AP CONSTRUCT: 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 CONSTRUCT
Largest movements
- Tangible fixed assets -€60,673
down €60,673 (-6.3%), from €963,441 to €902,768
of which Land and buildings: -€46,520
- Stocks and contracts -€26,735
down €26,735 (-6.2%), from €430,277 to €403,542
- Short-term financial debts -€110,000
no longer reported in 2025 (was €110,000)
- Debts after one year +€27,507
up €27,507 (+6.9%), from €398,588 to €426,095
- Current portion of long-term debt +€23,024
up €23,024 (+48.4%), from €47,599 to €70,623
- Gross operating margin +€10,603
up €10,603 (+15.9%), from €66,477 to €77,080
- Financial charges -€4,758
down €4,758 (-15.5%), from €30,779 to €26,021
- Financial income -€2,344
down €2,344 (-22.7%), from €10,345 to €8,001
- Depreciation -€1,042
down €1,042 (-1.7%), from €61,715 to €60,673
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 | €1,467,613 | €1,380,203 | -€87,410 | -6.0% |
| Fixed assets | 21/28 | €963,441 | €902,768 | -€60,673 | -6.3% |
| Tangible fixed assets | 22/27 | €963,441 | €902,768 | -€60,673 | -6.3% |
| Land and buildings | 22 | €938,981 | €892,461 | -€46,520 | -5.0% |
| Plant, machinery and equipment | 23 | €5,067 | €2,327 | -€2,740 | -54.1% |
| Furniture and vehicles | 24 | €19,393 | €7,980 | -€11,413 | -58.9% |
| Current assets | 29/58 | €504,172 | €477,435 | -€26,737 | -5.3% |
| Stocks and contracts in progress | 3 | €430,277 | €403,542 | -€26,735 | -6.2% |
| Stocks | 30/36 | €430,277 | €403,542 | -€26,735 | -6.2% |
| Amounts receivable within one year | 40/41 | €38,169 | €31,433 | -€6,736 | -17.6% |
| Trade receivables | 40 | €37,578 | €30,786 | -€6,792 | -18.1% |
| Other amounts receivable | 41 | €591 | €647 | +€56 | +9.5% |
| Current investments | 50/53 | €33,025 | €33,025 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,701 | €9,435 | +€6,734 | +249% |
| Total equity and liabilities | 10/49 | €1,467,613 | €1,380,203 | -€87,410 | -6.0% |
| Equity | 10/15 | €1,989 | -€6,654 | -€8,643 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €525 | €525 | = | 0.0% |
| Distributable reserves | 133 | €525 | €525 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,536 | -€32,179 | -€8,643 | -36.7% |
| Amounts payable | 17/49 | €1,465,624 | €1,386,857 | -€78,767 | -5.4% |
| Amounts payable after more than one year | 17 | €398,588 | €426,095 | +€27,507 | +6.9% |
| Financial debts | 170/4 | €398,588 | €426,095 | +€27,507 | +6.9% |
| Amounts payable within one year | 42/48 | €1,067,036 | €960,762 | -€106,274 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €47,599 | €70,623 | +€23,024 | +48.4% |
| Financial debts | 43 | €110,000 | - | -€110,000 | |
| Credit institutions | 430/8 | €110,000 | - | -€110,000 | |
| Trade debts | 44 | €20,366 | €13,496 | -€6,870 | -33.7% |
| Suppliers | 440/4 | €20,366 | €13,496 | -€6,870 | -33.7% |
| Taxes, remuneration and social security | 45 | €3,290 | €5,340 | +€2,050 | +62.3% |
| Taxes | 450/3 | €3,290 | €5,340 | +€2,050 | +62.3% |
| Other amounts payable | 47/48 | €885,781 | €871,303 | -€14,478 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,715 | €60,673 | -€1,042 | -1.7% |
| Other operating charges | 640/8 | €6,729 | €6,774 | +€45 | +0.7% |
| Gross operating margin | 9900 | €66,477 | €77,080 | +€10,603 | +15.9% |
| Operating profit (loss) | 9901 | -€1,967 | €9,633 | +€11,600 | |
| Financial income | 75/76B | €10,345 | €8,001 | -€2,344 | -22.7% |
| Recurring financial income | 75 | €10,345 | €8,001 | -€2,344 | -22.7% |
| Financial charges | 65/66B | €30,779 | €26,021 | -€4,758 | -15.5% |
| Recurring financial charges | 65 | €30,779 | €26,021 | -€4,758 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,401 | -€8,387 | +€14,014 | +62.6% |
| Income taxes | 67/77 | €227 | €256 | +€29 | +12.8% |
| Profit (loss) for the period | 9904 | -€22,628 | -€8,643 | +€13,985 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,628 | -€8,643 | +€13,985 | +61.8% |
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 20 October 2026 via checked.be.