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
- Receivables within one year -€20,974
down €20,974 (-52.4%), from €40,000 to €19,026
of which Trade receivables: -€40,000
- Cash -€18,085
down €18,085 (-25.4%), from €71,187 to €53,102
mainly Other debts (-€65,497) and Contributions, distributions and other (-€16,500)
- Tangible fixed assets -€10,377
down €10,377 (-20.4%), from €50,911 to €40,533
of which Furniture and vehicles: -€10,254
- Deferred charges and accrued income +€3,103
up €3,103 (+10,728%), from €29 to €3,132
- Other debts -€65,497
down €65,497 (-76.8%), from €85,274 to €19,777
- Reserves -€23,750
down €23,750 (-38.7%), from €61,321 to €37,571
of which Tax-exempt reserves: -€18,750
- Profit (loss) carried forward +€18,927
new in 2025: €18,927
- Provisions +€13,676
new in 2025: €13,676
- Tax, wage and social debts +€7,120
up €7,120 (+76.3%), from €9,331 to €16,451
- Gross operating margin -€87,259
down €87,259 (-60.9%), from €143,286 to €56,026
- Provisions +€13,676
new in 2025: €13,676
- Taxes +€11,227
up €11,227 (+409%), from €2,747 to €13,974
- Depreciation +€2,025
up €2,025 (+18.7%), from €10,853 to €12,878
- Other operating charges -€1,842
down €1,842 (-63.4%), from €2,906 to €1,064
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 | €162,127 | €115,793 | -€46,334 | -28.6% |
| Fixed assets | 21/28 | €50,911 | €40,533 | -€10,377 | -20.4% |
| Tangible fixed assets | 22/27 | €50,911 | €40,533 | -€10,377 | -20.4% |
| Plant, machinery and equipment | 23 | €194 | €70 | -€124 | -63.8% |
| Furniture and vehicles | 24 | €50,717 | €40,463 | -€10,254 | -20.2% |
| Current assets | 29/58 | €111,216 | €75,260 | -€35,956 | -32.3% |
| Amounts receivable within one year | 40/41 | €40,000 | €19,026 | -€20,974 | -52.4% |
| Trade receivables | 40 | €40,000 | - | -€40,000 | |
| Other amounts receivable | 41 | - | €19,026 | +€19,026 | |
| Cash at bank and in hand | 54/58 | €71,187 | €53,102 | -€18,085 | -25.4% |
| Deferred charges and accrued income | 490/1 | €29 | €3,132 | +€3,103 | +10,728% |
| Total equity and liabilities | 10/49 | €162,127 | €115,793 | -€46,334 | -28.6% |
| Equity | 10/15 | €67,521 | €62,697 | -€4,823 | -7.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,321 | €37,571 | -€23,750 | -38.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | - | -€18,750 | |
| Distributable reserves | 133 | €40,712 | €35,712 | -€5,000 | -12.3% |
| Profit (loss) carried forward | 14 | - | €18,927 | +€18,927 | |
| Provisions and deferred taxes | 16 | - | €13,676 | +€13,676 | |
| Provisions for liabilities and charges | 160/5 | - | €13,676 | +€13,676 | |
| Other liabilities and charges | 164/5 | - | €13,676 | +€13,676 | |
| Amounts payable | 17/49 | €94,606 | €39,420 | -€55,186 | -58.3% |
| Amounts payable within one year | 42/48 | €94,606 | €39,420 | -€55,186 | -58.3% |
| Trade debts | 44 | - | €3,192 | +€3,192 | |
| Suppliers | 440/4 | - | €3,192 | +€3,192 | |
| Taxes, remuneration and social security | 45 | €9,331 | €16,451 | +€7,120 | +76.3% |
| Taxes | 450/3 | €9,331 | €16,451 | +€7,120 | +76.3% |
| Other amounts payable | 47/48 | €85,274 | €19,777 | -€65,497 | -76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,853 | €12,878 | +€2,025 | +18.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €13,676 | +€13,676 | |
| Other operating charges | 640/8 | €2,906 | €1,064 | -€1,842 | -63.4% |
| Non-recurring operating charges | 66A | €79,839 | - | -€79,839 | |
| Gross operating margin | 9900 | €143,286 | €56,026 | -€87,259 | -60.9% |
| Operating profit (loss) | 9901 | €49,688 | €28,409 | -€21,279 | -42.8% |
| Financial charges | 65/66B | €1,255 | €2,758 | +€1,503 | +120% |
| Recurring financial charges | 65 | €1,255 | €2,758 | +€1,503 | +120% |
| Profit (loss) for the period before taxes | 9903 | €48,433 | €25,651 | -€22,783 | -47.0% |
| Income taxes | 67/77 | €2,747 | €13,974 | +€11,227 | +409% |
| Profit (loss) for the period | 9904 | €45,686 | €11,677 | -€34,010 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,686 | €11,677 | -€34,010 | -74.4% |
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 21 October 2026 via checked.be.