APPEK: 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.
APPEK
Largest movements
- Cash +€55,331
up €55,331 (+109.3%), from €50,607 to €105,938
mainly Current investments (+€26,327) and Depreciation (+€19,316)
- Current investments -€26,327
down €26,327 (-21.1%), from €124,723 to €98,397
- Tangible fixed assets -€17,601
down €17,601 (-28.5%), from €61,813 to €44,211
of which Furniture and vehicles: -€17,266
- Receivables within one year -€15,658
down €15,658 (-55.7%), from €28,106 to €12,448
of which Trade receivables: -€14,680
- Other debts +€8,906
up €8,906 (+13.5%), from €66,097 to €75,003
- Trade debts -€7,502
down €7,502 (-66.4%), from €11,295 to €3,793
- Tax, wage and social debts -€4,792
down €4,792 (-46.2%), from €10,366 to €5,574
of which Remuneration and social security: -€6,000
- Accrued charges and deferred income -€3,003
down €3,003 (-46.1%), from €6,513 to €3,510
- Gross operating margin -€28,018
down €28,018 (-46.3%), from €60,558 to €32,539
- Financial income +€2,256
up €2,256 (+915.1%), from €247 to €2,503
- Taxes -€939
down €939 (-32.5%), from €2,886 to €1,948
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 | €268,090 | €263,893 | -€4,197 | -1.6% |
| Fixed assets | 21/28 | €61,813 | €44,211 | -€17,601 | -28.5% |
| Tangible fixed assets | 22/27 | €61,813 | €44,211 | -€17,601 | -28.5% |
| Furniture and vehicles | 24 | €60,215 | €42,950 | -€17,266 | -28.7% |
| Other tangible fixed assets | 26 | €1,598 | €1,262 | -€336 | -21.0% |
| Current assets | 29/58 | €206,278 | €219,682 | +€13,404 | +6.5% |
| Amounts receivable within one year | 40/41 | €28,106 | €12,448 | -€15,658 | -55.7% |
| Trade receivables | 40 | €27,077 | €12,397 | -€14,680 | -54.2% |
| Other amounts receivable | 41 | €1,029 | €51 | -€978 | -95.0% |
| Current investments | 50/53 | €124,723 | €98,397 | -€26,327 | -21.1% |
| Cash at bank and in hand | 54/58 | €50,607 | €105,938 | +€55,331 | +109.3% |
| Deferred charges and accrued income | 490/1 | €2,841 | €2,899 | +€58 | +2.0% |
| Total equity and liabilities | 10/49 | €268,090 | €263,893 | -€4,197 | -1.6% |
| Equity | 10/15 | €123,819 | €126,013 | +€2,195 | +1.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €120,819 | €123,013 | +€2,195 | +1.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €118,819 | €121,013 | +€2,195 | +1.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €144,272 | €137,880 | -€6,392 | -4.4% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €87,758 | €84,370 | -€3,389 | -3.9% |
| Trade debts | 44 | €11,295 | €3,793 | -€7,502 | -66.4% |
| Suppliers | 440/4 | €11,295 | €3,793 | -€7,502 | -66.4% |
| Taxes, remuneration and social security | 45 | €10,366 | €5,574 | -€4,792 | -46.2% |
| Taxes | 450/3 | €4,366 | €5,574 | +€1,208 | +27.7% |
| Remuneration and social security | 454/9 | €6,000 | €0 | -€6,000 | -100.0% |
| Other amounts payable | 47/48 | €66,097 | €75,003 | +€8,906 | +13.5% |
| Accrued charges and deferred income | 492/3 | €6,513 | €3,510 | -€3,003 | -46.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,100 | €19,316 | +€216 | +1.1% |
| Other operating charges | 640/8 | €1,928 | €1,691 | -€237 | -12.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €60,558 | €32,539 | -€28,018 | -46.3% |
| Operating profit (loss) | 9901 | €39,529 | €11,532 | -€27,997 | -70.8% |
| Financial income | 75/76B | €247 | €2,503 | +€2,256 | +915.1% |
| Recurring financial income | 75 | €247 | €2,503 | +€2,256 | +915.1% |
| Financial charges | 65/66B | €4,454 | €3,892 | -€561 | -12.6% |
| Recurring financial charges | 65 | €4,454 | €3,892 | -€561 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €35,322 | €10,142 | -€25,180 | -71.3% |
| Income taxes | 67/77 | €2,886 | €1,948 | -€939 | -32.5% |
| Profit (loss) for the period | 9904 | €32,436 | €8,195 | -€24,241 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,436 | €8,195 | -€24,241 | -74.7% |
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 29 September 2026 via checked.be.