Apollo Bidco: 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.
What changed
Apollo Bidco
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€34.8m
2024 · -€29.6m-€5.2m
Equity
€208.1m
2024 · €242.9m-€34.8m
Cash
€192,266
2024 · €277,962-€85,695
Balance sheet total
€691.6m
2024 · €692.2m-€556,767
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward -€34.8m
down €34.8m (-40.9%), from -€85.0m to -€119.8m
- Debts after one year +€33.4m
up €33.4m (+7.7%), from €432.3m to €465.7m
Income statement
- Financial income -€3.2m
down €3.2m (-30.6%), from €10.4m to €7.2m
- Financial charges +€2.0m
up €2.0m (+5.1%), from €39.7m to €41.8m
- Services and other goods -€203,487
down €203,487 (-3.7%), from €5.5m to €5.3m
- Other operating income -€114,641
down €114,641 (-66.3%), from €173,005 to €58,364
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.
Result 2024
-€29.6m
Turnover
-€43,563
Other operating income
-€114,641
Services and other goods
+€203,487
Staff costs
-€26,741
Depreciation
-€47,759
Other operating charges
-€3,104
Other operating items
+€80,223
Financial income
-€3.2m
Financial charges
-€2.0m
Taxes
+€336
Result 2025
-€34.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€35.6m
Investment
+€2.0m
Financing
+€33.4m
Cash 2024
€277,962
From operations (derived)
-€35.6m
Net result for the year
-€34.8m
Depreciation
+€150,882
Receivables within one year
-€1.9m
Deferred charges and accrued income
+€175,620
Trade debts
+€666,433
Tax, wage and social debts
-€2,278
Other debts
-€813,598
Accrued charges and deferred income
+€973,209
Investment (derived)
+€2.0m
Investment in fixed assets (net)
+€2.0m
Financing
+€33.4m
Debts after one year
+€33.4m
Cash 2025
€192,266
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €692,163,806 | €691,607,038 | -€556,767 | -0.1% |
| Fixed assets | 21/28 | €675,466,507 | €673,266,121 | -€2.2m | -0.3% |
| Intangible fixed assets | 21 | €434,358 | €563,854 | +€129,496 | +29.8% |
| Tangible fixed assets | 22/27 | €126,183 | €160,365 | +€34,181 | +27.1% |
| Furniture and vehicles | 24 | €76,960 | €57,089 | -€19,871 | -25.8% |
| Other tangible fixed assets | 26 | €40,712 | €40,858 | +€146 | +0.4% |
| Assets under construction and advance payments | 27 | €8,511 | €62,418 | +€53,907 | +633% |
| Financial fixed assets | 28 | €674,905,966 | €672,541,902 | -€2.4m | -0.4% |
| Affiliated companies | 280/1 | €674,905,966 | €672,531,902 | -€2.4m | -0.4% |
| Participating interests | 280 | €620,317,358 | €620,317,358 | = | 0.0% |
| Amounts receivable | 281 | €54,588,607 | €52,214,544 | -€2.4m | -4.3% |
| Other financial fixed assets | 284/8 | - | €10,000 | +€10,000 | |
| Amounts receivable and cash guarantees | 285/8 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €16,697,299 | €18,340,918 | +€1.6m | +9.8% |
| Amounts receivable within one year | 40/41 | €13,517,949 | €15,422,882 | +€1.9m | +14.1% |
| Trade receivables | 40 | €6,011,225 | €8,020,712 | +€2.0m | +33.4% |
| Other amounts receivable | 41 | €7,506,724 | €7,402,171 | -€104,553 | -1.4% |
| Cash at bank and in hand | 54/58 | €277,962 | €192,266 | -€85,695 | -30.8% |
| Deferred charges and accrued income | 490/1 | €2,901,389 | €2,725,769 | -€175,620 | -6.1% |
