L’APECO: 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.
L’APECO
Largest movements
- Stocks and contracts +€12,828
new in 2025: €12,828
- Cash -€1,712
down €1,712 (-58.9%), from €2,907 to €1,195
mainly Stocks and contracts (-€12,828) and Net result for the year (-€6,270)
- Receivables within one year +€742
up €742 (+4.4%), from €16,724 to €17,466
of which Trade receivables: +€1,406
- Trade debts +€9,957
up €9,957 (+48.3%), from €20,606 to €30,562
- Other debts +€6,870
up €6,870 (+76.3%), from €9,004 to €15,874
- Profit (loss) carried forward -€6,270
down €6,270 (-53.2%), from -€11,779 to -€18,050
- Tax, wage and social debts +€1,302
new in 2025: €1,302
- Gross operating margin -€4,558
down €4,558 (-277.9%), from -€1,641 to -€6,199
- Write-downs -€652
no longer reported in 2025 (was €652)
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 | €19,631 | €31,489 | +€11,859 | +60.4% |
| Current assets | 29/58 | €19,631 | €31,489 | +€11,859 | +60.4% |
| Stocks and contracts in progress | 3 | - | €12,828 | +€12,828 | |
| Stocks | 30/36 | - | €12,828 | +€12,828 | |
| Amounts receivable within one year | 40/41 | €16,724 | €17,466 | +€742 | +4.4% |
| Trade receivables | 40 | €16,043 | €17,448 | +€1,406 | +8.8% |
| Other amounts receivable | 41 | €681 | €17 | -€664 | -97.5% |
| Cash at bank and in hand | 54/58 | €2,907 | €1,195 | -€1,712 | -58.9% |
| Total equity and liabilities | 10/49 | €19,631 | €31,489 | +€11,859 | +60.4% |
| Equity | 10/15 | -€9,979 | -€16,250 | -€6,270 | -62.8% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,779 | -€18,050 | -€6,270 | -53.2% |
| Amounts payable | 17/49 | €29,610 | €47,739 | +€18,129 | +61.2% |
| Amounts payable within one year | 42/48 | €29,610 | €47,739 | +€18,129 | +61.2% |
| Trade debts | 44 | €20,606 | €30,562 | +€9,957 | +48.3% |
| Suppliers | 440/4 | €20,606 | €30,562 | +€9,957 | +48.3% |
| Taxes, remuneration and social security | 45 | - | €1,302 | +€1,302 | |
| Taxes | 450/3 | - | €1,302 | +€1,302 | |
| Other amounts payable | 47/48 | €9,004 | €15,874 | +€6,870 | +76.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €652 | - | -€652 | |
| Gross operating margin | 9900 | -€1,641 | -€6,199 | -€4,558 | -277.9% |
| Operating profit (loss) | 9901 | -€2,292 | -€6,199 | -€3,907 | -170.4% |
| Financial income | 75/76B | €39 | €6 | -€33 | -85.5% |
| Recurring financial income | 75 | €39 | €6 | -€33 | -85.5% |
| Financial charges | 65/66B | €54 | €77 | +€23 | +42.7% |
| Recurring financial charges | 65 | €54 | €77 | +€23 | +42.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,307 | -€6,270 | -€3,963 | -171.8% |
| Profit (loss) for the period | 9904 | -€2,307 | -€6,270 | -€3,963 | -171.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,307 | -€6,270 | -€3,963 | -171.8% |
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 8 October 2026 via checked.be.