FERTIBAT-APPRO: 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
FERTIBAT-APPRO
NACE 46.852, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€237,841
2024 · €422,454-€184,614
Equity
€4.5m
2024 · €4.3m+€237,841
Cash
€611,394
2024 · €296,945+€314,449
Balance sheet total
€9.7m
2024 · €10.5m-€814,265
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-23.2%), from €5.7m to €4.4m
of which Trade receivables: -€1.2m
- Cash +€314,449
up €314,449 (+106%), from €296,945 to €611,394
mainly Receivables within one year (+€1.3m) and Net result for the year (+€237,841)
- Stocks and contracts +€226,937
up €226,937 (+20.2%), from €1.1m to €1.3m
Equity and liabilities
- Trade debts -€569,861
down €569,861 (-16.3%), from €3.5m to €2.9m
- Reserves +€387,841
up €387,841 (+9.5%), from €4.1m to €4.5m
of which Distributable reserves: +€387,841
- Debts after one year -€320,000
down €320,000 (-22.6%), from €1.4m to €1.1m
- Other debts -€196,585
down €196,585 (-21.8%), from €903,187 to €706,602
- Profit (loss) carried forward -€150,000
no longer reported in 2025 (was €150,000)
Income statement
- Turnover -€25.7m
no longer reported in 2025 (was €25.7m)
- Goods and materials -€22.8m
no longer reported in 2025 (was €22.8m)
of which Purchases: -€23.4m
- Services and other goods -€2.0m
no longer reported in 2025 (was €2.0m)
- Gross operating margin +€614,021
new in 2025: €614,021
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
€422,454
Turnover
-€25.7m
Other operating income
-€45,968
Goods and materials
+€22.8m
Services and other goods
+€2.0m
Staff costs
-€6,290
Depreciation
-€19,000
Write-downs
+€62,264
Other operating charges
-€6,294
Other operating items
+€614,021
Financial income
+€4,031
Financial charges
+€7,830
Taxes
+€64,008
Result 2025
€237,841
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
+€605,983
Investment
€0
Financing
-€291,534
Cash 2024
€296,945
From operations (derived)
+€605,983
Net result for the year
+€237,841
Depreciation
+€31,554
Stocks and contracts
-€226,937
Receivables within one year
+€1.3m
Deferred charges and accrued income
+€192
Trade debts
-€569,861
Tax, wage and social debts
+€5,873
Other debts
-€196,585
Financing
-€291,534
Debts after one year
-€320,000
Short-term financial debts
+€28,466
Cash 2025
€611,394
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,465,367 | €9,651,102 | -€814,265 | -7.8% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €3,326,359 | €3,294,805 | -€31,554 | -0.9% |
| Tangible fixed assets | 22/27 | €126,359 | €94,805 | -€31,554 | -25.0% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €126,359 | €94,805 | -€31,554 | -25.0% |
| Financial fixed assets | 28 | €3,200,000 | €3,200,000 | = | 0.0% |
| Affiliated companies | 280/1 | €3,200,000 | - | -€3.2m | |
| Participating interests | 280 | €3,200,000 | - | -€3.2m | |
| Current assets | 29/58 | €7,139,008 | €6,356,297 | -€782,711 | -11.0% |
| Stocks and contracts in progress | 3 | €1,122,694 | €1,349,632 | +€226,937 | +20.2% |
| Stocks | 30/36 | €1,122,694 | €1,349,632 | +€226,937 | +20.2% |
| Raw materials and consumables | 30/31 | €1,122,694 | - | -€1.1m | |
| Amounts receivable within one year | 40/41 | €5,717,251 | €4,393,345 | -€1.3m | -23.2% |
| Trade receivables | 40 | €5,548,388 | €4,354,674 | -€1.2m | -21.5% |
| Other amounts receivable | 41 | €168,862 | €38,671 | -€130,191 | -77.1% |
| Cash at bank and in hand | 54/58 | €296,945 | €611,394 | +€314,449 | +106% |