| Total equity and liabilities | 10/49 | €692,163,806 | €691,607,038 | -€556,767 | -0.1% |
| Equity | 10/15 | €242,893,736 | €208,093,687 | -€34.8m | -14.3% |
| Contributions | 10/11 | €327,897,105 | €327,897,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,003,370 | -€119,803,418 | -€34.8m | -40.9% |
| Amounts payable | 17/49 | €449,270,070 | €483,513,351 | +€34.2m | +7.6% |
| Amounts payable after more than one year | 17 | €432,272,186 | €465,691,700 | +€33.4m | +7.7% |
| Financial debts | 170/4 | €432,272,186 | €465,691,700 | +€33.4m | +7.7% |
| Subordinated loans | 170 | €432,272,186 | €465,691,700 | +€33.4m | +7.7% |
| Amounts payable within one year | 42/48 | €15,035,528 | €14,886,085 | -€149,443 | -1.0% |
| Trade debts | 44 | €2,101,763 | €2,768,196 | +€666,433 | +31.7% |
| Suppliers | 440/4 | €2,101,763 | €2,768,196 | +€666,433 | +31.7% |
| Taxes, remuneration and social security | 45 | €150,248 | €147,969 | -€2,278 | -1.5% |
| Taxes | 450/3 | €1,863 | €1,527 | -€336 | -18.0% |
| Remuneration and social security | 454/9 | €148,385 | €146,442 | -€1,943 | -1.3% |
| Other amounts payable | 47/48 | €12,783,517 | €11,969,920 | -€813,598 | -6.4% |
| Accrued charges and deferred income | 492/3 | €1,962,356 | €2,935,565 | +€973,209 | +49.6% |
| Operating income | 70/76A | €6,518,131 | €6,359,927 | -€158,204 | -2.4% |
| Turnover | 70 | €6,345,126 | €6,301,563 | -€43,563 | -0.7% |
| Other operating income | 74 | €173,005 | €58,364 | -€114,641 | -66.3% |
| Operating charges | 60/66A | €6,785,765 | €6,579,658 | -€206,107 | -3.0% |
| Services and other goods | 61 | €5,524,999 | €5,321,512 | -€203,487 | -3.7% |
| Remuneration, social security and pensions | 62 | €1,075,496 | €1,102,237 | +€26,741 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,122 | €150,882 | +€47,759 | +46.3% |
| Other operating charges | 640/8 | €1,924 | €5,028 | +€3,104 | +161% |
| Non-recurring operating charges | 66A | €80,223 | - | -€80,223 | |
| Operating profit (loss) | 9901 | -€267,634 | -€219,730 | +€47,903 | +17.9% |
| Financial income | 75/76B | €10,377,590 | €7,203,587 | -€3.2m | -30.6% |
| Recurring financial income | 75 | €10,377,590 | €7,203,587 | -€3.2m | -30.6% |
| Income from current assets | 751 | €10,377,584 | €5,240,690 | -€5.1m | -49.5% |
| Other financial income | 752/9 | €6 | €1,962,896 | +€2.0m | +31,009,318% |
| Financial charges | 65/66B | €39,749,543 | €41,782,577 | +€2.0m | +5.1% |
| Recurring financial charges | 65 | €39,749,543 | €41,782,577 | +€2.0m | +5.1% |
| Debt charges | 650 | €39,249,260 | €41,775,627 | +€2.5m | +6.4% |
| Other financial charges | 652/9 | €500,283 | €6,949 | -€493,334 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | -€29,639,586 | -€34,798,721 | -€5.2m | -17.4% |
| Income taxes | 67/77 | €1,663 | €1,327 | -€336 | -20.2% |
| Taxes | 670/3 | €1,663 | €1,327 | -€336 | -20.2% |
| Profit (loss) for the period | 9904 | -€29,641,249 | -€34,800,048 | -€5.2m | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,641,249 | -€34,800,048 | -€5.2m | -17.4% |
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 14 October 2026 via checked.be.