APPELMANS.NET: 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.NET
Largest movements
- Receivables within one year +€136,915
up €136,915 (+134%), from €101,999 to €238,914
of which Trade receivables: +€128,169
- Receivables after one year +€22,935
up €22,935 (+3.8%), from €603,559 to €626,494
- Trade debts +€98,053
up €98,053 (+109%), from €90,317 to €188,370
- Reserves +€86,065
up €86,065 (+14.4%), from €596,226 to €682,291
of which Distributable reserves: +€86,065
- Other debts -€44,298
down €44,298 (-49.3%), from €89,930 to €45,632
- Debts after one year -€27,197
down €27,197 (-30.5%), from €89,054 to €61,858
- Accrued charges and deferred income +€26,680
new in 2025: €26,680
- Gross operating margin +€110,229
up €110,229 (+137%), from €80,649 to €190,878
- Other operating charges -€79,961
down €79,961 (-96.7%), from €82,687 to €2,726
- Taxes +€60,843
up €60,843 (+533%), from €11,417 to €72,260
- Financial income -€22,455
down €22,455 (-99.0%), from €22,683 to €228
- Depreciation -€4,277
down €4,277 (-14.5%), from €29,456 to €25,179
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 | €1,111,660 | €1,273,930 | +€162,271 | +14.6% |
| Fixed assets | 21/28 | €326,937 | €322,928 | -€4,009 | -1.2% |
| Tangible fixed assets | 22/27 | €326,937 | €322,928 | -€4,009 | -1.2% |
| Land and buildings | 22 | €318,266 | €301,010 | -€17,256 | -5.4% |
| Plant, machinery and equipment | 23 | €1,707 | €1,366 | -€341 | -20.0% |
| Furniture and vehicles | 24 | €6,964 | €20,553 | +€13,589 | +195% |
| Current assets | 29/58 | €784,723 | €951,002 | +€166,279 | +21.2% |
| Amounts receivable after more than one year | 29 | €603,559 | €626,494 | +€22,935 | +3.8% |
| Other amounts receivable | 291 | €603,559 | €626,494 | +€22,935 | +3.8% |
| Amounts receivable within one year | 40/41 | €101,999 | €238,914 | +€136,915 | +134% |
| Trade receivables | 40 | €86,249 | €214,419 | +€128,169 | +149% |
| Other amounts receivable | 41 | €15,750 | €24,496 | +€8,746 | +55.5% |
| Current investments | 50/53 | €55,000 | €67,210 | +€12,210 | +22.2% |
| Cash at bank and in hand | 54/58 | €7,660 | €98 | -€7,562 | -98.7% |
| Deferred charges and accrued income | 490/1 | €16,504 | €18,285 | +€1,781 | +10.8% |
| Total equity and liabilities | 10/49 | €1,111,660 | €1,273,930 | +€162,271 | +14.6% |
| Equity | 10/15 | €778,642 | €864,707 | +€86,065 | +11.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €596,226 | €682,291 | +€86,065 | +14.4% |
| 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 | €594,366 | €680,431 | +€86,065 | +14.5% |
| Profit (loss) carried forward | 14 | €176,216 | €176,216 | = | 0.0% |
| Amounts payable | 17/49 | €333,017 | €409,223 | +€76,206 | +22.9% |
| Amounts payable after more than one year | 17 | €89,054 | €61,858 | -€27,197 | -30.5% |
| Financial debts | 170/4 | €89,054 | €61,858 | -€27,197 | -30.5% |
| Amounts payable within one year | 42/48 | €243,963 | €320,685 | +€76,722 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €26,604 | €27,580 | +€977 | +3.7% |
| Financial debts | 43 | - | €14,949 | +€14,949 | |
| Credit institutions | 430/8 | - | €14,949 | +€14,949 | |
| Trade debts | 44 | €90,317 | €188,370 | +€98,053 | +109% |
| Suppliers | 440/4 | €90,317 | €188,370 | +€98,053 | +109% |
| Taxes, remuneration and social security | 45 | €37,112 | €44,154 | +€7,041 | +19.0% |
| Taxes | 450/3 | €27,763 | €29,064 | +€1,301 | +4.7% |
| Remuneration and social security | 454/9 | €9,349 | €15,090 | +€5,741 | +61.4% |
| Other amounts payable | 47/48 | €89,930 | €45,632 | -€44,298 | -49.3% |
| Accrued charges and deferred income | 492/3 | - | €26,680 | +€26,680 | |
| Non-recurring operating income | 76A | €794 | €4,610 | +€3,815 | +480% |
| Remuneration, social security and pensions | 62 | €974 | - | -€974 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,456 | €25,179 | -€4,277 | -14.5% |
| Other operating charges | 640/8 | €82,687 | €2,726 | -€79,961 | -96.7% |
| Gross operating margin | 9900 | €80,649 | €190,878 | +€110,229 | +137% |
| Operating profit (loss) | 9901 | -€32,469 | €162,973 | +€195,442 | |
| Financial income | 75/76B | €22,683 | €228 | -€22,455 | -99.0% |
| Recurring financial income | 75 | €22,683 | €228 | -€22,455 | -99.0% |
| Financial charges | 65/66B | €4,021 | €4,875 | +€855 | +21.3% |
| Recurring financial charges | 65 | €4,021 | €4,875 | +€855 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,807 | €158,325 | +€172,132 | |
| Income taxes | 67/77 | €11,417 | €72,260 | +€60,843 | +533% |
| Profit (loss) for the period | 9904 | -€25,224 | €86,065 | +€111,289 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,224 | €86,065 | +€111,289 |
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 26 October 2026 via checked.be.