APOBEL: 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.
APOBEL
Largest movements
- Cash -€61,585
down €61,585 (-27.0%), from €228,264 to €166,678
mainly Contributions, distributions and other (-€192,997) and Investment in fixed assets (net) (-€28,827)
- Receivables within one year -€40,744
down €40,744 (-16.2%), from €251,044 to €210,301
of which Other amounts receivable: -€72,457
- Receivables after one year -€26,000
down €26,000 (-100%), from €26,000 to €0
- Tangible fixed assets +€24,532
up €24,532 (+109%), from €22,436 to €46,967
of which Other tangible fixed assets: +€14,100
- Stocks and contracts -€22,952
down €22,952 (-8.8%), from €260,302 to €237,350
- Reserves -€122,057
down €122,057 (-21.0%), from €581,665 to €459,609
of which Distributable reserves: -€122,057
- Tax, wage and social debts +€12,267
up €12,267 (+16.0%), from €76,758 to €89,025
of which Remuneration and social security: +€7,327
- Gross operating margin -€44,208
down €44,208 (-8.7%), from €507,795 to €463,587
- Staff costs +€30,533
up €30,533 (+9.4%), from €325,910 to €356,442
- Taxes -€24,651
down €24,651 (-43.4%), from €56,856 to €32,205
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 | €797,349 | €683,671 | -€113,679 | -14.3% |
| Fixed assets | 21/28 | €27,436 | €51,967 | +€24,532 | +89.4% |
| Tangible fixed assets | 22/27 | €22,436 | €46,967 | +€24,532 | +109% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €17,599 | €16,337 | -€1,262 | -7.2% |
| Furniture and vehicles | 24 | €4,837 | €16,530 | +€11,694 | +242% |
| Other tangible fixed assets | 26 | - | €14,100 | +€14,100 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €769,914 | €631,703 | -€138,210 | -18.0% |
| Amounts receivable after more than one year | 29 | €26,000 | €0 | -€26,000 | -100% |
| Other amounts receivable | 291 | €26,000 | €0 | -€26,000 | -100% |
| Stocks and contracts in progress | 3 | €260,302 | €237,350 | -€22,952 | -8.8% |
| Stocks | 30/36 | €260,302 | €237,350 | -€22,952 | -8.8% |
| Amounts receivable within one year | 40/41 | €251,044 | €210,301 | -€40,744 | -16.2% |
| Trade receivables | 40 | €132,182 | €163,895 | +€31,713 | +24.0% |
| Other amounts receivable | 41 | €118,862 | €46,405 | -€72,457 | -61.0% |
| Current investments | 50/53 | €1,841 | €1,841 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €228,264 | €166,678 | -€61,585 | -27.0% |
| Deferred charges and accrued income | 490/1 | €2,463 | €15,533 | +€13,070 | +531% |
| Total equity and liabilities | 10/49 | €797,349 | €683,671 | -€113,679 | -14.3% |
| Equity | 10/15 | €616,665 | €494,609 | -€122,057 | -19.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €581,665 | €459,609 | -€122,057 | -21.0% |
| Tax-exempt reserves | 132 | €625 | €625 | = | 0.0% |
| Distributable reserves | 133 | €581,040 | €458,984 | -€122,057 | -21.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €180,684 | €189,062 | +€8,378 | +4.6% |
| Amounts payable after more than one year | 17 | €7,866 | €4,010 | -€3,856 | -49.0% |
| Financial debts | 170/4 | €7,866 | €4,010 | -€3,856 | -49.0% |
| Amounts payable within one year | 42/48 | €171,889 | €184,473 | +€12,584 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €12,875 | €13,135 | +€260 | +2.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €80,616 | €82,314 | +€1,698 | +2.1% |
| Suppliers | 440/4 | €80,616 | €82,314 | +€1,698 | +2.1% |
| Advances received on contracts in progress | 46 | €111 | €0 | -€111 | -100% |
| Taxes, remuneration and social security | 45 | €76,758 | €89,025 | +€12,267 | +16.0% |
| Taxes | 450/3 | €28,844 | €33,783 | +€4,939 | +17.1% |
| Remuneration and social security | 454/9 | €47,914 | €55,241 | +€7,327 | +15.3% |
| Other amounts payable | 47/48 | €1,529 | €0 | -€1,529 | -100% |
| Accrued charges and deferred income | 492/3 | €929 | €579 | -€350 | -37.7% |
| Remuneration, social security and pensions | 62 | €325,910 | €356,442 | +€30,533 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,396 | €4,295 | -€1,101 | -20.4% |
| Other operating charges | 640/8 | €962 | €1,069 | +€108 | +11.2% |
| Gross operating margin | 9900 | €507,795 | €463,587 | -€44,208 | -8.7% |
| Operating profit (loss) | 9901 | €175,527 | €101,780 | -€73,747 | -42.0% |
| Financial income | 75/76B | €4,863 | €3,703 | -€1,160 | -23.8% |
| Recurring financial income | 75 | €4,863 | €3,703 | -€1,160 | -23.8% |
| Financial charges | 65/66B | €1,517 | €2,338 | +€821 | +54.1% |
| Recurring financial charges | 65 | €1,517 | €2,338 | +€821 | +54.1% |
| Profit (loss) for the period before taxes | 9903 | €178,873 | €103,145 | -€75,728 | -42.3% |
| Income taxes | 67/77 | €56,856 | €32,205 | -€24,651 | -43.4% |
| Profit (loss) for the period | 9904 | €122,017 | €70,940 | -€51,077 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,017 | €70,940 | -€51,077 | -41.9% |
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 15 October 2026 via checked.be.