AP Invest: 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 Invest
Largest movements
- Tangible fixed assets +€390,302
up €390,302 (+367%), from €106,337 to €496,639
of which Land and buildings: +€390,651
- Deferred charges and accrued income -€14,000
no longer reported in 2025 (was €14,000)
- Debts after one year +€313,920
up €313,920 (+15,095%), from €2,080 to €316,000
- Other debts +€74,416
up €74,416 (+6,192%), from €1,202 to €75,617
- Profit (loss) carried forward -€62,575
down €62,575, from €41,080 to -€21,495
- Accrued charges and deferred income +€43,000
new in 2025: €43,000
- Depreciation +€50,044
up €50,044 (+654%), from €7,654 to €57,698
- Financial charges +€10,317
up €10,317 (+1,415%), from €729 to €11,047
- Gross operating margin -€8,236
down €8,236 (-43.8%), from €18,794 to €10,558
- Taxes -€2,107
no longer reported in 2025 (was €2,107)
- Other operating charges +€1,468
up €1,468 (+50.2%), from €2,922 to €4,389
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 | €127,352 | €499,246 | +€371,894 | +292% |
| Fixed assets | 21/28 | €106,337 | €496,639 | +€390,302 | +367% |
| Tangible fixed assets | 22/27 | €106,337 | €496,639 | +€390,302 | +367% |
| Land and buildings | 22 | €105,500 | €496,151 | +€390,651 | +370% |
| Plant, machinery and equipment | 23 | €837 | €488 | -€349 | -41.7% |
| Current assets | 29/58 | €21,014 | €2,607 | -€18,407 | -87.6% |
| Amounts receivable within one year | 40/41 | €1,654 | €918 | -€735 | -44.5% |
| Trade receivables | 40 | €868 | €868 | = | 0.0% |
| Other amounts receivable | 41 | €785 | €50 | -€735 | -93.6% |
| Cash at bank and in hand | 54/58 | €5,361 | €1,689 | -€3,672 | -68.5% |
| Deferred charges and accrued income | 490/1 | €14,000 | - | -€14,000 | |
| Total equity and liabilities | 10/49 | €127,352 | €499,246 | +€371,894 | +292% |
| Equity | 10/15 | €96,858 | €34,282 | -€62,575 | -64.6% |
| Contributions | 10/11 | €6,693 | €6,693 | = | 0.0% |
| Reserves | 13 | €49,084 | €49,084 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,386 | €2,386 | = | 0.0% |
| Distributable reserves | 133 | €44,839 | €44,839 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,080 | -€21,495 | -€62,575 | |
| Amounts payable | 17/49 | €30,494 | €464,964 | +€434,470 | +1,425% |
| Amounts payable after more than one year | 17 | €2,080 | €316,000 | +€313,920 | +15,095% |
| Financial debts | 170/4 | €2,080 | €316,000 | +€313,920 | +15,095% |
| Amounts payable within one year | 42/48 | €28,414 | €105,964 | +€77,550 | +273% |
| Current portion of amounts payable after more than one year | 42 | €24,748 | €26,080 | +€1,332 | +5.4% |
| Trade debts | 44 | €357 | €4,267 | +€3,909 | +1,094% |
| Suppliers | 440/4 | €357 | €4,267 | +€3,909 | +1,094% |
| Taxes, remuneration and social security | 45 | €2,107 | - | -€2,107 | |
| Taxes | 450/3 | €2,107 | - | -€2,107 | |
| Other amounts payable | 47/48 | €1,202 | €75,617 | +€74,416 | +6,192% |
| Accrued charges and deferred income | 492/3 | - | €43,000 | +€43,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,654 | €57,698 | +€50,044 | +654% |
| Other operating charges | 640/8 | €2,922 | €4,389 | +€1,468 | +50.2% |
| Gross operating margin | 9900 | €18,794 | €10,558 | -€8,236 | -43.8% |
| Operating profit (loss) | 9901 | €8,218 | -€51,529 | -€59,747 | |
| Financial income | 75/76B | €406 | - | -€406 | |
| Recurring financial income | 75 | €406 | - | -€406 | |
| Financial charges | 65/66B | €729 | €11,047 | +€10,317 | +1,415% |
| Recurring financial charges | 65 | €729 | €11,047 | +€10,317 | +1,415% |
| Profit (loss) for the period before taxes | 9903 | €7,895 | -€62,575 | -€70,470 | |
| Income taxes | 67/77 | €2,107 | - | -€2,107 | |
| Profit (loss) for the period | 9904 | €5,788 | -€62,575 | -€68,363 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,788 | -€62,575 | -€68,363 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.