A.P.D.: what changed
Two fiscal 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.D.
Largest movements
- Receivables within one year -€94,088
down €94,088 (-58.4%), from €161,029 to €66,941
of which Trade receivables: -€59,244
- Cash -€73,960
down €73,960 (-12.4%), from €594,531 to €520,571
mainly Other debts (-€279,093) and Contributions, distributions and other (-€171,523)
- Tangible fixed assets -€34,963
down €34,963 (-18.5%), from €188,612 to €153,649
of which Furniture and vehicles: -€31,635
- Stocks and contracts +€32,279
up €32,279 (+39.0%), from €82,763 to €115,042
- Receivables after one year -€26,052
down €26,052 (-6.4%), from €410,058 to €384,006
- Other debts -€279,093
down €279,093 (-99.5%), from €280,577 to €1,483
- Reserves +€78,489
up €78,489 (+7.6%), from €1.0m to €1.1m
of which Distributable reserves: +€78,489
- Gross operating margin +€147,954
up €147,954 (+21.5%), from €689,536 to €837,490
- Staff costs +€33,324
up €33,324 (+9.0%), from €369,251 to €402,574
- Taxes +€29,390
up €29,390 (+35.5%), from €82,816 to €112,206
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 | €1,472,297 | €1,274,174 | -€198,123 | -13.5% |
| Fixed assets | 21/28 | €192,155 | €156,098 | -€36,057 | -18.8% |
| Tangible fixed assets | 22/27 | €188,612 | €153,649 | -€34,963 | -18.5% |
| Land and buildings | 22 | €1,057 | €0 | -€1,057 | -100.0% |
| Plant, machinery and equipment | 23 | €8,768 | €4,884 | -€3,885 | -44.3% |
| Furniture and vehicles | 24 | €161,215 | €129,580 | -€31,635 | -19.6% |
| Other tangible fixed assets | 26 | €17,572 | €19,185 | +€1,614 | +9.2% |
| Financial fixed assets | 28 | €3,543 | €2,449 | -€1,094 | -30.9% |
| Current assets | 29/58 | €1,280,142 | €1,118,076 | -€162,066 | -12.7% |
| Amounts receivable after more than one year | 29 | €410,058 | €384,006 | -€26,052 | -6.4% |
| Other amounts receivable | 291 | €410,058 | €384,006 | -€26,052 | -6.4% |
| Stocks and contracts in progress | 3 | €82,763 | €115,042 | +€32,279 | +39.0% |
| Stocks | 30/36 | €82,763 | €115,042 | +€32,279 | +39.0% |
| Amounts receivable within one year | 40/41 | €161,029 | €66,941 | -€94,088 | -58.4% |
| Trade receivables | 40 | €64,065 | €4,821 | -€59,244 | -92.5% |
| Other amounts receivable | 41 | €96,963 | €62,120 | -€34,844 | -35.9% |
| Current investments | 50/53 | €31,516 | €31,516 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €594,531 | €520,571 | -€73,960 | -12.4% |
| Deferred charges and accrued income | 490/1 | €245 | €0 | -€245 | -100.0% |
| Total equity and liabilities | 10/49 | €1,472,297 | €1,274,174 | -€198,123 | -13.5% |
| Equity | 10/15 | €1,132,013 | €1,210,502 | +€78,489 | +6.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,030,378 | €1,108,868 | +€78,489 | +7.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,024,178 | €1,102,668 | +€78,489 | +7.7% |
| Profit (loss) carried forward | 14 | €39,635 | €39,635 | = | 0.0% |
| Amounts payable | 17/49 | €340,284 | €63,672 | -€276,613 | -81.3% |
| Amounts payable within one year | 42/48 | €340,284 | €63,672 | -€276,613 | -81.3% |
| Trade debts | 44 | €23,362 | €34,441 | +€11,079 | +47.4% |
| Suppliers | 440/4 | €23,362 | €34,441 | +€11,079 | +47.4% |
| Taxes, remuneration and social security | 45 | €36,346 | €27,747 | -€8,599 | -23.7% |
| Taxes | 450/3 | €15,772 | €11,657 | -€4,115 | -26.1% |
| Remuneration and social security | 454/9 | €20,574 | €16,090 | -€4,484 | -21.8% |
| Other amounts payable | 47/48 | €280,577 | €1,483 | -€279,093 | -99.5% |
| Non-recurring operating income | 76A | €6,965 | €2,374 | -€4,591 | -65.9% |
| Remuneration, social security and pensions | 62 | €369,251 | €402,574 | +€33,324 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,794 | €66,639 | +€3,845 | +6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,516 | +€4,516 | |
| Other operating charges | 640/8 | €3,726 | €5,010 | +€1,284 | +34.5% |
| Non-recurring operating charges | 66A | - | €7,362 | +€7,362 | |
| Gross operating margin | 9900 | €689,536 | €837,490 | +€147,954 | +21.5% |
| Operating profit (loss) | 9901 | €253,765 | €351,389 | +€97,624 | +38.5% |
| Financial income | 75/76B | €18,372 | €21,834 | +€3,462 | +18.8% |
| Recurring financial income | 75 | €18,372 | €21,834 | +€3,462 | +18.8% |
| Financial charges | 65/66B | €3,747 | €11,004 | +€7,257 | +193.7% |
| Recurring financial charges | 65 | €3,747 | €11,004 | +€7,257 | +193.7% |
| Profit (loss) for the period before taxes | 9903 | €268,390 | €362,219 | +€93,829 | +35.0% |
| Income taxes | 67/77 | €82,816 | €112,206 | +€29,390 | +35.5% |
| Profit (loss) for the period | 9904 | €185,574 | €250,012 | +€64,439 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €185,574 | €250,012 | +€64,439 | +34.7% |
Source: filed annual accounts (NBB), fiscal 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 October 2026 via checked.be.