AP Holdings: 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 Holdings
Largest movements
- Receivables within one year -€10,844
down €10,844 (-67.8%), from €15,990 to €5,146
of which Trade receivables: -€10,890
- Cash +€7,389
up €7,389 (+114%), from €6,503 to €13,893
mainly Receivables within one year (+€10,844) and Net result for the year (+€8,529)
- Tangible fixed assets +€2,075
up €2,075 (+46.5%), from €4,466 to €6,541
of which Other tangible fixed assets: +€2,105
- Deferred charges and accrued income -€2,016
down €2,016 (-100%), from €2,016 to €0
- Debts after one year -€6,000
down €6,000 (-16.2%), from €37,000 to €31,000
- Other debts +€4,846
up €4,846 (+75.6%), from €6,410 to €11,256
- Reserves -€1,147
down €1,147 (-12.4%), from €9,280 to €8,133
- Tax, wage and social debts -€1,018
down €1,018 (-7.0%), from €14,579 to €13,561
of which Remuneration and social security: -€2,119
- Trade debts -€921
down €921 (-22.5%), from €4,086 to €3,165
- Financial charges -€1,559
down €1,559 (-59.6%), from €2,616 to €1,056
- Taxes +€551
up €551 (+13.3%), from €4,144 to €4,695
- Gross operating margin +€296
up €296 (+1.9%), from €15,617 to €15,913
- Depreciation -€264
down €264 (-33.4%), from €789 to €525
- Other operating charges +€250
up €250 (+29.1%), from €858 to €1,108
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 | €76,475 | €73,079 | -€3,396 | -4.4% |
| Fixed assets | 21/28 | €11,966 | €14,041 | +€2,075 | +17.3% |
| Tangible fixed assets | 22/27 | €4,466 | €6,541 | +€2,075 | +46.5% |
| Furniture and vehicles | 24 | €30 | €0 | -€30 | -100% |
| Other tangible fixed assets | 26 | €4,436 | €6,541 | +€2,105 | +47.4% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €64,509 | €59,039 | -€5,471 | -8.5% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,990 | €5,146 | -€10,844 | -67.8% |
| Trade receivables | 40 | €10,890 | €0 | -€10,890 | -100% |
| Other amounts receivable | 41 | €5,100 | €5,146 | +€46 | +0.9% |
| Cash at bank and in hand | 54/58 | €6,503 | €13,893 | +€7,389 | +114% |
| Deferred charges and accrued income | 490/1 | €2,016 | €0 | -€2,016 | -100% |
| Total equity and liabilities | 10/49 | €76,475 | €73,079 | -€3,396 | -4.4% |
| Equity | 10/15 | €11,780 | €10,633 | -€1,147 | -9.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €9,280 | €8,133 | -€1,147 | -12.4% |
| Distributable reserves | 133 | €9,280 | €8,133 | -€1,147 | -12.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €64,695 | €62,446 | -€2,249 | -3.5% |
| Amounts payable after more than one year | 17 | €37,000 | €31,000 | -€6,000 | -16.2% |
| Financial debts | 170/4 | €37,000 | €31,000 | -€6,000 | -16.2% |
| Amounts payable within one year | 42/48 | €25,076 | €27,982 | +€2,907 | +11.6% |
| Trade debts | 44 | €4,086 | €3,165 | -€921 | -22.5% |
| Suppliers | 440/4 | €4,086 | €3,165 | -€921 | -22.5% |
| Taxes, remuneration and social security | 45 | €14,579 | €13,561 | -€1,018 | -7.0% |
| Taxes | 450/3 | €12,460 | €13,561 | +€1,102 | +8.8% |
| Remuneration and social security | 454/9 | €2,119 | €0 | -€2,119 | -100% |
| Other amounts payable | 47/48 | €6,410 | €11,256 | +€4,846 | +75.6% |
| Accrued charges and deferred income | 492/3 | €2,619 | €3,464 | +€844 | +32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €789 | €525 | -€264 | -33.4% |
| Other operating charges | 640/8 | €858 | €1,108 | +€250 | +29.1% |
| Gross operating margin | 9900 | €15,617 | €15,913 | +€296 | +1.9% |
| Operating profit (loss) | 9901 | €13,970 | €14,280 | +€310 | +2.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,616 | €1,056 | -€1,559 | -59.6% |
| Recurring financial charges | 65 | €2,616 | €1,056 | -€1,559 | -59.6% |
| Profit (loss) for the period before taxes | 9903 | €11,354 | €13,224 | +€1,869 | +16.5% |
| Income taxes | 67/77 | €4,144 | €4,695 | +€551 | +13.3% |
| Profit (loss) for the period | 9904 | €7,210 | €8,529 | +€1,319 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,210 | €8,529 | +€1,319 | +18.3% |
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.