APITREES: 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.
APITREES
Largest movements
- Cash -€66,871
down €66,871 (-52.8%), from €126,607 to €59,735
mainly Tax, wage and social debts (-€59,450) and Receivables within one year (-€37,500)
- Receivables within one year +€37,500
up €37,500 (+32.1%), from €116,688 to €154,188
of which Other amounts receivable: +€23,902
- Deferred charges and accrued income +€10,350
up €10,350 (+332%), from €3,119 to €13,469
- Tangible fixed assets +€7,867
up €7,867 (+52.4%), from €15,023 to €22,891
of which Furniture and vehicles: +€10,978
- Intangible fixed assets -€2,800
down €2,800 (-58.1%), from €4,816 to €2,016
- Tax, wage and social debts -€59,450
down €59,450 (-43.5%), from €136,623 to €77,173
of which Remuneration and social security: -€31,899
- Profit (loss) carried forward +€35,867
up €35,867, from -€35,867 to €0
- Other debts -€26,977
down €26,977 (-28.8%), from €93,643 to €66,667
- Trade debts +€17,481
up €17,481 (+75.4%), from €23,177 to €40,658
of which Suppliers: +€17,481
- Short-term financial debts +€16,000
new in 2025: €16,000
- Gross operating margin +€31,386
up €31,386 (+7.8%), from €400,573 to €431,958
- Staff costs +€20,984
up €20,984 (+6.3%), from €331,675 to €352,659
- Taxes +€17,097
up €17,097 (+12,254%), from €140 to €17,236
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 | €267,096 | €253,142 | -€13,955 | -5.2% |
| Fixed assets | 21/28 | €20,682 | €25,749 | +€5,067 | +24.5% |
| Intangible fixed assets | 21 | €4,816 | €2,016 | -€2,800 | -58.1% |
| Tangible fixed assets | 22/27 | €15,023 | €22,891 | +€7,867 | +52.4% |
| Plant, machinery and equipment | 23 | €5,883 | €2,772 | -€3,111 | -52.9% |
| Furniture and vehicles | 24 | €9,140 | €20,119 | +€10,978 | +120% |
| Financial fixed assets | 28 | €843 | €843 | = | 0.0% |
| Current assets | 29/58 | €246,414 | €227,392 | -€19,022 | -7.7% |
| Amounts receivable within one year | 40/41 | €116,688 | €154,188 | +€37,500 | +32.1% |
| Trade receivables | 40 | €107,089 | €120,687 | +€13,598 | +12.7% |
| Other amounts receivable | 41 | €9,599 | €33,501 | +€23,902 | +249% |
| Cash at bank and in hand | 54/58 | €126,607 | €59,735 | -€66,871 | -52.8% |
| Deferred charges and accrued income | 490/1 | €3,119 | €13,469 | +€10,350 | +332% |
| Total equity and liabilities | 10/49 | €267,096 | €253,142 | -€13,955 | -5.2% |
| Equity | 10/15 | €6,575 | €50,826 | +€44,250 | +673% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €32,443 | €40,826 | +€8,383 | +25.8% |
| Distributable reserves | 133 | €32,443 | €40,826 | +€8,383 | +25.8% |
| Profit (loss) carried forward | 14 | -€35,867 | €0 | +€35,867 | |
| Amounts payable | 17/49 | €260,521 | €202,316 | -€58,205 | -22.3% |
| Amounts payable after more than one year | 17 | €919 | €0 | -€919 | -100% |
| Financial debts | 170/4 | €919 | €0 | -€919 | -100% |
| Amounts payable within one year | 42/48 | €259,602 | €202,316 | -€57,286 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €5,459 | €919 | -€4,540 | -83.2% |
| Financial debts | 43 | - | €16,000 | +€16,000 | |
| Credit institutions | 430/8 | - | €16,000 | +€16,000 | |
| Trade debts | 44 | €23,177 | €40,658 | +€17,481 | +75.4% |
| Suppliers | 440/4 | €23,177 | €40,658 | +€17,481 | +75.4% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €700 | €900 | +€200 | +28.6% |
| Taxes, remuneration and social security | 45 | €136,623 | €77,173 | -€59,450 | -43.5% |
| Taxes | 450/3 | €62,196 | €34,645 | -€27,551 | -44.3% |
| Remuneration and social security | 454/9 | €74,427 | €42,528 | -€31,899 | -42.9% |
| Other amounts payable | 47/48 | €93,643 | €66,667 | -€26,977 | -28.8% |
| Remuneration, social security and pensions | 62 | €331,675 | €352,659 | +€20,984 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,639 | €13,615 | +€2,977 | +28.0% |
| Other operating charges | 640/8 | €3,358 | €1,323 | -€2,036 | -60.6% |
| Gross operating margin | 9900 | €400,573 | €431,958 | +€31,386 | +7.8% |
| Operating profit (loss) | 9901 | €54,901 | €64,362 | +€9,461 | +17.2% |
| Financial income | 75/76B | €3 | €1 | -€2 | -68.3% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -68.3% |
| Financial charges | 65/66B | €790 | €2,876 | +€2,086 | +264% |
| Recurring financial charges | 65 | €790 | €761 | -€29 | -3.7% |
| Non-recurring financial charges | 66B | - | €2,115 | +€2,115 | |
| Profit (loss) for the period before taxes | 9903 | €54,114 | €61,487 | +€7,372 | +13.6% |
| Income taxes | 67/77 | €140 | €17,236 | +€17,097 | +12,254% |
| Profit (loss) for the period | 9904 | €53,975 | €44,250 | -€9,725 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,975 | €44,250 | -€9,725 | -18.0% |
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 13 October 2026 via checked.be.