Apo-M: 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.
Apo-M
Largest movements
- Current investments -€106,327
down €106,327 (-100.0%), from €106,327 to €0
- Receivables within one year +€99,087
up €99,087 (+61.8%), from €160,277 to €259,364
of which Trade receivables: +€79,181
- Intangible fixed assets -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Stocks and contracts +€34,809
up €34,809 (+15.6%), from €223,202 to €258,011
- Cash -€10,909
down €10,909 (-3.7%), from €291,749 to €280,841
mainly Other debts (-€192,112) and Receivables within one year (-€99,087)
- Other debts -€192,112
down €192,112 (-36.4%), from €527,893 to €335,781
- Reserves +€192,010
up €192,010 (+241.1%), from €79,652 to €271,662
- Current portion of long-term debt -€33,334
down €33,334 (-83.3%), from €40,000 to €6,666
- Trade debts +€19,358
up €19,358 (+10.3%), from €188,553 to €207,911
- Taxes +€63,624
up €63,624 (+2242.3%), from €2,837 to €66,461
- Gross operating margin +€59,244
up €59,244 (+14.7%), from €402,496 to €461,740
- Staff costs -€8,838
down €8,838 (-6.0%), from €147,491 to €138,653
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 | €880,949 | €852,674 | -€28,274 | -3.2% |
| Fixed assets | 21/28 | €96,979 | €52,073 | -€44,906 | -46.3% |
| Intangible fixed assets | 21 | €40,000 | €0 | -€40,000 | -100.0% |
| Tangible fixed assets | 22/27 | €56,978 | €52,073 | -€4,905 | -8.6% |
| Plant, machinery and equipment | 23 | €8,256 | €9,954 | +€1,698 | +20.6% |
| Furniture and vehicles | 24 | €2,581 | €2,116 | -€465 | -18.0% |
| Other tangible fixed assets | 26 | €46,142 | €40,004 | -€6,138 | -13.3% |
| Current assets | 29/58 | €783,970 | €800,601 | +€16,631 | +2.1% |
| Stocks and contracts in progress | 3 | €223,202 | €258,011 | +€34,809 | +15.6% |
| Stocks | 30/36 | €223,202 | €258,011 | +€34,809 | +15.6% |
| Amounts receivable within one year | 40/41 | €160,277 | €259,364 | +€99,087 | +61.8% |
| Trade receivables | 40 | €154,680 | €233,861 | +€79,181 | +51.2% |
| Other amounts receivable | 41 | €5,597 | €25,503 | +€19,906 | +355.7% |
| Current investments | 50/53 | €106,327 | €0 | -€106,327 | -100.0% |
| Cash at bank and in hand | 54/58 | €291,749 | €280,841 | -€10,909 | -3.7% |
| Deferred charges and accrued income | 490/1 | €2,415 | €2,386 | -€29 | -1.2% |
| Total equity and liabilities | 10/49 | €880,949 | €852,674 | -€28,274 | -3.2% |
| Equity | 10/15 | €98,252 | €290,262 | +€192,010 | +195.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,652 | €271,662 | +€192,010 | +241.1% |
| Distributable reserves | 133 | €79,652 | €271,662 | +€192,010 | +241.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €782,697 | €562,413 | -€220,284 | -28.1% |
| Amounts payable after more than one year | 17 | €6,666 | €0 | -€6,666 | -100.0% |
| Financial debts | 170/4 | €6,666 | €0 | -€6,666 | -100.0% |
| Amounts payable within one year | 42/48 | €771,245 | €557,530 | -€213,715 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €6,666 | -€33,334 | -83.3% |
| Trade debts | 44 | €188,553 | €207,911 | +€19,358 | +10.3% |
| Suppliers | 440/4 | €188,553 | €207,911 | +€19,358 | +10.3% |
| Taxes, remuneration and social security | 45 | €14,799 | €7,172 | -€7,626 | -51.5% |
| Taxes | 450/3 | €2,740 | €292 | -€2,448 | -89.4% |
| Remuneration and social security | 454/9 | €12,059 | €6,881 | -€5,178 | -42.9% |
| Other amounts payable | 47/48 | €527,893 | €335,781 | -€192,112 | -36.4% |
| Accrued charges and deferred income | 492/3 | €4,786 | €4,883 | +€96 | +2.0% |
| Remuneration, social security and pensions | 62 | €147,491 | €138,653 | -€8,838 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,022 | €53,212 | -€810 | -1.5% |
| Other operating charges | 640/8 | €968 | €400 | -€568 | -58.7% |
| Non-recurring operating charges | 66A | €0 | €209 | +€209 | |
| Gross operating margin | 9900 | €402,496 | €461,740 | +€59,244 | +14.7% |
| Operating profit (loss) | 9901 | €200,015 | €269,266 | +€69,250 | +34.6% |
| Financial income | 75/76B | €8,056 | €5,162 | -€2,894 | -35.9% |
| Recurring financial income | 75 | €8,056 | €5,162 | -€2,894 | -35.9% |
| Financial charges | 65/66B | €10,302 | €10,956 | +€654 | +6.3% |
| Recurring financial charges | 65 | €10,302 | €10,956 | +€654 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €197,769 | €263,471 | +€65,702 | +33.2% |
| Income taxes | 67/77 | €2,837 | €66,461 | +€63,624 | +2242.3% |
| Profit (loss) for the period | 9904 | €194,931 | €197,010 | +€2,079 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €194,931 | €197,010 | +€2,079 | +1.1% |
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 5 October 2026 via checked.be.