Appelbaum: 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.
Appelbaum
Largest movements
- Cash -€114,573
down €114,573 (-75.3%), from €152,228 to €37,654
mainly Contributions, distributions and other (-€114,837) and Other debts (-€78,739)
- Receivables after one year -€44,680
down €44,680 (-33.7%), from €132,602 to €87,922
- Receivables within one year -€30,733
down €30,733 (-60.4%), from €50,909 to €20,177
of which Trade receivables: -€27,293
- Tangible fixed assets +€3,745
up €3,745 (+25.4%), from €14,761 to €18,506
of which Furniture and vehicles: +€4,681
- Reserves -€114,837
down €114,837 (-71.6%), from €160,292 to €45,456
of which Distributable reserves: -€114,837
- Other debts -€78,739
down €78,739 (-86.2%), from €91,379 to €12,639
- Tax, wage and social debts +€10,303
up €10,303 (+218.0%), from €4,727 to €15,030
- Gross operating margin -€26,274
down €26,274 (-99.3%), from €26,455 to €181
- Taxes -€7,325
down €7,325 (-94.8%), from €7,724 to €399
- Depreciation +€988
up €988 (+30.9%), from €3,198 to €4,186
- Financial income -€567
down €567 (-11.2%), from €5,065 to €4,498
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 | €350,500 | €164,959 | -€185,541 | -52.9% |
| Fixed assets | 21/28 | €14,761 | €18,506 | +€3,745 | +25.4% |
| Tangible fixed assets | 22/27 | €14,761 | €18,506 | +€3,745 | +25.4% |
| Furniture and vehicles | 24 | €6,930 | €11,610 | +€4,681 | +67.5% |
| Other tangible fixed assets | 26 | €7,832 | €6,896 | -€936 | -12.0% |
| Current assets | 29/58 | €335,739 | €146,453 | -€189,286 | -56.4% |
| Amounts receivable after more than one year | 29 | €132,602 | €87,922 | -€44,680 | -33.7% |
| Other amounts receivable | 291 | €132,602 | €87,922 | -€44,680 | -33.7% |
| Amounts receivable within one year | 40/41 | €50,909 | €20,177 | -€30,733 | -60.4% |
| Trade receivables | 40 | €37,720 | €10,426 | -€27,293 | -72.4% |
| Other amounts receivable | 41 | €13,190 | €9,751 | -€3,439 | -26.1% |
| Cash at bank and in hand | 54/58 | €152,228 | €37,654 | -€114,573 | -75.3% |
| Deferred charges and accrued income | 490/1 | - | €700 | +€700 | |
| Total equity and liabilities | 10/49 | €350,500 | €164,959 | -€185,541 | -52.9% |
| Equity | 10/15 | €251,953 | €135,664 | -€116,289 | -46.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €160,292 | €45,456 | -€114,837 | -71.6% |
| 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 | €158,432 | €43,596 | -€114,837 | -72.5% |
| Profit (loss) carried forward | 14 | €79,261 | €77,808 | -€1,453 | -1.8% |
| Amounts payable | 17/49 | €98,547 | €29,295 | -€69,252 | -70.3% |
| Amounts payable within one year | 42/48 | €98,547 | €29,295 | -€69,252 | -70.3% |
| Trade debts | 44 | €2,441 | €1,625 | -€816 | -33.4% |
| Suppliers | 440/4 | €2,441 | €1,625 | -€816 | -33.4% |
| Taxes, remuneration and social security | 45 | €4,727 | €15,030 | +€10,303 | +218.0% |
| Taxes | 450/3 | €4,727 | €15,030 | +€10,303 | +218.0% |
| Other amounts payable | 47/48 | €91,379 | €12,639 | -€78,739 | -86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,198 | €4,186 | +€988 | +30.9% |
| Other operating charges | 640/8 | €1,447 | €1,273 | -€174 | -12.0% |
| Gross operating margin | 9900 | €26,455 | €181 | -€26,274 | -99.3% |
| Operating profit (loss) | 9901 | €21,810 | -€5,279 | -€27,088 | |
| Financial income | 75/76B | €5,065 | €4,498 | -€567 | -11.2% |
| Recurring financial income | 75 | €5,065 | €4,498 | -€567 | -11.2% |
| Financial charges | 65/66B | €337 | €273 | -€64 | -18.9% |
| Recurring financial charges | 65 | €337 | €273 | -€64 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €26,538 | -€1,054 | -€27,592 | |
| Income taxes | 67/77 | €7,724 | €399 | -€7,325 | -94.8% |
| Profit (loss) for the period | 9904 | €18,814 | -€1,453 | -€20,266 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,814 | -€1,453 | -€20,266 |
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 11 October 2026 via checked.be.