APOR: 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.
APOR
Largest movements
- Tangible fixed assets +€57,008
up €57,008 (+54.8%), from €104,060 to €161,068
of which Furniture and vehicles: +€64,589
- Cash +€32,797
up €32,797 (+66.9%), from €49,017 to €81,814
mainly Other debts (+€96,329) and Depreciation (+€26,263)
- Receivables within one year +€7,914
up €7,914 (+41.3%), from €19,143 to €27,057
of which Trade receivables: +€8,446
- Other debts +€96,329
new in 2025: €96,329
- Gross operating margin +€78,622
up €78,622 (+214.0%), from €36,738 to €115,360
- Staff costs +€16,053
up €16,053 (+25.1%), from €63,958 to €80,011
- Depreciation +€11,931
up €11,931 (+83.3%), from €14,332 to €26,263
- Financial charges +€3,511
up €3,511 (+1047.9%), from €335 to €3,846
of which Financial charges: +€3,414
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 | €219,766 | €315,251 | +€95,485 | +43.4% |
| Fixed assets | 21/28 | €104,129 | €161,137 | +€57,008 | +54.7% |
| Tangible fixed assets | 22/27 | €104,060 | €161,068 | +€57,008 | +54.8% |
| Plant, machinery and equipment | 23 | €2,494 | €4,091 | +€1,597 | +64.0% |
| Furniture and vehicles | 24 | €37,660 | €102,249 | +€64,589 | +171.5% |
| Other tangible fixed assets | 26 | €63,906 | €54,728 | -€9,178 | -14.4% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €115,637 | €154,114 | +€38,477 | +33.3% |
| Stocks and contracts in progress | 3 | €46,044 | €43,689 | -€2,355 | -5.1% |
| Stocks | 30/36 | €46,044 | €43,689 | -€2,355 | -5.1% |
| Amounts receivable within one year | 40/41 | €19,143 | €27,057 | +€7,914 | +41.3% |
| Trade receivables | 40 | €18,441 | €26,887 | +€8,446 | +45.8% |
| Other amounts receivable | 41 | €702 | €170 | -€532 | -75.8% |
| Cash at bank and in hand | 54/58 | €49,017 | €81,814 | +€32,797 | +66.9% |
| Deferred charges and accrued income | 490/1 | €1,433 | €1,554 | +€121 | +8.5% |
| Total equity and liabilities | 10/49 | €219,766 | €315,251 | +€95,485 | +43.4% |
| Equity | 10/15 | €191,837 | €194,830 | +€2,994 | +1.6% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €135,953 | €135,953 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €135,953 | €135,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,274 | -€40,280 | +€2,994 | +6.9% |
| Amounts payable | 17/49 | €27,930 | €120,421 | +€92,491 | +331.2% |
| Amounts payable within one year | 42/48 | €27,930 | €120,421 | +€92,491 | +331.2% |
| Trade debts | 44 | €2,596 | €1,060 | -€1,535 | -59.1% |
| Suppliers | 440/4 | €2,596 | €1,060 | -€1,535 | -59.1% |
| Advances received on contracts in progress | 46 | - | €540 | +€540 | |
| Taxes, remuneration and social security | 45 | €25,334 | €22,492 | -€2,843 | -11.2% |
| Taxes | 450/3 | €17,236 | €13,594 | -€3,642 | -21.1% |
| Remuneration and social security | 454/9 | €8,098 | €8,898 | +€800 | +9.9% |
| Other amounts payable | 47/48 | - | €96,329 | +€96,329 | |
| Non-recurring operating income | 76A | €3,130 | €16,529 | +€13,399 | +428.1% |
| Remuneration, social security and pensions | 62 | €63,958 | €80,011 | +€16,053 | +25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,332 | €26,263 | +€11,931 | +83.3% |
| Other operating charges | 640/8 | €1,345 | €2,147 | +€801 | +59.6% |
| Gross operating margin | 9900 | €36,738 | €115,360 | +€78,622 | +214.0% |
| Operating profit (loss) | 9901 | -€42,897 | €6,939 | +€49,836 | |
| Financial income | 75/76B | €49 | €52 | +€4 | +7.2% |
| Recurring financial income | 75 | €49 | €52 | +€4 | +7.2% |
| Financial charges | 65/66B | €335 | €3,846 | +€3,511 | +1047.9% |
| Recurring financial charges | 65 | €335 | €3,749 | +€3,414 | +1019.0% |
| Non-recurring financial charges | 66B | - | €97 | +€97 | |
| Profit (loss) for the period before taxes | 9903 | -€43,184 | €3,145 | +€46,328 | |
| Income taxes | 67/77 | €97 | €151 | +€54 | +55.7% |
| Profit (loss) for the period | 9904 | -€43,281 | €2,994 | +€46,274 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,281 | €2,994 | +€46,274 |
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.