AP Advisory: 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.
AP Advisory
Largest movements
- Receivables within one year +€67,720
up €67,720 (+93.4%), from €72,536 to €140,256
of which Trade receivables: +€95,585
- Cash -€53,057
down €53,057 (-57.3%), from €92,615 to €39,558
mainly Receivables within one year (-€67,720) and Trade debts (-€27,884)
- Financial fixed assets -€36,833
down €36,833 (-11.5%), from €319,382 to €282,549
- Trade debts -€27,884
down €27,884 (-98.7%), from €28,237 to €353
- Profit (loss) carried forward +€6,147
up €6,147 (+1.4%), from €439,019 to €445,166
- Gross operating margin -€232,235
down €232,235 (-93.6%), from €248,152 to €15,917
- Taxes -€59,065
down €59,065 (-90.8%), from €65,025 to €5,960
- Financial income -€15,414
down €15,414 (-92.8%), from €16,615 to €1,202
of which Financial income: -€15,376
- Depreciation -€2,485
down €2,485 (-76.4%), from €3,254 to €768
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.
Derived cash bridge
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 | €503,981 | €482,567 | -€21,414 | -4.2% |
| Fixed assets | 21/28 | €338,251 | €300,649 | -€37,601 | -11.1% |
| Tangible fixed assets | 22/27 | €18,868 | €18,100 | -€768 | -4.1% |
| Furniture and vehicles | 24 | €768 | €0 | -€768 | -100% |
| Other tangible fixed assets | 26 | €18,100 | €18,100 | = | 0.0% |
| Financial fixed assets | 28 | €319,382 | €282,549 | -€36,833 | -11.5% |
| Current assets | 29/58 | €165,731 | €181,918 | +€16,187 | +9.8% |
| Amounts receivable within one year | 40/41 | €72,536 | €140,256 | +€67,720 | +93.4% |
| Trade receivables | 40 | - | €95,585 | +€95,585 | |
| Other amounts receivable | 41 | €72,536 | €44,671 | -€27,865 | -38.4% |
| Cash at bank and in hand | 54/58 | €92,615 | €39,558 | -€53,057 | -57.3% |
| Deferred charges and accrued income | 490/1 | €580 | €2,104 | +€1,524 | +263% |
| Total equity and liabilities | 10/49 | €503,981 | €482,567 | -€21,414 | -4.2% |
| Equity | 10/15 | €440,019 | €446,166 | +€6,147 | +1.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €439,019 | €445,166 | +€6,147 | +1.4% |
| Amounts payable | 17/49 | €63,963 | €36,402 | -€27,561 | -43.1% |
| Amounts payable within one year | 42/48 | €61,447 | €34,505 | -€26,942 | -43.8% |
| Trade debts | 44 | €28,237 | €353 | -€27,884 | -98.7% |
| Suppliers | 440/4 | €28,237 | €353 | -€27,884 | -98.7% |
| Taxes, remuneration and social security | 45 | €7,683 | €6,104 | -€1,578 | -20.5% |
| Taxes | 450/3 | €7,683 | €6,104 | -€1,578 | -20.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €25,527 | €28,048 | +€2,521 | +9.9% |
| Accrued charges and deferred income | 492/3 | €2,515 | €1,897 | -€619 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,254 | €768 | -€2,485 | -76.4% |
| Other operating charges | 640/8 | €825 | €1,676 | +€851 | +103% |
| Non-recurring operating charges | 66A | €149 | €0 | -€149 | -100% |
| Gross operating margin | 9900 | €248,152 | €15,917 | -€232,235 | -93.6% |
| Operating profit (loss) | 9901 | €243,924 | €13,473 | -€230,452 | -94.5% |
| Financial income | 75/76B | €16,615 | €1,202 | -€15,414 | -92.8% |
| Recurring financial income | 75 | €16,578 | €1,202 | -€15,376 | -92.8% |
| Non-recurring financial income | 76B | €38 | €0 | -€38 | -100% |
| Financial charges | 65/66B | €2,761 | €2,568 | -€194 | -7.0% |
| Recurring financial charges | 65 | €2,761 | €2,568 | -€194 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €257,778 | €12,107 | -€245,672 | -95.3% |
| Income taxes | 67/77 | €65,025 | €5,960 | -€59,065 | -90.8% |
| Profit (loss) for the period | 9904 | €192,753 | €6,147 | -€186,606 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €192,753 | €6,147 | -€186,606 | -96.8% |
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 23 October 2026 via checked.be.