APPARTMAN: 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.
What changed
APPARTMAN
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€39,944
2024 · -€83,338+€43,395
Equity
€450,698
2024 · €500,642-€49,944
Cash
€28,900
2024 · €22,825+€6,075
Balance sheet total
€2.2m
2024 · €2.3m-€86,842
Largest movements
Assets
- Receivables within one year -€31,413
down €31,413 (-69.9%), from €44,914 to €13,501
of which Other amounts receivable: -€44,714
- Intangible fixed assets -€28,571
down €28,571 (-5.3%), from €542,855 to €514,283
Equity and liabilities
- Debts after one year -€87,599
down €87,599 (-7.3%), from €1.2m to €1.1m
- Other debts +€43,480
up €43,480 (+9.0%), from €480,983 to €524,464
- Profit (loss) carried forward -€30,228
down €30,228, from €11,423 to -€18,805
Income statement
- Gross operating margin +€67,480
up €67,480 (+93.0%), from €72,580 to €140,060
- Financial charges +€14,957
up €14,957 (+26.2%), from €56,993 to €71,950
- Financial income +€10,030
up €10,030 (+21639.2%), from €46 to €10,076
- Depreciation +€5,275
up €5,275 (+6.1%), from €85,820 to €91,095
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
-€83,338
Gross operating margin
+€67,480
Depreciation
-€5,275
Other operating charges
+€62
Other operating items
-€13,928
Financial income
+€10,030
Financial charges
-€14,957
Taxes
-€16
Result 2025
-€39,944
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
+€159,839
Investment
-€65,705
Financing
-€88,059
Cash 2024
€22,825
From operations (derived)
+€159,839
Net result for the year
-€39,944
Depreciation
+€91,095
Receivables after one year
+€22,417
Receivables within one year
+€31,413
Deferred charges and accrued income
+€13,697
Provisions
-€2,572
Trade debts
+€62
Tax, wage and social debts
+€1,813
Other debts
+€43,480
Accrued charges and deferred income
-€1,622
Investment (derived)
-€65,705
Investment in fixed assets (net)
-€65,694
Current investments
-€11
Financing
-€88,059
Debts after one year
-€87,599
Current portion of long-term debt
+€9,539
Contributions, distributions and other
-€10,000
Cash 2025
€28,900
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,330,049 | €2,243,208 | -€86,842 | -3.7% |
| Fixed assets | 21/28 | €2,009,701 | €1,984,301 | -€25,400 | -1.3% |
| Intangible fixed assets | 21 | €542,855 | €514,283 | -€28,571 | -5.3% |
| Tangible fixed assets | 22/27 | €1,166,047 | €1,169,218 | +€3,171 | +0.3% |
| Land and buildings | 22 | €1,161,468 | €1,165,391 | +€3,923 | +0.3% |
| Furniture and vehicles | 24 | €4,579 | €3,828 | -€752 | -16.4% |
| Financial fixed assets | 28 | €300,799 | €300,799 | = | 0.0% |
| Current assets | 29/58 | €320,348 | €258,907 | -€61,442 | -19.2% |
| Amounts receivable after more than one year | 29 | €231,800 | €209,383 | -€22,417 | -9.7% |
| Other amounts receivable | 291 | €231,800 | €209,383 | -€22,417 | -9.7% |
| Amounts receivable within one year | 40/41 | €44,914 | €13,501 | -€31,413 | -69.9% |
| Trade receivables | 40 | €188 | €13,489 | +€13,301 | +7073.1% |
| Other amounts receivable | 41 | €44,726 | €12 | -€44,714 | -100.0% |
| Current investments | 50/53 | €911 | €922 | +€11 | +1.2% |
| Cash at bank and in hand | 54/58 | €22,825 | €28,900 | +€6,075 | +26.6% |
| Deferred charges and accrued income | 490/1 | €19,898 | €6,201 | -€13,697 | -68.8% |
| Total equity and liabilities | 10/49 | €2,330,049 | €2,243,208 | -€86,842 | -3.7% |
| Equity | 10/15 | €500,642 | €450,698 | -€49,944 | -10.0% |
| 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 | €427,219 | €407,503 | -€19,716 | -4.6% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Legal reserve | 130 | €1,500 | €1,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €301,219 | €293,503 | -€7,716 | -2.6% |
| Distributable reserves | 133 | €124,500 | €112,500 | -€12,000 | -9.6% |
| Profit (loss) carried forward | 14 | €11,423 | -€18,805 | -€30,228 | |
| Provisions and deferred taxes | 16 | €43,725 | €41,153 | -€2,572 | -5.9% |
| Deferred taxes | 168 | €43,725 | €41,153 | -€2,572 | -5.9% |
| Amounts payable | 17/49 | €1,785,682 | €1,751,356 | -€34,326 | -1.9% |
| Amounts payable after more than one year | 17 | €1,199,888 | €1,112,289 | -€87,599 | -7.3% |
| Financial debts | 170/4 | €1,199,888 | €1,112,289 | -€87,599 | -7.3% |
| Amounts payable within one year | 42/48 | €583,019 | €637,914 | +€54,895 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €85,897 | €95,436 | +€9,539 | +11.1% |
| Trade debts | 44 | €7,532 | €7,594 | +€62 | +0.8% |
| Suppliers | 440/4 | €7,532 | €7,594 | +€62 | +0.8% |
| Taxes, remuneration and social security | 45 | €8,607 | €10,420 | +€1,813 | +21.1% |
| Taxes | 450/3 | €8,607 | €10,420 | +€1,813 | +21.1% |
| Other amounts payable | 47/48 | €480,983 | €524,464 | +€43,480 | +9.0% |
| Accrued charges and deferred income | 492/3 | €2,776 | €1,153 | -€1,622 | -58.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,820 | €91,095 | +€5,275 | +6.1% |
| Other operating charges | 640/8 | €15,741 | €15,679 | -€62 | -0.4% |
| Non-recurring operating charges | 66A | - | €13,928 | +€13,928 | |
| Gross operating margin | 9900 | €72,580 | €140,060 | +€67,480 | +93.0% |
| Operating profit (loss) | 9901 | -€28,981 | €19,358 | +€48,338 | |
| Financial income | 75/76B | €46 | €10,076 | +€10,030 | +21639.2% |
| Recurring financial income | 75 | €46 | €10,076 | +€10,030 | +21639.2% |
| Financial charges | 65/66B | €56,993 | €71,950 | +€14,957 | +26.2% |
| Recurring financial charges | 65 | €56,993 | €71,950 | +€14,957 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | -€85,927 | -€42,516 | +€43,411 | +50.5% |
| Transfer from deferred taxes | 780 | €2,572 | €2,572 | = | 0.0% |
| Income taxes | 67/77 | -€16 | €0 | +€16 | |
| Profit (loss) for the period | 9904 | -€83,338 | -€39,944 | +€43,395 | +52.1% |
| Transfer from tax-exempt reserves | 789 | €7,716 | €7,716 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,622 | -€32,228 | +€43,395 | +57.4% |
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 9 October 2026 via checked.be.