APSO: 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.
APSO
Largest movements
- Current investments +€53,655
up €53,655 (+48.9%), from €109,622 to €163,277
- Cash -€20,363
down €20,363 (-75.3%), from €27,058 to €6,694
mainly Current investments (-€53,655) and Receivables within one year (-€12,935)
- Tangible fixed assets -€13,774
down €13,774 (-40.4%), from €34,124 to €20,350
of which Furniture and vehicles: -€12,042
- Receivables within one year +€12,935
up €12,935 (+138.6%), from €9,334 to €22,269
of which Trade receivables: +€12,935
- Reserves +€30,419
up €30,419 (+27.1%), from €112,162 to €142,581
of which Distributable reserves: +€30,419
- Tax, wage and social debts +€5,048
up €5,048 (+48.8%), from €10,351 to €15,399
of which Taxes: +€5,030
- Other debts -€3,266
down €3,266 (-46.1%), from €7,078 to €3,812
- Gross operating margin +€29,577
up €29,577 (+108.9%), from €27,154 to €56,731
- Taxes +€8,216
up €8,216 (+202.7%), from €4,053 to €12,269
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 | €181,214 | €213,228 | +€32,015 | +17.7% |
| Fixed assets | 21/28 | €34,129 | €20,355 | -€13,774 | -40.4% |
| Tangible fixed assets | 22/27 | €34,124 | €20,350 | -€13,774 | -40.4% |
| Land and buildings | 22 | €9,181 | €7,571 | -€1,609 | -17.5% |
| Plant, machinery and equipment | 23 | €122 | €0 | -€122 | -100.0% |
| Furniture and vehicles | 24 | €24,820 | €12,779 | -€12,042 | -48.5% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €147,085 | €192,874 | +€45,788 | +31.1% |
| Amounts receivable within one year | 40/41 | €9,334 | €22,269 | +€12,935 | +138.6% |
| Trade receivables | 40 | €9,334 | €22,269 | +€12,935 | +138.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €109,622 | €163,277 | +€53,655 | +48.9% |
| Cash at bank and in hand | 54/58 | €27,058 | €6,694 | -€20,363 | -75.3% |
| Deferred charges and accrued income | 490/1 | €1,072 | €633 | -€438 | -40.9% |
| Total equity and liabilities | 10/49 | €181,214 | €213,228 | +€32,015 | +17.7% |
| Equity | 10/15 | €160,371 | €190,790 | +€30,419 | +19.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €112,162 | €142,581 | +€30,419 | +27.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €95,302 | €125,721 | +€30,419 | +31.9% |
| Profit (loss) carried forward | 14 | €35,809 | €35,809 | = | 0.0% |
| Amounts payable | 17/49 | €20,843 | €22,438 | +€1,596 | +7.7% |
| Amounts payable within one year | 42/48 | €20,318 | €21,914 | +€1,596 | +7.9% |
| Financial debts | 43 | €106 | €3 | -€103 | -97.2% |
| Credit institutions | 430/8 | €106 | €3 | -€103 | -97.2% |
| Trade debts | 44 | €2,783 | €2,700 | -€84 | -3.0% |
| Suppliers | 440/4 | €2,783 | €2,700 | -€84 | -3.0% |
| Taxes, remuneration and social security | 45 | €10,351 | €15,399 | +€5,048 | +48.8% |
| Taxes | 450/3 | €7,251 | €12,281 | +€5,030 | +69.4% |
| Remuneration and social security | 454/9 | €3,100 | €3,118 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €7,078 | €3,812 | -€3,266 | -46.1% |
| Accrued charges and deferred income | 492/3 | €524 | €524 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,276 | €13,774 | +€498 | +3.7% |
| Other operating charges | 640/8 | €771 | €859 | +€88 | +11.4% |
| Gross operating margin | 9900 | €27,154 | €56,731 | +€29,577 | +108.9% |
| Operating profit (loss) | 9901 | €13,107 | €42,099 | +€28,992 | +221.2% |
| Financial income | 75/76B | €1,046 | €762 | -€284 | -27.2% |
| Recurring financial income | 75 | €1,046 | €762 | -€284 | -27.2% |
| Financial charges | 65/66B | €390 | €172 | -€217 | -55.8% |
| Recurring financial charges | 65 | €390 | €172 | -€217 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €13,764 | €42,688 | +€28,924 | +210.1% |
| Income taxes | 67/77 | €4,053 | €12,269 | +€8,216 | +202.7% |
| Profit (loss) for the period | 9904 | €9,711 | €30,419 | +€20,708 | +213.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,711 | €30,419 | +€20,708 | +213.2% |
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 30 September 2026 via checked.be.