APOTHEOSE: 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.
APOTHEOSE
Largest movements
- Cash +€17,597
up €17,597 (+29.2%), from €60,298 to €77,895
mainly Depreciation (+€16,921) and Tax, wage and social debts (+€14,904)
- Intangible fixed assets -€16,000
down €16,000 (-21.4%), from €74,652 to €58,652
- Tangible fixed assets +€2,166
up €2,166 (+131.4%), from €1,649 to €3,816
- Debts after one year -€21,699
down €21,699 (-22.6%), from €96,000 to €74,301
- Tax, wage and social debts +€14,904
up €14,904 (+69.4%), from €21,471 to €36,374
of which Taxes: +€12,116
- Reserves +€14,131
up €14,131 (+76.9%), from €18,386 to €32,518
- Advances received -€7,551
no longer reported in 2025 (was €7,551)
- Trade debts +€3,374
up €3,374 (+78.9%), from €4,275 to €7,649
- Gross operating margin +€33,946
up €33,946 (+85.1%), from €39,874 to €73,820
- Staff costs +€25,471
up €25,471 (+239.7%), from €10,627 to €36,099
- Depreciation +€11,332
up €11,332 (+202.7%), from €5,590 to €16,921
- Financial charges +€2,044
up €2,044 (+410.7%), from €498 to €2,541
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 | €181,755 | €184,462 | +€2,707 | +1.5% |
| Fixed assets | 21/28 | €76,301 | €62,468 | -€13,834 | -18.1% |
| Intangible fixed assets | 21 | €74,652 | €58,652 | -€16,000 | -21.4% |
| Tangible fixed assets | 22/27 | €1,649 | €3,816 | +€2,166 | +131.4% |
| Furniture and vehicles | 24 | €1,649 | €3,816 | +€2,166 | +131.4% |
| Current assets | 29/58 | €105,454 | €121,995 | +€16,541 | +15.7% |
| Stocks and contracts in progress | 3 | €45,020 | €43,885 | -€1,135 | -2.5% |
| Stocks | 30/36 | €45,020 | €43,885 | -€1,135 | -2.5% |
| Amounts receivable within one year | 40/41 | €59 | €215 | +€156 | +264.8% |
| Trade receivables | 40 | €59 | €215 | +€156 | +264.8% |
| Cash at bank and in hand | 54/58 | €60,298 | €77,895 | +€17,597 | +29.2% |
| Deferred charges and accrued income | 490/1 | €77 | - | -€77 | |
| Total equity and liabilities | 10/49 | €181,755 | €184,462 | +€2,707 | +1.5% |
| Equity | 10/15 | €28,386 | €42,518 | +€14,131 | +49.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €18,386 | €32,518 | +€14,131 | +76.9% |
| Distributable reserves | 133 | €18,386 | €32,518 | +€14,131 | +76.9% |
| Amounts payable | 17/49 | €153,369 | €141,945 | -€11,424 | -7.4% |
| Amounts payable after more than one year | 17 | €96,000 | €74,301 | -€21,699 | -22.6% |
| Financial debts | 170/4 | €96,000 | €74,301 | -€21,699 | -22.6% |
| Amounts payable within one year | 42/48 | €57,369 | €67,643 | +€10,275 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €24,071 | €23,555 | -€516 | -2.1% |
| Trade debts | 44 | €4,275 | €7,649 | +€3,374 | +78.9% |
| Suppliers | 440/4 | €4,275 | €7,649 | +€3,374 | +78.9% |
| Advances received on contracts in progress | 46 | €7,551 | - | -€7,551 | |
| Taxes, remuneration and social security | 45 | €21,471 | €36,374 | +€14,904 | +69.4% |
| Taxes | 450/3 | €18,163 | €30,279 | +€12,116 | +66.7% |
| Remuneration and social security | 454/9 | €3,308 | €6,096 | +€2,788 | +84.3% |
| Other amounts payable | 47/48 | - | €64 | +€64 | |
| Remuneration, social security and pensions | 62 | €10,627 | €36,099 | +€25,471 | +239.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,590 | €16,921 | +€11,332 | +202.7% |
| Other operating charges | 640/8 | €322 | €66 | -€256 | -79.6% |
| Gross operating margin | 9900 | €39,874 | €73,820 | +€33,946 | +85.1% |
| Operating profit (loss) | 9901 | €23,335 | €20,734 | -€2,601 | -11.1% |
| Financial income | 75/76B | €420 | €236 | -€184 | -43.7% |
| Recurring financial income | 75 | €420 | €236 | -€184 | -43.7% |
| Financial charges | 65/66B | €498 | €2,541 | +€2,044 | +410.7% |
| Recurring financial charges | 65 | €498 | €2,541 | +€2,044 | +410.7% |
| Profit (loss) for the period before taxes | 9903 | €23,257 | €18,429 | -€4,828 | -20.8% |
| Income taxes | 67/77 | €4,871 | €4,298 | -€573 | -11.8% |
| Profit (loss) for the period | 9904 | €18,386 | €14,131 | -€4,255 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,386 | €14,131 | -€4,255 | -23.1% |
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 8 October 2026 via checked.be.