APPART: 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.
What changed
APPART
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€123,044
2024 · -€173,915+€50,871
Equity
€830,519
2024 · €953,562-€123,044
Cash
€17,573
2024 · €5,255+€12,319
Balance sheet total
€4.3m
2024 · €4.3m-€7,545
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward -€123,044
down €123,044 (-29.1%), from -€422,655 to -€545,699
- Other debts +€78,016
up €78,016 (+25.7%), from €304,059 to €382,075
- Accrued charges and deferred income +€54,438
up €54,438 (+22.8%), from €238,380 to €292,818
Income statement
- Gross operating margin +€41,751
up €41,751, from -€9,841 to €31,910
- Financial charges -€23,923
down €23,923 (-29.4%), from €81,263 to €57,340
- Depreciation +€8,046
up €8,046 (+11.5%), from €70,030 to €78,076
- Other operating charges +€8,039
up €8,039 (+64.1%), from €12,536 to €20,574
- Taxes -€1,246
down €1,246, from €311 to -€934
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.
Result 2024
-€173,915
Gross operating margin
+€41,751
Depreciation
-€8,046
Other operating charges
-€8,039
Financial income
+€36
Financial charges
+€23,923
Taxes
+€1,246
Result 2025
-€123,044
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.
From operations
+€62,658
Investment
-€50,340
Financing
€0
Cash 2024
€5,255
From operations (derived)
+€62,658
Net result for the year
-€123,044
Depreciation
+€78,076
Stocks and contracts
-€8,456
Receivables within one year
+€547
Deferred charges and accrued income
+€37
Trade debts
-€15,524
Tax, wage and social debts
-€1,432
Other debts
+€78,016
Accrued charges and deferred income
+€54,438
Investment (derived)
-€50,340
Investment in fixed assets (net)
-€50,340
Cash 2025
€17,573
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,322,716 | €4,315,171 | -€7,545 | -0.2% |
| Fixed assets | 21/28 | €1,020,435 | €992,699 | -€27,736 | -2.7% |
| Tangible fixed assets | 22/27 | €1,020,435 | €992,699 | -€27,736 | -2.7% |
| Plant, machinery and equipment | 23 | €136 | - | -€136 | |
| Furniture and vehicles | 24 | €86,102 | €112,943 | +€26,841 | +31.2% |
| Other tangible fixed assets | 26 | €934,197 | €879,756 | -€54,441 | -5.8% |
| Current assets | 29/58 | €3,302,281 | €3,322,472 | +€20,191 | +0.6% |
| Stocks and contracts in progress | 3 | €3,289,536 | €3,297,992 | +€8,456 | +0.3% |
| Stocks | 30/36 | €3,289,536 | €3,297,992 | +€8,456 | +0.3% |
| Amounts receivable within one year | 40/41 | €695 | €149 | -€547 | -78.6% |
| Trade receivables | 40 | €695 | - | -€695 | |
| Other amounts receivable | 41 | - | €149 | +€149 | |
| Cash at bank and in hand | 54/58 | €5,255 | €17,573 | +€12,319 | +234.4% |
| Deferred charges and accrued income | 490/1 | €6,795 | €6,758 | -€37 | -0.5% |
| Total equity and liabilities | 10/49 | €4,322,716 | €4,315,171 | -€7,545 | -0.2% |
| Equity | 10/15 | €953,562 | €830,519 | -€123,044 | -12.9% |
| Contributions | 10/11 | €740,400 | €740,400 | = | 0.0% |
| Capital | 10 | €740,400 | - | -€740,400 | |
| Issued capital | 100 | €1,269,000 | - | -€1.3m | |
| Uncalled capital | 101 | €528,600 | - | -€528,600 | |
| Reserves | 13 | €635,818 | €635,818 | = | 0.0% |
| Non-distributable reserves | 130/1 | €132,240 | €132,240 | = | 0.0% |
| Legal reserve | 130 | €132,240 | - | -€132,240 | |
| Reserves not available under the articles | 1311 | - | €132,240 | +€132,240 | |
| Distributable reserves | 133 | €503,578 | €503,578 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€422,655 | -€545,699 | -€123,044 | -29.1% |
| Provisions and deferred taxes | 16 | €566,780 | €566,780 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €566,780 | €566,780 | = | 0.0% |
| Pensions and similar obligations | 160 | €566,780 | €566,780 | = | 0.0% |
| Amounts payable | 17/49 | €2,802,374 | €2,917,873 | +€115,499 | +4.1% |
| Amounts payable within one year | 42/48 | €2,563,994 | €2,625,054 | +€61,061 | +2.4% |
| Financial debts | 43 | €2,160,000 | €2,160,000 | = | 0.0% |
| Other loans | 439 | €2,160,000 | €2,160,000 | = | 0.0% |
| Trade debts | 44 | €98,503 | €82,979 | -€15,524 | -15.8% |
| Suppliers | 440/4 | €98,503 | €82,979 | -€15,524 | -15.8% |
| Taxes, remuneration and social security | 45 | €1,432 | - | -€1,432 | |
| Taxes | 450/3 | €1,432 | - | -€1,432 | |
| Other amounts payable | 47/48 | €304,059 | €382,075 | +€78,016 | +25.7% |
| Accrued charges and deferred income | 492/3 | €238,380 | €292,818 | +€54,438 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,030 | €78,076 | +€8,046 | +11.5% |
| Other operating charges | 640/8 | €12,536 | €20,574 | +€8,039 | +64.1% |
| Gross operating margin | 9900 | -€9,841 | €31,910 | +€41,751 | |
| Operating profit (loss) | 9901 | -€92,406 | -€66,740 | +€25,666 | +27.8% |
| Financial income | 75/76B | €66 | €102 | +€36 | +54.8% |
| Recurring financial income | 75 | €66 | €102 | +€36 | +54.8% |
| Financial charges | 65/66B | €81,263 | €57,340 | -€23,923 | -29.4% |
| Recurring financial charges | 65 | €81,263 | €57,340 | -€23,923 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | -€173,603 | -€123,978 | +€49,625 | +28.6% |
| Income taxes | 67/77 | €311 | -€934 | -€1,246 | |
| Profit (loss) for the period | 9904 | -€173,915 | -€123,044 | +€50,871 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€173,915 | -€123,044 | +€50,871 | +29.3% |
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 8 October 2026 via checked.be.