DR. THOMAS APERS: 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.
DR. THOMAS APERS
Largest movements
- Cash +€26,835
up €26,835 (+113.0%), from €23,750 to €50,585
mainly Net result for the year (+€53,082) and Accrued charges and deferred income (+€1,346)
- Receivables within one year +€16,510
new in 2025: €16,510
of which Trade receivables: +€15,247
- Tangible fixed assets +€4,960
up €4,960 (+598.5%), from €829 to €5,789
of which Furniture and vehicles: +€4,089
- Deferred charges and accrued income +€793
up €793 (+14.9%), from €5,308 to €6,102
- Reserves +€53,082
up €53,082 (+249.8%), from €21,249 to €74,331
- Tax, wage and social debts -€5,656
down €5,656 (-100.0%), from €5,656 to €0
- Accrued charges and deferred income +€1,346
new in 2025: €1,346
- Gross operating margin +€40,459
up €40,459 (+147.1%), from €27,498 to €67,957
- Taxes +€8,082
up €8,082 (+142.9%), from €5,656 to €13,737
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 | €29,887 | €78,986 | +€49,099 | +164.3% |
| Fixed assets | 21/28 | €829 | €5,789 | +€4,960 | +598.5% |
| Tangible fixed assets | 22/27 | €829 | €5,789 | +€4,960 | +598.5% |
| Plant, machinery and equipment | 23 | €829 | €1,700 | +€872 | +105.2% |
| Furniture and vehicles | 24 | - | €4,089 | +€4,089 | |
| Current assets | 29/58 | €29,058 | €73,196 | +€44,138 | +151.9% |
| Amounts receivable within one year | 40/41 | - | €16,510 | +€16,510 | |
| Trade receivables | 40 | - | €15,247 | +€15,247 | |
| Other amounts receivable | 41 | - | €1,263 | +€1,263 | |
| Cash at bank and in hand | 54/58 | €23,750 | €50,585 | +€26,835 | +113.0% |
| Deferred charges and accrued income | 490/1 | €5,308 | €6,102 | +€793 | +14.9% |
| Total equity and liabilities | 10/49 | €29,887 | €78,986 | +€49,099 | +164.3% |
| Equity | 10/15 | €22,249 | €75,331 | +€53,082 | +238.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €21,249 | €74,331 | +€53,082 | +249.8% |
| Distributable reserves | 133 | €21,249 | €74,331 | +€53,082 | +249.8% |
| Amounts payable | 17/49 | €7,638 | €3,654 | -€3,984 | -52.2% |
| Amounts payable within one year | 42/48 | €7,638 | €2,308 | -€5,330 | -69.8% |
| Trade debts | 44 | €514 | €709 | +€195 | +38.0% |
| Suppliers | 440/4 | €514 | €709 | +€195 | +38.0% |
| Taxes, remuneration and social security | 45 | €5,656 | €0 | -€5,656 | -100.0% |
| Taxes | 450/3 | €5,656 | €0 | -€5,656 | -100.0% |
| Other amounts payable | 47/48 | €1,468 | €1,598 | +€130 | +8.9% |
| Accrued charges and deferred income | 492/3 | - | €1,346 | +€1,346 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €428 | €1,003 | +€574 | +134.2% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €27,498 | €67,957 | +€40,459 | +147.1% |
| Operating profit (loss) | 9901 | €26,952 | €66,834 | +€39,883 | +148.0% |
| Financial charges | 65/66B | €47 | €15 | -€32 | -68.0% |
| Recurring financial charges | 65 | €47 | €15 | -€32 | -68.0% |
| Profit (loss) for the period before taxes | 9903 | €26,905 | €66,819 | +€39,915 | +148.4% |
| Income taxes | 67/77 | €5,656 | €13,737 | +€8,082 | +142.9% |
| Profit (loss) for the period | 9904 | €21,249 | €53,082 | +€31,833 | +149.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,249 | €53,082 | +€31,833 | +149.8% |
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 4 October 2026 via checked.be.