E-APPELMANS: 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
E-APPELMANS
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€119,395
2024 · €21,902+€97,493
Equity
€719,607
2024 · €600,211+€119,395
Cash
€22,267
2024 · €32,132-€9,865
Balance sheet total
€2.3m
2024 · €2.0m+€215,487
Largest movements
Assets
- Current investments +€227,441
up €227,441 (+33.3%), from €683,592 to €911,032
Equity and liabilities
- Reserves +€119,395
up €119,395 (+20.5%), from €581,611 to €701,007
of which Distributable reserves: +€119,395
- Debts after one year +€61,757
up €61,757 (+4.4%), from €1.4m to €1.5m
Income statement
- Financial income +€183,222
up €183,222 (+10,663%), from €1,718 to €184,940
- Taxes +€42,969
up €42,969 (+943%), from €4,558 to €47,527
- Financial charges +€33,480
up €33,480 (+53.3%), from €62,842 to €96,322
- Depreciation +€9,964
up €9,964 (+13.4%), from €74,453 to €84,417
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
€21,902
Gross operating margin
+€315
Depreciation
-€9,964
Other operating charges
+€369
Financial income
+€183,222
Financial charges
-€33,480
Taxes
-€42,969
Result 2025
€119,395
raises the resultlowers the result
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
+€219,136
Investment
-€291,320
Financing
+€62,319
Cash 2024
€32,132
From operations (derived)
+€219,136
Net result for the year
+€119,395
Depreciation
+€84,417
Receivables within one year
-€13,141
Deferred charges and accrued income
-€5,309
Trade debts
+€5,688
Tax, wage and social debts
+€1,930
Other debts
+€4,154
Accrued charges and deferred income
+€22,000
Investment (derived)
-€291,320
Investment in fixed assets (net)
-€63,879
Current investments
-€227,441
Financing
+€62,319
Debts after one year
+€61,757
Current portion of long-term debt
+€495
Short-term financial debts
+€68
Cash 2025
€22,267
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,036,752 | €2,252,239 | +€215,487 | +10.6% |
| Fixed assets | 21/28 | €1,271,723 | €1,251,185 | -€20,538 | -1.6% |
| Tangible fixed assets | 22/27 | €1,262,423 | €1,241,885 | -€20,538 | -1.6% |
| Land and buildings | 22 | €1,073,341 | €1,023,169 | -€50,172 | -4.7% |
| Furniture and vehicles | 24 | €1,253 | €54,392 | +€53,139 | +4,240% |
| Other tangible fixed assets | 26 | €187,828 | €164,324 | -€23,505 | -12.5% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €765,030 | €1,001,054 | +€236,025 | +30.9% |
| Amounts receivable within one year | 40/41 | €47,807 | €60,948 | +€13,141 | +27.5% |
| Trade receivables | 40 | €20,485 | €14,540 | -€5,945 | -29.0% |
| Other amounts receivable | 41 | €27,322 | €46,408 | +€19,085 | +69.9% |
| Current investments | 50/53 | €683,592 | €911,032 | +€227,441 | +33.3% |
| Cash at bank and in hand | 54/58 | €32,132 | €22,267 | -€9,865 | -30.7% |
| Deferred charges and accrued income | 490/1 | €1,499 | €6,807 | +€5,309 | +354% |
| Total equity and liabilities | 10/49 | €2,036,752 | €2,252,239 | +€215,487 | +10.6% |
| Equity | 10/15 | €600,211 | €719,607 | +€119,395 | +19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €581,611 | €701,007 | +€119,395 | +20.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €562,861 | €682,257 | +€119,395 | +21.2% |
| Amounts payable | 17/49 | €1,436,541 | €1,532,632 | +€96,092 | +6.7% |
| Amounts payable after more than one year | 17 | €1,388,993 | €1,450,750 | +€61,757 | +4.4% |
| Financial debts | 170/4 | €1,388,993 | €1,450,750 | +€61,757 | +4.4% |
| Amounts payable within one year | 42/48 | €42,491 | €54,826 | +€12,335 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €37,748 | €38,243 | +€495 | +1.3% |
| Financial debts | 43 | - | €68 | +€68 | |
| Credit institutions | 430/8 | - | €68 | +€68 | |
| Trade debts | 44 | €1,188 | €6,875 | +€5,688 | +479% |
| Suppliers | 440/4 | €1,188 | €6,875 | +€5,688 | +479% |
| Taxes, remuneration and social security | 45 | €2,255 | €4,185 | +€1,930 | +85.6% |
| Taxes | 450/3 | €2,255 | €4,185 | +€1,930 | +85.6% |
| Other amounts payable | 47/48 | €1,300 | €5,454 | +€4,154 | +320% |
| Accrued charges and deferred income | 492/3 | €5,057 | €27,057 | +€22,000 | +435% |
| Non-recurring operating income | 76A | €113 | €5,000 | +€4,887 | +4,313% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,453 | €84,417 | +€9,964 | +13.4% |
| Other operating charges | 640/8 | €6,785 | €6,415 | -€369 | -5.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €168,822 | €169,137 | +€315 | +0.2% |
| Operating profit (loss) | 9901 | €87,584 | €78,305 | -€9,279 | -10.6% |
| Financial income | 75/76B | €1,718 | €184,940 | +€183,222 | +10,663% |
| Recurring financial income | 75 | €1,718 | €184,940 | +€183,222 | +10,663% |
| Financial charges | 65/66B | €62,842 | €96,322 | +€33,480 | +53.3% |
| Recurring financial charges | 65 | €62,842 | €96,322 | +€33,480 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €26,460 | €166,923 | +€140,463 | +531% |
| Income taxes | 67/77 | €4,558 | €47,527 | +€42,969 | +943% |
| Profit (loss) for the period | 9904 | €21,902 | €119,395 | +€97,493 | +445% |
| Profit (loss) for the period to be appropriated | 9905 | €21,902 | €119,395 | +€97,493 | +445% |
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 20 October 2026 via checked.be.