A-P Projects: what changed
A-P Projects
Largest movements
- Receivables within one year +€37,238
up €37,238 (+31.4%), from €118,736 to €155,974
of which Other amounts receivable: +€24,704
- Cash -€24,183
no longer reported in 2025 (was €24,183)
mainly Receivables within one year (-€37,238) and Tax, wage and social debts (-€27,683)
- Tangible fixed assets -€2,418
down €2,418 (-13.4%), from €18,099 to €15,681
of which Other tangible fixed assets: -€1,824
- Trade debts +€36,916
up €36,916 (+300%), from €12,297 to €49,213
- Short-term financial debts +€33,836
up €33,836 (+2,030%), from €1,667 to €35,502
- Tax, wage and social debts -€27,683
no longer reported in 2025 (was €27,683)
- Profit (loss) carried forward -€25,209
new in 2025: -€25,209
- Debts after one year -€7,438
down €7,438 (-26.9%), from €27,688 to €20,250
- Gross operating margin -€35,755
down €35,755, from €15,614 to -€20,140
- Taxes -€3,698
down €3,698 (-100%), from €3,698 to €0
- Financial charges +€2,421
up €2,421 (+69.1%), from €3,503 to €5,924
- Staff costs +€1,611
new in 2025: €1,611
- Depreciation +€914
up €914 (+60.7%), from €1,504 to €2,418
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 | €161,120 | €171,894 | +€10,774 | +6.7% |
| Fixed assets | 21/28 | €18,099 | €15,816 | -€2,283 | -12.6% |
| Tangible fixed assets | 22/27 | €18,099 | €15,681 | -€2,418 | -13.4% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €656 | €62 | -€594 | -90.6% |
| Other tangible fixed assets | 26 | €17,443 | €15,619 | -€1,824 | -10.5% |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €143,021 | €156,078 | +€13,057 | +9.1% |
| Amounts receivable within one year | 40/41 | €118,736 | €155,974 | +€37,238 | +31.4% |
| Trade receivables | 40 | €26,294 | €38,828 | +€12,533 | +47.7% |
| Other amounts receivable | 41 | €92,442 | €117,146 | +€24,704 | +26.7% |
| Cash at bank and in hand | 54/58 | €24,183 | - | -€24,183 | |
| Deferred charges and accrued income | 490/1 | €102 | €104 | +€3 | +2.7% |
| Total equity and liabilities | 10/49 | €161,120 | €171,894 | +€10,774 | +6.7% |
| Equity | 10/15 | €84,700 | €59,491 | -€25,209 | -29.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €81,700 | €81,700 | = | 0.0% |
| Distributable reserves | 133 | €81,700 | €81,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€25,209 | -€25,209 | |
| Amounts payable | 17/49 | €76,420 | €112,403 | +€35,983 | +47.1% |
| Amounts payable after more than one year | 17 | €27,688 | €20,250 | -€7,438 | -26.9% |
| Financial debts | 170/4 | €27,688 | €20,250 | -€7,438 | -26.9% |
| Amounts payable within one year | 42/48 | €48,732 | €92,153 | +€43,421 | +89.1% |
| Current portion of amounts payable after more than one year | 42 | €7,086 | €7,438 | +€352 | +5.0% |
| Financial debts | 43 | €1,667 | €35,502 | +€33,836 | +2,030% |
| Credit institutions | 430/8 | €1,667 | €35,502 | +€33,836 | +2,030% |
| Trade debts | 44 | €12,297 | €49,213 | +€36,916 | +300% |
| Suppliers | 440/4 | €12,297 | €49,213 | +€36,916 | +300% |
| Taxes, remuneration and social security | 45 | €27,683 | - | -€27,683 | |
| Taxes | 450/3 | €27,683 | - | -€27,683 | |
| Remuneration, social security and pensions | 62 | - | €1,611 | +€1,611 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,504 | €2,418 | +€914 | +60.7% |
| Other operating charges | 640/8 | €668 | €793 | +€124 | +18.6% |
| Gross operating margin | 9900 | €15,614 | -€20,140 | -€35,755 | |
| Operating profit (loss) | 9901 | €13,442 | -€24,962 | -€38,403 | |
| Financial income | 75/76B | €4,914 | €5,677 | +€763 | +15.5% |
| Recurring financial income | 75 | €4,914 | €5,677 | +€763 | +15.5% |
| Financial charges | 65/66B | €3,503 | €5,924 | +€2,421 | +69.1% |
| Recurring financial charges | 65 | €3,503 | €5,924 | +€2,421 | +69.1% |
| Profit (loss) for the period before taxes | 9903 | €14,852 | -€25,209 | -€40,061 | |
| Income taxes | 67/77 | €3,698 | €0 | -€3,698 | -100% |
| Profit (loss) for the period | 9904 | €11,154 | -€25,209 | -€36,363 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,154 | -€25,209 | -€36,363 |
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 4 November 2026 via checked.be.