A.P.J.: 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.J.
Largest movements
- Receivables within one year -€43,909
down €43,909 (-55.2%), from €79,567 to €35,658
of which Trade receivables: -€51,263
- Cash -€26,868
down €26,868 (-98.4%), from €27,302 to €433
mainly Investment in fixed assets (net) (-€68,597) and Tax, wage and social debts (-€42,884)
- Tangible fixed assets -€19,343
down €19,343 (-2.7%), from €712,374 to €693,031
of which Land and buildings: -€29,700
- Tax, wage and social debts -€42,884
down €42,884 (-97.2%), from €44,136 to €1,252
of which Taxes: -€28,087
- Debts after one year -€34,380
down €34,380 (-12.5%), from €274,974 to €240,594
- Trade debts -€33,201
no longer reported in 2025 (was €33,201)
- Profit (loss) carried forward +€28,752
up €28,752 (+10.7%), from €269,304 to €298,056
- Reserves -€11,460
down €11,460 (-11.6%), from €98,568 to €87,108
of which Tax-exempt reserves: -€11,460
- Gross operating margin -€167,999
down €167,999 (-57.9%), from €289,950 to €121,951
- Staff costs -€82,222
down €82,222 (-96.9%), from €84,818 to €2,596
- Depreciation +€11,704
up €11,704 (+15.4%), from €76,237 to €87,941
- Taxes -€7,683
down €7,683, from €7,339 to -€344
- Financial charges -€5,697
down €5,697 (-35.9%), from €15,870 to €10,173
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 | €864,472 | €772,711 | -€91,761 | -10.6% |
| Fixed assets | 21/28 | €713,386 | €694,043 | -€19,343 | -2.7% |
| Tangible fixed assets | 22/27 | €712,374 | €693,031 | -€19,343 | -2.7% |
| Land and buildings | 22 | €507,034 | €477,334 | -€29,700 | -5.9% |
| Plant, machinery and equipment | 23 | €201,947 | €179,052 | -€22,896 | -11.3% |
| Furniture and vehicles | 24 | €3,393 | €6,817 | +€3,424 | +100.9% |
| Leasing and similar rights | 25 | - | €29,828 | +€29,828 | |
| Financial fixed assets | 28 | €1,012 | €1,012 | = | 0.0% |
| Current assets | 29/58 | €151,086 | €78,669 | -€72,418 | -47.9% |
| Stocks and contracts in progress | 3 | €21,104 | €17,852 | -€3,252 | -15.4% |
| Stocks | 30/36 | €21,104 | €17,852 | -€3,252 | -15.4% |
| Amounts receivable within one year | 40/41 | €79,567 | €35,658 | -€43,909 | -55.2% |
| Trade receivables | 40 | €79,447 | €28,184 | -€51,263 | -64.5% |
| Other amounts receivable | 41 | €120 | €7,474 | +€7,354 | +6128.2% |
| Cash at bank and in hand | 54/58 | €27,302 | €433 | -€26,868 | -98.4% |
| Deferred charges and accrued income | 490/1 | €23,114 | €24,726 | +€1,612 | +7.0% |
| Total equity and liabilities | 10/49 | €864,472 | €772,711 | -€91,761 | -10.6% |
| Equity | 10/15 | €386,472 | €403,764 | +€17,292 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,568 | €87,108 | -€11,460 | -11.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,708 | €85,248 | -€11,460 | -11.9% |
| Profit (loss) carried forward | 14 | €269,304 | €298,056 | +€28,752 | +10.7% |
| Provisions and deferred taxes | 16 | €22,534 | €18,714 | -€3,820 | -17.0% |
| Deferred taxes | 168 | €22,534 | €18,714 | -€3,820 | -17.0% |
| Amounts payable | 17/49 | €455,466 | €350,233 | -€105,233 | -23.1% |
| Amounts payable after more than one year | 17 | €274,974 | €240,594 | -€34,380 | -12.5% |
| Financial debts | 170/4 | €274,974 | €240,594 | -€34,380 | -12.5% |
| Amounts payable within one year | 42/48 | €180,492 | €109,639 | -€70,853 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €89,937 | €87,320 | -€2,617 | -2.9% |
| Financial debts | 43 | €2,801 | €10,424 | +€7,623 | +272.2% |
| Credit institutions | 430/8 | €2,801 | €10,424 | +€7,623 | +272.2% |
| Trade debts | 44 | €33,201 | - | -€33,201 | |
| Suppliers | 440/4 | €33,201 | - | -€33,201 | |
| Taxes, remuneration and social security | 45 | €44,136 | €1,252 | -€42,884 | -97.2% |
| Taxes | 450/3 | €28,243 | €157 | -€28,087 | -99.4% |
| Remuneration and social security | 454/9 | €15,893 | €1,096 | -€14,797 | -93.1% |
| Other amounts payable | 47/48 | €10,417 | €10,642 | +€225 | +2.2% |
| Non-recurring operating income | 76A | €134,469 | €136,772 | +€2,303 | +1.7% |
| Remuneration, social security and pensions | 62 | €84,818 | €2,596 | -€82,222 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,237 | €87,941 | +€11,704 | +15.4% |
| Other operating charges | 640/8 | €6,890 | €9,453 | +€2,563 | +37.2% |
| Gross operating margin | 9900 | €289,950 | €121,951 | -€167,999 | -57.9% |
| Operating profit (loss) | 9901 | €122,005 | €21,961 | -€100,044 | -82.0% |
| Financial income | 75/76B | €95 | €1,340 | +€1,244 | +1303.4% |
| Recurring financial income | 75 | €95 | €1,340 | +€1,244 | +1303.4% |
| Financial charges | 65/66B | €15,870 | €10,173 | -€5,697 | -35.9% |
| Recurring financial charges | 65 | €15,870 | €10,173 | -€5,697 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €106,230 | €13,128 | -€93,102 | -87.6% |
| Transfer from deferred taxes | 780 | €571 | €3,820 | +€3,249 | +568.5% |
| Transfer to deferred taxes | 680 | €20,250 | - | -€20,250 | |
| Income taxes | 67/77 | €7,339 | -€344 | -€7,683 | |
| Profit (loss) for the period | 9904 | €79,213 | €17,292 | -€61,921 | -78.2% |
| Transfer from tax-exempt reserves | 789 | €3,358 | €11,460 | +€8,102 | +241.2% |
| Transfer to tax-exempt reserves | 689 | €60,750 | - | -€60,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,821 | €28,752 | +€6,931 | +31.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.