APPAL: 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.
APPAL
Largest movements
- Receivables within one year +€7,542
up €7,542 (+4.2%), from €178,765 to €186,308
- Cash -€5,396
down €5,396 (-7.2%), from €75,382 to €69,986
mainly Receivables within one year (-€7,542) and Trade debts (-€2,466)
- Reserves +€5,321
up €5,321 (+2.1%), from €249,299 to €254,620
of which Distributable reserves: +€5,321
- Gross operating margin -€9,574
down €9,574 (-73.5%), from €13,024 to €3,450
- Depreciation -€1,374
down €1,374 (-59.0%), from €2,329 to €955
- Taxes -€1,305
down €1,305 (-39.4%), from €3,313 to €2,008
- Financial income -€521
down €521 (-5.0%), from €10,412 to €9,891
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 | €277,300 | €278,603 | +€1,303 | +0.5% |
| Fixed assets | 21/28 | €22,700 | €21,745 | -€955 | -4.2% |
| Tangible fixed assets | 22/27 | €22,700 | €21,745 | -€955 | -4.2% |
| Land and buildings | 22 | €22,700 | €21,745 | -€955 | -4.2% |
| Current assets | 29/58 | €254,600 | €256,858 | +€2,258 | +0.9% |
| Amounts receivable within one year | 40/41 | €178,765 | €186,308 | +€7,542 | +4.2% |
| Other amounts receivable | 41 | €178,765 | €186,308 | +€7,542 | +4.2% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €75,382 | €69,986 | -€5,396 | -7.2% |
| Deferred charges and accrued income | 490/1 | €453 | €564 | +€111 | +24.5% |
| Total equity and liabilities | 10/49 | €277,300 | €278,603 | +€1,303 | +0.5% |
| Equity | 10/15 | €267,899 | €273,220 | +€5,321 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €249,299 | €254,620 | +€5,321 | +2.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €247,439 | €252,760 | +€5,321 | +2.2% |
| Amounts payable | 17/49 | €9,401 | €5,383 | -€4,018 | -42.7% |
| Amounts payable within one year | 42/48 | €9,401 | €5,383 | -€4,018 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €3,333 | €3,333 | = | 0.0% |
| Trade debts | 44 | €3,818 | €1,353 | -€2,466 | -64.6% |
| Suppliers | 440/4 | €3,818 | €1,353 | -€2,466 | -64.6% |
| Taxes, remuneration and social security | 45 | €2,250 | €697 | -€1,552 | -69.0% |
| Taxes | 450/3 | €2,250 | €697 | -€1,552 | -69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,329 | €955 | -€1,374 | -59.0% |
| Other operating charges | 640/8 | €4,865 | €4,922 | +€57 | +1.2% |
| Gross operating margin | 9900 | €13,024 | €3,450 | -€9,574 | -73.5% |
| Operating profit (loss) | 9901 | €5,830 | -€2,427 | -€8,256 | |
| Financial income | 75/76B | €10,412 | €9,891 | -€521 | -5.0% |
| Recurring financial income | 75 | €10,412 | €9,891 | -€521 | -5.0% |
| Financial charges | 65/66B | €226 | €136 | -€91 | -40.0% |
| Recurring financial charges | 65 | €226 | €136 | -€91 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €16,015 | €7,329 | -€8,687 | -54.2% |
| Income taxes | 67/77 | €3,313 | €2,008 | -€1,305 | -39.4% |
| Profit (loss) for the period | 9904 | €12,702 | €5,321 | -€7,381 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,702 | €5,321 | -€7,381 | -58.1% |
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 12 October 2026 via checked.be.