APPERTHY: what changed
Two fiscal 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.
APPERTHY
Largest movements
- Current investments -€44,717
down €44,717 (-17.8%), from €251,757 to €207,040
- Receivables within one year -€29,556
down €29,556 (-13.4%), from €220,281 to €190,724
of which Trade receivables: -€30,434
- Cash +€14,053
up €14,053 (+4.4%), from €322,260 to €336,313
mainly Net result for the year (+€184,907) and Other debts (+€80,657)
- Reserves -€158,121
down €158,121 (-23.0%), from €686,789 to €528,668
of which Distributable reserves: -€158,121
- Other debts +€80,657
up €80,657 (+169.8%), from €47,500 to €128,157
- Trade debts +€25,894
up €25,894 (+114.0%), from €22,722 to €48,615
- Staff costs -€28,101
down €28,101 (-2.8%), from €990,960 to €962,858
- Gross operating margin -€20,703
down €20,703 (-1.6%), from €1.3m to €1.3m
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 | €912,051 | €852,001 | -€60,050 | -6.6% |
| Fixed assets | 21/28 | €106,251 | €107,537 | +€1,286 | +1.2% |
| Tangible fixed assets | 22/27 | €106,251 | €107,537 | +€1,286 | +1.2% |
| Land and buildings | 22 | €32,908 | €29,733 | -€3,176 | -9.6% |
| Plant, machinery and equipment | 23 | €16,368 | €13,702 | -€2,667 | -16.3% |
| Furniture and vehicles | 24 | €56,975 | €64,103 | +€7,128 | +12.5% |
| Current assets | 29/58 | €805,799 | €744,464 | -€61,336 | -7.6% |
| Stocks and contracts in progress | 3 | €6,242 | €5,877 | -€365 | -5.8% |
| Stocks | 30/36 | €6,242 | €5,877 | -€365 | -5.8% |
| Amounts receivable within one year | 40/41 | €220,281 | €190,724 | -€29,556 | -13.4% |
| Trade receivables | 40 | €220,281 | €189,846 | -€30,434 | -13.8% |
| Other amounts receivable | 41 | - | €878 | +€878 | |
| Current investments | 50/53 | €251,757 | €207,040 | -€44,717 | -17.8% |
| Cash at bank and in hand | 54/58 | €322,260 | €336,313 | +€14,053 | +4.4% |
| Deferred charges and accrued income | 490/1 | €5,260 | €4,509 | -€751 | -14.3% |
| Total equity and liabilities | 10/49 | €912,051 | €852,001 | -€60,050 | -6.6% |
| Equity | 10/15 | €705,389 | €547,268 | -€158,121 | -22.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €686,789 | €528,668 | -€158,121 | -23.0% |
| 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 | €684,929 | €526,808 | -€158,121 | -23.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €206,662 | €304,733 | +€98,071 | +47.5% |
| Amounts payable within one year | 42/48 | €206,662 | €304,733 | +€98,071 | +47.5% |
| Trade debts | 44 | €22,722 | €48,615 | +€25,894 | +114.0% |
| Suppliers | 440/4 | €22,722 | €48,615 | +€25,894 | +114.0% |
| Taxes, remuneration and social security | 45 | €136,440 | €127,960 | -€8,480 | -6.2% |
| Taxes | 450/3 | €21,781 | €16,201 | -€5,581 | -25.6% |
| Remuneration and social security | 454/9 | €114,659 | €111,759 | -€2,899 | -2.5% |
| Other amounts payable | 47/48 | €47,500 | €128,157 | +€80,657 | +169.8% |
| Non-recurring operating income | 76A | €0 | €1,750 | +€1,750 | |
| Remuneration, social security and pensions | 62 | €990,960 | €962,858 | -€28,101 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,969 | €33,632 | +€4,663 | +16.1% |
| Other operating charges | 640/8 | €8,854 | €3,987 | -€4,868 | -55.0% |
| Gross operating margin | 9900 | €1,281,727 | €1,261,024 | -€20,703 | -1.6% |
| Operating profit (loss) | 9901 | €252,944 | €260,547 | +€7,603 | +3.0% |
| Financial income | 75/76B | €5,607 | €6,824 | +€1,217 | +21.7% |
| Recurring financial income | 75 | €5,607 | €6,824 | +€1,217 | +21.7% |
| Financial charges | 65/66B | €280 | €115 | -€164 | -58.8% |
| Recurring financial charges | 65 | €280 | €115 | -€164 | -58.8% |
| Profit (loss) for the period before taxes | 9903 | €258,271 | €267,255 | +€8,984 | +3.5% |
| Income taxes | 67/77 | €81,666 | €82,348 | +€682 | +0.8% |
| Profit (loss) for the period | 9904 | €176,605 | €184,907 | +€8,302 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €176,605 | €184,907 | +€8,302 | +4.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.