apEX: 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.
apEX
Largest movements
- Current investments +€30,000
new in 2025: €30,000
- Cash -€15,330
down €15,330 (-42.2%), from €36,340 to €21,010
mainly Current investments (-€30,000) and Debts after one year (-€8,346)
- Tangible fixed assets -€12,975
down €12,975 (-38.2%), from €33,999 to €21,024
of which Furniture and vehicles: -€11,980
- Receivables within one year +€1,958
up €1,958 (+12.4%), from €15,801 to €17,759
- Reserves +€22,482
up €22,482 (+61.3%), from €36,681 to €59,163
- Debts after one year -€8,346
no longer reported in 2025 (was €8,346)
- Current portion of long-term debt -€5,672
down €5,672 (-40.5%), from €14,018 to €8,346
- Tax, wage and social debts -€4,339
down €4,339 (-20.1%), from €21,614 to €17,275
- Gross operating margin +€2,719
up €2,719 (+6.7%), from €40,833 to €43,553
- Taxes +€637
up €637 (+11.8%), from €5,408 to €6,045
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 | €87,053 | €90,865 | +€3,812 | +4.4% |
| Fixed assets | 21/28 | €33,999 | €21,024 | -€12,975 | -38.2% |
| Tangible fixed assets | 22/27 | €33,999 | €21,024 | -€12,975 | -38.2% |
| Plant, machinery and equipment | 23 | €3,558 | €2,563 | -€995 | -28.0% |
| Furniture and vehicles | 24 | €30,441 | €18,461 | -€11,980 | -39.4% |
| Current assets | 29/58 | €53,054 | €69,841 | +€16,787 | +31.6% |
| Amounts receivable within one year | 40/41 | €15,801 | €17,759 | +€1,958 | +12.4% |
| Trade receivables | 40 | €15,801 | €17,759 | +€1,958 | +12.4% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €36,340 | €21,010 | -€15,330 | -42.2% |
| Deferred charges and accrued income | 490/1 | €913 | €1,071 | +€159 | +17.4% |
| Total equity and liabilities | 10/49 | €87,053 | €90,865 | +€3,812 | +4.4% |
| Equity | 10/15 | €39,181 | €61,663 | +€22,482 | +57.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €36,681 | €59,163 | +€22,482 | +61.3% |
| Distributable reserves | 133 | €36,681 | €59,163 | +€22,482 | +61.3% |
| Amounts payable | 17/49 | €47,872 | €29,203 | -€18,669 | -39.0% |
| Amounts payable after more than one year | 17 | €8,346 | - | -€8,346 | |
| Financial debts | 170/4 | €8,346 | - | -€8,346 | |
| Amounts payable within one year | 42/48 | €39,526 | €28,712 | -€10,813 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €14,018 | €8,346 | -€5,672 | -40.5% |
| Trade debts | 44 | €1,510 | €1,491 | -€19 | -1.2% |
| Suppliers | 440/4 | €1,510 | €1,491 | -€19 | -1.2% |
| Taxes, remuneration and social security | 45 | €21,614 | €17,275 | -€4,339 | -20.1% |
| Taxes | 450/3 | €21,614 | €17,275 | -€4,339 | -20.1% |
| Other amounts payable | 47/48 | €2,383 | €1,600 | -€783 | -32.9% |
| Accrued charges and deferred income | 492/3 | - | €490 | +€490 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,921 | €13,869 | -€52 | -0.4% |
| Other operating charges | 640/8 | €634 | €706 | +€72 | +11.4% |
| Gross operating margin | 9900 | €40,833 | €43,553 | +€2,719 | +6.7% |
| Operating profit (loss) | 9901 | €26,278 | €28,977 | +€2,699 | +10.3% |
| Financial income | 75/76B | - | €144 | +€144 | |
| Recurring financial income | 75 | - | €144 | +€144 | |
| Financial charges | 65/66B | €974 | €595 | -€380 | -39.0% |
| Recurring financial charges | 65 | €974 | €595 | -€380 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €25,304 | €28,527 | +€3,223 | +12.7% |
| Income taxes | 67/77 | €5,408 | €6,045 | +€637 | +11.8% |
| Profit (loss) for the period | 9904 | €19,895 | €22,482 | +€2,586 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,895 | €22,482 | +€2,586 | +13.0% |
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 20 October 2026 via checked.be.