AP GUSTIN: 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.
What changed
AP GUSTIN
NACE 81.300, Landscape service activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,722
2024 · -€2,189+€4,911
Equity
€451,450
2024 · €448,728+€2,722
Cash
€60,557
2024 · €58,261+€2,296
Balance sheet total
€1.7m
2024 · €1.8m-€72,862
Largest movements
Assets
- Receivables within one year -€42,963
down €42,963 (-6.8%), from €632,089 to €589,126
of which Trade receivables: -€85,635
- Deferred charges and accrued income -€22,778
down €22,778 (-70.7%), from €32,206 to €9,428
Equity and liabilities
- Debts after one year -€106,914
down €106,914 (-21.1%), from €506,603 to €399,689
- Short-term financial debts +€100,000
up €100,000 (+40.0%), from €250,000 to €350,000
- Trade debts -€86,008
down €86,008 (-28.8%), from €298,884 to €212,876
- Current portion of long-term debt +€27,528
up €27,528 (+16.8%), from €164,049 to €191,577
Income statement
- Turnover -€3.9m
no longer reported in 2025 (was €3.9m)
- Purchases and services -€2.7m
no longer reported in 2025 (was €2.7m)
- Gross operating margin -€135,487
down €135,487 (-11.4%), from €1.2m to €1.1m
- Staff costs -€79,654
down €79,654 (-8.7%), from €914,667 to €835,013
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.
Result 2024
-€2,189
Gross operating margin
-€135,487
Staff costs
+€79,654
Depreciation
+€17,686
Other operating charges
+€10,843
Other operating items
+€24,119
Financial income
+€1,573
Financial charges
+€6,537
Taxes
-€14
Result 2025
€2,722
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€150,958
Investment
-€169,276
Financing
+€20,614
Cash 2024
€58,261
From operations (derived)
+€150,958
Net result for the year
+€2,722
Depreciation
+€166,328
Stocks and contracts
+€12,365
Receivables within one year
+€42,963
Deferred charges and accrued income
+€22,778
Trade debts
-€86,008
Tax, wage and social debts
-€10,190
Investment (derived)
-€169,276
Investment in fixed assets (net)
-€169,276
Financing
+€20,614
Debts after one year
-€106,914
Current portion of long-term debt
+€27,528
Short-term financial debts
+€100,000
Cash 2025
€60,557
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,764,079 | €1,691,217 | -€72,862 | -4.1% |
| Fixed assets | 21/28 | €857,569 | €860,517 | +€2,948 | +0.3% |
| Intangible fixed assets | 21 | €103,151 | €110,362 | +€7,211 | +7.0% |
| Tangible fixed assets | 22/27 | €754,213 | €749,950 | -€4,263 | -0.6% |
| Land and buildings | 22 | €52,053 | €92,113 | +€40,060 | +77.0% |
| Plant, machinery and equipment | 23 | €239,908 | €264,035 | +€24,127 | +10.1% |
| Furniture and vehicles | 24 | €66,508 | €73,809 | +€7,301 | +11.0% |
| Leasing and similar rights | 25 | €348,189 | €276,797 | -€71,392 | -20.5% |
| Other tangible fixed assets | 26 | €47,555 | €43,196 | -€4,359 | -9.2% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €906,510 | €830,700 | -€75,810 | -8.4% |
| Amounts receivable after more than one year | 29 | €320 | €320 | = | 0.0% |
| Trade receivables | 290 | €320 | €320 | = | 0.0% |
| Stocks and contracts in progress | 3 | €183,634 | €171,269 | -€12,365 | -6.7% |
| Stocks | 30/36 | €129,634 | €131,269 | +€1,635 | +1.3% |
| Contracts in progress | 37 | €54,000 | €40,000 | -€14,000 | -25.9% |
| Amounts receivable within one year | 40/41 | €632,089 | €589,126 | -€42,963 | -6.8% |
| Trade receivables | 40 | €567,577 | €481,942 | -€85,635 | -15.1% |
| Other amounts receivable | 41 | €64,512 | €107,184 | +€42,672 | +66.1% |
| Cash at bank and in hand | 54/58 | €58,261 | €60,557 | +€2,296 | +3.9% |
| Deferred charges and accrued income | 490/1 | €32,206 | €9,428 | -€22,778 | -70.7% |
| Total equity and liabilities | 10/49 | €1,764,079 | €1,691,217 | -€72,862 | -4.1% |
| Equity | 10/15 | €448,728 | €451,450 | +€2,722 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €428,268 | €430,990 | +€2,722 | +0.6% |
| Amounts payable | 17/49 | €1,315,351 | €1,239,767 | -€75,584 | -5.7% |
| Amounts payable after more than one year | 17 | €506,603 | €399,689 | -€106,914 | -21.1% |
| Financial debts | 170/4 | €506,603 | €399,689 | -€106,914 | -21.1% |
| Amounts payable within one year | 42/48 | €808,748 | €840,078 | +€31,330 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €164,049 | €191,577 | +€27,528 | +16.8% |
| Financial debts | 43 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Credit institutions | 430/8 | €250,000 | €350,000 | +€100,000 | +40.0% |
| Trade debts | 44 | €298,884 | €212,876 | -€86,008 | -28.8% |
| Suppliers | 440/4 | €298,884 | €212,876 | -€86,008 | -28.8% |
| Taxes, remuneration and social security | 45 | €95,815 | €85,625 | -€10,190 | -10.6% |
| Taxes | 450/3 | €40,364 | €3,225 | -€37,139 | -92.0% |
| Remuneration and social security | 454/9 | €55,451 | €82,400 | +€26,949 | +48.6% |
| Turnover | 70 | €3,921,466 | - | -€3.9m | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,735,762 | - | -€2.7m | |
| Remuneration, social security and pensions | 62 | €914,667 | €835,013 | -€79,654 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,014 | €166,328 | -€17,686 | -9.6% |
| Other operating charges | 640/8 | €23,848 | €13,005 | -€10,843 | -45.5% |
| Non-recurring operating charges | 66A | €26,388 | €2,269 | -€24,119 | -91.4% |
| Gross operating margin | 9900 | €1,185,704 | €1,050,217 | -€135,487 | -11.4% |
| Operating profit (loss) | 9901 | €36,787 | €33,602 | -€3,185 | -8.7% |
| Financial income | 75/76B | €349 | €1,922 | +€1,573 | +451% |
| Recurring financial income | 75 | €349 | €1,922 | +€1,573 | +451% |
| Non-recurring financial income | 76B | - | €1,922 | +€1,922 | |
| Financial charges | 65/66B | €38,331 | €31,794 | -€6,537 | -17.1% |
| Recurring financial charges | 65 | €38,331 | €31,794 | -€6,537 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,195 | €3,730 | +€4,925 | |
| Income taxes | 67/77 | €994 | €1,008 | +€14 | +1.4% |
| Profit (loss) for the period | 9904 | -€2,189 | €2,722 | +€4,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,189 | €2,722 | +€4,911 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.