L’Apéthimmo: 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’Apéthimmo
Largest movements
- Tangible fixed assets -€19,076
down €19,076 (-2.5%), from €776,141 to €757,066
of which Land and buildings: -€17,957
- Receivables within one year -€11,866
down €11,866 (-37.8%), from €31,355 to €19,489
of which Other amounts receivable: -€11,789
- Cash -€11,173
down €11,173 (-90.7%), from €12,313 to €1,141
mainly Trade debts (-€33,279) and Investment in fixed assets (net) (-€18,551)
- Trade debts -€33,279
down €33,279 (-83.3%), from €39,941 to €6,662
- Investment grants -€18,343
down €18,343 (-5.3%), from €343,884 to €325,541
- Short-term financial debts +€18,000
up €18,000 (+72.0%), from €25,000 to €43,000
- Debts after one year -€13,433
down €13,433 (-4.1%), from €327,606 to €314,173
- Profit (loss) carried forward +€10,722
up €10,722 (+16.7%), from -€64,382 to -€53,660
- Staff costs -€20,435
down €20,435 (-100.0%), from €20,435 to €0
- Gross operating margin +€20,162
up €20,162 (+99.6%), from €20,234 to €40,396
- Depreciation +€10,419
up €10,419 (+37.1%), from €28,089 to €38,507
- Financial income +€5,618
up €5,618 (+44.2%), from €12,725 to €18,343
- Financial charges -€3,824
down €3,824 (-20.9%), from €18,291 to €14,467
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 | €823,488 | €780,494 | -€42,995 | -5.2% |
| Fixed assets | 21/28 | €779,820 | €759,864 | -€19,956 | -2.6% |
| Intangible fixed assets | 21 | €3,679 | €2,799 | -€880 | -23.9% |
| Tangible fixed assets | 22/27 | €776,141 | €757,066 | -€19,076 | -2.5% |
| Land and buildings | 22 | €762,319 | €744,362 | -€17,957 | -2.4% |
| Plant, machinery and equipment | 23 | €13,432 | €12,396 | -€1,036 | -7.7% |
| Furniture and vehicles | 24 | €391 | €308 | -€82 | -21.1% |
| Current assets | 29/58 | €43,668 | €20,629 | -€23,039 | -52.8% |
| Amounts receivable within one year | 40/41 | €31,355 | €19,489 | -€11,866 | -37.8% |
| Trade receivables | 40 | €4,985 | €4,908 | -€77 | -1.5% |
| Other amounts receivable | 41 | €26,370 | €14,581 | -€11,789 | -44.7% |
| Cash at bank and in hand | 54/58 | €12,313 | €1,141 | -€11,173 | -90.7% |
| Total equity and liabilities | 10/49 | €823,488 | €780,494 | -€42,995 | -5.2% |
| Equity | 10/15 | €299,502 | €291,881 | -€7,621 | -2.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,382 | -€53,660 | +€10,722 | +16.7% |
| Investment grants | 15 | €343,884 | €325,541 | -€18,343 | -5.3% |
| Provisions and deferred taxes | 16 | €114,628 | €108,514 | -€6,114 | -5.3% |
| Deferred taxes | 168 | €114,628 | €108,514 | -€6,114 | -5.3% |
| Amounts payable | 17/49 | €409,358 | €380,099 | -€29,259 | -7.1% |
| Amounts payable after more than one year | 17 | €327,606 | €314,173 | -€13,433 | -4.1% |
| Financial debts | 170/4 | €327,606 | €314,173 | -€13,433 | -4.1% |
| Amounts payable within one year | 42/48 | €81,753 | €65,927 | -€15,826 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €12,959 | €13,433 | +€474 | +3.7% |
| Financial debts | 43 | €25,000 | €43,000 | +€18,000 | +72.0% |
| Credit institutions | 430/8 | €25,000 | €43,000 | +€18,000 | +72.0% |
| Trade debts | 44 | €39,941 | €6,662 | -€33,279 | -83.3% |
| Suppliers | 440/4 | €39,941 | €6,662 | -€33,279 | -83.3% |
| Taxes, remuneration and social security | 45 | €3,852 | €2,057 | -€1,796 | -46.6% |
| Taxes | 450/3 | €2,179 | €2,057 | -€122 | -5.6% |
| Remuneration and social security | 454/9 | €1,674 | €0 | -€1,674 | -100.0% |
| Other amounts payable | 47/48 | €0 | €774 | +€774 | |
| Remuneration, social security and pensions | 62 | €20,435 | €0 | -€20,435 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,089 | €38,507 | +€10,419 | +37.1% |
| Other operating charges | 640/8 | €997 | €1,157 | +€160 | +16.1% |
| Gross operating margin | 9900 | €20,234 | €40,396 | +€20,162 | +99.6% |
| Operating profit (loss) | 9901 | -€29,286 | €732 | +€30,018 | |
| Financial income | 75/76B | €12,725 | €18,343 | +€5,618 | +44.2% |
| Recurring financial income | 75 | €12,725 | €18,343 | +€5,618 | +44.2% |
| Financial charges | 65/66B | €18,291 | €14,467 | -€3,824 | -20.9% |
| Recurring financial charges | 65 | €18,291 | €14,467 | -€3,824 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | -€34,853 | €4,608 | +€39,460 | |
| Transfer from deferred taxes | 780 | €4,242 | €6,114 | +€1,873 | +44.2% |
| Profit (loss) for the period | 9904 | -€30,611 | €10,722 | +€41,333 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,611 | €10,722 | +€41,333 |
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.