B-APART: 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.
What changed
B-APART
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€178,431
2024 · €15,215+€163,216
Equity
€833,961
2024 · €655,530+€178,431
Cash
€132,837
2024 · €1.8m-€1.7m
Balance sheet total
€19.5m
2024 · €17.1m+€2.4m
Largest movements
Assets
- Tangible fixed assets +€15.9m
up €15.9m (+3,242%), from €489,240 to €16.3m
of which Land and buildings: +€15.9m
- Stocks and contracts -€12.4m
down €12.4m (-90.3%), from €13.7m to €1.3m
- Cash -€1.7m
down €1.7m (-92.8%), from €1.8m to €132,837
mainly Investment in fixed assets (net) (-€15.9m) and Receivables within one year (-€689,748)
- Receivables within one year +€689,748
up €689,748 (+816%), from €84,483 to €774,231
of which Other amounts receivable: +€669,932
Equity and liabilities
- Short-term financial debts +€1.5m
up €1.5m (+12.1%), from €12.1m to €13.6m
- Trade debts +€740,836
up €740,836 (+102%), from €727,613 to €1.5m
Income statement
- Turnover +€6.1m
new in 2025: €6.1m
- Purchases and services +€5.9m
new in 2025: €5.9m
- Financial charges -€171,736
down €171,736 (-33.7%), from €509,467 to €337,732
- Write-downs +€122,506
new in 2025: €122,506
- Taxes +€65,493
up €65,493 (+976%), from €6,713 to €72,206
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.
Result 2024
€15,215
Gross operating margin
+€62,626
Staff costs
+€47,971
Depreciation
-€48,767
Write-downs
-€122,506
Other operating charges
+€38,780
Other operating items
+€60,357
Financial income
+€18,514
Financial charges
+€171,736
Taxes
-€65,493
Result 2025
€178,431
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€12.8m
Investment
-€15.9m
Financing
+€1.5m
Cash 2024
€1.8m
From operations (derived)
+€12.8m
Net result for the year
+€178,431
Depreciation
+€85,069
Stocks and contracts
+€12.4m
Receivables within one year
-€689,748
Deferred charges and accrued income
+€8,175
Trade debts
+€740,836
Tax, wage and social debts
+€58,136
Other debts
-€130,076
Accrued charges and deferred income
+€127,936
Investment (derived)
-€15.9m
Investment in fixed assets (net)
-€15.9m
Financing
+€1.5m
Debts after one year
-€115,684
Current portion of long-term debt
+€108,425
Short-term financial debts
+€1.5m
Cash 2025
€132,837
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,098,997 | €19,530,420 | +€2.4m | +14.2% |
| Fixed assets | 21/28 | €1,333,672 | €17,193,902 | +€15.9m | +1,189% |
| Tangible fixed assets | 22/27 | €489,240 | €16,349,470 | +€15.9m | +3,242% |
| Land and buildings | 22 | €488,078 | €16,349,470 | +€15.9m | +3,250% |
| Plant, machinery and equipment | 23 | €1,162 | €0 | -€1,162 | -100% |
| Financial fixed assets | 28 | €844,432 | €844,432 | = | 0.0% |
| Current assets | 29/58 | €15,765,325 | €2,336,518 | -€13.4m | -85.2% |
| Amounts receivable after more than one year | 29 | €86,788 | €86,788 | = | 0.0% |
| Other amounts receivable | 291 | €86,788 | €86,788 | = | 0.0% |
| Stocks and contracts in progress | 3 | €13,720,517 | €1,324,854 | -€12.4m | -90.3% |
| Stocks | 30/36 | €13,720,517 | €1,324,854 | -€12.4m | -90.3% |
| Amounts receivable within one year | 40/41 | €84,483 | €774,231 | +€689,748 | +816% |
| Trade receivables | 40 | €9,379 | €29,194 | +€19,815 | +211% |
