APO & CO: 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 & CO
Largest movements
- Cash +€12,734
up €12,734 (+28.0%), from €45,405 to €58,139
mainly Net result for the year (+€7,366) and Investment in fixed assets (net) (+€5,485)
- Tangible fixed assets -€5,591
down €5,591 (-84.4%), from €6,623 to €1,031
of which Land and buildings: -€5,037
- Profit (loss) carried forward +€7,366
up €7,366 (+65.0%), from -€11,335 to -€3,970
- Depreciation -€12,154
down €12,154 (-99.1%), from €12,261 to €107
- Gross operating margin -€10,387
down €10,387 (-51.7%), from €20,102 to €9,714
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 | €54,714 | €61,601 | +€6,888 | +12.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €6,744 | €1,153 | -€5,591 | -82.9% |
| Tangible fixed assets | 22/27 | €6,623 | €1,031 | -€5,591 | -84.4% |
| Land and buildings | 22 | €5,037 | - | -€5,037 | |
| Plant, machinery and equipment | 23 | €1,586 | €1,031 | -€555 | -35.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €121 | €121 | = | 0.0% |
| Current assets | 29/58 | €47,970 | €60,449 | +€12,479 | +26.0% |
| Stocks and contracts in progress | 3 | €2,539 | €2,224 | -€315 | -12.4% |
| Stocks | 30/36 | €2,539 | €2,224 | -€315 | -12.4% |
| Amounts receivable within one year | 40/41 | €26 | €86 | +€60 | +232% |
| Trade receivables | 40 | €1 | - | -€1 | |
| Other amounts receivable | 41 | €25 | €86 | +€61 | +248% |
| Cash at bank and in hand | 54/58 | €45,405 | €58,139 | +€12,734 | +28.0% |
| Total equity and liabilities | 10/49 | €54,714 | €61,601 | +€6,888 | +12.6% |
| Equity | 10/15 | €9,910 | €17,276 | +€7,366 | +74.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,646 | €2,646 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €646 | €646 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,335 | -€3,970 | +€7,366 | +65.0% |
| Amounts payable | 17/49 | €44,803 | €44,325 | -€478 | -1.1% |
| Amounts payable within one year | 42/48 | €44,803 | €44,325 | -€478 | -1.1% |
| Trade debts | 44 | €3,626 | €3,436 | -€189 | -5.2% |
| Suppliers | 440/4 | €3,626 | €3,436 | -€189 | -5.2% |
| Taxes, remuneration and social security | 45 | €206 | €246 | +€40 | +19.5% |
| Taxes | 450/3 | €206 | €246 | +€40 | +19.5% |
| Other amounts payable | 47/48 | €40,972 | €40,643 | -€329 | -0.8% |
| Non-recurring operating income | 76A | - | €8,377 | +€8,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,261 | €107 | -€12,154 | -99.1% |
| Other operating charges | 640/8 | €2,590 | €2,493 | -€96 | -3.7% |
| Gross operating margin | 9900 | €20,102 | €9,714 | -€10,387 | -51.7% |
| Operating profit (loss) | 9901 | €5,251 | €7,114 | +€1,863 | +35.5% |
| Financial income | 75/76B | €282 | €293 | +€11 | +4.0% |
| Recurring financial income | 75 | €282 | €293 | +€11 | +4.0% |
| Financial charges | 65/66B | €39 | €42 | +€3 | +6.5% |
| Recurring financial charges | 65 | €39 | €42 | +€3 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €5,494 | €7,366 | +€1,872 | +34.1% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €5,494 | €7,366 | +€1,872 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,494 | €7,366 | +€1,872 | +34.1% |
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 15 October 2026 via checked.be.