APOTHEEK PAPE: 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.
APOTHEEK PAPE
Largest movements
- Cash -€37,755
down €37,755 (-58.7%), from €64,356 to €26,600
mainly Contributions, distributions and other (-€50,000) and Other debts (-€27,000)
- Receivables within one year +€16,388
up €16,388 (+7.0%), from €235,709 to €252,097
of which Other amounts receivable: +€17,429
- Tangible fixed assets -€11,089
down €11,089 (-6.6%), from €168,237 to €157,148
of which Land and buildings: -€18,549
- Stocks and contracts -€9,063
down €9,063 (-5.9%), from €154,147 to €145,084
- Other debts -€27,000
down €27,000 (-34.9%), from €77,350 to €50,350
- Debts after one year -€12,743
down €12,743 (-6.7%), from €190,795 to €178,052
- Trade debts -€10,286
down €10,286 (-22.2%), from €46,406 to €36,119
- Gross operating margin -€27,328
down €27,328 (-24.9%), from €109,803 to €82,476
- Financial charges -€4,121
down €4,121 (-26.4%), from €15,627 to €11,506
- Financial income -€3,498
down €3,498 (-27.3%), from €12,836 to €9,338
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 | €627,386 | €581,717 | -€45,668 | -7.3% |
| Fixed assets | 21/28 | €168,237 | €157,148 | -€11,089 | -6.6% |
| Tangible fixed assets | 22/27 | €168,237 | €157,148 | -€11,089 | -6.6% |
| Land and buildings | 22 | €160,944 | €142,395 | -€18,549 | -11.5% |
| Plant, machinery and equipment | 23 | €4,951 | €6,060 | +€1,108 | +22.4% |
| Furniture and vehicles | 24 | €2,341 | €8,692 | +€6,352 | +271% |
| Current assets | 29/58 | €459,149 | €424,570 | -€34,579 | -7.5% |
| Stocks and contracts in progress | 3 | €154,147 | €145,084 | -€9,063 | -5.9% |
| Stocks | 30/36 | €154,147 | €145,084 | -€9,063 | -5.9% |
| Amounts receivable within one year | 40/41 | €235,709 | €252,097 | +€16,388 | +7.0% |
| Trade receivables | 40 | €66,987 | €65,946 | -€1,041 | -1.6% |
| Other amounts receivable | 41 | €168,722 | €186,151 | +€17,429 | +10.3% |
| Cash at bank and in hand | 54/58 | €64,356 | €26,600 | -€37,755 | -58.7% |
| Deferred charges and accrued income | 490/1 | €4,938 | €788 | -€4,149 | -84.0% |
| Total equity and liabilities | 10/49 | €627,386 | €581,717 | -€45,668 | -7.3% |
| Equity | 10/15 | €166,927 | €169,485 | +€2,558 | +1.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €148,377 | €150,935 | +€2,558 | +1.7% |
| Distributable reserves | 133 | €148,377 | €150,935 | +€2,558 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €460,459 | €412,233 | -€48,226 | -10.5% |
| Amounts payable after more than one year | 17 | €190,795 | €178,052 | -€12,743 | -6.7% |
| Financial debts | 170/4 | €190,795 | €178,052 | -€12,743 | -6.7% |
| Amounts payable within one year | 42/48 | €268,145 | €233,256 | -€34,889 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €18,876 | €20,891 | +€2,015 | +10.7% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €46,406 | €36,119 | -€10,286 | -22.2% |
| Suppliers | 440/4 | €46,406 | €36,119 | -€10,286 | -22.2% |
| Taxes, remuneration and social security | 45 | €514 | €896 | +€382 | +74.3% |
| Taxes | 450/3 | €514 | €896 | +€382 | +74.3% |
| Other amounts payable | 47/48 | €77,350 | €50,350 | -€27,000 | -34.9% |
| Accrued charges and deferred income | 492/3 | €1,519 | €925 | -€593 | -39.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,821 | €23,123 | -€698 | -2.9% |
| Other operating charges | 640/8 | €3,129 | €3,962 | +€833 | +26.6% |
| Non-recurring operating charges | 66A | €400 | €0 | -€400 | -100% |
| Gross operating margin | 9900 | €109,803 | €82,476 | -€27,328 | -24.9% |
| Operating profit (loss) | 9901 | €82,453 | €55,391 | -€27,063 | -32.8% |
| Financial income | 75/76B | €12,836 | €9,338 | -€3,498 | -27.3% |
| Recurring financial income | 75 | €12,836 | €9,338 | -€3,498 | -27.3% |
| Financial charges | 65/66B | €15,627 | €11,506 | -€4,121 | -26.4% |
| Recurring financial charges | 65 | €15,627 | €11,506 | -€4,121 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €79,662 | €53,223 | -€26,439 | -33.2% |
| Income taxes | 67/77 | €1,049 | €665 | -€384 | -36.6% |
| Profit (loss) for the period | 9904 | €78,613 | €52,558 | -€26,055 | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,613 | €52,558 | -€26,055 | -33.1% |
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 28 October 2026 via checked.be.