APOGREZ: 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.
APOGREZ
Largest movements
- Receivables within one year -€37,816
down €37,816 (-5.2%), from €728,465 to €690,649
of which Other amounts receivable: -€37,168
- Other debts +€253,644
up €253,644 (+2559.6%), from €9,910 to €263,554
- Reserves -€241,170
down €241,170 (-34.5%), from €699,949 to €458,779
of which Distributable reserves: -€215,390
- Debts after one year -€22,372
down €22,372 (-5.4%), from €417,990 to €395,618
- Tax, wage and social debts -€18,628
down €18,628 (-59.7%), from €31,227 to €12,599
- Financial income -€14,566
down €14,566 (-40.7%), from €35,820 to €21,253
- Gross operating margin +€4,758
up €4,758 (+14.9%), from €31,857 to €36,615
- Taxes -€2,020
down €2,020 (-13.8%), from €14,619 to €12,599
- Financial charges -€1,751
down €1,751 (-18.7%), from €9,373 to €7,622
- Depreciation +€978
up €978 (+2.9%), from €33,223 to €34,201
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 | €1,404,453 | €1,367,874 | -€36,578 | -2.6% |
| Fixed assets | 21/28 | €651,475 | €652,274 | +€799 | +0.1% |
| Tangible fixed assets | 22/27 | €651,475 | €652,274 | +€799 | +0.1% |
| Land and buildings | 22 | €508,650 | €491,754 | -€16,896 | -3.3% |
| Plant, machinery and equipment | 23 | €14,080 | €46,604 | +€32,524 | +231.0% |
| Leasing and similar rights | 25 | €128,745 | €113,916 | -€14,829 | -11.5% |
| Current assets | 29/58 | €752,978 | €715,601 | -€37,377 | -5.0% |
| Amounts receivable within one year | 40/41 | €728,465 | €690,649 | -€37,816 | -5.2% |
| Trade receivables | 40 | €921 | €272 | -€649 | -70.4% |
| Other amounts receivable | 41 | €727,544 | €690,376 | -€37,168 | -5.1% |
| Current investments | 50/53 | €8,008 | €8,008 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,505 | €7,944 | +€439 | +5.8% |
| Deferred charges and accrued income | 490/1 | €9,000 | €9,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,404,453 | €1,367,874 | -€36,578 | -2.6% |
| Equity | 10/15 | €761,949 | €520,779 | -€241,170 | -31.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €699,949 | €458,779 | -€241,170 | -34.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €475,274 | €449,495 | -€25,779 | -5.4% |
| Distributable reserves | 133 | €218,475 | €3,085 | -€215,390 | -98.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €157,858 | €149,265 | -€8,593 | -5.4% |
| Deferred taxes | 168 | €157,858 | €149,265 | -€8,593 | -5.4% |
| Amounts payable | 17/49 | €484,646 | €697,831 | +€213,185 | +44.0% |
| Amounts payable after more than one year | 17 | €417,990 | €395,618 | -€22,372 | -5.4% |
| Financial debts | 170/4 | €417,990 | €395,618 | -€22,372 | -5.4% |
| Amounts payable within one year | 42/48 | €65,971 | €302,213 | +€236,242 | +358.1% |
| Current portion of amounts payable after more than one year | 42 | €23,772 | €24,218 | +€446 | +1.9% |
| Trade debts | 44 | €1,063 | €1,842 | +€780 | +73.4% |
| Suppliers | 440/4 | €1,063 | €1,842 | +€780 | +73.4% |
| Taxes, remuneration and social security | 45 | €31,227 | €12,599 | -€18,628 | -59.7% |
| Taxes | 450/3 | €31,227 | €12,599 | -€18,628 | -59.7% |
| Other amounts payable | 47/48 | €9,910 | €263,554 | +€253,644 | +2559.6% |
| Accrued charges and deferred income | 492/3 | €685 | €0 | -€685 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,223 | €34,201 | +€978 | +2.9% |
| Other operating charges | 640/8 | €3,304 | €3,210 | -€94 | -2.8% |
| Non-recurring operating charges | 66A | €1,848 | €0 | -€1,848 | -100.0% |
| Gross operating margin | 9900 | €31,857 | €36,615 | +€4,758 | +14.9% |
| Operating profit (loss) | 9901 | -€6,518 | -€796 | +€5,722 | +87.8% |
| Financial income | 75/76B | €35,820 | €21,253 | -€14,566 | -40.7% |
| Recurring financial income | 75 | €35,820 | €21,253 | -€14,566 | -40.7% |
| Financial charges | 65/66B | €9,373 | €7,622 | -€1,751 | -18.7% |
| Recurring financial charges | 65 | €9,373 | €7,622 | -€1,751 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €19,929 | €12,836 | -€7,093 | -35.6% |
| Transfer from deferred taxes | 780 | €8,417 | €8,593 | +€176 | +2.1% |
| Income taxes | 67/77 | €14,619 | €12,599 | -€2,020 | -13.8% |
| Profit (loss) for the period | 9904 | €13,727 | €8,830 | -€4,897 | -35.7% |
| Transfer from tax-exempt reserves | 789 | €25,251 | €25,779 | +€529 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,978 | €34,610 | -€4,368 | -11.2% |
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 6 October 2026 via checked.be.