A.P.H: 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.H
Largest movements
- Cash -€11,016
down €11,016 (-5.7%), from €193,216 to €182,200
mainly Contributions, distributions and other (-€194,951) and Investment in fixed assets (net) (-€26,408)
- Receivables within one year +€10,700
up €10,700 (+73.3%), from €14,600 to €25,300
of which Trade receivables: +€15,116
- Other debts +€75,911
up €75,911 (+78.9%), from €96,189 to €172,100
- Reserves -€45,630
down €45,630 (-16.9%), from €269,654 to €224,024
of which Non-distributable reserves: -€267,455
- Profit (loss) carried forward -€16,246
down €16,246 (-100%), from €16,246 to €0
- Trade debts -€14,955
down €14,955 (-80.2%), from €18,639 to €3,683
- Debts after one year -€13,251
down €13,251 (-9.3%), from €142,951 to €129,700
- Gross operating margin +€34,221
up €34,221 (+20.2%), from €169,627 to €203,848
- Taxes +€9,416
up €9,416 (+31.6%), from €29,824 to €39,240
- Depreciation +€3,362
up €3,362 (+13.4%), from €24,999 to €28,361
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 | €595,998 | €593,541 | -€2,457 | -0.4% |
| Fixed assets | 21/28 | €387,994 | €386,041 | -€1,953 | -0.5% |
| Intangible fixed assets | 21 | €10,580 | €5,653 | -€4,928 | -46.6% |
| Tangible fixed assets | 22/27 | €377,053 | €380,028 | +€2,975 | +0.8% |
| Land and buildings | 22 | €373,002 | €377,007 | +€4,004 | +1.1% |
| Furniture and vehicles | 24 | €4,051 | €3,021 | -€1,030 | -25.4% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €208,005 | €207,500 | -€505 | -0.2% |
| Amounts receivable within one year | 40/41 | €14,600 | €25,300 | +€10,700 | +73.3% |
| Trade receivables | 40 | €9,424 | €24,540 | +€15,116 | +160% |
| Other amounts receivable | 41 | €5,176 | €760 | -€4,416 | -85.3% |
| Cash at bank and in hand | 54/58 | €193,216 | €182,200 | -€11,016 | -5.7% |
| Deferred charges and accrued income | 490/1 | €188 | €0 | -€188 | -100% |
| Total equity and liabilities | 10/49 | €595,998 | €593,541 | -€2,457 | -0.4% |
| Equity | 10/15 | €304,501 | €242,624 | -€61,876 | -20.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €269,654 | €224,024 | -€45,630 | -16.9% |
| Non-distributable reserves | 130/1 | €267,455 | - | -€267,455 | |
| Reserves not available under the articles | 1311 | €267,455 | - | -€267,455 | |
| Tax-exempt reserves | 132 | €340 | €340 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €223,684 | +€221,824 | +11,926% |
| Profit (loss) carried forward | 14 | €16,246 | €0 | -€16,246 | -100% |
| Amounts payable | 17/49 | €291,498 | €350,917 | +€59,419 | +20.4% |
| Amounts payable after more than one year | 17 | €142,951 | €129,700 | -€13,251 | -9.3% |
| Financial debts | 170/4 | €142,951 | €129,700 | -€13,251 | -9.3% |
| Amounts payable within one year | 42/48 | €148,547 | €221,216 | +€72,670 | +48.9% |
| Current portion of amounts payable after more than one year | 42 | €12,801 | €13,099 | +€299 | +2.3% |
| Trade debts | 44 | €18,639 | €3,683 | -€14,955 | -80.2% |
| Suppliers | 440/4 | €18,639 | €3,683 | -€14,955 | -80.2% |
| Taxes, remuneration and social security | 45 | €20,918 | €32,333 | +€11,415 | +54.6% |
| Taxes | 450/3 | €18,227 | €29,624 | +€11,397 | +62.5% |
| Remuneration and social security | 454/9 | €2,691 | €2,709 | +€18 | +0.7% |
| Other amounts payable | 47/48 | €96,189 | €172,100 | +€75,911 | +78.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,999 | €28,361 | +€3,362 | +13.4% |
| Other operating charges | 640/8 | €2,768 | €2,495 | -€273 | -9.9% |
| Gross operating margin | 9900 | €169,627 | €203,848 | +€34,221 | +20.2% |
| Operating profit (loss) | 9901 | €141,860 | €172,993 | +€31,133 | +21.9% |
| Financial income | 75/76B | - | €1,361 | +€1,361 | |
| Recurring financial income | 75 | - | €1,361 | +€1,361 | |
| Financial charges | 65/66B | €2,014 | €2,040 | +€27 | +1.3% |
| Recurring financial charges | 65 | €2,014 | €2,040 | +€27 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €139,847 | €172,314 | +€32,468 | +23.2% |
| Income taxes | 67/77 | €29,824 | €39,240 | +€9,416 | +31.6% |
| Profit (loss) for the period | 9904 | €110,023 | €133,074 | +€23,052 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €110,023 | €133,074 | +€23,052 | +21.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.