Apollo: 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.
Apollo
Largest movements
- Cash +€68,394
up €68,394 (+37.0%), from €184,769 to €253,163
mainly Net result for the year (+€115,724) and Depreciation (+€71,933)
- Receivables within one year +€27,280
up €27,280 (+7.9%), from €344,262 to €371,542
of which Trade receivables: +€62,143
- Stocks and contracts +€18,891
up €18,891 (+7.2%), from €264,109 to €283,000
- Tangible fixed assets +€11,894
up €11,894 (+7.0%), from €168,907 to €180,801
of which Leasing and similar rights: +€47,101
- Reserves +€116,000
up €116,000 (+28.9%), from €402,000 to €518,000
- Trade debts +€42,550
up €42,550 (+27.9%), from €152,770 to €195,320
- Accrued charges and deferred income -€23,206
down €23,206 (-13.5%), from €171,862 to €148,656
- Current portion of long-term debt +€13,994
up €13,994 (+25.5%), from €54,924 to €68,917
- Gross operating margin -€188,631
down €188,631 (-24.9%), from €758,315 to €569,684
- Staff costs -€117,179
down €117,179 (-26.1%), from €448,893 to €331,713
- Taxes -€22,200
down €22,200 (-33.2%), from €66,932 to €44,732
- Depreciation +€20,093
up €20,093 (+38.8%), from €51,841 to €71,933
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 | €1,003,303 | €1,134,431 | +€131,129 | +13.1% |
| Fixed assets | 21/28 | €198,210 | €217,321 | +€19,110 | +9.6% |
| Intangible fixed assets | 21 | €29,103 | €36,320 | +€7,217 | +24.8% |
| Tangible fixed assets | 22/27 | €168,907 | €180,801 | +€11,894 | +7.0% |
| Land and buildings | 22 | €11,934 | €8,076 | -€3,858 | -32.3% |
| Plant, machinery and equipment | 23 | €8,045 | €4,750 | -€3,295 | -41.0% |
| Furniture and vehicles | 24 | €50,895 | €29,671 | -€21,224 | -41.7% |
| Leasing and similar rights | 25 | €79,688 | €126,788 | +€47,101 | +59.1% |
| Other tangible fixed assets | 26 | €18,346 | €11,516 | -€6,830 | -37.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €805,092 | €917,111 | +€112,018 | +13.9% |
| Stocks and contracts in progress | 3 | €264,109 | €283,000 | +€18,891 | +7.2% |
| Stocks | 30/36 | €264,109 | €283,000 | +€18,891 | +7.2% |
| Amounts receivable within one year | 40/41 | €344,262 | €371,542 | +€27,280 | +7.9% |
| Trade receivables | 40 | €301,329 | €363,472 | +€62,143 | +20.6% |
| Other amounts receivable | 41 | €42,933 | €8,070 | -€34,863 | -81.2% |
| Cash at bank and in hand | 54/58 | €184,769 | €253,163 | +€68,394 | +37.0% |
| Deferred charges and accrued income | 490/1 | €11,953 | €9,405 | -€2,548 | -21.3% |
| Total equity and liabilities | 10/49 | €1,003,303 | €1,134,431 | +€131,129 | +13.1% |
| Equity | 10/15 | €414,754 | €530,477 | +€115,724 | +27.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €402,000 | €518,000 | +€116,000 | +28.9% |
| Distributable reserves | 133 | €402,000 | €518,000 | +€116,000 | +28.9% |
| Profit (loss) carried forward | 14 | €354 | €77 | -€276 | -78.1% |
| Amounts payable | 17/49 | €588,549 | €603,954 | +€15,405 | +2.6% |
| Amounts payable after more than one year | 17 | €121,312 | €118,500 | -€2,812 | -2.3% |
| Financial debts | 170/4 | €121,312 | €118,500 | -€2,812 | -2.3% |
| Amounts payable within one year | 42/48 | €295,375 | €336,798 | +€41,423 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €54,924 | €68,917 | +€13,994 | +25.5% |
| Financial debts | 43 | €16,904 | €8,410 | -€8,494 | -50.2% |
| Credit institutions | 430/8 | €16,904 | €8,410 | -€8,494 | -50.2% |
| Trade debts | 44 | €152,770 | €195,320 | +€42,550 | +27.9% |
| Suppliers | 440/4 | €152,770 | €195,320 | +€42,550 | +27.9% |
| Taxes, remuneration and social security | 45 | €69,769 | €63,142 | -€6,627 | -9.5% |
| Taxes | 450/3 | €14,602 | €32,999 | +€18,397 | +126% |
| Remuneration and social security | 454/9 | €55,167 | €30,143 | -€25,024 | -45.4% |
| Other amounts payable | 47/48 | €1,008 | €1,008 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €171,862 | €148,656 | -€23,206 | -13.5% |
| Remuneration, social security and pensions | 62 | €448,893 | €331,713 | -€117,179 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,841 | €71,933 | +€20,093 | +38.8% |
| Other operating charges | 640/8 | €1,951 | €3,457 | +€1,506 | +77.2% |
| Gross operating margin | 9900 | €758,315 | €569,684 | -€188,631 | -24.9% |
| Operating profit (loss) | 9901 | €255,631 | €162,581 | -€93,050 | -36.4% |
| Financial income | 75/76B | €12,514 | €7,736 | -€4,777 | -38.2% |
| Recurring financial income | 75 | €12,514 | €7,736 | -€4,777 | -38.2% |
| Financial charges | 65/66B | €8,913 | €9,861 | +€949 | +10.6% |
| Recurring financial charges | 65 | €8,913 | €9,861 | +€949 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €259,231 | €160,456 | -€98,776 | -38.1% |
| Income taxes | 67/77 | €66,932 | €44,732 | -€22,200 | -33.2% |
| Profit (loss) for the period | 9904 | €192,299 | €115,724 | -€76,576 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €192,299 | €115,724 | -€76,576 | -39.8% |
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 26 October 2026 via checked.be.