Van Camp – Apostolou: 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.
Van Camp – Apostolou
Largest movements
- Tangible fixed assets +€764,744
up €764,744 (+636%), from €120,218 to €884,961
of which Land and buildings: +€783,131
- Cash +€361,181
up €361,181 (+70.4%), from €513,141 to €874,322
mainly Debts after one year (+€652,732) and Net result for the year (+€361,090)
- Receivables within one year -€114,184
down €114,184 (-99.7%), from €114,521 to €337
of which Trade receivables: -€114,313
- Intangible fixed assets -€99,628
down €99,628 (-11.1%), from €896,746 to €797,118
- Debts after one year +€652,732
up €652,732 (+61.9%), from €1.1m to €1.7m
- Reserves +€196,090
up €196,090 (+220%), from €89,064 to €285,154
- Other debts +€164,738
up €164,738 (+66.8%), from €246,493 to €411,230
- Trade debts -€90,158
down €90,158 (-75.9%), from €118,831 to €28,672
- Tax, wage and social debts -€35,827
down €35,827 (-45.2%), from €79,276 to €43,449
of which Taxes: -€18,741
- Gross operating margin +€205,604
up €205,604 (+26.3%), from €781,481 to €987,085
- Depreciation +€105,089
up €105,089 (+80.9%), from €129,945 to €235,034
- Staff costs -€66,102
down €66,102 (-19.1%), from €345,835 to €279,733
- Taxes +€37,126
up €37,126 (+122%), from €30,465 to €67,591
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 | €1,648,868 | €2,562,396 | +€913,528 | +55.4% |
| Fixed assets | 21/28 | €1,016,963 | €1,682,079 | +€665,116 | +65.4% |
| Intangible fixed assets | 21 | €896,746 | €797,118 | -€99,628 | -11.1% |
| Tangible fixed assets | 22/27 | €120,218 | €884,961 | +€764,744 | +636% |
| Land and buildings | 22 | - | €783,131 | +€783,131 | |
| Plant, machinery and equipment | 23 | €6,136 | €16,485 | +€10,349 | +169% |
| Furniture and vehicles | 24 | €47,314 | €35,290 | -€12,024 | -25.4% |
| Other tangible fixed assets | 26 | €66,768 | €50,055 | -€16,713 | -25.0% |
| Current assets | 29/58 | €631,905 | €880,317 | +€248,413 | +39.3% |
| Amounts receivable within one year | 40/41 | €114,521 | €337 | -€114,184 | -99.7% |
| Trade receivables | 40 | €114,518 | €204 | -€114,313 | -99.8% |
| Other amounts receivable | 41 | €4 | €132 | +€129 | +3,683% |
| Cash at bank and in hand | 54/58 | €513,141 | €874,322 | +€361,181 | +70.4% |
| Deferred charges and accrued income | 490/1 | €4,243 | €5,659 | +€1,416 | +33.4% |
| Total equity and liabilities | 10/49 | €1,648,868 | €2,562,396 | +€913,528 | +55.4% |
| Equity | 10/15 | €94,064 | €290,154 | +€196,090 | +208% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | - | -€5,000 | |
| Issued capital | 100 | €5,000 | - | -€5,000 | |
| Reserves | 13 | €89,064 | €285,154 | +€196,090 | +220% |
| Distributable reserves | 133 | €89,064 | €285,154 | +€196,090 | +220% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,554,804 | €2,272,242 | +€717,438 | +46.1% |
| Amounts payable after more than one year | 17 | €1,054,642 | €1,707,374 | +€652,732 | +61.9% |
| Financial debts | 170/4 | €1,054,642 | €1,707,374 | +€652,732 | +61.9% |
| Amounts payable within one year | 42/48 | €500,162 | €564,868 | +€64,706 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €55,563 | €81,517 | +€25,954 | +46.7% |
| Trade debts | 44 | €118,831 | €28,672 | -€90,158 | -75.9% |
| Suppliers | 440/4 | €118,831 | €28,672 | -€90,158 | -75.9% |
| Taxes, remuneration and social security | 45 | €79,276 | €43,449 | -€35,827 | -45.2% |
| Taxes | 450/3 | €27,140 | €8,399 | -€18,741 | -69.1% |
| Remuneration and social security | 454/9 | €52,136 | €35,050 | -€17,086 | -32.8% |
| Other amounts payable | 47/48 | €246,493 | €411,230 | +€164,738 | +66.8% |
| Remuneration, social security and pensions | 62 | €345,835 | €279,733 | -€66,102 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,945 | €235,034 | +€105,089 | +80.9% |
| Other operating charges | 640/8 | €270 | €1,798 | +€1,528 | +566% |
| Gross operating margin | 9900 | €781,481 | €987,085 | +€205,604 | +26.3% |
| Operating profit (loss) | 9901 | €305,430 | €470,519 | +€165,089 | +54.1% |
| Financial income | 75/76B | €1,060 | €4,218 | +€3,158 | +298% |
| Recurring financial income | 75 | €1,060 | €4,218 | +€3,158 | +298% |
| Financial charges | 65/66B | €36,962 | €46,056 | +€9,094 | +24.6% |
| Recurring financial charges | 65 | €36,962 | €46,056 | +€9,094 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €269,529 | €428,682 | +€159,153 | +59.0% |
| Income taxes | 67/77 | €30,465 | €67,591 | +€37,126 | +122% |
| Profit (loss) for the period | 9904 | €239,064 | €361,090 | +€122,026 | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €239,064 | €361,090 | +€122,026 | +51.0% |
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 1 November 2026 via checked.be.