A-PF SOLUTIONS: 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-PF SOLUTIONS
Largest movements
- Receivables within one year +€122,646
up €122,646 (+158.7%), from €77,270 to €199,917
of which Trade receivables: +€99,788
- Tangible fixed assets -€83,754
down €83,754 (-11.8%), from €707,264 to €623,510
of which Land and buildings: -€63,400
- Cash +€32,176
up €32,176 (+78.2%), from €41,136 to €73,312
mainly Depreciation (+€97,166) and Trade debts (+€62,266)
- Stocks and contracts -€31,169
down €31,169 (-52.8%), from €59,011 to €27,841
- Debts after one year -€66,580
down €66,580 (-11.9%), from €558,586 to €492,006
of which Financial debts: -€66,580
- Trade debts +€62,266
up €62,266 (+305.2%), from €20,400 to €82,667
- Other debts +€41,918
up €41,918 (+252.6%), from €16,595 to €58,512
- Current portion of long-term debt -€14,844
down €14,844 (-18.2%), from €81,425 to €66,580
- Tax, wage and social debts +€10,383
up €10,383 (+125.1%), from €8,297 to €18,681
of which Taxes: +€10,141
- Gross operating margin +€47,173
up €47,173 (+24.8%), from €190,532 to €237,706
- Taxes +€10,767
up €10,767 (+996.5%), from €1,081 to €11,848
- Financial income -€6,121
down €6,121 (-65.5%), from €9,343 to €3,222
- Depreciation -€5,289
down €5,289 (-5.2%), from €102,455 to €97,166
- Other operating charges -€3,389
down €3,389 (-32.6%), from €10,385 to €6,996
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 | €902,726 | €942,612 | +€39,886 | +4.4% |
| Fixed assets | 21/28 | €707,330 | €623,575 | -€83,754 | -11.8% |
| Tangible fixed assets | 22/27 | €707,264 | €623,510 | -€83,754 | -11.8% |
| Land and buildings | 22 | €658,697 | €595,297 | -€63,400 | -9.6% |
| Plant, machinery and equipment | 23 | €7,785 | €5,268 | -€2,517 | -32.3% |
| Furniture and vehicles | 24 | €34,479 | €20,423 | -€14,056 | -40.8% |
| Leasing and similar rights | 25 | €6,219 | €2,522 | -€3,697 | -59.4% |
| Other tangible fixed assets | 26 | €85 | - | -€85 | |
| Financial fixed assets | 28 | €66 | €66 | = | 0.0% |
| Current assets | 29/58 | €195,396 | €319,037 | +€123,641 | +63.3% |
| Stocks and contracts in progress | 3 | €59,011 | €27,841 | -€31,169 | -52.8% |
| Stocks | 30/36 | €59,011 | €27,841 | -€31,169 | -52.8% |
| Amounts receivable within one year | 40/41 | €77,270 | €199,917 | +€122,646 | +158.7% |
| Trade receivables | 40 | €46,019 | €145,807 | +€99,788 | +216.8% |
| Other amounts receivable | 41 | €31,252 | €54,110 | +€22,858 | +73.1% |
| Cash at bank and in hand | 54/58 | €41,136 | €73,312 | +€32,176 | +78.2% |
| Deferred charges and accrued income | 490/1 | €17,980 | €17,967 | -€13 | -0.1% |
| Total equity and liabilities | 10/49 | €902,726 | €942,612 | +€39,886 | +4.4% |
| Equity | 10/15 | €177,927 | €175,072 | -€2,855 | -1.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €146,622 | €146,622 | = | 0.0% |
| Distributable reserves | 133 | €146,622 | €146,622 | = | 0.0% |
| Investment grants | 15 | €26,305 | €23,450 | -€2,855 | -10.9% |
| Amounts payable | 17/49 | €724,799 | €767,540 | +€42,741 | +5.9% |
| Amounts payable after more than one year | 17 | €558,586 | €492,006 | -€66,580 | -11.9% |
| Financial debts | 170/4 | €508,586 | €442,006 | -€66,580 | -13.1% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €161,217 | €270,915 | +€109,698 | +68.0% |
| Current portion of amounts payable after more than one year | 42 | €81,425 | €66,580 | -€14,844 | -18.2% |
| Trade debts | 44 | €20,400 | €82,667 | +€62,266 | +305.2% |
| Suppliers | 440/4 | €20,400 | €82,667 | +€62,266 | +305.2% |
| Advances received on contracts in progress | 46 | €34,500 | €44,475 | +€9,975 | +28.9% |
| Taxes, remuneration and social security | 45 | €8,297 | €18,681 | +€10,383 | +125.1% |
| Taxes | 450/3 | €1,505 | €11,646 | +€10,141 | +673.9% |
| Remuneration and social security | 454/9 | €6,793 | €7,035 | +€242 | +3.6% |
| Other amounts payable | 47/48 | €16,595 | €58,512 | +€41,918 | +252.6% |
| Accrued charges and deferred income | 492/3 | €4,996 | €4,620 | -€376 | -7.5% |
| Remuneration, social security and pensions | 62 | €62,908 | €62,517 | -€391 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,455 | €97,166 | -€5,289 | -5.2% |
| Other operating charges | 640/8 | €10,385 | €6,996 | -€3,389 | -32.6% |
| Non-recurring operating charges | 66A | - | €83 | +€83 | |
| Gross operating margin | 9900 | €190,532 | €237,706 | +€47,173 | +24.8% |
| Operating profit (loss) | 9901 | €14,784 | €70,945 | +€56,161 | +379.9% |
| Financial income | 75/76B | €9,343 | €3,222 | -€6,121 | -65.5% |
| Recurring financial income | 75 | €9,343 | €3,222 | -€6,121 | -65.5% |
| Financial charges | 65/66B | €12,076 | €10,238 | -€1,837 | -15.2% |
| Recurring financial charges | 65 | €12,076 | €10,238 | -€1,837 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €12,052 | €63,929 | +€51,877 | +430.4% |
| Income taxes | 67/77 | €1,081 | €11,848 | +€10,767 | +996.5% |
| Profit (loss) for the period | 9904 | €10,971 | €52,081 | +€41,110 | +374.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,971 | €52,081 | +€41,110 | +374.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.