APSARA: 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.
APSARA
Largest movements
- Tangible fixed assets -€36,753
down €36,753 (-12.0%), from €306,013 to €269,260
of which Land and buildings: -€37,412
- Receivables within one year -€17,807
down €17,807 (-94.0%), from €18,944 to €1,136
of which Trade receivables: -€18,176
- Cash -€3,674
down €3,674 (-27.5%), from €13,344 to €9,670
mainly Other debts (-€53,964) and Debts after one year (-€15,123)
- Other debts -€53,964
down €53,964 (-88.0%), from €61,354 to €7,390
- Profit (loss) carried forward +€19,279
up €19,279 (+45.2%), from €42,657 to €61,935
- Debts after one year -€15,123
down €15,123 (-14.0%), from €108,348 to €93,224
- Trade debts -€4,328
down €4,328 (-29.6%), from €14,638 to €10,310
- Gross operating margin -€22,511
down €22,511 (-24.7%), from €91,056 to €68,545
- Financial charges +€1,864
up €1,864 (+42.6%), from €4,379 to €6,243
- Depreciation -€1,417
down €1,417 (-3.3%), from €42,490 to €41,074
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 | €344,887 | €289,382 | -€55,505 | -16.1% |
| Fixed assets | 21/28 | €306,253 | €269,414 | -€36,839 | -12.0% |
| Intangible fixed assets | 21 | €240 | €153 | -€86 | -36.0% |
| Tangible fixed assets | 22/27 | €306,013 | €269,260 | -€36,753 | -12.0% |
| Land and buildings | 22 | €303,640 | €266,228 | -€37,412 | -12.3% |
| Plant, machinery and equipment | 23 | €2,373 | €1,361 | -€1,012 | -42.6% |
| Furniture and vehicles | 24 | - | €1,671 | +€1,671 | |
| Current assets | 29/58 | €38,634 | €19,968 | -€18,666 | -48.3% |
| Stocks and contracts in progress | 3 | €5,718 | €7,718 | +€2,001 | +35.0% |
| Stocks | 30/36 | €5,718 | €7,718 | +€2,001 | +35.0% |
| Amounts receivable within one year | 40/41 | €18,944 | €1,136 | -€17,807 | -94.0% |
| Trade receivables | 40 | €18,927 | €750 | -€18,176 | -96.0% |
| Other amounts receivable | 41 | €17 | €386 | +€369 | +2,137% |
| Cash at bank and in hand | 54/58 | €13,344 | €9,670 | -€3,674 | -27.5% |
| Deferred charges and accrued income | 490/1 | €629 | €1,443 | +€815 | +130% |
| Total equity and liabilities | 10/49 | €344,887 | €289,382 | -€55,505 | -16.1% |
| Equity | 10/15 | €143,479 | €162,490 | +€19,011 | +13.3% |
| Contributions | 10/11 | €61,205 | €61,205 | = | 0.0% |
| Reserves | 13 | €37,745 | €37,745 | = | 0.0% |
| 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 | €35,885 | €35,885 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,657 | €61,935 | +€19,279 | +45.2% |
| Investment grants | 15 | €1,872 | €1,605 | -€267 | -14.3% |
| Amounts payable | 17/49 | €201,408 | €126,892 | -€74,516 | -37.0% |
| Amounts payable after more than one year | 17 | €108,348 | €93,224 | -€15,123 | -14.0% |
| Financial debts | 170/4 | €108,348 | €93,224 | -€15,123 | -14.0% |
| Amounts payable within one year | 42/48 | €93,061 | €33,667 | -€59,393 | -63.8% |
| Current portion of amounts payable after more than one year | 42 | €15,355 | €15,255 | -€99 | -0.6% |
| Trade debts | 44 | €14,638 | €10,310 | -€4,328 | -29.6% |
| Suppliers | 440/4 | €14,638 | €10,310 | -€4,328 | -29.6% |
| Taxes, remuneration and social security | 45 | €1,715 | €712 | -€1,002 | -58.4% |
| Taxes | 450/3 | €1,715 | €712 | -€1,002 | -58.4% |
| Other amounts payable | 47/48 | €61,354 | €7,390 | -€53,964 | -88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,490 | €41,074 | -€1,417 | -3.3% |
| Other operating charges | 640/8 | €1,954 | €2,122 | +€167 | +8.6% |
| Gross operating margin | 9900 | €91,056 | €68,545 | -€22,511 | -24.7% |
| Operating profit (loss) | 9901 | €46,612 | €25,350 | -€21,261 | -45.6% |
| Financial income | 75/76B | €577 | €321 | -€256 | -44.4% |
| Recurring financial income | 75 | €577 | €321 | -€256 | -44.4% |
| Financial charges | 65/66B | €4,379 | €6,243 | +€1,864 | +42.6% |
| Recurring financial charges | 65 | €4,379 | €6,243 | +€1,864 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | €42,809 | €19,428 | -€23,381 | -54.6% |
| Income taxes | 67/77 | €152 | €149 | -€3 | -2.1% |
| Profit (loss) for the period | 9904 | €42,657 | €19,279 | -€23,378 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,657 | €19,279 | -€23,378 | -54.8% |
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.