A.P.T.A.: 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.
What changed
A.P.T.A.
NACE 52.250, Logistics services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€19,618
2024 · -€98,264+€78,646
Equity
€1.2m
2024 · €1.2m-€19,618
Cash
€13,023
2024 · €42,972-€29,948
Balance sheet total
€3.0m
2024 · €3.0m-€70,929
Largest movements
Assets
- Tangible fixed assets -€56,054
down €56,054 (-1.9%), from €2.9m to €2.8m
of which Land and buildings: -€55,640
Equity and liabilities
- Debts after one year -€43,403
down €43,403 (-9.5%), from €458,243 to €414,841
- Reserves -€36,247
down €36,247 (-3.1%), from €1.2m to €1.1m
of which Tax-exempt reserves: -€36,247
Income statement
- Gross operating margin +€93,623
up €93,623, from -€24,042 to €69,581
- Financial income -€11,575
no longer reported in 2025 (was €11,575)
- Financial charges +€3,280
up €3,280 (+21.1%), from €15,544 to €18,824
- Depreciation +€1,947
up €1,947 (+2.7%), from €71,876 to €73,823
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.
Result 2024
-€98,264
Gross operating margin
+€93,623
Depreciation
-€1,947
Other operating charges
-€439
Other operating items
+€2,265
Financial income
-€11,575
Financial charges
-€3,280
Result 2025
-€19,618
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.
From operations
+€29,578
Investment
-€17,770
Financing
-€41,757
Cash 2024
€42,972
From operations (derived)
+€29,578
Net result for the year
-€19,618
Depreciation
+€73,823
Receivables within one year
-€15,628
Deferred charges and accrued income
+€555
Provisions
-€12,082
Trade debts
-€4,711
Other debts
+€5,782
Accrued charges and deferred income
+€1,457
Investment (derived)
-€17,770
Investment in fixed assets (net)
-€17,770
Financing
-€41,757
Debts after one year
-€43,403
Current portion of long-term debt
+€1,646
Cash 2025
€13,023
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,043,763 | €2,972,834 | -€70,929 | -2.3% |
| Fixed assets | 21/28 | €2,899,357 | €2,843,303 | -€56,054 | -1.9% |
| Tangible fixed assets | 22/27 | €2,899,357 | €2,843,303 | -€56,054 | -1.9% |
| Land and buildings | 22 | €2,877,142 | €2,821,502 | -€55,640 | -1.9% |
| Furniture and vehicles | 24 | €22,214 | €21,801 | -€413 | -1.9% |
| Current assets | 29/58 | €144,406 | €129,530 | -€14,875 | -10.3% |
| Amounts receivable within one year | 40/41 | €100,729 | €116,356 | +€15,628 | +15.5% |
| Trade receivables | 40 | €729 | €21,356 | +€20,628 | +2831.3% |
| Other amounts receivable | 41 | €100,000 | €95,000 | -€5,000 | -5.0% |
| Cash at bank and in hand | 54/58 | €42,972 | €13,023 | -€29,948 | -69.7% |
| Deferred charges and accrued income | 490/1 | €706 | €151 | -€555 | -78.6% |
| Total equity and liabilities | 10/49 | €3,043,763 | €2,972,834 | -€70,929 | -2.3% |
| Equity | 10/15 | €1,188,305 | €1,168,688 | -€19,618 | -1.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €1,167,803 | €1,131,556 | -€36,247 | -3.1% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,160,803 | €1,124,556 | -€36,247 | -3.1% |
| Profit (loss) carried forward | 14 | -€49,498 | -€32,868 | +€16,630 | +33.6% |
| Provisions and deferred taxes | 16 | €386,934 | €374,852 | -€12,082 | -3.1% |
| Deferred taxes | 168 | €386,934 | €374,852 | -€12,082 | -3.1% |
| Amounts payable | 17/49 | €1,468,523 | €1,429,294 | -€39,229 | -2.7% |
| Amounts payable after more than one year | 17 | €458,243 | €414,841 | -€43,403 | -9.5% |
| Financial debts | 170/4 | €458,243 | €414,841 | -€43,403 | -9.5% |
| Amounts payable within one year | 42/48 | €1,006,415 | €1,009,132 | +€2,717 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €41,757 | €43,403 | +€1,646 | +3.9% |
| Trade debts | 44 | €31,129 | €26,418 | -€4,711 | -15.1% |
| Suppliers | 440/4 | €31,129 | €26,418 | -€4,711 | -15.1% |
| Other amounts payable | 47/48 | €933,529 | €939,311 | +€5,782 | +0.6% |
| Accrued charges and deferred income | 492/3 | €3,865 | €5,322 | +€1,457 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,876 | €73,823 | +€1,947 | +2.7% |
| Other operating charges | 640/8 | €8,195 | €8,634 | +€439 | +5.4% |
| Non-recurring operating charges | 66A | €2,265 | - | -€2,265 | |
| Gross operating margin | 9900 | -€24,042 | €69,581 | +€93,623 | |
| Operating profit (loss) | 9901 | -€106,378 | -€12,876 | +€93,501 | +87.9% |
| Financial income | 75/76B | €11,575 | - | -€11,575 | |
| Recurring financial income | 75 | €11,575 | - | -€11,575 | |
| Financial charges | 65/66B | €15,544 | €18,824 | +€3,280 | +21.1% |
| Recurring financial charges | 65 | €15,544 | €18,824 | +€3,280 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | -€110,347 | -€31,700 | +€78,646 | +71.3% |
| Transfer from deferred taxes | 780 | €12,082 | €12,082 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€98,264 | -€19,618 | +€78,646 | +80.0% |
| Transfer from tax-exempt reserves | 789 | €36,247 | €36,247 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,017 | €16,630 | +€78,646 |
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 6 October 2026 via checked.be.