APOLLO 23 MANAGEMENT: 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 23 MANAGEMENT
Largest movements
- Cash +€26,577
up €26,577 (+24.5%), from €108,278 to €134,855
mainly Net result for the year (+€55,196) and Other debts (+€6,336)
- Receivables within one year +€9,292
up €9,292 (+16.5%), from €56,370 to €65,662
of which Other amounts receivable: +€13,430
- Reserves +€28,860
up €28,860 (+22.8%), from €126,499 to €155,359
- Other debts +€6,336
up €6,336 (+31.7%), from €20,000 to €26,336
- Trade debts -€4,016
down €4,016 (-72.7%), from €5,526 to €1,510
- Tax, wage and social debts +€3,996
up €3,996 (+55.2%), from €7,242 to €11,238
- Gross operating margin +€21,123
up €21,123 (+37.7%), from €56,020 to €77,143
- Taxes +€7,518
up €7,518 (+51.2%), from €14,689 to €22,207
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 | €166,968 | €201,708 | +€34,740 | +20.8% |
| Fixed assets | 21/28 | €2,271 | €1,140 | -€1,131 | -49.8% |
| Tangible fixed assets | 22/27 | €2,156 | €1,025 | -€1,131 | -52.4% |
| Plant, machinery and equipment | 23 | €360 | €240 | -€120 | -33.3% |
| Furniture and vehicles | 24 | €1,796 | €785 | -€1,011 | -56.3% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €164,697 | €200,568 | +€35,871 | +21.8% |
| Amounts receivable within one year | 40/41 | €56,370 | €65,662 | +€9,292 | +16.5% |
| Trade receivables | 40 | €38,579 | €34,441 | -€4,139 | -10.7% |
| Other amounts receivable | 41 | €17,791 | €31,221 | +€13,430 | +75.5% |
| Cash at bank and in hand | 54/58 | €108,278 | €134,855 | +€26,577 | +24.5% |
| Deferred charges and accrued income | 490/1 | €49 | €51 | +€2 | +3.5% |
| Total equity and liabilities | 10/49 | €166,968 | €201,708 | +€34,740 | +20.8% |
| Equity | 10/15 | €132,722 | €161,582 | +€28,860 | +21.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €126,499 | €155,359 | +€28,860 | +22.8% |
| Distributable reserves | 133 | €126,499 | €155,359 | +€28,860 | +22.8% |
| Profit (loss) carried forward | 14 | €23 | €23 | = | 0.0% |
| Amounts payable | 17/49 | €34,246 | €40,126 | +€5,880 | +17.2% |
| Amounts payable within one year | 42/48 | €33,556 | €40,126 | +€6,570 | +19.6% |
| Financial debts | 43 | €789 | €1,042 | +€253 | +32.1% |
| Credit institutions | 430/8 | €789 | €1,042 | +€253 | +32.1% |
| Trade debts | 44 | €5,526 | €1,510 | -€4,016 | -72.7% |
| Suppliers | 440/4 | €5,526 | €1,510 | -€4,016 | -72.7% |
| Taxes, remuneration and social security | 45 | €7,242 | €11,238 | +€3,996 | +55.2% |
| Taxes | 450/3 | €7,242 | €11,238 | +€3,996 | +55.2% |
| Other amounts payable | 47/48 | €20,000 | €26,336 | +€6,336 | +31.7% |
| Accrued charges and deferred income | 492/3 | €690 | - | -€690 | |
| Non-recurring operating income | 76A | - | €637 | +€637 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,432 | €1,131 | -€302 | -21.1% |
| Other operating charges | 640/8 | €1,034 | €992 | -€43 | -4.1% |
| Gross operating margin | 9900 | €56,020 | €77,143 | +€21,123 | +37.7% |
| Operating profit (loss) | 9901 | €53,554 | €75,021 | +€21,467 | +40.1% |
| Financial income | 75/76B | €2,711 | €2,669 | -€41 | -1.5% |
| Recurring financial income | 75 | €2,711 | €2,669 | -€41 | -1.5% |
| Financial charges | 65/66B | €361 | €287 | -€74 | -20.6% |
| Recurring financial charges | 65 | €361 | €287 | -€74 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €55,903 | €77,403 | +€21,500 | +38.5% |
| Income taxes | 67/77 | €14,689 | €22,207 | +€7,518 | +51.2% |
| Profit (loss) for the period | 9904 | €41,214 | €55,196 | +€13,982 | +33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,214 | €55,196 | +€13,982 | +33.9% |
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 13 October 2026 via checked.be.