APOLIN: 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.
APOLIN
Largest movements
- Cash +€142,746
up €142,746 (+51.3%), from €278,316 to €421,062
mainly Net result for the year (+€127,594) and Depreciation (+€82,047)
- Reserves +€127,594
up €127,594 (+30.9%), from €412,665 to €540,259
of which Non-distributable reserves: +€87,496
- Trade debts +€69,293
up €69,293 (+1421.9%), from €4,873 to €74,167
- Financial income -€716,815
down €716,815 (-93.4%), from €767,538 to €50,723
of which Non-recurring financial income: -€745,574
- Other operating charges -€180,219
down €180,219 (-88.5%), from €203,699 to €23,479
- Gross operating margin +€153,496
up €153,496 (+113.8%), from €134,866 to €288,361
- Taxes +€9,294
up €9,294 (+42.9%), from €21,675 to €30,969
- Financial charges +€6,723
up €6,723 (+11.2%), from €59,914 to €66,637
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 | €2,940,202 | €3,125,522 | +€185,320 | +6.3% |
| Fixed assets | 21/28 | €1,376,659 | €1,379,549 | +€2,889 | +0.2% |
| Tangible fixed assets | 22/27 | €1,376,459 | €1,379,349 | +€2,889 | +0.2% |
| Land and buildings | 22 | €1,319,367 | €1,256,746 | -€62,621 | -4.7% |
| Furniture and vehicles | 24 | - | €53,851 | +€53,851 | |
| Other tangible fixed assets | 26 | €57,092 | €68,752 | +€11,660 | +20.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,563,543 | €1,745,973 | +€182,430 | +11.7% |
| Amounts receivable within one year | 40/41 | €128,087 | €140,980 | +€12,893 | +10.1% |
| Trade receivables | 40 | €7,630 | €15,507 | +€7,877 | +103.2% |
| Other amounts receivable | 41 | €120,457 | €125,473 | +€5,016 | +4.2% |
| Current investments | 50/53 | €1,154,498 | €1,179,881 | +€25,383 | +2.2% |
| Cash at bank and in hand | 54/58 | €278,316 | €421,062 | +€142,746 | +51.3% |
| Deferred charges and accrued income | 490/1 | €2,642 | €4,050 | +€1,408 | +53.3% |
| Total equity and liabilities | 10/49 | €2,940,202 | €3,125,522 | +€185,320 | +6.3% |
| Equity | 10/15 | €1,349,125 | €1,476,719 | +€127,594 | +9.5% |
| Contributions | 10/11 | €936,460 | €936,460 | = | 0.0% |
| Capital | 10 | €936,460 | €936,460 | = | 0.0% |
| Issued capital | 100 | €936,460 | €936,460 | = | 0.0% |
| Reserves | 13 | €412,665 | €540,259 | +€127,594 | +30.9% |
| Non-distributable reserves | 130/1 | €6,150 | €93,646 | +€87,496 | +1422.7% |
| Legal reserve | 130 | €6,150 | €93,646 | +€87,496 | +1422.7% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €369,015 | €409,113 | +€40,098 | +10.9% |
| Amounts payable | 17/49 | €1,591,077 | €1,648,803 | +€57,726 | +3.6% |
| Amounts payable after more than one year | 17 | €212,377 | €208,297 | -€4,080 | -1.9% |
| Financial debts | 170/4 | €212,377 | €208,297 | -€4,080 | -1.9% |
| Amounts payable within one year | 42/48 | €1,376,178 | €1,436,493 | +€60,315 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €3,961 | €4,080 | +€119 | +3.0% |
| Trade debts | 44 | €4,873 | €74,167 | +€69,293 | +1421.9% |
| Suppliers | 440/4 | €4,873 | €74,167 | +€69,293 | +1421.9% |
| Taxes, remuneration and social security | 45 | €32,776 | €22,667 | -€10,109 | -30.8% |
| Taxes | 450/3 | €32,192 | €22,111 | -€10,081 | -31.3% |
| Remuneration and social security | 454/9 | €585 | €556 | -€29 | -4.9% |
| Other amounts payable | 47/48 | €1,334,567 | €1,335,579 | +€1,012 | +0.1% |
| Accrued charges and deferred income | 492/3 | €2,523 | €4,013 | +€1,491 | +59.1% |
| Non-recurring operating income | 76A | - | €85,515 | +€85,515 | |
| Remuneration, social security and pensions | 62 | €8,059 | €8,359 | +€300 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,406 | €82,047 | -€4,359 | -5.0% |
| Other operating charges | 640/8 | €203,699 | €23,479 | -€180,219 | -88.5% |
| Gross operating margin | 9900 | €134,866 | €288,361 | +€153,496 | +113.8% |
| Operating profit (loss) | 9901 | -€163,298 | €174,476 | +€337,774 | |
| Financial income | 75/76B | €767,538 | €50,723 | -€716,815 | -93.4% |
| Recurring financial income | 75 | €21,964 | €50,723 | +€28,759 | +130.9% |
| Non-recurring financial income | 76B | €745,574 | €0 | -€745,574 | -100.0% |
| Financial charges | 65/66B | €59,914 | €66,637 | +€6,723 | +11.2% |
| Recurring financial charges | 65 | €59,914 | €66,637 | +€6,723 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €544,326 | €158,563 | -€385,764 | -70.9% |
| Income taxes | 67/77 | €21,675 | €30,969 | +€9,294 | +42.9% |
| Profit (loss) for the period | 9904 | €522,652 | €127,594 | -€395,058 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €522,652 | €127,594 | -€395,058 | -75.6% |
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 12 October 2026 via checked.be.