A.P.A.: 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.
A.P.A.
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Short-term financial debts +€40,000
new in 2025: €40,000
- Current portion of long-term debt -€22,186
down €22,186 (-37.6%), from €58,930 to €36,745
- Debts after one year -€15,331
down €15,331 (-5.0%), from €305,048 to €289,717
of which Financial debts: -€15,331
- Other debts -€12,200
no longer reported in 2025 (was €12,200)
- Gross operating margin +€19,318
up €19,318 (+77.6%), from €24,883 to €44,201
- Write-downs +€8,724
new in 2025: €8,724
- Financial charges +€5,491
up €5,491 (+60.6%), from €9,062 to €14,553
- Other operating charges +€3,946
up €3,946 (+1738.1%), from €227 to €4,173
- Taxes +€658
up €658 (+19.6%), from €3,352 to €4,010
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.
Cash bridge derived
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 | €870,032 | €867,222 | -€2,810 | -0.3% |
| Fixed assets | 21/28 | €569,184 | €564,364 | -€4,820 | -0.8% |
| Tangible fixed assets | 22/27 | €569,184 | €564,364 | -€4,820 | -0.8% |
| Land and buildings | 22 | €569,184 | €564,364 | -€4,820 | -0.8% |
| Current assets | 29/58 | €300,848 | €302,859 | +€2,011 | +0.7% |
| Stocks and contracts in progress | 3 | €165,834 | €165,834 | = | 0.0% |
| Stocks | 30/36 | €165,834 | €165,834 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €125,313 | €126,534 | +€1,221 | +1.0% |
| Trade receivables | 40 | €4,882 | €4,882 | = | 0.0% |
| Other amounts receivable | 41 | €120,430 | €121,652 | +€1,221 | +1.0% |
| Cash at bank and in hand | 54/58 | €9,701 | €10,490 | +€789 | +8.1% |
| Total equity and liabilities | 10/49 | €870,032 | €867,222 | -€2,810 | -0.3% |
| Equity | 10/15 | €485,899 | €493,819 | +€7,920 | +1.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Revaluation surpluses | 12 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,899 | €27,819 | +€7,920 | +39.8% |
| Amounts payable | 17/49 | €384,133 | €373,403 | -€10,730 | -2.8% |
| Amounts payable after more than one year | 17 | €305,048 | €289,717 | -€15,331 | -5.0% |
| Financial debts | 170/4 | €262,548 | €247,217 | -€15,331 | -5.8% |
| Other amounts payable | 178/9 | €42,500 | €42,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €79,085 | €83,686 | +€4,601 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €58,930 | €36,745 | -€22,186 | -37.6% |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Credit institutions | 430/8 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €4,602 | €1,184 | -€3,419 | -74.3% |
| Suppliers | 440/4 | €4,602 | €1,184 | -€3,419 | -74.3% |
| Taxes, remuneration and social security | 45 | €3,352 | €5,758 | +€2,406 | +71.8% |
| Taxes | 450/3 | €3,352 | €5,758 | +€2,406 | +71.8% |
| Other amounts payable | 47/48 | €12,200 | - | -€12,200 | |
| Non-recurring operating income | 76A | €33,186 | €39,595 | +€6,409 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,820 | €4,820 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,724 | +€8,724 | |
| Other operating charges | 640/8 | €227 | €4,173 | +€3,946 | +1738.1% |
| Gross operating margin | 9900 | €24,883 | €44,201 | +€19,318 | +77.6% |
| Operating profit (loss) | 9901 | €19,836 | €26,484 | +€6,648 | +33.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €9,062 | €14,553 | +€5,491 | +60.6% |
| Recurring financial charges | 65 | €9,062 | €14,553 | +€5,491 | +60.6% |
| Profit (loss) for the period before taxes | 9903 | €10,773 | €11,930 | +€1,157 | +10.7% |
| Income taxes | 67/77 | €3,352 | €4,010 | +€658 | +19.6% |
| Profit (loss) for the period | 9904 | €7,421 | €7,920 | +€499 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,421 | €7,920 | +€499 | +6.7% |
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 11 October 2026 via checked.be.