APPELS MANAGEMENT: 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.
APPELS MANAGEMENT
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€19,344
down €19,344 (-5.4%), from €360,709 to €341,365
- Other debts +€10,791
up €10,791 (+22.4%), from €48,105 to €58,896
- Current portion of long-term debt +€9,973
up €9,973 (+72.0%), from €13,852 to €23,824
- Financial charges +€5,007
up €5,007 (+167%), from €2,995 to €8,002
- Taxes +€4,768
up €4,768, from -€3,355 to €1,413
- Gross operating margin +€3,676
up €3,676 (+17.2%), from €21,393 to €25,069
- Depreciation +€1,088
up €1,088 (+9.2%), from €11,773 to €12,861
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 | €490,217 | €489,794 | -€424 | -0.1% |
| Fixed assets | 21/28 | €467,290 | €470,529 | +€3,239 | +0.7% |
| Tangible fixed assets | 22/27 | €252,257 | €255,496 | +€3,239 | +1.3% |
| Land and buildings | 22 | €250,598 | €239,426 | -€11,172 | -4.5% |
| Furniture and vehicles | 24 | €1,660 | €16,070 | +€14,411 | +868% |
| Financial fixed assets | 28 | €215,032 | €215,032 | = | 0.0% |
| Current assets | 29/58 | €22,928 | €19,265 | -€3,663 | -16.0% |
| Amounts receivable within one year | 40/41 | €18,183 | €16,625 | -€1,557 | -8.6% |
| Trade receivables | 40 | €18,183 | €12,139 | -€6,044 | -33.2% |
| Other amounts receivable | 41 | €0 | €4,487 | +€4,487 | |
| Cash at bank and in hand | 54/58 | €4,745 | €1,187 | -€3,558 | -75.0% |
| Deferred charges and accrued income | 490/1 | €0 | €1,453 | +€1,453 | |
| Total equity and liabilities | 10/49 | €490,217 | €489,794 | -€424 | -0.1% |
| Equity | 10/15 | €56,736 | €58,489 | +€1,753 | +3.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €36,670 | €38,420 | +€1,750 | +4.8% |
| Distributable reserves | 133 | €36,670 | €38,420 | +€1,750 | +4.8% |
| Profit (loss) carried forward | 14 | €66 | €69 | +€3 | +4.9% |
| Amounts payable | 17/49 | €433,482 | €431,305 | -€2,177 | -0.5% |
| Amounts payable after more than one year | 17 | €360,709 | €341,365 | -€19,344 | -5.4% |
| Financial debts | 170/4 | €360,709 | €341,365 | -€19,344 | -5.4% |
| Amounts payable within one year | 42/48 | €72,773 | €89,940 | +€17,167 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €13,852 | €23,824 | +€9,973 | +72.0% |
| Trade debts | 44 | €6,734 | €4,966 | -€1,767 | -26.2% |
| Suppliers | 440/4 | €6,734 | €4,966 | -€1,767 | -26.2% |
| Taxes, remuneration and social security | 45 | €4,082 | €2,253 | -€1,829 | -44.8% |
| Taxes | 450/3 | €4,082 | €2,253 | -€1,829 | -44.8% |
| Other amounts payable | 47/48 | €48,105 | €58,896 | +€10,791 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,773 | €12,861 | +€1,088 | +9.2% |
| Other operating charges | 640/8 | €1,192 | €1,042 | -€150 | -12.6% |
| Gross operating margin | 9900 | €21,393 | €25,069 | +€3,676 | +17.2% |
| Operating profit (loss) | 9901 | €8,429 | €11,166 | +€2,737 | +32.5% |
| Financial income | 75/76B | €17 | €1 | -€15 | -91.2% |
| Recurring financial income | 75 | €17 | €1 | -€15 | -91.2% |
| Financial charges | 65/66B | €2,995 | €8,002 | +€5,007 | +167% |
| Recurring financial charges | 65 | €2,995 | €8,002 | +€5,007 | +167% |
| Profit (loss) for the period before taxes | 9903 | €5,451 | €3,166 | -€2,285 | -41.9% |
| Income taxes | 67/77 | -€3,355 | €1,413 | +€4,768 | |
| Profit (loss) for the period | 9904 | €8,806 | €1,753 | -€7,053 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,806 | €1,753 | -€7,053 | -80.1% |
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 18 October 2026 via checked.be.