | +52.1% |
| Gross operating margin | 9900 | €2,246,955 | €1,784,966 | -€461,988 | -20.6% |
| Operating profit (loss) | 9901 | €978,900 | €440,491 | -€538,409 | -55.0% |
| Financial income | 75/76B | €24,322 | €28,789 | +€4,467 | +18.4% |
| Recurring financial income | 75 | €24,322 | €28,789 | +€4,467 | +18.4% |
| Financial charges | 65/66B | €159,474 | €134,536 | -€24,938 | -15.6% |
| Recurring financial charges | 65 | €159,474 | €134,536 | -€24,938 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €843,748 | €334,744 | -€509,003 | -60.3% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €300,453 | €87,217 | -€213,236 | -71.0% |
| Profit (loss) for the period | 9904 | €543,295 | €247,528 | -€295,767 | -54.4% |
| Transfer from tax-exempt reserves | 789 | €390,050 | €0 | -€390,050 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €933,345 | €121,228 | -€812,117 | -87.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.