APOGADO: 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.
APOGADO
Largest movements
- Cash -€260,322
down €260,322 (-31.2%), from €835,468 to €575,146
mainly Receivables within one year (-€139,235) and Contributions, distributions and other (-€100,000)
- Receivables within one year +€139,235
up €139,235 (+53.1%), from €262,456 to €401,691
of which Trade receivables: +€160,118
- Profit (loss) carried forward -€65,671
down €65,671 (-4.7%), from €1.4m to €1.3m
- Trade debts -€62,985
down €62,985 (-70.1%), from €89,831 to €26,846
- Gross operating margin -€98,215
down €98,215 (-24.2%), from €406,022 to €307,806
- Staff costs -€76,352
down €76,352 (-23.1%), from €330,640 to €254,288
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 | €1,736,615 | €1,599,897 | -€136,718 | -7.9% |
| Fixed assets | 21/28 | €117,634 | €101,907 | -€15,727 | -13.4% |
| Intangible fixed assets | 21 | €63,930 | €54,592 | -€9,338 | -14.6% |
| Tangible fixed assets | 22/27 | €16,152 | €9,145 | -€7,007 | -43.4% |
| Plant, machinery and equipment | 23 | €9,050 | €3,817 | -€5,233 | -57.8% |
| Furniture and vehicles | 24 | €1,306 | €394 | -€912 | -69.8% |
| Other tangible fixed assets | 26 | €5,796 | €4,934 | -€862 | -14.9% |
| Financial fixed assets | 28 | €37,552 | €38,170 | +€618 | +1.6% |
| Current assets | 29/58 | €1,618,981 | €1,497,989 | -€120,991 | -7.5% |
| Amounts receivable within one year | 40/41 | €262,456 | €401,691 | +€139,235 | +53.1% |
| Trade receivables | 40 | €199,215 | €359,333 | +€160,118 | +80.4% |
| Other amounts receivable | 41 | €63,241 | €42,358 | -€20,884 | -33.0% |
| Current investments | 50/53 | €508,639 | €513,589 | +€4,950 | +1.0% |
| Cash at bank and in hand | 54/58 | €835,468 | €575,146 | -€260,322 | -31.2% |
| Deferred charges and accrued income | 490/1 | €12,417 | €7,564 | -€4,853 | -39.1% |
| Total equity and liabilities | 10/49 | €1,736,615 | €1,599,897 | -€136,718 | -7.9% |
| Equity | 10/15 | €1,482,801 | €1,417,130 | -€65,671 | -4.4% |
| Contributions | 10/11 | €80,025 | €80,025 | = | 0.0% |
| Reserves | 13 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,398,276 | €1,332,605 | -€65,671 | -4.7% |
| Amounts payable | 17/49 | €253,814 | €182,767 | -€71,047 | -28.0% |
| Amounts payable within one year | 42/48 | €252,743 | €182,767 | -€69,976 | -27.7% |
| Trade debts | 44 | €89,831 | €26,846 | -€62,985 | -70.1% |
| Suppliers | 440/4 | €89,831 | €26,846 | -€62,985 | -70.1% |
| Taxes, remuneration and social security | 45 | €62,912 | €55,921 | -€6,991 | -11.1% |
| Taxes | 450/3 | €8,308 | €33,760 | +€25,452 | +306.3% |
| Remuneration and social security | 454/9 | €54,604 | €22,161 | -€32,443 | -59.4% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,071 | - | -€1,071 | |
| Non-recurring operating income | 76A | €14,264 | €7,000 | -€7,264 | -50.9% |
| Remuneration, social security and pensions | 62 | €330,640 | €254,288 | -€76,352 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,870 | €31,215 | +€1,345 | +4.5% |
| Other operating charges | 640/8 | €3,361 | €2,438 | -€923 | -27.5% |
| Gross operating margin | 9900 | €406,022 | €307,806 | -€98,215 | -24.2% |
| Operating profit (loss) | 9901 | €42,150 | €19,865 | -€22,284 | -52.9% |
| Financial income | 75/76B | €11,737 | €14,674 | +€2,937 | +25.0% |
| Recurring financial income | 75 | €7,499 | €14,674 | +€7,175 | +95.7% |
| Non-recurring financial income | 76B | €4,238 | - | -€4,238 | |
| Financial charges | 65/66B | €147 | €202 | +€55 | +37.6% |
| Recurring financial charges | 65 | €147 | €202 | +€55 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €53,740 | €34,337 | -€19,403 | -36.1% |
| Income taxes | 67/77 | €387 | €8 | -€379 | -97.9% |
| Profit (loss) for the period | 9904 | €53,352 | €34,329 | -€19,024 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,352 | €34,329 | -€19,024 | -35.7% |
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 4 October 2026 via checked.be.