GROUPE APPEL NET: 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.
GROUPE APPEL NET
Largest movements
- Receivables within one year -€65,922
down €65,922 (-46.4%), from €142,165 to €76,243
of which Trade receivables: -€42,818
- Cash +€21,394
up €21,394 (+284%), from €7,543 to €28,937
mainly Receivables within one year (+€65,922) and Depreciation (+€11,108)
- Tangible fixed assets +€3,949
up €3,949 (+15.8%), from €24,976 to €28,925
of which Furniture and vehicles: +€4,388
- Trade debts -€22,162
down €22,162 (-21.2%), from €104,443 to €82,281
- Profit (loss) carried forward -€14,538
down €14,538 (-29.0%), from €50,155 to €35,617
- Tax, wage and social debts -€3,879
down €3,879 (-76.9%), from €5,046 to €1,167
of which Remuneration and social security: -€3,322
- Turnover +€113,190
up €113,190 (+18.3%), from €617,317 to €730,507
- Purchases and services +€73,485
up €73,485 (+14.9%), from €492,375 to €565,860
- Staff costs +€45,278
up €45,278 (+36.4%), from €124,447 to €169,725
- Gross operating margin +€44,026
up €44,026 (+34.8%), from €126,536 to €170,562
- Taxes -€16,330
no longer reported in 2025 (was €16,330)
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 | €178,244 | €137,665 | -€40,579 | -22.8% |
| Fixed assets | 21/28 | €25,096 | €29,045 | +€3,949 | +15.7% |
| Tangible fixed assets | 22/27 | €24,976 | €28,925 | +€3,949 | +15.8% |
| Furniture and vehicles | 24 | €24,098 | €28,486 | +€4,388 | +18.2% |
| Leasing and similar rights | 25 | €878 | €439 | -€439 | -50.0% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €153,148 | €108,620 | -€44,528 | -29.1% |
| Amounts receivable within one year | 40/41 | €142,165 | €76,243 | -€65,922 | -46.4% |
| Trade receivables | 40 | €90,587 | €47,769 | -€42,818 | -47.3% |
| Other amounts receivable | 41 | €51,578 | €28,474 | -€23,104 | -44.8% |
| Cash at bank and in hand | 54/58 | €7,543 | €28,937 | +€21,394 | +284% |
| Deferred charges and accrued income | 490/1 | €3,440 | €3,440 | = | 0.0% |
| Total equity and liabilities | 10/49 | €178,244 | €137,665 | -€40,579 | -22.8% |
| Equity | 10/15 | €68,755 | €54,217 | -€14,538 | -21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,155 | €35,617 | -€14,538 | -29.0% |
| Amounts payable | 17/49 | €109,489 | €83,448 | -€26,041 | -23.8% |
| Amounts payable within one year | 42/48 | €109,489 | €83,448 | -€26,041 | -23.8% |
| Trade debts | 44 | €104,443 | €82,281 | -€22,162 | -21.2% |
| Suppliers | 440/4 | €104,443 | €82,281 | -€22,162 | -21.2% |
| Taxes, remuneration and social security | 45 | €5,046 | €1,167 | -€3,879 | -76.9% |
| Taxes | 450/3 | €1,126 | €569 | -€557 | -49.5% |
| Remuneration and social security | 454/9 | €3,920 | €598 | -€3,322 | -84.7% |
| Turnover | 70 | €617,317 | €730,507 | +€113,190 | +18.3% |
| Non-recurring operating income | 76A | €1,593 | €5,915 | +€4,322 | +271% |
| Goods, raw materials, services and sundry goods | 60/61 | €492,375 | €565,860 | +€73,485 | +14.9% |
| Remuneration, social security and pensions | 62 | €124,447 | €169,725 | +€45,278 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,958 | €11,108 | +€3,150 | +39.6% |
| Other operating charges | 640/8 | €4,408 | €2,855 | -€1,553 | -35.2% |
| Non-recurring operating charges | 66A | €186 | - | -€186 | |
| Gross operating margin | 9900 | €126,536 | €170,562 | +€44,026 | +34.8% |
| Operating profit (loss) | 9901 | -€10,463 | -€13,126 | -€2,663 | -25.5% |
| Financial charges | 65/66B | €713 | €1,412 | +€699 | +98.0% |
| Recurring financial charges | 65 | €713 | €1,412 | +€699 | +98.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,176 | -€14,538 | -€3,362 | -30.1% |
| Income taxes | 67/77 | €16,330 | - | -€16,330 | |
| Profit (loss) for the period | 9904 | -€27,506 | -€14,538 | +€12,968 | +47.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,506 | -€14,538 | +€12,968 | +47.1% |
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.