APPLICO: 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.
APPLICO
Largest movements
- Financial fixed assets +€1.8m
up €1.8m (+1039.6%), from €175,200 to €2.0m
- Deferred charges and accrued income -€158,116
down €158,116 (-94.8%), from €166,772 to €8,656
- Current investments +€107,689
up €107,689 (+43.8%), from €245,714 to €353,403
- Receivables within one year -€90,769
down €90,769 (-83.9%), from €108,175 to €17,406
of which Trade receivables: -€91,000
- Cash -€42,544
down €42,544 (-16.9%), from €251,317 to €208,773
mainly Investment in fixed assets (net) (-€1.8m) and Contributions, distributions and other (-€499,930)
- Reserves +€1.1m
up €1.1m (+91.3%), from €1.2m to €2.3m
- Other debts +€304,831
up €304,831, from €0 to €304,831
- Profit (loss) carried forward +€128,296
up €128,296, from -€128,296 to €0
- Tax, wage and social debts +€114,077
up €114,077 (+440.7%), from €25,887 to €139,964
- Financial income +€1.7m
up €1.7m (+1008.3%), from €165,776 to €1.8m
of which Non-recurring financial income: +€1.8m
- Taxes +€118,194
up €118,194 (+223.3%), from €52,933 to €171,127
- Gross operating margin -€82,035
down €82,035 (-60.2%), from €136,369 to €54,334
- Depreciation -€5,316
down €5,316 (-28.5%), from €18,652 to €13,336
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 | €1,094,274 | €2,718,528 | +€1.6m | +148.4% |
| Fixed assets | 21/28 | €212,297 | €2,020,290 | +€1.8m | +851.6% |
| Tangible fixed assets | 22/27 | €37,097 | €23,761 | -€13,336 | -35.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €37,097 | €23,761 | -€13,336 | -35.9% |
| Financial fixed assets | 28 | €175,200 | €1,996,530 | +€1.8m | +1039.6% |
| Current assets | 29/58 | €881,977 | €698,238 | -€183,739 | -20.8% |
| Amounts receivable after more than one year | 29 | €110,000 | €110,000 | = | 0.0% |
| Other amounts receivable | 291 | €110,000 | €110,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €108,175 | €17,406 | -€90,769 | -83.9% |
| Trade receivables | 40 | €105,677 | €14,677 | -€91,000 | -86.1% |
| Other amounts receivable | 41 | €2,499 | €2,729 | +€230 | +9.2% |
| Current investments | 50/53 | €245,714 | €353,403 | +€107,689 | +43.8% |
| Cash at bank and in hand | 54/58 | €251,317 | €208,773 | -€42,544 | -16.9% |
| Deferred charges and accrued income | 490/1 | €166,772 | €8,656 | -€158,116 | -94.8% |
| Total equity and liabilities | 10/49 | €1,094,274 | €2,718,528 | +€1.6m | +148.4% |
| Equity | 10/15 | €1,068,089 | €2,271,999 | +€1.2m | +112.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,177,785 | €2,253,399 | +€1.1m | +91.3% |
| Distributable reserves | 133 | €1,177,785 | €2,253,399 | +€1.1m | +91.3% |
| Profit (loss) carried forward | 14 | -€128,296 | €0 | +€128,296 | |
| Amounts payable | 17/49 | €26,185 | €446,529 | +€420,344 | +1605.3% |
| Amounts payable within one year | 42/48 | €26,185 | €446,312 | +€420,127 | +1604.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €298 | €1,516 | +€1,219 | +409.1% |
| Suppliers | 440/4 | €298 | €1,516 | +€1,219 | +409.1% |
| Taxes, remuneration and social security | 45 | €25,887 | €139,964 | +€114,077 | +440.7% |
| Taxes | 450/3 | €25,887 | €139,964 | +€114,077 | +440.7% |
| Other amounts payable | 47/48 | €0 | €304,831 | +€304,831 | |
| Accrued charges and deferred income | 492/3 | - | €218 | +€218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,652 | €13,336 | -€5,316 | -28.5% |
| Other operating charges | 640/8 | €2,949 | €2,737 | -€212 | -7.2% |
| Gross operating margin | 9900 | €136,369 | €54,334 | -€82,035 | -60.2% |
| Operating profit (loss) | 9901 | €114,767 | €38,260 | -€76,507 | -66.7% |
| Financial income | 75/76B | €165,776 | €1,837,285 | +€1.7m | +1008.3% |
| Recurring financial income | 75 | €165,776 | €30,890 | -€134,886 | -81.4% |
| Non-recurring financial income | 76B | - | €1,806,395 | +€1.8m | |
| Financial charges | 65/66B | €348 | €578 | +€230 | +66.1% |
| Recurring financial charges | 65 | €348 | €578 | +€230 | +66.1% |
| Profit (loss) for the period before taxes | 9903 | €280,195 | €1,874,967 | +€1.6m | +569.2% |
| Income taxes | 67/77 | €52,933 | €171,127 | +€118,194 | +223.3% |
| Profit (loss) for the period | 9904 | €227,262 | €1,703,840 | +€1.5m | +649.7% |
| Profit (loss) for the period to be appropriated | 9905 | €227,262 | €1,703,840 | +€1.5m | +649.7% |
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 7 October 2026 via checked.be.