| Other amounts receivable | 41 | €75,104 | €745,037 | +€669,932 | +892% |
| Cash at bank and in hand | 54/58 | €1,847,554 | €132,837 | -€1.7m | -92.8% |
| Deferred charges and accrued income | 490/1 | €25,984 | €17,809 | -€8,175 | -31.5% |
| Total equity and liabilities | 10/49 | €17,098,997 | €19,530,420 | +€2.4m | +14.2% |
| Equity | 10/15 | €655,530 | €833,961 | +€178,431 | +27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €636,930 | €815,361 | +€178,431 | +28.0% |
| Tax-exempt reserves | 132 | €292,662 | €292,662 | = | 0.0% |
| Distributable reserves | 133 | €344,268 | €522,699 | +€178,431 | +51.8% |
| Provisions and deferred taxes | 16 | €97,554 | €97,554 | = | 0.0% |
| Deferred taxes | 168 | €97,554 | €97,554 | = | 0.0% |
| Amounts payable | 17/49 | €16,345,914 | €18,598,905 | +€2.3m | +13.8% |
| Amounts payable after more than one year | 17 | €3,322,744 | €3,207,060 | -€115,684 | -3.5% |
| Financial debts | 170/4 | €3,264,219 | €3,207,060 | -€57,159 | -1.8% |
| Other amounts payable | 178/9 | €58,525 | €0 | -€58,525 | -100% |
| Amounts payable within one year | 42/48 | €13,022,726 | €15,263,466 | +€2.2m | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €53,749 | €162,174 | +€108,425 | +202% |
| Financial debts | 43 | €12,097,081 | €13,560,501 | +€1.5m | +12.1% |
| Credit institutions | 430/8 | €12,097,081 | €13,560,501 | +€1.5m | +12.1% |
| Trade debts | 44 | €727,613 | €1,468,449 | +€740,836 | +102% |
| Suppliers | 440/4 | €727,613 | €1,468,449 | +€740,836 | +102% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,206 | €72,342 | +€58,136 | +409% |
| Taxes | 450/3 | €6,755 | €72,206 | +€65,451 | +969% |
| Remuneration and social security | 454/9 | €7,451 | €136 | -€7,315 | -98.2% |
| Other amounts payable | 47/48 | €130,076 | €0 | -€130,076 | -100% |
| Accrued charges and deferred income | 492/3 | €444 | €128,380 | +€127,936 | +28,808% |
| Turnover | 70 | - | €6,092,552 | +€6.1m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €5,851,981 | +€5.9m | |
| Remuneration, social security and pensions | 62 | €69,189 | €21,218 | -€47,971 | -69.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,301 | €85,069 | +€48,767 | +134% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €122,506 | +€122,506 | |
| Other operating charges | 640/8 | €85,358 | €46,578 | -€38,780 | -45.4% |
| Non-recurring operating charges | 66A | €83,413 | €23,056 | -€60,357 | -72.4% |
| Gross operating margin | 9900 | €803,669 | €866,295 | +€62,626 | +7.8% |
| Operating profit (loss) | 9901 | €529,408 | €567,868 | +€38,460 | +7.3% |
| Financial income | 75/76B | €1,987 | €20,501 | +€18,514 | +932% |
| Recurring financial income | 75 | €1,987 | €20,501 | +€18,514 | +932% |
| Financial charges | 65/66B | €509,467 | €337,732 | -€171,736 | -33.7% |
| Recurring financial charges | 65 | €509,467 | €337,732 | -€171,736 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €21,927 | €250,637 | +€228,710 | +1,043% |
| Income taxes | 67/77 | €6,713 | €72,206 | +€65,493 | +976% |
| Profit (loss) for the period | 9904 | €15,215 | €178,431 | +€163,216 | +1,073% |
| Profit (loss) for the period to be appropriated | 9905 | €15,215 | €178,431 | +€163,216 | +1,073% |
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 29 October 2026 via checked.be.