APOPHAR: 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.
APOPHAR
Largest movements
- Intangible fixed assets +€1.1m
up €1.1m (+332.4%), from €324,658 to €1.4m
- Cash +€101,217
up €101,217 (+72.9%), from €138,783 to €240,000
mainly Other debts (+€446,797) and Debts after one year (+€392,989)
- Other debts +€446,797
up €446,797 (+50.9%), from €877,981 to €1.3m
- Debts after one year +€392,989
up €392,989 (+21.7%), from €1.8m to €2.2m
- Trade debts +€91,000
up €91,000 (+14.7%), from €617,636 to €708,636
- Current portion of long-term debt +€57,074
up €57,074 (+34.2%), from €166,772 to €223,846
- Staff costs +€113,283
up €113,283 (+30.2%), from €375,103 to €488,385
- Depreciation +€68,500
up €68,500 (+64.9%), from €105,482 to €173,982
- Financial charges +€58,585
up €58,585 (+85.9%), from €68,182 to €126,767
- Taxes -€44,946
down €44,946 (-75.3%), from €59,715 to €14,769
- Gross operating margin -€15,106
down €15,106 (-1.9%), from €808,217 to €793,112
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 | €4,282,812 | €5,333,170 | +€1.1m | +24.5% |
| Fixed assets | 21/28 | €3,338,127 | €4,370,836 | +€1.0m | +30.9% |
| Intangible fixed assets | 21 | €324,658 | €1,403,973 | +€1.1m | +332.4% |
| Tangible fixed assets | 22/27 | €416,396 | €369,791 | -€46,606 | -11.2% |
| Plant, machinery and equipment | 23 | €3,194 | €7,609 | +€4,415 | +138.2% |
| Furniture and vehicles | 24 | €13,746 | €10,834 | -€2,912 | -21.2% |
| Other tangible fixed assets | 26 | €399,456 | €351,347 | -€48,109 | -12.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €2,597,073 | €2,597,073 | = | 0.0% |
| Current assets | 29/58 | €944,686 | €962,334 | +€17,648 | +1.9% |
| Stocks and contracts in progress | 3 | €274,208 | €250,660 | -€23,548 | -8.6% |
| Stocks | 30/36 | €274,208 | €250,660 | -€23,548 | -8.6% |
| Amounts receivable within one year | 40/41 | €400,778 | €370,421 | -€30,357 | -7.6% |
| Trade receivables | 40 | €158,930 | €216,348 | +€57,418 | +36.1% |
| Other amounts receivable | 41 | €241,848 | €154,073 | -€87,775 | -36.3% |
| Current investments | 50/53 | €130,916 | €97,016 | -€33,900 | -25.9% |
| Cash at bank and in hand | 54/58 | €138,783 | €240,000 | +€101,217 | +72.9% |
| Deferred charges and accrued income | 490/1 | €0 | €4,237 | +€4,237 | |
| Total equity and liabilities | 10/49 | €4,282,812 | €5,333,170 | +€1.1m | +24.5% |
| Equity | 10/15 | €693,950 | €697,083 | +€3,133 | +0.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €543,950 | €547,083 | +€3,133 | +0.6% |
| Amounts payable | 17/49 | €3,588,862 | €4,636,087 | +€1.0m | +29.2% |
| Amounts payable after more than one year | 17 | €1,810,313 | €2,203,302 | +€392,989 | +21.7% |
| Financial debts | 170/4 | €1,810,313 | €2,203,302 | +€392,989 | +21.7% |
| Amounts payable within one year | 42/48 | €1,778,465 | €2,400,823 | +€622,357 | +35.0% |
| Current portion of amounts payable after more than one year | 42 | €166,772 | €223,846 | +€57,074 | +34.2% |
| Trade debts | 44 | €617,636 | €708,636 | +€91,000 | +14.7% |
| Suppliers | 440/4 | €617,636 | €708,636 | +€91,000 | +14.7% |
| Taxes, remuneration and social security | 45 | €116,075 | €143,562 | +€27,487 | +23.7% |
| Taxes | 450/3 | €37,549 | €45,923 | +€8,374 | +22.3% |
| Remuneration and social security | 454/9 | €78,527 | €97,639 | +€19,112 | +24.3% |
| Other amounts payable | 47/48 | €877,981 | €1,324,778 | +€446,797 | +50.9% |
| Accrued charges and deferred income | 492/3 | €83 | €31,962 | +€31,879 | +38200.8% |
| Remuneration, social security and pensions | 62 | €375,103 | €488,385 | +€113,283 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,482 | €173,982 | +€68,500 | +64.9% |
| Other operating charges | 640/8 | €3,088 | €998 | -€2,089 | -67.7% |
| Gross operating margin | 9900 | €808,217 | €793,112 | -€15,106 | -1.9% |
| Operating profit (loss) | 9901 | €324,545 | €129,746 | -€194,798 | -60.0% |
| Financial income | 75/76B | €8,922 | €14,923 | +€6,001 | +67.3% |
| Recurring financial income | 75 | €8,922 | €14,923 | +€6,001 | +67.3% |
| Financial charges | 65/66B | €68,182 | €126,767 | +€58,585 | +85.9% |
| Recurring financial charges | 65 | €68,182 | €126,767 | +€58,585 | +85.9% |
| Profit (loss) for the period before taxes | 9903 | €265,285 | €17,902 | -€247,383 | -93.3% |
| Income taxes | 67/77 | €59,715 | €14,769 | -€44,946 | -75.3% |
| Profit (loss) for the period | 9904 | €205,570 | €3,133 | -€202,437 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €205,570 | €3,133 | -€202,437 | -98.5% |
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 9 October 2026 via checked.be.