APOPHARMA: 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.
APOPHARMA
Largest movements
- Cash +€84,422
up €84,422 (+20.2%), from €417,353 to €501,775
mainly Net result for the year (+€198,622) and Other debts (+€86,877)
- Stocks and contracts -€20,522
down €20,522 (-25.5%), from €80,356 to €59,834
- Receivables within one year +€17,997
up €17,997 (+25.2%), from €71,339 to €89,336
of which Trade receivables: +€17,997
- Intangible fixed assets -€15,000
down €15,000 (-24.2%), from €61,967 to €46,967
- Other debts +€86,877
up €86,877 (+28.6%), from €303,607 to €390,484
- Trade debts -€31,875
down €31,875 (-36.5%), from €87,306 to €55,431
- Profit (loss) carried forward +€8,622
up €8,622 (+15.9%), from €54,188 to €62,810
- Write-downs -€4,682
down €4,682 (-39.4%), from €11,874 to €7,192
- Taxes +€2,699
up €2,699 (+156.5%), from €1,724 to €4,422
- Gross operating margin +€2,558
up €2,558 (+1.1%), from €222,930 to €225,488
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 | €635,478 | €702,319 | +€66,841 | +10.5% |
| Fixed assets | 21/28 | €65,219 | €50,048 | -€15,170 | -23.3% |
| Intangible fixed assets | 21 | €61,967 | €46,967 | -€15,000 | -24.2% |
| Tangible fixed assets | 22/27 | €2,951 | €2,781 | -€170 | -5.8% |
| Plant, machinery and equipment | 23 | €1,907 | €877 | -€1,029 | -54.0% |
| Furniture and vehicles | 24 | €1,045 | €1,904 | +€859 | +82.3% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €570,259 | €652,271 | +€82,012 | +14.4% |
| Stocks and contracts in progress | 3 | €80,356 | €59,834 | -€20,522 | -25.5% |
| Stocks | 30/36 | €80,356 | €59,834 | -€20,522 | -25.5% |
| Amounts receivable within one year | 40/41 | €71,339 | €89,336 | +€17,997 | +25.2% |
| Trade receivables | 40 | €68,063 | €86,060 | +€17,997 | +26.4% |
| Other amounts receivable | 41 | €3,276 | €3,276 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €417,353 | €501,775 | +€84,422 | +20.2% |
| Deferred charges and accrued income | 490/1 | €1,212 | €1,327 | +€115 | +9.5% |
| Total equity and liabilities | 10/49 | €635,478 | €702,319 | +€66,841 | +10.5% |
| Equity | 10/15 | €169,405 | €178,027 | +€8,622 | +5.1% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €5,217 | €5,217 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,217 | - | -€5,217 | |
| Reserves not available under the articles | 1311 | €5,217 | - | -€5,217 | |
| Distributable reserves | 133 | - | €5,217 | +€5,217 | |
| Profit (loss) carried forward | 14 | €54,188 | €62,810 | +€8,622 | +15.9% |
| Amounts payable | 17/49 | €466,073 | €524,292 | +€58,219 | +12.5% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €416,073 | €474,292 | +€58,219 | +14.0% |
| Financial debts | 43 | €25,160 | €25,319 | +€159 | +0.6% |
| Credit institutions | 430/8 | €25,160 | €25,319 | +€159 | +0.6% |
| Trade debts | 44 | €87,306 | €55,431 | -€31,875 | -36.5% |
| Suppliers | 440/4 | €87,306 | €55,431 | -€31,875 | -36.5% |
| Taxes, remuneration and social security | 45 | - | €3,058 | +€3,058 | |
| Taxes | 450/3 | - | €3,058 | +€3,058 | |
| Other amounts payable | 47/48 | €303,607 | €390,484 | +€86,877 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,697 | €17,247 | +€1,550 | +9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,874 | €7,192 | -€4,682 | -39.4% |
| Other operating charges | 640/8 | €498 | €400 | -€99 | -19.8% |
| Gross operating margin | 9900 | €222,930 | €225,488 | +€2,558 | +1.1% |
| Operating profit (loss) | 9901 | €194,860 | €200,649 | +€5,789 | +3.0% |
| Financial income | 75/76B | €2,317 | €4,560 | +€2,243 | +96.8% |
| Recurring financial income | 75 | €2,317 | €4,560 | +€2,243 | +96.8% |
| Financial charges | 65/66B | €2,414 | €2,165 | -€249 | -10.3% |
| Recurring financial charges | 65 | €2,414 | €2,165 | -€249 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €194,763 | €203,045 | +€8,281 | +4.3% |
| Income taxes | 67/77 | €1,724 | €4,422 | +€2,699 | +156.5% |
| Profit (loss) for the period | 9904 | €193,039 | €198,622 | +€5,583 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €193,039 | €198,622 | +€5,583 | +2.9% |
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 3 October 2026 via checked.be.