AP'ART: what changed
AP'ART
Largest movements
- Receivables within one year -€16,200
down €16,200 (-70.8%), from €22,873 to €6,673
of which Trade receivables: -€15,435
- Stocks and contracts -€7,440
down €7,440 (-2.8%), from €265,104 to €257,664
- Deferred charges and accrued income +€7,349
up €7,349 (+155%), from €4,732 to €12,081
- Cash +€5,271
up €5,271 (+112%), from €4,686 to €9,957
mainly Receivables within one year (+€16,200) and Depreciation (+€8,090)
- Tangible fixed assets -€3,870
down €3,870 (-12.3%), from €31,389 to €27,520
of which Furniture and vehicles: -€1,981
- Other debts -€21,843
down €21,843 (-40.5%), from €53,903 to €32,059
- Trade debts +€5,784
up €5,784 (+156%), from €3,709 to €9,492
- Profit (loss) carried forward +€5,171
up €5,171 (+15.9%), from €32,546 to €37,717
- Debts after one year -€5,013
down €5,013 (-28.9%), from €17,358 to €12,345
- Gross operating margin -€7,488
down €7,488 (-19.7%), from €37,945 to €30,457
- Financial charges -€5,527
down €5,527 (-34.9%), from €15,825 to €10,298
- Financial income -€4,494
down €4,494 (-74.2%), from €6,059 to €1,565
- Other operating charges +€1,268
up €1,268 (+58.3%), from €2,175 to €3,443
- Taxes -€493
down €493 (-10.2%), from €4,841 to €4,348
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 | €340,809 | €322,780 | -€18,030 | -5.3% |
| Fixed assets | 21/28 | €31,414 | €27,520 | -€3,895 | -12.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €31,389 | €27,520 | -€3,870 | -12.3% |
| Plant, machinery and equipment | 23 | €188 | €0 | -€188 | -100% |
| Furniture and vehicles | 24 | €6,756 | €4,775 | -€1,981 | -29.3% |
| Other tangible fixed assets | 26 | €24,446 | €22,745 | -€1,700 | -7.0% |
| Financial fixed assets | 28 | €25 | €0 | -€25 | -100% |
| Current assets | 29/58 | €309,395 | €295,260 | -€14,135 | -4.6% |
| Stocks and contracts in progress | 3 | €265,104 | €257,664 | -€7,440 | -2.8% |
| Stocks | 30/36 | €265,104 | €257,664 | -€7,440 | -2.8% |
| Amounts receivable within one year | 40/41 | €22,873 | €6,673 | -€16,200 | -70.8% |
| Trade receivables | 40 | €21,447 | €6,012 | -€15,435 | -72.0% |
| Other amounts receivable | 41 | €1,426 | €661 | -€766 | -53.7% |
| Current investments | 50/53 | €12,000 | €8,884 | -€3,116 | -26.0% |
| Cash at bank and in hand | 54/58 | €4,686 | €9,957 | +€5,271 | +112% |
| Deferred charges and accrued income | 490/1 | €4,732 | €12,081 | +€7,349 | +155% |
| Total equity and liabilities | 10/49 | €340,809 | €322,780 | -€18,030 | -5.3% |
| Equity | 10/15 | €174,220 | €180,063 | +€5,843 | +3.4% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Capital | 10 | €140,000 | €140,000 | = | 0.0% |
| Issued capital | 100 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €1,674 | €2,347 | +€673 | +40.2% |
| Non-distributable reserves | 130/1 | €1,674 | €2,347 | +€673 | +40.2% |
| Legal reserve | 130 | €1,674 | €2,347 | +€673 | +40.2% |
| Profit (loss) carried forward | 14 | €32,546 | €37,717 | +€5,171 | +15.9% |
| Amounts payable | 17/49 | €166,589 | €142,716 | -€23,873 | -14.3% |
| Amounts payable after more than one year | 17 | €17,358 | €12,345 | -€5,013 | -28.9% |
| Financial debts | 170/4 | €17,358 | €12,345 | -€5,013 | -28.9% |
| Amounts payable within one year | 42/48 | €143,104 | €127,539 | -€15,565 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €4,958 | €5,013 | +€55 | +1.1% |
| Financial debts | 43 | €75,000 | €75,055 | +€55 | +0.1% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Other loans | 439 | - | €55 | +€55 | |
| Trade debts | 44 | €3,709 | €9,492 | +€5,784 | +156% |
| Suppliers | 440/4 | €3,709 | €9,492 | +€5,784 | +156% |
| Taxes, remuneration and social security | 45 | €5,534 | €5,919 | +€385 | +6.9% |
| Taxes | 450/3 | €5,534 | €5,919 | +€385 | +6.9% |
| Other amounts payable | 47/48 | €53,903 | €32,059 | -€21,843 | -40.5% |
| Accrued charges and deferred income | 492/3 | €6,127 | €2,832 | -€3,295 | -53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,712 | €8,090 | +€378 | +4.9% |
| Other operating charges | 640/8 | €2,175 | €3,443 | +€1,268 | +58.3% |
| Gross operating margin | 9900 | €37,945 | €30,457 | -€7,488 | -19.7% |
| Operating profit (loss) | 9901 | €28,058 | €18,924 | -€9,134 | -32.6% |
| Financial income | 75/76B | €6,059 | €1,565 | -€4,494 | -74.2% |
| Recurring financial income | 75 | €6,059 | €1,565 | -€4,494 | -74.2% |
| Financial charges | 65/66B | €15,825 | €10,298 | -€5,527 | -34.9% |
| Recurring financial charges | 65 | €15,825 | €10,298 | -€5,527 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €18,292 | €10,191 | -€8,101 | -44.3% |
| Income taxes | 67/77 | €4,841 | €4,348 | -€493 | -10.2% |
| Profit (loss) for the period | 9904 | €13,452 | €5,843 | -€7,609 | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,452 | €5,843 | -€7,609 | -56.6% |
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 1 November 2026 via checked.be.