APPENIN: 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.
APPENIN
Largest movements
- Cash -€28,339
down €28,339 (-33.0%), from €85,999 to €57,660
mainly Contributions, distributions and other (-€28,876) and Other debts (-€25,165)
- Receivables within one year +€6,810
up €6,810 (+49.6%), from €13,741 to €20,551
of which Trade receivables: +€6,813
- Deferred charges and accrued income -€1,778
down €1,778 (-72.9%), from €2,439 to €661
- Other debts -€25,165
down €25,165 (-27.4%), from €91,826 to €66,661
- Tax, wage and social debts +€1,631
up €1,631 (+17.9%), from €9,111 to €10,742
- Write-downs +€20,084
new in 2025: €20,084
- Gross operating margin +€9,837
up €9,837 (+18.9%), from €52,120 to €61,957
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 | €105,601 | €82,708 | -€22,893 | -21.7% |
| Fixed assets | 21/28 | €922 | €1,336 | +€414 | +44.9% |
| Tangible fixed assets | 22/27 | €922 | €1,336 | +€414 | +44.9% |
| Furniture and vehicles | 24 | €922 | €1,336 | +€414 | +44.9% |
| Current assets | 29/58 | €104,679 | €81,372 | -€23,307 | -22.3% |
| Amounts receivable within one year | 40/41 | €13,741 | €20,551 | +€6,810 | +49.6% |
| Trade receivables | 40 | €12,589 | €19,402 | +€6,813 | +54.1% |
| Other amounts receivable | 41 | €1,152 | €1,149 | -€3 | -0.2% |
| Current investments | 50/53 | €2,500 | €2,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,999 | €57,660 | -€28,339 | -33.0% |
| Deferred charges and accrued income | 490/1 | €2,439 | €661 | -€1,778 | -72.9% |
| Total equity and liabilities | 10/49 | €105,601 | €82,708 | -€22,893 | -21.7% |
| Equity | 10/15 | €3,000 | €3,000 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €102,601 | €79,708 | -€22,893 | -22.3% |
| Amounts payable within one year | 42/48 | €102,280 | €79,708 | -€22,572 | -22.1% |
| Trade debts | 44 | €1,343 | €2,305 | +€962 | +71.7% |
| Suppliers | 440/4 | €1,343 | €2,305 | +€962 | +71.7% |
| Taxes, remuneration and social security | 45 | €9,111 | €10,742 | +€1,631 | +17.9% |
| Taxes | 450/3 | €9,111 | €10,742 | +€1,631 | +17.9% |
| Other amounts payable | 47/48 | €91,826 | €66,661 | -€25,165 | -27.4% |
| Accrued charges and deferred income | 492/3 | €321 | €0 | -€321 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €627 | €648 | +€21 | +3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €20,084 | +€20,084 | |
| Other operating charges | 640/8 | €673 | €695 | +€22 | +3.3% |
| Gross operating margin | 9900 | €52,120 | €61,957 | +€9,837 | +18.9% |
| Operating profit (loss) | 9901 | €50,820 | €40,531 | -€10,289 | -20.2% |
| Financial income | 75/76B | €0 | €10 | +€10 | +23900.0% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +23900.0% |
| Financial charges | 65/66B | €1,202 | €846 | -€356 | -29.6% |
| Recurring financial charges | 65 | €924 | €846 | -€77 | -8.4% |
| Non-recurring financial charges | 66B | €278 | - | -€278 | |
| Profit (loss) for the period before taxes | 9903 | €49,618 | €39,694 | -€9,924 | -20.0% |
| Income taxes | 67/77 | €10,351 | €10,818 | +€467 | +4.5% |
| Profit (loss) for the period | 9904 | €39,268 | €28,876 | -€10,392 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,268 | €28,876 | -€10,392 | -26.5% |
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 12 October 2026 via checked.be.