A.P.J. ELEC: what changed
A.P.J. ELEC
Largest movements
- Cash -€53,728
down €53,728 (-46.7%), from €114,935 to €61,207
mainly Current portion of long-term debt (-€36,451) and Stocks and contracts (-€22,384)
- Stocks and contracts +€22,384
up €22,384 (+293%), from €7,648 to €30,032
- Receivables within one year +€11,213
up €11,213 (+30.7%), from €36,517 to €47,729
of which Trade receivables: +€14,607
- Tangible fixed assets -€3,796
down €3,796 (-15.5%), from €24,535 to €20,739
of which Furniture and vehicles: -€5,718
- Current portion of long-term debt -€36,451
down €36,451 (-87.1%), from €41,847 to €5,396
- Other debts +€6,914
up €6,914 (+96.3%), from €7,179 to €14,093
- Profit (loss) carried forward +€5,817
up €5,817 (+5.5%), from €106,712 to €112,529
- Debts after one year -€5,396
down €5,396 (-29.8%), from €18,107 to €12,711
- Trade debts +€5,262
up €5,262 (+3,147%), from €167 to €5,429
- Gross operating margin -€116,638
down €116,638 (-87.6%), from €133,149 to €16,512
- Taxes -€29,867
down €29,867 (-95.4%), from €31,293 to €1,426
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €184,612 | €160,758 | -€23,854 | -12.9% |
| Fixed assets | 21/28 | €24,535 | €20,739 | -€3,796 | -15.5% |
| Tangible fixed assets | 22/27 | €24,535 | €20,739 | -€3,796 | -15.5% |
| Plant, machinery and equipment | 23 | €932 | €2,854 | +€1,922 | +206% |
| Furniture and vehicles | 24 | €23,603 | €17,885 | -€5,718 | -24.2% |
| Current assets | 29/58 | €160,077 | €140,019 | -€20,058 | -12.5% |
| Stocks and contracts in progress | 3 | €7,648 | €30,032 | +€22,384 | +293% |
| Stocks | 30/36 | €7,648 | €30,032 | +€22,384 | +293% |
| Amounts receivable within one year | 40/41 | €36,517 | €47,729 | +€11,213 | +30.7% |
| Trade receivables | 40 | €25,301 | €39,908 | +€14,607 | +57.7% |
| Other amounts receivable | 41 | €11,216 | €7,821 | -€3,394 | -30.3% |
| Cash at bank and in hand | 54/58 | €114,935 | €61,207 | -€53,728 | -46.7% |
| Deferred charges and accrued income | 490/1 | €977 | €1,051 | +€73 | +7.5% |
| Total equity and liabilities | 10/49 | €184,612 | €160,758 | -€23,854 | -12.9% |
| Equity | 10/15 | €114,712 | €120,529 | +€5,817 | +5.1% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,712 | €112,529 | +€5,817 | +5.5% |
| Amounts payable | 17/49 | €69,900 | €40,229 | -€29,671 | -42.4% |
| Amounts payable after more than one year | 17 | €18,107 | €12,711 | -€5,396 | -29.8% |
| Financial debts | 170/4 | €18,107 | €12,711 | -€5,396 | -29.8% |
| Amounts payable within one year | 42/48 | €51,793 | €27,518 | -€24,275 | -46.9% |
| Current portion of amounts payable after more than one year | 42 | €41,847 | €5,396 | -€36,451 | -87.1% |
| Trade debts | 44 | €167 | €5,429 | +€5,262 | +3,147% |
| Suppliers | 440/4 | €167 | €5,429 | +€5,262 | +3,147% |
| Taxes, remuneration and social security | 45 | €2,600 | €2,600 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,600 | €2,600 | = | 0.0% |
| Other amounts payable | 47/48 | €7,179 | €14,093 | +€6,914 | +96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,353 | €6,481 | +€1,129 | +21.1% |
| Other operating charges | 640/8 | €652 | €630 | -€22 | -3.3% |
| Non-recurring operating charges | 66A | - | €93 | +€93 | |
| Gross operating margin | 9900 | €133,149 | €16,512 | -€116,638 | -87.6% |
| Operating profit (loss) | 9901 | €127,144 | €9,306 | -€117,838 | -92.7% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.6% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.6% |
| Financial charges | 65/66B | €1,690 | €2,064 | +€374 | +22.1% |
| Recurring financial charges | 65 | €1,437 | €2,064 | +€627 | +43.7% |
| Non-recurring financial charges | 66B | €253 | - | -€253 | |
| Profit (loss) for the period before taxes | 9903 | €125,457 | €7,243 | -€118,214 | -94.2% |
| Income taxes | 67/77 | €31,293 | €1,426 | -€29,867 | -95.4% |
| Profit (loss) for the period | 9904 | €94,164 | €5,817 | -€88,347 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,164 | €5,817 | -€88,347 | -93.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.