APO +: 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.
APO +
Largest movements
- Stocks and contracts +€16,412
up €16,412 (+22.0%), from €74,663 to €91,075
- Tangible fixed assets -€8,218
down €8,218 (-6.2%), from €132,047 to €123,830
of which Furniture and vehicles: -€6,226
- Cash -€5,969
down €5,969 (-15.4%), from €38,733 to €32,764
mainly Debts after one year (-€22,812) and Stocks and contracts (-€16,412)
- Trade debts +€26,225
up €26,225 (+92.7%), from €28,282 to €54,507
- Debts after one year -€22,812
down €22,812 (-53.3%), from €42,783 to €19,972
- Profit (loss) carried forward -€8,137
down €8,137 (-53.2%), from -€15,281 to -€23,418
- Gross operating margin -€25,553
down €25,553 (-35.6%), from €71,816 to €46,263
- Depreciation -€4,904
down €4,904 (-20.0%), from €24,531 to €19,627
- Taxes -€2,448
down €2,448 (-84.4%), from €2,899 to €451
- Financial charges -€1,679
down €1,679 (-15.8%), from €10,622 to €8,943
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 | €363,118 | €364,448 | +€1,329 | +0.4% |
| Fixed assets | 21/28 | €132,047 | €123,830 | -€8,218 | -6.2% |
| Tangible fixed assets | 22/27 | €132,047 | €123,830 | -€8,218 | -6.2% |
| Land and buildings | 22 | €99,488 | €94,785 | -€4,703 | -4.7% |
| Plant, machinery and equipment | 23 | €17,728 | €20,440 | +€2,712 | +15.3% |
| Furniture and vehicles | 24 | €14,831 | €8,605 | -€6,226 | -42.0% |
| Current assets | 29/58 | €231,071 | €240,618 | +€9,547 | +4.1% |
| Stocks and contracts in progress | 3 | €74,663 | €91,075 | +€16,412 | +22.0% |
| Stocks | 30/36 | €74,663 | €91,075 | +€16,412 | +22.0% |
| Amounts receivable within one year | 40/41 | €115,340 | €112,607 | -€2,733 | -2.4% |
| Trade receivables | 40 | €67,535 | €76,284 | +€8,749 | +13.0% |
| Other amounts receivable | 41 | €47,805 | €36,323 | -€11,482 | -24.0% |
| Cash at bank and in hand | 54/58 | €38,733 | €32,764 | -€5,969 | -15.4% |
| Deferred charges and accrued income | 490/1 | €2,335 | €4,172 | +€1,837 | +78.7% |
| Total equity and liabilities | 10/49 | €363,118 | €364,448 | +€1,329 | +0.4% |
| Equity | 10/15 | €265,254 | €257,117 | -€8,137 | -3.1% |
| Contributions | 10/11 | €258,000 | €258,000 | = | 0.0% |
| Reserves | 13 | €22,535 | €22,535 | = | 0.0% |
| Distributable reserves | 133 | €22,535 | €22,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,281 | -€23,418 | -€8,137 | -53.2% |
| Amounts payable | 17/49 | €97,865 | €107,331 | +€9,466 | +9.7% |
| Amounts payable after more than one year | 17 | €42,783 | €19,972 | -€22,812 | -53.3% |
| Financial debts | 170/4 | €42,783 | €19,972 | -€22,812 | -53.3% |
| Amounts payable within one year | 42/48 | €55,041 | €86,945 | +€31,905 | +58.0% |
| Current portion of amounts payable after more than one year | 42 | €21,615 | €24,658 | +€3,043 | +14.1% |
| Trade debts | 44 | €28,282 | €54,507 | +€26,225 | +92.7% |
| Suppliers | 440/4 | €28,282 | €54,507 | +€26,225 | +92.7% |
| Taxes, remuneration and social security | 45 | €5,144 | €7,781 | +€2,637 | +51.3% |
| Taxes | 450/3 | €5,058 | €5,444 | +€386 | +7.6% |
| Remuneration and social security | 454/9 | €86 | €2,338 | +€2,252 | +2,619% |
| Accrued charges and deferred income | 492/3 | €41 | €414 | +€373 | +907% |
| Remuneration, social security and pensions | 62 | €9,606 | €8,946 | -€660 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,531 | €19,627 | -€4,904 | -20.0% |
| Other operating charges | 640/8 | €1,936 | €1,408 | -€528 | -27.3% |
| Non-recurring operating charges | 66A | - | €17,294 | +€17,294 | |
| Gross operating margin | 9900 | €71,816 | €46,263 | -€25,553 | -35.6% |
| Operating profit (loss) | 9901 | €35,743 | -€1,011 | -€36,755 | |
| Financial income | 75/76B | €2,435 | €2,269 | -€166 | -6.8% |
| Recurring financial income | 75 | €2,435 | €2,269 | -€166 | -6.8% |
| Financial charges | 65/66B | €10,622 | €8,943 | -€1,679 | -15.8% |
| Recurring financial charges | 65 | €10,622 | €8,943 | -€1,679 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €27,556 | -€7,686 | -€35,242 | |
| Income taxes | 67/77 | €2,899 | €451 | -€2,448 | -84.4% |
| Profit (loss) for the period | 9904 | €24,657 | -€8,137 | -€32,794 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,657 | -€8,137 | -€32,794 |
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 17 October 2026 via checked.be.