APPALACH: 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.
APPALACH
Largest movements
- Receivables within one year +€72,375
up €72,375 (+129%), from €56,016 to €128,391
of which Trade receivables: +€67,169
- Cash -€21,025
down €21,025 (-19.9%), from €105,698 to €84,674
mainly Contributions, distributions and other (-€80,000) and Receivables within one year (-€72,375)
- Deferred charges and accrued income +€11,444
up €11,444 (+243%), from €4,714 to €16,158
- Tangible fixed assets +€10,157
up €10,157 (+50.3%), from €20,204 to €30,361
of which Furniture and vehicles: +€10,424
- Other debts +€31,047
up €31,047 (+103%), from €30,000 to €61,047
- Trade debts +€22,209
up €22,209 (+116%), from €19,138 to €41,347
- Accrued charges and deferred income +€15,990
up €15,990, from €0 to €15,990
- Profit (loss) carried forward +€7,186
up €7,186 (+12.0%), from €59,887 to €67,073
- Debts after one year -€5,586
down €5,586 (-36.2%), from €15,411 to €9,825
- Gross operating margin +€125,034
up €125,034 (+66.2%), from €188,791 to €313,825
- Staff costs +€84,989
up €84,989 (+85.3%), from €99,600 to €184,589
- Taxes +€9,600
up €9,600 (+68.5%), from €14,019 to €23,619
- Financial charges -€3,158
down €3,158 (-60.5%), from €5,223 to €2,065
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 | €189,987 | €262,178 | +€72,191 | +38.0% |
| Fixed assets | 21/28 | €23,558 | €32,956 | +€9,397 | +39.9% |
| Intangible fixed assets | 21 | €3,355 | €2,595 | -€760 | -22.7% |
| Tangible fixed assets | 22/27 | €20,204 | €30,361 | +€10,157 | +50.3% |
| Furniture and vehicles | 24 | €18,442 | €28,866 | +€10,424 | +56.5% |
| Other tangible fixed assets | 26 | €1,762 | €1,495 | -€267 | -15.1% |
| Current assets | 29/58 | €166,428 | €229,222 | +€62,794 | +37.7% |
| Amounts receivable within one year | 40/41 | €56,016 | €128,391 | +€72,375 | +129% |
| Trade receivables | 40 | €51,988 | €119,157 | +€67,169 | +129% |
| Other amounts receivable | 41 | €4,028 | €9,234 | +€5,206 | +129% |
| Cash at bank and in hand | 54/58 | €105,698 | €84,674 | -€21,025 | -19.9% |
| Deferred charges and accrued income | 490/1 | €4,714 | €16,158 | +€11,444 | +243% |
| Total equity and liabilities | 10/49 | €189,987 | €262,178 | +€72,191 | +38.0% |
| Equity | 10/15 | €78,867 | €86,053 | +€7,186 | +9.1% |
| Contributions | 10/11 | €18,980 | €18,980 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,887 | €67,073 | +€7,186 | +12.0% |
| Amounts payable | 17/49 | €111,119 | €176,124 | +€65,005 | +58.5% |
| Amounts payable after more than one year | 17 | €15,411 | €9,825 | -€5,586 | -36.2% |
| Financial debts | 170/4 | €15,411 | €9,825 | -€5,586 | -36.2% |
| Amounts payable within one year | 42/48 | €95,708 | €150,309 | +€54,601 | +57.0% |
| Current portion of amounts payable after more than one year | 42 | €5,151 | €5,586 | +€435 | +8.5% |
| Trade debts | 44 | €19,138 | €41,347 | +€22,209 | +116% |
| Suppliers | 440/4 | €19,138 | €41,347 | +€22,209 | +116% |
| Taxes, remuneration and social security | 45 | €41,419 | €42,329 | +€910 | +2.2% |
| Taxes | 450/3 | €29,095 | €22,260 | -€6,834 | -23.5% |
| Remuneration and social security | 454/9 | €12,325 | €20,069 | +€7,744 | +62.8% |
| Other amounts payable | 47/48 | €30,000 | €61,047 | +€31,047 | +103% |
| Accrued charges and deferred income | 492/3 | €0 | €15,990 | +€15,990 | |
| Remuneration, social security and pensions | 62 | €99,600 | €184,589 | +€84,989 | +85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,513 | €14,862 | -€1,652 | -10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,885 | €0 | -€2,885 | -100% |
| Other operating charges | 640/8 | €1,851 | €1,610 | -€241 | -13.0% |
| Gross operating margin | 9900 | €188,791 | €313,825 | +€125,034 | +66.2% |
| Operating profit (loss) | 9901 | €67,942 | €112,764 | +€44,822 | +66.0% |
| Financial income | 75/76B | €12 | €105 | +€93 | +777% |
| Recurring financial income | 75 | €12 | €105 | +€93 | +777% |
| Financial charges | 65/66B | €5,223 | €2,065 | -€3,158 | -60.5% |
| Recurring financial charges | 65 | €5,223 | €2,065 | -€3,158 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €62,731 | €110,805 | +€48,074 | +76.6% |
| Income taxes | 67/77 | €14,019 | €23,619 | +€9,600 | +68.5% |
| Profit (loss) for the period | 9904 | €48,712 | €87,186 | +€38,474 | +79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,712 | €87,186 | +€38,474 | +79.0% |
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 23 October 2026 via checked.be.