APOSTROPHE: 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.
APOSTROPHE
Largest movements
- Receivables within one year -€43,339
down €43,339 (-28.3%), from €153,396 to €110,057
of which Other amounts receivable: -€57,538
- Tangible fixed assets +€23,327
up €23,327 (+8.6%), from €271,785 to €295,112
of which Other tangible fixed assets: +€35,355
- Cash -€17,891
down €17,891 (-70.9%), from €25,241 to €7,351
mainly Investment in fixed assets (net) (-€78,803) and Debts after one year (-€37,507)
- Debts after one year -€37,507
down €37,507 (-18.0%), from €208,820 to €171,312
- Trade debts -€22,775
down €22,775 (-18.3%), from €124,542 to €101,767
- Tax, wage and social debts +€22,150
up €22,150 (+103.3%), from €21,438 to €43,588
of which Taxes: +€15,072
- Gross operating margin +€153,662
up €153,662 (+104.2%), from €147,450 to €301,112
- Staff costs +€65,456
up €65,456 (+39.9%), from €163,900 to €229,356
- Depreciation +€11,493
up €11,493 (+26.6%), from €43,280 to €54,773
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 | €478,379 | €440,768 | -€37,611 | -7.9% |
| Fixed assets | 21/28 | €275,132 | €299,162 | +€24,030 | +8.7% |
| Intangible fixed assets | 21 | - | €1,050 | +€1,050 | |
| Tangible fixed assets | 22/27 | €271,785 | €295,112 | +€23,327 | +8.6% |
| Land and buildings | 22 | €1,809 | €1,214 | -€594 | -32.9% |
| Plant, machinery and equipment | 23 | €36,740 | €34,308 | -€2,432 | -6.6% |
| Furniture and vehicles | 24 | €39,821 | €30,819 | -€9,002 | -22.6% |
| Other tangible fixed assets | 26 | €193,416 | €228,771 | +€35,355 | +18.3% |
| Financial fixed assets | 28 | €3,347 | €3,000 | -€347 | -10.4% |
| Current assets | 29/58 | €203,246 | €141,605 | -€61,641 | -30.3% |
| Stocks and contracts in progress | 3 | €23,848 | €24,184 | +€336 | +1.4% |
| Stocks | 30/36 | €23,848 | €24,184 | +€336 | +1.4% |
| Amounts receivable within one year | 40/41 | €153,396 | €110,057 | -€43,339 | -28.3% |
| Trade receivables | 40 | €17,769 | €31,968 | +€14,199 | +79.9% |
| Other amounts receivable | 41 | €135,627 | €78,089 | -€57,538 | -42.4% |
| Cash at bank and in hand | 54/58 | €25,241 | €7,351 | -€17,891 | -70.9% |
| Deferred charges and accrued income | 490/1 | €761 | €13 | -€748 | -98.2% |
| Total equity and liabilities | 10/49 | €478,379 | €440,768 | -€37,611 | -7.9% |
| Equity | 10/15 | €83,395 | €85,201 | +€1,806 | +2.2% |
| Contributions | 10/11 | €173,000 | €173,000 | = | 0.0% |
| Reserves | 13 | €23,168 | €23,168 | = | 0.0% |
| Distributable reserves | 133 | €23,168 | €23,168 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,773 | -€110,967 | +€1,806 | +1.6% |
| Amounts payable | 17/49 | €394,984 | €355,567 | -€39,417 | -10.0% |
| Amounts payable after more than one year | 17 | €208,820 | €171,312 | -€37,507 | -18.0% |
| Financial debts | 170/4 | €208,820 | €171,312 | -€37,507 | -18.0% |
| Amounts payable within one year | 42/48 | €186,164 | €184,254 | -€1,910 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €35,692 | €37,507 | +€1,816 | +5.1% |
| Trade debts | 44 | €124,542 | €101,767 | -€22,775 | -18.3% |
| Suppliers | 440/4 | €124,542 | €101,767 | -€22,775 | -18.3% |
| Taxes, remuneration and social security | 45 | €21,438 | €43,588 | +€22,150 | +103.3% |
| Taxes | 450/3 | €3,729 | €18,801 | +€15,072 | +404.2% |
| Remuneration and social security | 454/9 | €17,709 | €24,787 | +€7,078 | +40.0% |
| Other amounts payable | 47/48 | €4,493 | €1,392 | -€3,101 | -69.0% |
| Non-recurring operating income | 76A | €25,216 | €5,945 | -€19,271 | -76.4% |
| Remuneration, social security and pensions | 62 | €163,900 | €229,356 | +€65,456 | +39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,280 | €54,773 | +€11,493 | +26.6% |
| Other operating charges | 640/8 | €2,987 | €1,443 | -€1,544 | -51.7% |
| Non-recurring operating charges | 66A | €941 | €0 | -€941 | -100.0% |
| Gross operating margin | 9900 | €147,450 | €301,112 | +€153,662 | +104.2% |
| Operating profit (loss) | 9901 | -€63,657 | €15,540 | +€79,197 | |
| Financial income | 75/76B | €1,475 | €2,504 | +€1,029 | +69.8% |
| Recurring financial income | 75 | €1,475 | €2,504 | +€1,029 | +69.8% |
| Financial charges | 65/66B | €13,739 | €16,139 | +€2,400 | +17.5% |
| Recurring financial charges | 65 | €13,739 | €16,139 | +€2,400 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | -€75,921 | €1,905 | +€77,826 | |
| Income taxes | 67/77 | €174 | €98 | -€76 | -43.6% |
| Profit (loss) for the period | 9904 | -€76,096 | €1,806 | +€77,902 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,096 | €1,806 | +€77,902 |
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 6 October 2026 via checked.be.