APO CASDAN: 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 CASDAN
Largest movements
- Receivables within one year +€34,214
up €34,214 (+22.2%), from €154,051 to €188,265
of which Trade receivables: +€27,898
- Deferred charges and accrued income +€22,871
up €22,871 (+491%), from €4,661 to €27,532
- Stocks and contracts -€15,485
down €15,485 (-7.4%), from €207,976 to €192,490
- Cash -€10,705
down €10,705 (-47.6%), from €22,497 to €11,792
mainly Receivables within one year (-€34,214) and Net result for the year (-€27,733)
- Tangible fixed assets +€8,972
up €8,972 (+439%), from €2,042 to €11,015
of which Plant, machinery and equipment: +€9,557
- Current portion of long-term debt +€42,500
new in 2025: €42,500
- Trade debts +€31,374
up €31,374 (+8.5%), from €368,641 to €400,015
- Profit (loss) carried forward -€27,733
down €27,733 (-50.5%), from -€54,887 to -€82,620
- Tax, wage and social debts -€6,079
down €6,079 (-15.0%), from €40,435 to €34,357
of which Remuneration and social security: -€6,802
- Staff costs +€17,059
up €17,059 (+5.1%), from €336,395 to €353,453
- Gross operating margin -€11,489
down €11,489 (-3.2%), from €360,201 to €348,712
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 | €396,699 | €436,566 | +€39,868 | +10.0% |
| Fixed assets | 21/28 | €7,514 | €16,487 | +€8,972 | +119% |
| Tangible fixed assets | 22/27 | €2,042 | €11,015 | +€8,972 | +439% |
| Plant, machinery and equipment | 23 | €1,140 | €10,696 | +€9,557 | +838% |
| Furniture and vehicles | 24 | €903 | €319 | -€584 | -64.7% |
| Financial fixed assets | 28 | €5,472 | €5,472 | = | 0.0% |
| Current assets | 29/58 | €389,184 | €420,079 | +€30,895 | +7.9% |
| Stocks and contracts in progress | 3 | €207,976 | €192,490 | -€15,485 | -7.4% |
| Stocks | 30/36 | €207,976 | €192,490 | -€15,485 | -7.4% |
| Amounts receivable within one year | 40/41 | €154,051 | €188,265 | +€34,214 | +22.2% |
| Trade receivables | 40 | €142,317 | €170,215 | +€27,898 | +19.6% |
| Other amounts receivable | 41 | €11,734 | €18,050 | +€6,316 | +53.8% |
| Cash at bank and in hand | 54/58 | €22,497 | €11,792 | -€10,705 | -47.6% |
| Deferred charges and accrued income | 490/1 | €4,661 | €27,532 | +€22,871 | +491% |
| Total equity and liabilities | 10/49 | €396,699 | €436,566 | +€39,868 | +10.0% |
| Equity | 10/15 | -€34,427 | -€62,160 | -€27,733 | -80.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,887 | -€82,620 | -€27,733 | -50.5% |
| Amounts payable | 17/49 | €431,126 | €498,726 | +€67,601 | +15.7% |
| Amounts payable within one year | 42/48 | €431,126 | €498,726 | +€67,601 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | - | €42,500 | +€42,500 | |
| Trade debts | 44 | €368,641 | €400,015 | +€31,374 | +8.5% |
| Suppliers | 440/4 | €368,641 | €400,015 | +€31,374 | +8.5% |
| Taxes, remuneration and social security | 45 | €40,435 | €34,357 | -€6,079 | -15.0% |
| Taxes | 450/3 | €4,209 | €4,932 | +€723 | +17.2% |
| Remuneration and social security | 454/9 | €36,227 | €29,424 | -€6,802 | -18.8% |
| Other amounts payable | 47/48 | €22,049 | €21,855 | -€194 | -0.9% |
| Remuneration, social security and pensions | 62 | €336,395 | €353,453 | +€17,059 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,450 | €3,067 | +€617 | +25.2% |
| Other operating charges | 640/8 | €537 | €392 | -€144 | -26.9% |
| Gross operating margin | 9900 | €360,201 | €348,712 | -€11,489 | -3.2% |
| Operating profit (loss) | 9901 | €20,820 | -€8,201 | -€29,021 | |
| Financial income | 75/76B | €26 | €674 | +€648 | +2,462% |
| Recurring financial income | 75 | €26 | €674 | +€648 | +2,462% |
| Financial charges | 65/66B | €19,053 | €20,030 | +€977 | +5.1% |
| Recurring financial charges | 65 | €19,053 | €20,030 | +€977 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €1,793 | -€27,557 | -€29,350 | |
| Income taxes | 67/77 | €174 | €176 | +€1 | +0.7% |
| Profit (loss) for the period | 9904 | €1,618 | -€27,733 | -€29,351 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,618 | -€27,733 | -€29,351 |
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 16 October 2026 via checked.be.