APIX: what changed
Two fiscal 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.
APIX
Largest movements
- Receivables within one year -€113,787
down €113,787 (-71.3%), from €159,634 to €45,848
of which Trade receivables: -€119,611
- Stocks and contracts -€40,360
down €40,360 (-46.4%), from €86,893 to €46,533
- Cash -€38,603
down €38,603 (-80.7%), from €47,856 to €9,253
mainly Net result for the year (-€318,488) and Deferred charges and accrued income (-€9,345)
- Deferred charges and accrued income +€9,345
up €9,345 (+6137.4%), from €152 to €9,497
- Financial fixed assets -€4,918
down €4,918 (-93.6%), from €5,255 to €337
- Profit (loss) carried forward -€318,488
down €318,488 (-505.4%), from -€63,011 to -€381,499
- Trade debts +€137,496
up €137,496 (+71.7%), from €191,786 to €329,281
- Tax, wage and social debts -€6,646
down €6,646 (-4.2%), from €159,705 to €153,058
of which Taxes: -€5,568
- Gross operating margin -€231,688
down €231,688, from €53,186 to -€178,502
- Staff costs +€15,155
up €15,155 (+15.5%), from €97,539 to €112,694
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 | €309,346 | €121,707 | -€187,638 | -60.7% |
| Fixed assets | 21/28 | €14,810 | €10,576 | -€4,234 | -28.6% |
| Tangible fixed assets | 22/27 | €9,555 | €10,239 | +€684 | +7.2% |
| Land and buildings | 22 | €2,465 | - | -€2,465 | |
| Plant, machinery and equipment | 23 | €3,525 | €4,679 | +€1,154 | +32.7% |
| Furniture and vehicles | 24 | €3,565 | €5,560 | +€1,995 | +56.0% |
| Financial fixed assets | 28 | €5,255 | €337 | -€4,918 | -93.6% |
| Current assets | 29/58 | €294,535 | €111,131 | -€183,404 | -62.3% |
| Stocks and contracts in progress | 3 | €86,893 | €46,533 | -€40,360 | -46.4% |
| Stocks | 30/36 | €86,893 | €46,533 | -€40,360 | -46.4% |
| Amounts receivable within one year | 40/41 | €159,634 | €45,848 | -€113,787 | -71.3% |
| Trade receivables | 40 | €139,600 | €19,989 | -€119,611 | -85.7% |
| Other amounts receivable | 41 | €20,034 | €25,859 | +€5,825 | +29.1% |
| Cash at bank and in hand | 54/58 | €47,856 | €9,253 | -€38,603 | -80.7% |
| Deferred charges and accrued income | 490/1 | €152 | €9,497 | +€9,345 | +6137.4% |
| Total equity and liabilities | 10/49 | €309,346 | €121,707 | -€187,638 | -60.7% |
| Equity | 10/15 | -€42,145 | -€360,633 | -€318,488 | -755.7% |
| Contributions | 10/11 | €2 | €2 | = | 0.0% |
| Reserves | 13 | €20,865 | €20,865 | = | 0.0% |
| Distributable reserves | 133 | €20,865 | €20,865 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,011 | -€381,499 | -€318,488 | -505.4% |
| Amounts payable | 17/49 | €351,491 | €482,340 | +€130,849 | +37.2% |
| Amounts payable within one year | 42/48 | €351,491 | €482,340 | +€130,849 | +37.2% |
| Trade debts | 44 | €191,786 | €329,281 | +€137,496 | +71.7% |
| Suppliers | 440/4 | €191,786 | €329,281 | +€137,496 | +71.7% |
| Taxes, remuneration and social security | 45 | €159,705 | €153,058 | -€6,646 | -4.2% |
| Taxes | 450/3 | €144,221 | €138,653 | -€5,568 | -3.9% |
| Remuneration and social security | 454/9 | €15,484 | €14,405 | -€1,079 | -7.0% |
| Remuneration, social security and pensions | 62 | €97,539 | €112,694 | +€15,155 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,766 | €3,323 | +€557 | +20.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €6,135 | +€6,135 | |
| Gross operating margin | 9900 | €53,186 | -€178,502 | -€231,688 | |
| Operating profit (loss) | 9901 | -€47,506 | -€301,055 | -€253,548 | -533.7% |
| Financial income | 75/76B | €19 | €0 | -€18 | -97.5% |
| Recurring financial income | 75 | €19 | €0 | -€18 | -97.5% |
| Financial charges | 65/66B | €14,828 | €16,377 | +€1,550 | +10.5% |
| Recurring financial charges | 65 | €14,828 | €16,377 | +€1,550 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | -€62,315 | -€317,431 | -€255,116 | -409.4% |
| Income taxes | 67/77 | €696 | €1,056 | +€360 | +51.7% |
| Profit (loss) for the period | 9904 | -€63,011 | -€318,488 | -€255,476 | -405.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,011 | -€318,488 | -€255,476 | -405.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.