APX: 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.
APX
Largest movements
- Cash +€17,795
up €17,795 (+35.8%), from €49,671 to €67,467
mainly Net result for the year (+€85,405) and Other debts (+€48,083)
- Tangible fixed assets -€11,292
down €11,292 (-43.8%), from €25,752 to €14,460
of which Furniture and vehicles: -€8,228
- Deferred charges and accrued income +€9,131
up €9,131 (+80.2%), from €11,380 to €20,512
- Receivables within one year +€1,492
up €1,492, from €0 to €1,492
of which Trade receivables: +€1,492
- Other debts +€48,083
up €48,083 (+106%), from €45,377 to €93,460
- Profit (loss) carried forward -€22,230
down €22,230 (-100%), from €22,230 to €0
- Current portion of long-term debt -€9,257
down €9,257 (-100%), from €9,257 to €0
- Tax, wage and social debts +€1,129
up €1,129 (+23.6%), from €4,773 to €5,901
- Gross operating margin +€10,641
up €10,641 (+9.6%), from €110,858 to €121,499
- Taxes +€2,781
up €2,781 (+13.9%), from €19,943 to €22,724
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 | €86,804 | €104,758 | +€17,955 | +20.7% |
| Fixed assets | 21/28 | €25,752 | €14,460 | -€11,292 | -43.8% |
| Tangible fixed assets | 22/27 | €25,752 | €14,460 | -€11,292 | -43.8% |
| Plant, machinery and equipment | 23 | €7,620 | €4,674 | -€2,946 | -38.7% |
| Furniture and vehicles | 24 | €17,055 | €8,827 | -€8,228 | -48.2% |
| Other tangible fixed assets | 26 | €1,077 | €959 | -€118 | -11.0% |
| Current assets | 29/58 | €61,052 | €90,299 | +€29,247 | +47.9% |
| Amounts receivable within one year | 40/41 | €0 | €1,492 | +€1,492 | |
| Trade receivables | 40 | - | €1,492 | +€1,492 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €828 | +€828 | |
| Cash at bank and in hand | 54/58 | €49,671 | €67,467 | +€17,795 | +35.8% |
| Deferred charges and accrued income | 490/1 | €11,380 | €20,512 | +€9,131 | +80.2% |
| Total equity and liabilities | 10/49 | €86,804 | €104,758 | +€17,955 | +20.7% |
| Equity | 10/15 | €25,230 | €3,000 | -€22,230 | -88.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,230 | €0 | -€22,230 | -100% |
| Amounts payable | 17/49 | €61,574 | €101,758 | +€40,185 | +65.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €61,058 | €101,677 | +€40,619 | +66.5% |
| Current portion of amounts payable after more than one year | 42 | €9,257 | €0 | -€9,257 | -100% |
| Trade debts | 44 | €1,651 | €2,315 | +€664 | +40.2% |
| Suppliers | 440/4 | €1,651 | €2,315 | +€664 | +40.2% |
| Taxes, remuneration and social security | 45 | €4,773 | €5,901 | +€1,129 | +23.6% |
| Taxes | 450/3 | €4,773 | €5,901 | +€1,129 | +23.6% |
| Other amounts payable | 47/48 | €45,377 | €93,460 | +€48,083 | +106% |
| Accrued charges and deferred income | 492/3 | €515 | €82 | -€434 | -84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,277 | €12,149 | -€128 | -1.0% |
| Other operating charges | 640/8 | €679 | €699 | +€20 | +2.9% |
| Non-recurring operating charges | 66A | - | €412 | +€412 | |
| Gross operating margin | 9900 | €110,858 | €121,499 | +€10,641 | +9.6% |
| Operating profit (loss) | 9901 | €97,902 | €108,238 | +€10,337 | +10.6% |
| Financial income | 75/76B | €0 | €100 | +€100 | |
| Recurring financial income | 75 | €0 | €100 | +€100 | |
| Financial charges | 65/66B | €758 | €209 | -€549 | -72.4% |
| Recurring financial charges | 65 | €758 | €209 | -€549 | -72.4% |
| Profit (loss) for the period before taxes | 9903 | €97,143 | €108,129 | +€10,986 | +11.3% |
| Income taxes | 67/77 | €19,943 | €22,724 | +€2,781 | +13.9% |
| Profit (loss) for the period | 9904 | €77,201 | €85,405 | +€8,205 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €77,201 | €85,405 | +€8,205 | +10.6% |
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 17 October 2026 via checked.be.