THE APEX GROUP: 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.
THE APEX GROUP
Largest movements
- Receivables within one year +€208,787
up €208,787 (+77.1%), from €270,806 to €479,593
of which Trade receivables: +€168,470
- Cash -€28,035
down €28,035 (-12.4%), from €226,167 to €198,132
mainly Receivables within one year (-€208,787) and Contributions, distributions and other (-€80,000)
- Other debts +€80,490
up €80,490 (+11,961%), from €673 to €81,163
- Trade debts +€73,982
up €73,982 (+22.2%), from €333,978 to €407,961
- Profit (loss) carried forward +€21,952
up €21,952 (+184%), from €11,912 to €33,864
- Gross operating margin +€116,744
up €116,744 (+41.9%), from €278,932 to €395,676
- Staff costs +€38,039
up €38,039 (+18.0%), from €211,526 to €249,565
- Taxes +€32,447
up €32,447 (+7,164%), from €453 to €32,900
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 | €514,748 | €696,654 | +€181,906 | +35.3% |
| Fixed assets | 21/28 | €8,427 | €5,416 | -€3,011 | -35.7% |
| Tangible fixed assets | 22/27 | €8,427 | €5,416 | -€3,011 | -35.7% |
| Plant, machinery and equipment | 23 | €4,323 | €3,789 | -€533 | -12.3% |
| Furniture and vehicles | 24 | €4,104 | €1,626 | -€2,478 | -60.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €506,321 | €691,238 | +€184,917 | +36.5% |
| Amounts receivable within one year | 40/41 | €270,806 | €479,593 | +€208,787 | +77.1% |
| Trade receivables | 40 | €222,091 | €390,561 | +€168,470 | +75.9% |
| Other amounts receivable | 41 | €48,715 | €89,032 | +€40,317 | +82.8% |
| Cash at bank and in hand | 54/58 | €226,167 | €198,132 | -€28,035 | -12.4% |
| Deferred charges and accrued income | 490/1 | €9,348 | €13,513 | +€4,165 | +44.6% |
| Total equity and liabilities | 10/49 | €514,748 | €696,654 | +€181,906 | +35.3% |
| Equity | 10/15 | €31,912 | €53,864 | +€21,952 | +68.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,912 | €33,864 | +€21,952 | +184% |
| Amounts payable | 17/49 | €482,836 | €642,790 | +€159,954 | +33.1% |
| Amounts payable within one year | 42/48 | €481,275 | €642,711 | +€161,436 | +33.5% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €333,978 | €407,961 | +€73,982 | +22.2% |
| Suppliers | 440/4 | €333,978 | €407,961 | +€73,982 | +22.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €21,624 | €28,588 | +€6,964 | +32.2% |
| Taxes | 450/3 | €453 | €0 | -€453 | -100% |
| Remuneration and social security | 454/9 | €21,171 | €28,588 | +€7,417 | +35.0% |
| Other amounts payable | 47/48 | €673 | €81,163 | +€80,490 | +11,961% |
| Accrued charges and deferred income | 492/3 | €1,561 | €79 | -€1,482 | -95.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €211,526 | €249,565 | +€38,039 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,908 | €3,011 | +€103 | +3.5% |
| Other operating charges | 640/8 | €3,611 | €1,908 | -€1,703 | -47.2% |
| Gross operating margin | 9900 | €278,932 | €395,676 | +€116,744 | +41.9% |
| Operating profit (loss) | 9901 | €60,886 | €141,192 | +€80,306 | +132% |
| Financial income | 75/76B | €134 | €2,895 | +€2,762 | +2,067% |
| Recurring financial income | 75 | €134 | €2,895 | +€2,762 | +2,067% |
| Financial charges | 65/66B | €10,649 | €9,235 | -€1,414 | -13.3% |
| Recurring financial charges | 65 | €10,649 | €9,235 | -€1,414 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €50,370 | €134,852 | +€84,482 | +168% |
| Income taxes | 67/77 | €453 | €32,900 | +€32,447 | +7,164% |
| Profit (loss) for the period | 9904 | €49,917 | €101,952 | +€52,035 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €49,917 | €101,952 | +€52,035 | +104% |
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 27 October 2026 via checked.be.