APPELMANS GROUP: 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 GROUP
Largest movements
- Receivables within one year +€413,125
up €413,125 (+138%), from €298,428 to €711,553
of which Other amounts receivable: +€411,000
- Reserves +€435,213
up €435,213 (+30.0%), from €1.4m to €1.9m
- Financial income +€140,000
up €140,000 (+36.8%), from €380,000 to €520,000
- Financial charges +€15,837
up €15,837 (+41.4%), from €38,296 to €54,133
- Taxes +€14,624
up €14,624 (+30.3%), from €48,339 to €62,962
- Depreciation -€12,640
down €12,640 (-73.7%), from €17,154 to €4,514
- Gross operating margin +€12,059
up €12,059 (+11.8%), from €102,411 to €114,471
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.
Derived cash bridge
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 | €2,908,786 | €3,321,345 | +€412,560 | +14.2% |
| Fixed assets | 21/28 | €2,598,176 | €2,594,705 | -€3,471 | -0.1% |
| Tangible fixed assets | 22/27 | €53,326 | €49,855 | -€3,471 | -6.5% |
| Land and buildings | 22 | €47,278 | €45,079 | -€2,199 | -4.7% |
| Plant, machinery and equipment | 23 | €3,989 | €2,979 | -€1,010 | -25.3% |
| Furniture and vehicles | 24 | €2,059 | €1,797 | -€261 | -12.7% |
| Financial fixed assets | 28 | €2,544,850 | €2,544,850 | = | 0.0% |
| Current assets | 29/58 | €310,610 | €726,640 | +€416,030 | +134% |
| Amounts receivable within one year | 40/41 | €298,428 | €711,553 | +€413,125 | +138% |
| Trade receivables | 40 | €19,428 | €21,553 | +€2,125 | +10.9% |
| Other amounts receivable | 41 | €279,000 | €690,000 | +€411,000 | +147% |
| Cash at bank and in hand | 54/58 | €12,182 | €15,088 | +€2,906 | +23.9% |
| Total equity and liabilities | 10/49 | €2,908,786 | €3,321,345 | +€412,560 | +14.2% |
| Equity | 10/15 | €1,898,837 | €2,334,051 | +€435,213 | +22.9% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €1,448,837 | €1,884,051 | +€435,213 | +30.0% |
| Distributable reserves | 133 | €1,448,837 | €1,884,051 | +€435,213 | +30.0% |
| Amounts payable | 17/49 | €1,009,948 | €987,295 | -€22,654 | -2.2% |
| Amounts payable after more than one year | 17 | €334,008 | €334,008 | = | 0.0% |
| Financial debts | 170/4 | €334,008 | €334,008 | = | 0.0% |
| Amounts payable within one year | 42/48 | €675,855 | €653,287 | -€22,569 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €1,543 | - | -€1,543 | |
| Trade debts | 44 | €12,200 | €7,599 | -€4,601 | -37.7% |
| Suppliers | 440/4 | €12,200 | €7,599 | -€4,601 | -37.7% |
| Taxes, remuneration and social security | 45 | €96,964 | €96,000 | -€963 | -1.0% |
| Taxes | 450/3 | €72,364 | €92,955 | +€20,591 | +28.5% |
| Remuneration and social security | 454/9 | €24,600 | €3,045 | -€21,555 | -87.6% |
| Other amounts payable | 47/48 | €565,149 | €549,687 | -€15,462 | -2.7% |
| Accrued charges and deferred income | 492/3 | €85 | - | -€85 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,154 | €4,514 | -€12,640 | -73.7% |
| Other operating charges | 640/8 | €2,060 | €2,109 | +€49 | +2.4% |
| Gross operating margin | 9900 | €102,411 | €114,471 | +€12,059 | +11.8% |
| Operating profit (loss) | 9901 | €83,197 | €107,848 | +€24,650 | +29.6% |
| Financial income | 75/76B | €380,000 | €520,000 | +€140,000 | +36.8% |
| Recurring financial income | 75 | €380,000 | €520,000 | +€140,000 | +36.8% |
| Financial charges | 65/66B | €38,296 | €54,133 | +€15,837 | +41.4% |
| Recurring financial charges | 65 | €38,296 | €54,133 | +€15,837 | +41.4% |
| Profit (loss) for the period before taxes | 9903 | €424,902 | €573,715 | +€148,813 | +35.0% |
| Income taxes | 67/77 | €48,339 | €62,962 | +€14,624 | +30.3% |
| Profit (loss) for the period | 9904 | €376,563 | €510,753 | +€134,190 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €376,563 | €510,753 | +€134,190 | +35.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.