APIQUIET: 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.
APIQUIET
Largest movements
- Stocks and contracts +€55,815
up €55,815 (+107%), from €52,080 to €107,895
of which Contracts in progress: +€48,518
- Receivables within one year +€40,121
up €40,121 (+97.9%), from €40,988 to €81,110
of which Trade receivables: +€36,587
- Cash +€8,795
up €8,795 (+249%), from €3,526 to €12,321
mainly Depreciation (+€90,707) and Trade debts (+€74,582)
- Trade debts +€74,582
up €74,582 (+112%), from €66,745 to €141,327
- Other debts +€64,929
up €64,929 (+55.9%), from €116,066 to €180,995
- Debts after one year -€26,442
down €26,442 (-31.2%), from €84,814 to €58,372
- Current portion of long-term debt -€14,625
down €14,625 (-33.9%), from €43,103 to €28,478
- Tax, wage and social debts +€9,074
up €9,074 (+87.0%), from €10,435 to €19,509
of which Remuneration and social security: +€8,920
- Gross operating margin +€98,141
up €98,141 (+64.4%), from €152,338 to €250,479
- Staff costs -€25,371
down €25,371 (-14.0%), from €180,950 to €155,579
- Depreciation -€14,521
down €14,521 (-13.8%), from €105,228 to €90,707
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 | €354,179 | €461,498 | +€107,320 | +30.3% |
| Fixed assets | 21/28 | €255,899 | €257,135 | +€1,236 | +0.5% |
| Intangible fixed assets | 21 | €255,608 | €257,079 | +€1,471 | +0.6% |
| Tangible fixed assets | 22/27 | €235 | - | -€235 | |
| Plant, machinery and equipment | 23 | €235 | - | -€235 | |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €98,280 | €204,363 | +€106,083 | +108% |
| Stocks and contracts in progress | 3 | €52,080 | €107,895 | +€55,815 | +107% |
| Stocks | 30/36 | €52,080 | €59,377 | +€7,297 | +14.0% |
| Contracts in progress | 37 | - | €48,518 | +€48,518 | |
| Amounts receivable within one year | 40/41 | €40,988 | €81,110 | +€40,121 | +97.9% |
| Trade receivables | 40 | €22,206 | €58,792 | +€36,587 | +165% |
| Other amounts receivable | 41 | €18,783 | €22,317 | +€3,535 | +18.8% |
| Cash at bank and in hand | 54/58 | €3,526 | €12,321 | +€8,795 | +249% |
| Deferred charges and accrued income | 490/1 | €1,686 | €3,037 | +€1,352 | +80.2% |
| Total equity and liabilities | 10/49 | €354,179 | €461,498 | +€107,320 | +30.3% |
| Equity | 10/15 | €27,922 | €28,334 | +€412 | +1.5% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Capital | 10 | €550,000 | €550,000 | = | 0.0% |
| Issued capital | 100 | €550,000 | €550,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€522,078 | -€521,666 | +€412 | +0.1% |
| Amounts payable | 17/49 | €326,257 | €433,164 | +€106,907 | +32.8% |
| Amounts payable after more than one year | 17 | €84,814 | €58,372 | -€26,442 | -31.2% |
| Financial debts | 170/4 | €84,814 | €58,372 | -€26,442 | -31.2% |
| Amounts payable within one year | 42/48 | €236,349 | €370,309 | +€133,960 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | €43,103 | €28,478 | -€14,625 | -33.9% |
| Trade debts | 44 | €66,745 | €141,327 | +€74,582 | +112% |
| Suppliers | 440/4 | €66,745 | €141,327 | +€74,582 | +112% |
| Taxes, remuneration and social security | 45 | €10,435 | €19,509 | +€9,074 | +87.0% |
| Taxes | 450/3 | €7 | €161 | +€155 | +2,335% |
| Remuneration and social security | 454/9 | €10,428 | €19,348 | +€8,920 | +85.5% |
| Other amounts payable | 47/48 | €116,066 | €180,995 | +€64,929 | +55.9% |
| Accrued charges and deferred income | 492/3 | €5,094 | €4,483 | -€611 | -12.0% |
| Remuneration, social security and pensions | 62 | €180,950 | €155,579 | -€25,371 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,228 | €90,707 | -€14,521 | -13.8% |
| Other operating charges | 640/8 | €533 | €673 | +€140 | +26.3% |
| Gross operating margin | 9900 | €152,338 | €250,479 | +€98,141 | +64.4% |
| Operating profit (loss) | 9901 | -€134,374 | €3,519 | +€137,893 | |
| Financial charges | 65/66B | €5,574 | €3,107 | -€2,467 | -44.3% |
| Recurring financial charges | 65 | €5,574 | €3,107 | -€2,467 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | -€139,947 | €412 | +€140,359 | |
| Income taxes | 67/77 | €157 | - | -€157 | |
| Profit (loss) for the period | 9904 | -€140,104 | €412 | +€140,516 | |
| Profit (loss) for the period to be appropriated | 9905 | -€140,104 | €412 | +€140,516 |
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 26 October 2026 via checked.be.