| Deferred charges and accrued income | 490/1 | €2,118 | €1,926 | -€192 | -9.0% |
| Total equity and liabilities | 10/49 | €10,465,367 | €9,651,102 | -€814,265 | -7.8% |
| Equity | 10/15 | €4,298,204 | €4,536,045 | +€237,841 | +5.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,086,204 | €4,474,045 | +€387,841 | +9.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €4,080,004 | €4,467,845 | +€387,841 | +9.5% |
| Profit (loss) carried forward | 14 | €150,000 | - | -€150,000 | |
| Amounts payable | 17/49 | €6,167,163 | €5,115,057 | -€1.1m | -17.1% |
| Amounts payable after more than one year | 17 | €1,413,333 | €1,093,333 | -€320,000 | -22.6% |
| Financial debts | 170/4 | €1,413,333 | €1,093,333 | -€320,000 | -22.6% |
| Other loans | 174 | €1,413,333 | - | -€1.4m | |
| Amounts payable within one year | 42/48 | €4,753,830 | €4,021,724 | -€732,106 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €320,000 | €320,000 | = | 0.0% |
| Financial debts | 43 | - | €28,466 | +€28,466 | |
| Credit institutions | 430/8 | - | €28,466 | +€28,466 | |
| Trade debts | 44 | €3,498,176 | €2,928,315 | -€569,861 | -16.3% |
| Suppliers | 440/4 | €3,498,176 | €2,928,315 | -€569,861 | -16.3% |
| Taxes, remuneration and social security | 45 | €32,467 | €38,340 | +€5,873 | +18.1% |
| Taxes | 450/3 | €18,997 | €38,340 | +€19,344 | +102% |
| Remuneration and social security | 454/9 | €13,471 | - | -€13,471 | |
| Other amounts payable | 47/48 | €903,187 | €706,602 | -€196,585 | -21.8% |
| Operating income | 70/76A | €25,735,256 | - | -€25.7m | |
| Turnover | 70 | €25,689,287 | - | -€25.7m | |
| Other operating income | 74 | €45,968 | - | -€45,968 | |
| Operating charges | 60/66A | €25,083,023 | - | -€25.1m | |
| Goods for resale, raw materials and consumables | 60 | €22,821,529 | - | -€22.8m | |
| Purchases | 600/8 | €23,420,973 | - | -€23.4m | |
| Change in stocks: decrease (increase) | 609 | -€599,444 | - | +€599,444 | |
| Services and other goods | 61 | €2,008,543 | - | -€2.0m | |
| Remuneration, social security and pensions | 62 | €171,439 | €177,729 | +€6,290 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,554 | €31,554 | +€19,000 | +151% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €62,264 | - | -€62,264 | |
| Other operating charges | 640/8 | €6,694 | €12,987 | +€6,294 | +94.0% |
| Gross operating margin | 9900 | - | €614,021 | +€614,021 | |
| Operating profit (loss) | 9901 | €652,233 | €391,751 | -€260,482 | -39.9% |
| Financial income | 75/76B | €11,845 | €15,876 | +€4,031 | +34.0% |
| Recurring financial income | 75 | €11,845 | €15,876 | +€4,031 | +34.0% |
| Income from current assets | 751 | €11,794 | - | -€11,794 | |
| Other financial income | 752/9 | €51 | - | -€51 | |
| Financial charges | 65/66B | €96,286 | €88,457 | -€7,830 | -8.1% |
| Recurring financial charges | 65 | €96,286 | €88,457 | -€7,830 | -8.1% |
| Debt charges | 650 | €96,280 | - | -€96,280 | |
| Other financial charges | 652/9 | €6 | - | -€6 | |
| Profit (loss) for the period before taxes | 9903 | €567,792 | €319,170 | -€248,622 | -43.8% |
| Income taxes | 67/77 | €145,337 | €81,329 | -€64,008 | -44.0% |
| Taxes | 670/3 | €145,337 | - | -€145,337 | |
| Profit (loss) for the period | 9904 | €422,454 | €237,841 | -€184,614 | -43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €422,454 | €237,841 | -€184,614 | -43.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.