APOTENA: 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.
APOTENA
Largest movements
- Current investments -€100,000
down €100,000 (-36.4%), from €275,000 to €175,000
- Receivables within one year +€80,117
up €80,117 (+30.5%), from €262,486 to €342,604
of which Other amounts receivable: +€43,500
- Tangible fixed assets -€60,317
down €60,317 (-11.2%), from €537,560 to €477,243
of which Other tangible fixed assets: -€47,971
- Cash -€48,596
down €48,596 (-14.3%), from €338,997 to €290,402
mainly Contributions, distributions and other (-€415,413) and Receivables within one year (-€80,117)
- Other debts -€76,506
down €76,506 (-14.2%), from €539,400 to €462,894
- Current portion of long-term debt -€24,516
down €24,516 (-51.1%), from €48,012 to €23,496
- Debts after one year -€23,496
down €23,496 (-7.0%), from €337,034 to €313,538
- Depreciation -€59,252
down €59,252 (-48.9%), from €121,233 to €61,981
- Gross operating margin +€20,563
up €20,563 (+2.1%), from €980,771 to €1.0m
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.
Derived cash bridge
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 | €1,984,270 | €1,864,983 | -€119,287 | -6.0% |
| Fixed assets | 21/28 | €542,560 | €482,243 | -€60,317 | -11.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €537,560 | €477,243 | -€60,317 | -11.2% |
| Plant, machinery and equipment | 23 | €36,613 | €29,395 | -€7,218 | -19.7% |
| Furniture and vehicles | 24 | €18,119 | €12,992 | -€5,128 | -28.3% |
| Other tangible fixed assets | 26 | €482,827 | €434,856 | -€47,971 | -9.9% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,441,710 | €1,382,739 | -€58,971 | -4.1% |
| Stocks and contracts in progress | 3 | €550,966 | €558,561 | +€7,595 | +1.4% |
| Stocks | 30/36 | €550,966 | €558,561 | +€7,595 | +1.4% |
| Amounts receivable within one year | 40/41 | €262,486 | €342,604 | +€80,117 | +30.5% |
| Trade receivables | 40 | €259,237 | €295,854 | +€36,617 | +14.1% |
| Other amounts receivable | 41 | €3,249 | €46,749 | +€43,500 | +1,339% |
| Current investments | 50/53 | €275,000 | €175,000 | -€100,000 | -36.4% |
| Cash at bank and in hand | 54/58 | €338,997 | €290,402 | -€48,596 | -14.3% |
| Deferred charges and accrued income | 490/1 | €14,261 | €16,173 | +€1,912 | +13.4% |
| Total equity and liabilities | 10/49 | €1,984,270 | €1,864,983 | -€119,287 | -6.0% |
| Equity | 10/15 | €711,712 | €711,907 | +€194 | 0.0% |
| Contributions | 10/11 | €511,600 | €511,600 | = | 0.0% |
| Capital | 10 | €511,600 | €511,600 | = | 0.0% |
| Issued capital | 100 | €511,600 | €511,600 | = | 0.0% |
| Reserves | 13 | €200,112 | €200,307 | +€194 | +0.1% |
| Non-distributable reserves | 130/1 | €51,160 | €51,160 | = | 0.0% |
| Legal reserve | 130 | €51,160 | €51,160 | = | 0.0% |
| Tax-exempt reserves | 132 | €352 | €352 | = | 0.0% |
| Distributable reserves | 133 | €148,600 | €148,795 | +€194 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,272,557 | €1,153,076 | -€119,482 | -9.4% |
| Amounts payable after more than one year | 17 | €337,034 | €313,538 | -€23,496 | -7.0% |
| Financial debts | 170/4 | €337,034 | €313,538 | -€23,496 | -7.0% |
| Amounts payable within one year | 42/48 | €934,263 | €838,585 | -€95,678 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €48,012 | €23,496 | -€24,516 | -51.1% |
| Trade debts | 44 | €275,786 | €288,286 | +€12,500 | +4.5% |
| Suppliers | 440/4 | €275,786 | €288,286 | +€12,500 | +4.5% |
| Taxes, remuneration and social security | 45 | €71,064 | €63,909 | -€7,156 | -10.1% |
| Taxes | 450/3 | €7,437 | €12,161 | +€4,725 | +63.5% |
| Remuneration and social security | 454/9 | €63,628 | €51,747 | -€11,880 | -18.7% |
| Other amounts payable | 47/48 | €539,400 | €462,894 | -€76,506 | -14.2% |
| Accrued charges and deferred income | 492/3 | €1,260 | €953 | -€307 | -24.4% |
| Remuneration, social security and pensions | 62 | €504,369 | €505,925 | +€1,556 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,233 | €61,981 | -€59,252 | -48.9% |
| Other operating charges | 640/8 | €2,416 | €3,782 | +€1,366 | +56.5% |
| Gross operating margin | 9900 | €980,771 | €1,001,334 | +€20,563 | +2.1% |
| Operating profit (loss) | 9901 | €352,754 | €429,647 | +€76,893 | +21.8% |
| Financial income | 75/76B | €11,295 | €7,205 | -€4,090 | -36.2% |
| Recurring financial income | 75 | €11,295 | €7,205 | -€4,090 | -36.2% |
| Financial charges | 65/66B | €15,371 | €14,210 | -€1,161 | -7.6% |
| Recurring financial charges | 65 | €15,371 | €14,210 | -€1,161 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €348,678 | €422,642 | +€73,964 | +21.2% |
| Income taxes | 67/77 | €6,408 | €7,034 | +€626 | +9.8% |
| Profit (loss) for the period | 9904 | €342,270 | €415,608 | +€73,338 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €342,270 | €415,608 | +€73,338 | +21.4% |
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 13 October 2026 via checked.be.