Apollo Advisory: 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.
Apollo Advisory
Largest movements
- Financial fixed assets -€220,000
down €220,000 (-39.8%), from €552,249 to €332,249
- Cash +€91,897
up €91,897 (+242.8%), from €37,844 to €129,740
mainly Net result for the year (+€341,983) and Investment in fixed assets (net) (+€216,253)
- Receivables within one year -€66,564
down €66,564 (-57.1%), from €116,578 to €50,015
of which Trade receivables: -€66,160
- Debts after one year -€310,375
down €310,375 (-88.0%), from €352,850 to €42,475
- Other debts +€97,207
up €97,207 (+36.4%), from €267,258 to €364,465
- Reserves +€41,983
up €41,983 (+198.6%), from €21,141 to €63,124
- Tax, wage and social debts -€13,403
down €13,403 (-24.0%), from €55,902 to €42,498
- Accrued charges and deferred income -€8,213
down €8,213 (-58.6%), from €14,017 to €5,804
- Financial income +€399,987
up €399,987 (+3076823.1%), from €13 to €400,000
- Financial charges +€216,227
up €216,227 (+1523.2%), from €14,195 to €230,422
of which Non-recurring financial charges: +€220,000
- Gross operating margin +€32,164
up €32,164 (+16.7%), from €192,895 to €225,059
- Taxes +€8,382
up €8,382 (+20.5%), from €40,981 to €49,363
- Depreciation -€7,322
down €7,322 (-71.5%), from €10,235 to €2,913
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 | €716,669 | €522,787 | -€193,883 | -27.1% |
| Fixed assets | 21/28 | €559,565 | €340,399 | -€219,165 | -39.2% |
| Tangible fixed assets | 22/27 | €7,315 | €8,150 | +€835 | +11.4% |
| Land and buildings | 22 | - | €1,000 | +€1,000 | |
| Furniture and vehicles | 24 | €7,315 | €7,150 | -€165 | -2.3% |
| Financial fixed assets | 28 | €552,249 | €332,249 | -€220,000 | -39.8% |
| Current assets | 29/58 | €157,105 | €182,388 | +€25,283 | +16.1% |
| Amounts receivable within one year | 40/41 | €116,578 | €50,015 | -€66,564 | -57.1% |
| Trade receivables | 40 | €116,160 | €50,000 | -€66,160 | -57.0% |
| Other amounts receivable | 41 | €418 | €15 | -€404 | -96.5% |
| Current investments | 50/53 | €2,000 | €2,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,844 | €129,740 | +€91,897 | +242.8% |
| Deferred charges and accrued income | 490/1 | €683 | €633 | -€50 | -7.4% |
| Total equity and liabilities | 10/49 | €716,669 | €522,787 | -€193,883 | -27.1% |
| Equity | 10/15 | €23,641 | €65,624 | +€41,983 | +177.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €21,141 | €63,124 | +€41,983 | +198.6% |
| Distributable reserves | 133 | €21,141 | €63,124 | +€41,983 | +198.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €693,028 | €457,163 | -€235,866 | -34.0% |
| Amounts payable after more than one year | 17 | €352,850 | €42,475 | -€310,375 | -88.0% |
| Financial debts | 170/4 | €352,850 | €42,475 | -€310,375 | -88.0% |
| Amounts payable within one year | 42/48 | €326,162 | €408,884 | +€82,722 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,002 | €1,921 | -€1,081 | -36.0% |
| Suppliers | 440/4 | €3,002 | €1,921 | -€1,081 | -36.0% |
| Taxes, remuneration and social security | 45 | €55,902 | €42,498 | -€13,403 | -24.0% |
| Taxes | 450/3 | €55,902 | €42,498 | -€13,403 | -24.0% |
| Other amounts payable | 47/48 | €267,258 | €364,465 | +€97,207 | +36.4% |
| Accrued charges and deferred income | 492/3 | €14,017 | €5,804 | -€8,213 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,235 | €2,913 | -€7,322 | -71.5% |
| Other operating charges | 640/8 | €1,675 | €378 | -€1,297 | -77.4% |
| Gross operating margin | 9900 | €192,895 | €225,059 | +€32,164 | +16.7% |
| Operating profit (loss) | 9901 | €180,985 | €221,768 | +€40,784 | +22.5% |
| Financial income | 75/76B | €13 | €400,000 | +€399,987 | +3076823.1% |
| Recurring financial income | 75 | €13 | €400,000 | +€399,987 | +3076823.1% |
| Financial charges | 65/66B | €14,195 | €230,422 | +€216,227 | +1523.2% |
| Recurring financial charges | 65 | €14,195 | €10,422 | -€3,773 | -26.6% |
| Non-recurring financial charges | 66B | - | €220,000 | +€220,000 | |
| Profit (loss) for the period before taxes | 9903 | €166,802 | €391,346 | +€224,544 | +134.6% |
| Income taxes | 67/77 | €40,981 | €49,363 | +€8,382 | +20.5% |
| Profit (loss) for the period | 9904 | €125,821 | €341,983 | +€216,162 | +171.8% |
| Profit (loss) for the period to be appropriated | 9905 | €125,821 | €341,983 | +€216,162 | +171.8% |
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.