APOTES: 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.
APOTES
Largest movements
- Receivables within one year +€74,055
up €74,055 (+11.7%), from €634,451 to €708,507
of which Other amounts receivable: +€87,351
- Reserves +€259,123
up €259,123 (+11.7%), from €2.2m to €2.5m
- Debts after one year -€180,188
down €180,188 (-17.1%), from €1.1m to €871,682
- Financial income +€101,942
up €101,942 (+2106241.7%), from €5 to €101,947
- Gross operating margin -€76,047
down €76,047 (-13.3%), from €572,120 to €496,073
- Taxes -€28,686
down €28,686 (-25.0%), from €114,715 to €86,030
- Staff costs +€22,563
up €22,563 (+15.6%), from €144,879 to €167,442
- Financial charges +€20,684
up €20,684 (+35.2%), from €58,689 to €79,373
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 | €4,373,368 | €4,455,268 | +€81,900 | +1.9% |
| Fixed assets | 21/28 | €3,717,212 | €3,715,299 | -€1,913 | -0.1% |
| Tangible fixed assets | 22/27 | €3,706 | €1,793 | -€1,913 | -51.6% |
| Furniture and vehicles | 24 | €3,706 | €1,793 | -€1,913 | -51.6% |
| Financial fixed assets | 28 | €3,713,506 | €3,713,506 | = | 0.0% |
| Current assets | 29/58 | €656,155 | €739,969 | +€83,814 | +12.8% |
| Amounts receivable within one year | 40/41 | €634,451 | €708,507 | +€74,055 | +11.7% |
| Trade receivables | 40 | €31,460 | €18,164 | -€13,296 | -42.3% |
| Other amounts receivable | 41 | €602,991 | €690,343 | +€87,351 | +14.5% |
| Cash at bank and in hand | 54/58 | €19,821 | €30,465 | +€10,644 | +53.7% |
| Deferred charges and accrued income | 490/1 | €1,883 | €997 | -€885 | -47.0% |
| Total equity and liabilities | 10/49 | €4,373,368 | €4,455,268 | +€81,900 | +1.9% |
| Equity | 10/15 | €2,318,984 | €2,578,107 | +€259,123 | +11.2% |
| Contributions | 10/11 | €98,160 | €98,160 | = | 0.0% |
| Reserves | 13 | €2,220,824 | €2,479,947 | +€259,123 | +11.7% |
| Distributable reserves | 133 | €2,220,824 | €2,479,947 | +€259,123 | +11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,054,384 | €1,877,161 | -€177,222 | -8.6% |
| Amounts payable after more than one year | 17 | €1,051,869 | €871,682 | -€180,188 | -17.1% |
| Financial debts | 170/4 | €1,051,869 | €871,682 | -€180,188 | -17.1% |
| Amounts payable within one year | 42/48 | €1,000,052 | €1,005,480 | +€5,427 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €189,115 | €180,188 | -€8,927 | -4.7% |
| Trade debts | 44 | €4,479 | €9,428 | +€4,949 | +110.5% |
| Suppliers | 440/4 | €4,479 | €9,428 | +€4,949 | +110.5% |
| Taxes, remuneration and social security | 45 | €56,340 | €73,040 | +€16,700 | +29.6% |
| Taxes | 450/3 | €38,154 | €54,523 | +€16,369 | +42.9% |
| Remuneration and social security | 454/9 | €18,186 | €18,517 | +€331 | +1.8% |
| Other amounts payable | 47/48 | €750,119 | €742,824 | -€7,295 | -1.0% |
| Accrued charges and deferred income | 492/3 | €2,462 | €0 | -€2,462 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €144,879 | €167,442 | +€22,563 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,882 | €1,913 | -€1,969 | -50.7% |
| Other operating charges | 640/8 | €3,525 | €2,473 | -€1,052 | -29.8% |
| Gross operating margin | 9900 | €572,120 | €496,073 | -€76,047 | -13.3% |
| Operating profit (loss) | 9901 | €419,834 | €324,245 | -€95,589 | -22.8% |
| Financial income | 75/76B | €5 | €101,947 | +€101,942 | +2106241.7% |
| Recurring financial income | 75 | €5 | €101,947 | +€101,942 | +2106241.7% |
| Financial charges | 65/66B | €58,689 | €79,373 | +€20,684 | +35.2% |
| Recurring financial charges | 65 | €58,689 | €79,373 | +€20,684 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €361,149 | €346,819 | -€14,331 | -4.0% |
| Income taxes | 67/77 | €114,715 | €86,030 | -€28,686 | -25.0% |
| Profit (loss) for the period | 9904 | €246,434 | €260,789 | +€14,355 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €246,434 | €260,789 | +€14,355 | +5.8% |
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 10 October 2026 via checked.be.