APO2370: 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.
What changed
APO2370
NACE 47.730, Retail sale of pharmaceutical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,425
2024 · €81,085-€26,660
Equity
€979,492
2024 · €933,595+€45,897
Cash
€380,988
2024 · €191,777+€189,211
Balance sheet total
€3.9m
2024 · €3.9m-€77,779
Largest movements
Assets
- Intangible fixed assets -€218,081
down €218,081 (-11.8%), from €1.9m to €1.6m
- Cash +€189,211
up €189,211 (+98.7%), from €191,777 to €380,988
mainly Depreciation (+€308,265) and Tax, wage and social debts (+€66,965)
- Stocks and contracts -€41,721
down €41,721 (-8.3%), from €505,400 to €463,678
Equity and liabilities
- Debts after one year -€246,674
down €246,674 (-9.8%), from €2.5m to €2.3m
- Tax, wage and social debts +€66,965
up €66,965 (+101%), from €66,324 to €133,289
of which Remuneration and social security: +€43,185
- Trade debts +€49,596
up €49,596 (+30.1%), from €164,499 to €214,095
- Reserves +€45,897
up €45,897 (+5.0%), from €914,995 to €960,892
Income statement
- Staff costs +€101,787
up €101,787 (+25.6%), from €398,213 to €500,000
- Gross operating margin +€61,590
up €61,590 (+6.4%), from €964,746 to €1.0m
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.
Result 2024
€81,085
Gross operating margin
+€61,590
Staff costs
-€101,787
Depreciation
-€5,875
Other operating charges
+€98
Other operating items
-€366
Financial income
+€1,446
Financial charges
+€9,074
Taxes
+€9,160
Result 2025
€54,425
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€494,784
Investment
-€53,614
Financing
-€251,959
Cash 2024
€191,777
From operations (derived)
+€494,784
Net result for the year
+€54,425
Depreciation
+€308,265
Stocks and contracts
+€41,721
Receivables within one year
-€37,101
Deferred charges and accrued income
+€7,719
Trade debts
+€49,596
Tax, wage and social debts
+€66,965
Other debts
+€3,197
Accrued charges and deferred income
-€3
Investment (derived)
-€53,614
Investment in fixed assets (net)
-€63,063
Current investments
+€9,449
Financing
-€251,959
Debts after one year
-€246,674
Current portion of long-term debt
+€3,243
Contributions, distributions and other
-€8,528
Cash 2025
€380,988
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,937,379 | €3,859,600 | -€77,779 | -2.0% |
| Fixed assets | 21/28 | €2,836,958 | €2,591,756 | -€245,202 | -8.6% |
| Intangible fixed assets | 21 | €1,853,691 | €1,635,609 | -€218,081 | -11.8% |
| Tangible fixed assets | 22/27 | €978,267 | €951,146 | -€27,121 | -2.8% |
| Land and buildings | 22 | €866,065 | €815,640 | -€50,425 | -5.8% |
| Plant, machinery and equipment | 23 | €33,279 | €63,439 | +€30,160 | +90.6% |
| Furniture and vehicles | 24 | €30,624 | €30,668 | +€44 | +0.1% |
| Other tangible fixed assets | 26 | €48,300 | €41,400 | -€6,900 | -14.3% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,100,421 | €1,267,844 | +€167,423 | +15.2% |
| Stocks and contracts in progress | 3 | €505,400 | €463,678 | -€41,721 | -8.3% |
| Stocks | 30/36 | €505,400 | €463,678 | -€41,721 | -8.3% |
| Amounts receivable within one year | 40/41 | €370,245 | €407,346 | +€37,101 | +10.0% |
| Trade receivables | 40 | €370,135 | €407,039 | +€36,905 | +10.0% |
| Other amounts receivable | 41 | €110 | €306 | +€196 | +178% |
| Current investments | 50/53 | €9,449 | - | -€9,449 | |
| Cash at bank and in hand | 54/58 | €191,777 | €380,988 | +€189,211 | +98.7% |
| Deferred charges and accrued income | 490/1 | €23,551 | €15,832 | -€7,719 | -32.8% |
| Total equity and liabilities | 10/49 | €3,937,379 | €3,859,600 | -€77,779 | -2.0% |
| Equity | 10/15 | €933,595 | €979,492 | +€45,897 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €914,995 | €960,892 | +€45,897 | +5.0% |
| Distributable reserves | 133 | €914,995 | €960,892 | +€45,897 | +5.0% |
| Amounts payable | 17/49 | €3,003,784 | €2,880,108 | -€123,677 | -4.1% |
| Amounts payable after more than one year | 17 | €2,518,582 | €2,271,908 | -€246,674 | -9.8% |
| Financial debts | 170/4 | €2,518,582 | €2,271,908 | -€246,674 | -9.8% |
| Amounts payable within one year | 42/48 | €485,061 | €608,062 | +€123,000 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €198,431 | €201,674 | +€3,243 | +1.6% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €164,499 | €214,095 | +€49,596 | +30.1% |
| Suppliers | 440/4 | €164,499 | €214,095 | +€49,596 | +30.1% |
| Taxes, remuneration and social security | 45 | €66,324 | €133,289 | +€66,965 | +101% |
| Taxes | 450/3 | €18,673 | €42,452 | +€23,779 | +127% |
| Remuneration and social security | 454/9 | €47,652 | €90,837 | +€43,185 | +90.6% |
| Other amounts payable | 47/48 | €5,807 | €9,004 | +€3,197 | +55.0% |
| Accrued charges and deferred income | 492/3 | €141 | €138 | -€3 | -2.1% |
| Remuneration, social security and pensions | 62 | €398,213 | €500,000 | +€101,787 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €302,390 | €308,265 | +€5,875 | +1.9% |
| Other operating charges | 640/8 | €6,433 | €6,335 | -€98 | -1.5% |
| Non-recurring operating charges | 66A | - | €366 | +€366 | |
| Gross operating margin | 9900 | €964,746 | €1,026,336 | +€61,590 | +6.4% |
| Operating profit (loss) | 9901 | €257,709 | €211,369 | -€46,340 | -18.0% |
| Financial income | 75/76B | €5,133 | €6,579 | +€1,446 | +28.2% |
| Recurring financial income | 75 | €5,133 | €6,579 | +€1,446 | +28.2% |
| Financial charges | 65/66B | €72,993 | €63,919 | -€9,074 | -12.4% |
| Recurring financial charges | 65 | €72,993 | €63,919 | -€9,074 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €189,849 | €154,029 | -€35,820 | -18.9% |
| Income taxes | 67/77 | €108,764 | €99,604 | -€9,160 | -8.4% |
| Profit (loss) for the period | 9904 | €81,085 | €54,425 | -€26,660 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €81,085 | €54,425 | -€26,660 | -32.9% |
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 20 October 2026 via checked.be.