Appelmans: 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.
Appelmans
Largest movements
- Tangible fixed assets +€242,287
up €242,287 (+178.7%), from €135,550 to €377,836
of which Plant, machinery and equipment: +€247,295
- Cash +€56,897
up €56,897 (+36.9%), from €154,117 to €211,014
mainly Debts after one year (+€195,062) and Net result for the year (+€71,201)
- Stocks and contracts +€28,326
up €28,326 (+23.2%), from €121,940 to €150,266
- Receivables within one year -€25,467
down €25,467 (-11.2%), from €226,792 to €201,325
of which Trade receivables: -€18,038
- Deferred charges and accrued income +€9,757
up €9,757 (+170.9%), from €5,710 to €15,467
- Debts after one year +€195,062
up €195,062 (+279.1%), from €69,886 to €264,948
- Other debts +€70,000
new in 2025: €70,000
- Investment grants +€47,083
new in 2025: €47,083
- Trade debts -€45,138
down €45,138 (-16.2%), from €278,164 to €233,026
- Current portion of long-term debt +€32,266
up €32,266 (+334.0%), from €9,659 to €41,925
- Gross operating margin +€151,792
up €151,792 (+68.2%), from €222,566 to €374,358
- Staff costs +€31,850
up €31,850 (+15.7%), from €202,596 to €234,446
- Other operating charges +€24,049
up €24,049 (+415.7%), from €5,785 to €29,834
- Depreciation +€20,941
up €20,941 (+158.8%), from €13,185 to €34,126
- Financial charges +€7,103
up €7,103 (+150.8%), from €4,711 to €11,813
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 | €644,109 | €955,908 | +€311,799 | +48.4% |
| Fixed assets | 21/28 | €135,550 | €377,836 | +€242,287 | +178.7% |
| Tangible fixed assets | 22/27 | €135,550 | €377,836 | +€242,287 | +178.7% |
| Land and buildings | 22 | €102,601 | €102,601 | = | 0.0% |
| Plant, machinery and equipment | 23 | €15,739 | €263,034 | +€247,295 | +1571.2% |
| Furniture and vehicles | 24 | €17,210 | €12,202 | -€5,008 | -29.1% |
| Current assets | 29/58 | €508,559 | €578,072 | +€69,512 | +13.7% |
| Stocks and contracts in progress | 3 | €121,940 | €150,266 | +€28,326 | +23.2% |
| Stocks | 30/36 | €121,940 | €150,266 | +€28,326 | +23.2% |
| Amounts receivable within one year | 40/41 | €226,792 | €201,325 | -€25,467 | -11.2% |
| Trade receivables | 40 | €26,193 | €8,156 | -€18,038 | -68.9% |
| Other amounts receivable | 41 | €200,599 | €193,170 | -€7,429 | -3.7% |
| Cash at bank and in hand | 54/58 | €154,117 | €211,014 | +€56,897 | +36.9% |
| Deferred charges and accrued income | 490/1 | €5,710 | €15,467 | +€9,757 | +170.9% |
| Total equity and liabilities | 10/49 | €644,109 | €955,908 | +€311,799 | +48.4% |
| Equity | 10/15 | €263,407 | €311,692 | +€48,285 | +18.3% |
| Contributions | 10/11 | €43,381 | €43,381 | = | 0.0% |
| Reserves | 13 | €212,358 | €212,358 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,372 | €34,372 | = | 0.0% |
| Distributable reserves | 133 | €177,986 | €177,986 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,668 | €8,869 | +€1,201 | +15.7% |
| Investment grants | 15 | - | €47,083 | +€47,083 | |
| Amounts payable | 17/49 | €380,702 | €644,217 | +€263,514 | +69.2% |
| Amounts payable after more than one year | 17 | €69,886 | €264,948 | +€195,062 | +279.1% |
| Financial debts | 170/4 | €69,886 | €264,948 | +€195,062 | +279.1% |
| Amounts payable within one year | 42/48 | €307,434 | €373,812 | +€66,377 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €9,659 | €41,925 | +€32,266 | +334.0% |
| Trade debts | 44 | €278,164 | €233,026 | -€45,138 | -16.2% |
| Suppliers | 440/4 | €278,164 | €233,026 | -€45,138 | -16.2% |
| Taxes, remuneration and social security | 45 | €19,611 | €28,861 | +€9,250 | +47.2% |
| Taxes | 450/3 | €834 | €853 | +€19 | +2.2% |
| Remuneration and social security | 454/9 | €18,777 | €28,008 | +€9,231 | +49.2% |
| Other amounts payable | 47/48 | - | €70,000 | +€70,000 | |
| Accrued charges and deferred income | 492/3 | €3,382 | €5,457 | +€2,075 | +61.3% |
| Remuneration, social security and pensions | 62 | €202,596 | €234,446 | +€31,850 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,185 | €34,126 | +€20,941 | +158.8% |
| Other operating charges | 640/8 | €5,785 | €29,834 | +€24,049 | +415.7% |
| Gross operating margin | 9900 | €222,566 | €374,358 | +€151,792 | +68.2% |
| Operating profit (loss) | 9901 | €1,000 | €75,952 | +€74,951 | +7491.7% |
| Financial income | 75/76B | €4,682 | €7,659 | +€2,977 | +63.6% |
| Recurring financial income | 75 | €4,682 | €7,659 | +€2,977 | +63.6% |
| Financial charges | 65/66B | €4,711 | €11,813 | +€7,103 | +150.8% |
| Recurring financial charges | 65 | €4,711 | €11,813 | +€7,103 | +150.8% |
| Profit (loss) for the period before taxes | 9903 | €972 | €71,798 | +€70,826 | +7290.1% |
| Income taxes | 67/77 | €834 | €597 | -€238 | -28.5% |
| Profit (loss) for the period | 9904 | €137 | €71,201 | +€71,064 | +51697.8% |
| Profit (loss) for the period to be appropriated | 9905 | €137 | €71,201 | +€71,064 | +51697.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.