APOTHEA: 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.
APOTHEA
Largest movements
- Cash +€11,013
up €11,013 (+16.2%), from €68,081 to €79,095
mainly Net result for the year (+€12,608) and Depreciation (+€2,072)
- Reserves +€12,608
up €12,608 (+3.9%), from €325,407 to €338,014
of which Distributable reserves: +€12,608
- Gross operating margin +€3,774
up €3,774 (+19.6%), from €19,212 to €22,986
- Taxes +€1,148
up €1,148 (+15.2%), from €7,540 to €8,688
- Financial income -€907
down €907 (-48.4%), from €1,874 to €967
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 | €393,520 | €402,581 | +€9,061 | +2.3% |
| Fixed assets | 21/28 | €319,093 | €317,021 | -€2,072 | -0.6% |
| Tangible fixed assets | 22/27 | €319,093 | €317,021 | -€2,072 | -0.6% |
| Land and buildings | 22 | €311,311 | €311,311 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,993 | €3,486 | -€1,507 | -30.2% |
| Furniture and vehicles | 24 | €2,790 | €2,225 | -€565 | -20.3% |
| Current assets | 29/58 | €74,427 | €85,560 | +€11,133 | +15.0% |
| Cash at bank and in hand | 54/58 | €68,081 | €79,095 | +€11,013 | +16.2% |
| Deferred charges and accrued income | 490/1 | €6,346 | €6,465 | +€120 | +1.9% |
| Total equity and liabilities | 10/49 | €393,520 | €402,581 | +€9,061 | +2.3% |
| Equity | 10/15 | €387,407 | €400,014 | +€12,608 | +3.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €325,407 | €338,014 | +€12,608 | +3.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €319,207 | €331,814 | +€12,608 | +3.9% |
| Amounts payable | 17/49 | €6,113 | €2,566 | -€3,547 | -58.0% |
| Amounts payable within one year | 42/48 | €6,113 | €2,494 | -€3,620 | -59.2% |
| Taxes, remuneration and social security | 45 | €4,536 | €2,494 | -€2,042 | -45.0% |
| Taxes | 450/3 | €4,536 | €2,494 | -€2,042 | -45.0% |
| Other amounts payable | 47/48 | €1,577 | - | -€1,577 | |
| Accrued charges and deferred income | 492/3 | - | €73 | +€73 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,142 | €2,072 | -€70 | -3.3% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €19,212 | €22,986 | +€3,774 | +19.6% |
| Operating profit (loss) | 9901 | €16,557 | €20,386 | +€3,829 | +23.1% |
| Financial income | 75/76B | €1,874 | €967 | -€907 | -48.4% |
| Recurring financial income | 75 | €1,874 | €967 | -€907 | -48.4% |
| Financial charges | 65/66B | €47 | €57 | +€10 | +20.8% |
| Recurring financial charges | 65 | €47 | €57 | +€10 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €18,384 | €21,296 | +€2,912 | +15.8% |
| Income taxes | 67/77 | €7,540 | €8,688 | +€1,148 | +15.2% |
| Profit (loss) for the period | 9904 | €10,844 | €12,608 | +€1,764 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,844 | €12,608 | +€1,764 | +16.3% |
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.