APONE: 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.
APONE
Largest movements
- Intangible fixed assets -€43,650
down €43,650 (-11.4%), from €381,848 to €338,198
- Cash +€25,533
up €25,533 (+45.0%), from €56,683 to €82,216
mainly Depreciation (+€58,335) and Net result for the year (+€47,188)
- Stocks and contracts +€22,780
up €22,780 (+22.9%), from €99,311 to €122,091
- Tangible fixed assets -€6,941
down €6,941 (-14.0%), from €49,642 to €42,701
of which Plant, machinery and equipment: -€10,395
- Debts after one year -€62,902
down €62,902 (-14.0%), from €448,898 to €385,996
- Reserves +€47,763
up €47,763 (+149.3%), from €32,000 to €79,763
- Trade debts +€13,731
up €13,731 (+32.8%), from €41,885 to €55,616
- Gross operating margin +€11,078
up €11,078 (+8.1%), from €136,419 to €147,497
- Taxes +€2,672
up €2,672 (+27.8%), from €9,607 to €12,279
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 | €655,081 | €653,679 | -€1,402 | -0.2% |
| Fixed assets | 21/28 | €438,805 | €388,213 | -€50,591 | -11.5% |
| Intangible fixed assets | 21 | €381,848 | €338,198 | -€43,650 | -11.4% |
| Tangible fixed assets | 22/27 | €49,642 | €42,701 | -€6,941 | -14.0% |
| Plant, machinery and equipment | 23 | €49,642 | €39,248 | -€10,395 | -20.9% |
| Furniture and vehicles | 24 | - | €3,453 | +€3,453 | |
| Financial fixed assets | 28 | €7,315 | €7,315 | = | 0.0% |
| Current assets | 29/58 | €216,276 | €265,465 | +€49,190 | +22.7% |
| Stocks and contracts in progress | 3 | €99,311 | €122,091 | +€22,780 | +22.9% |
| Stocks | 30/36 | €99,311 | €122,091 | +€22,780 | +22.9% |
| Amounts receivable within one year | 40/41 | €49,654 | €53,563 | +€3,909 | +7.9% |
| Trade receivables | 40 | €48,528 | €53,064 | +€4,537 | +9.3% |
| Other amounts receivable | 41 | €1,126 | €499 | -€628 | -55.7% |
| Cash at bank and in hand | 54/58 | €56,683 | €82,216 | +€25,533 | +45.0% |
| Deferred charges and accrued income | 490/1 | €10,627 | €7,595 | -€3,032 | -28.5% |
| Total equity and liabilities | 10/49 | €655,081 | €653,679 | -€1,402 | -0.2% |
| Equity | 10/15 | €62,575 | €109,763 | +€47,188 | +75.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €32,000 | €79,763 | +€47,763 | +149.3% |
| Distributable reserves | 133 | €32,000 | €79,763 | +€47,763 | +149.3% |
| Profit (loss) carried forward | 14 | €575 | - | -€575 | |
| Amounts payable | 17/49 | €592,506 | €543,915 | -€48,590 | -8.2% |
| Amounts payable after more than one year | 17 | €448,898 | €385,996 | -€62,902 | -14.0% |
| Financial debts | 170/4 | €448,898 | €385,996 | -€62,902 | -14.0% |
| Amounts payable within one year | 42/48 | €141,314 | €156,046 | +€14,733 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €66,005 | €62,901 | -€3,104 | -4.7% |
| Trade debts | 44 | €41,885 | €55,616 | +€13,731 | +32.8% |
| Suppliers | 440/4 | €41,885 | €55,616 | +€13,731 | +32.8% |
| Taxes, remuneration and social security | 45 | €4,629 | €10,770 | +€6,141 | +132.7% |
| Taxes | 450/3 | €4,629 | €10,770 | +€6,141 | +132.7% |
| Other amounts payable | 47/48 | €28,795 | €26,760 | -€2,035 | -7.1% |
| Accrued charges and deferred income | 492/3 | €2,294 | €1,873 | -€421 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,510 | €58,335 | +€825 | +1.4% |
| Other operating charges | 640/8 | €984 | €989 | +€6 | +0.6% |
| Gross operating margin | 9900 | €136,419 | €147,497 | +€11,078 | +8.1% |
| Operating profit (loss) | 9901 | €77,925 | €88,173 | +€10,248 | +13.2% |
| Financial income | 75/76B | €2 | €300 | +€298 | +13610.0% |
| Recurring financial income | 75 | €2 | €300 | +€298 | +13610.0% |
| Financial charges | 65/66B | €30,159 | €29,006 | -€1,153 | -3.8% |
| Recurring financial charges | 65 | €30,159 | €29,006 | -€1,153 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €47,768 | €59,467 | +€11,699 | +24.5% |
| Income taxes | 67/77 | €9,607 | €12,279 | +€2,672 | +27.8% |
| Profit (loss) for the period | 9904 | €38,161 | €47,188 | +€9,027 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,161 | €47,188 | +€9,027 | +23.7% |
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.