APECO: 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.
APECO
Largest movements
- Cash +€20,373
up €20,373 (+143%), from €14,252 to €34,625
mainly Net result for the year (+€17,887) and Other debts (+€2,440)
- Receivables within one year +€2,702
up €2,702 (+39.3%), from €6,870 to €9,572
of which Trade receivables: +€5,252
- Tangible fixed assets -€1,292
down €1,292 (-31.7%), from €4,078 to €2,786
of which Furniture and vehicles: -€720
- Profit (loss) carried forward +€17,887
up €17,887 (+128%), from €14,027 to €31,914
- Other debts +€2,440
up €2,440, from €0 to €2,440
- Tax, wage and social debts +€2,026
up €2,026 (+33.6%), from €6,039 to €8,065
of which Remuneration and social security: +€3,358
- Purchases and services -€32,740
no longer reported in 2025 (was €32,740)
- Gross operating margin +€29,376
up €29,376, from -€4,821 to €24,556
- Turnover -€25,746
no longer reported in 2025 (was €25,746)
- Taxes +€4,545
up €4,545 (+2,799%), from €162 to €4,707
- Depreciation +€562
up €562 (+77.0%), from €730 to €1,292
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 | €25,811 | €47,722 | +€21,911 | +84.9% |
| Fixed assets | 21/28 | €4,078 | €2,786 | -€1,292 | -31.7% |
| Tangible fixed assets | 22/27 | €4,078 | €2,786 | -€1,292 | -31.7% |
| Plant, machinery and equipment | 23 | €637 | €65 | -€573 | -89.8% |
| Furniture and vehicles | 24 | €3,441 | €2,721 | -€720 | -20.9% |
| Current assets | 29/58 | €21,733 | €44,936 | +€23,203 | +107% |
| Amounts receivable within one year | 40/41 | €6,870 | €9,572 | +€2,702 | +39.3% |
| Trade receivables | 40 | €4,320 | €9,572 | +€5,252 | +122% |
| Other amounts receivable | 41 | €2,550 | €0 | -€2,550 | -100% |
| Cash at bank and in hand | 54/58 | €14,252 | €34,625 | +€20,373 | +143% |
| Deferred charges and accrued income | 490/1 | €611 | €739 | +€128 | +21.0% |
| Total equity and liabilities | 10/49 | €25,811 | €47,722 | +€21,911 | +84.9% |
| Equity | 10/15 | €19,027 | €36,914 | +€17,887 | +94.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,027 | €31,914 | +€17,887 | +128% |
| Amounts payable | 17/49 | €6,784 | €10,808 | +€4,024 | +59.3% |
| Amounts payable within one year | 42/48 | €6,729 | €10,808 | +€4,079 | +60.6% |
| Trade debts | 44 | €690 | €303 | -€387 | -56.1% |
| Suppliers | 440/4 | €690 | €303 | -€387 | -56.1% |
| Taxes, remuneration and social security | 45 | €6,039 | €8,065 | +€2,026 | +33.6% |
| Taxes | 450/3 | €6,039 | €4,707 | -€1,332 | -22.1% |
| Remuneration and social security | 454/9 | - | €3,358 | +€3,358 | |
| Other amounts payable | 47/48 | €0 | €2,440 | +€2,440 | |
| Accrued charges and deferred income | 492/3 | €55 | €0 | -€55 | -100% |
| Turnover | 70 | €25,746 | - | -€25,746 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €32,740 | - | -€32,740 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €730 | €1,292 | +€562 | +77.0% |
| Other operating charges | 640/8 | €173 | €520 | +€347 | +200% |
| Non-recurring operating charges | 66A | - | €196 | +€196 | |
| Gross operating margin | 9900 | -€4,821 | €24,556 | +€29,376 | |
| Operating profit (loss) | 9901 | -€5,724 | €22,548 | +€28,272 | |
| Financial income | 75/76B | €11 | €107 | +€95 | +832% |
| Recurring financial income | 75 | €11 | €107 | +€95 | +832% |
| Financial charges | 65/66B | €59 | €60 | +€2 | +2.6% |
| Recurring financial charges | 65 | €59 | €60 | +€2 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,771 | €22,594 | +€28,365 | |
| Income taxes | 67/77 | €162 | €4,707 | +€4,545 | +2,799% |
| Profit (loss) for the period | 9904 | -€5,933 | €17,887 | +€23,821 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,933 | €17,887 | +€23,821 |
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 22 October 2026 via checked.be.