AAPI: 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.
AAPI
Largest movements
- Cash +€737,647
up €737,647 (+1163.9%), from €63,379 to €801,026
mainly Contributions, distributions and other (+€7.4m) and Depreciation (+€740,047)
- Intangible fixed assets -€177,944
down €177,944 (-8.4%), from €2.1m to €1.9m
- Receivables within one year -€152,521
down €152,521 (-28.3%), from €538,458 to €385,937
of which Other amounts receivable: -€129,278
- Contributions +€7.4m
up €7.4m (+356.5%), from €2.1m to €9.5m
- Debts after one year -€6.3m
down €6.3m (-92.7%), from €6.8m to €500,000
- Profit (loss) carried forward -€1.0m
down €1.0m (-15.0%), from -€6.9m to -€7.9m
- Trade debts +€353,550
up €353,550 (+59.6%), from €593,090 to €946,641
- Gross operating margin +€755,753
up €755,753 (+92.8%), from -€814,607 to -€58,854
- Depreciation +€163,610
up €163,610 (+28.4%), from €576,438 to €740,047
- Staff costs -€43,796
no longer reported in 2025 (was €43,796)
- Financial charges +€24,596
up €24,596 (+14.4%), from €170,727 to €195,323
- Write-downs -€12,283
down €12,283 (-60.0%), from €20,459 to €8,175
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 | €2,717,714 | €3,120,238 | +€402,524 | +14.8% |
| Fixed assets | 21/28 | €2,113,257 | €1,931,428 | -€181,829 | -8.6% |
| Intangible fixed assets | 21 | €2,106,768 | €1,928,823 | -€177,944 | -8.4% |
| Tangible fixed assets | 22/27 | €6,489 | €2,605 | -€3,884 | -59.9% |
| Furniture and vehicles | 24 | €6,489 | €2,605 | -€3,884 | -59.9% |
| Current assets | 29/58 | €604,457 | €1,188,810 | +€584,353 | +96.7% |
| Amounts receivable after more than one year | 29 | €4 | - | -€4 | |
| Other amounts receivable | 291 | €4 | - | -€4 | |
| Amounts receivable within one year | 40/41 | €538,458 | €385,937 | -€152,521 | -28.3% |
| Trade receivables | 40 | €262,870 | €239,627 | -€23,243 | -8.8% |
| Other amounts receivable | 41 | €275,588 | €146,310 | -€129,278 | -46.9% |
| Cash at bank and in hand | 54/58 | €63,379 | €801,026 | +€737,647 | +1163.9% |
| Deferred charges and accrued income | 490/1 | €2,616 | €1,846 | -€769 | -29.4% |
| Total equity and liabilities | 10/49 | €2,717,714 | €3,120,238 | +€402,524 | +14.8% |
| Equity | 10/15 | -€4,815,144 | €1,550,972 | +€6.4m | |
| Contributions | 10/11 | €2,075,933 | €9,475,933 | +€7.4m | +356.5% |
| Reserves | 13 | €5,106 | €5,106 | = | 0.0% |
| Non-distributable reserves | 130/1 | €915 | €915 | = | 0.0% |
| Reserves not available under the articles | 1311 | €915 | €915 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,190 | €4,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,896,183 | -€7,930,067 | -€1.0m | -15.0% |
| Amounts payable | 17/49 | €7,532,858 | €1,569,266 | -€6.0m | -79.2% |
| Amounts payable after more than one year | 17 | €6,820,000 | €500,000 | -€6.3m | -92.7% |
| Financial debts | 170/4 | €6,820,000 | €500,000 | -€6.3m | -92.7% |
| Amounts payable within one year | 42/48 | €593,090 | €946,641 | +€353,550 | +59.6% |
| Trade debts | 44 | €593,090 | €946,641 | +€353,550 | +59.6% |
| Suppliers | 440/4 | €593,090 | €946,641 | +€353,550 | +59.6% |
| Accrued charges and deferred income | 492/3 | €119,768 | €122,625 | +€2,857 | +2.4% |
| Non-recurring operating income | 76A | €0 | €3 | +€3 | +1737.5% |
| Remuneration, social security and pensions | 62 | €43,796 | - | -€43,796 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576,438 | €740,047 | +€163,610 | +28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,459 | €8,175 | -€12,283 | -60.0% |
| Other operating charges | 640/8 | €718 | €693 | -€24 | -3.4% |
| Non-recurring operating charges | 66A | €80 | €32,091 | +€32,011 | +39863.8% |
| Gross operating margin | 9900 | -€814,607 | -€58,854 | +€755,753 | +92.8% |
| Operating profit (loss) | 9901 | -€1,456,097 | -€839,861 | +€616,236 | +42.3% |
| Financial income | 75/76B | €708 | €1,300 | +€592 | +83.7% |
| Recurring financial income | 75 | €708 | €1,300 | +€592 | +83.7% |
| Financial charges | 65/66B | €170,727 | €195,323 | +€24,596 | +14.4% |
| Recurring financial charges | 65 | €170,727 | €195,323 | +€24,596 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,626,116 | -€1,033,884 | +€592,232 | +36.4% |
| Income taxes | 67/77 | €1,228 | - | -€1,228 | |
| Profit (loss) for the period | 9904 | -€1,627,343 | -€1,033,884 | +€593,460 | +36.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,627,343 | -€1,033,884 | +€593,460 | +36.5% |
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 4 October 2026 via checked.be.