AP-INVEST: what changed
AP-INVEST
Largest movements
- Cash -€52,058
down €52,058 (-74.3%), from €70,098 to €18,040
mainly Contributions, distributions and other (-€136,500) and Investment in fixed assets (net) (-€6,669)
- Receivables within one year -€9,660
down €9,660 (-22.1%), from €43,631 to €33,971
of which Other amounts receivable: -€9,648
- Current investments -€7,555
down €7,555 (-32.8%), from €23,010 to €15,455
- Tangible fixed assets +€5,196
new in 2025: €5,196
- Profit (loss) carried forward -€90,354
down €90,354 (-73.3%), from €123,227 to €32,873
- Other debts +€23,401
up €23,401, from €0 to €23,401
- Trade debts +€3,397
up €3,397 (+205%), from €1,658 to €5,055
- Tax, wage and social debts -€1,711
down €1,711 (-20.8%), from €8,216 to €6,505
of which Taxes: -€1,711
- Gross operating margin -€3,269
down €3,269 (-5.0%), from €64,799 to €61,530
- Financial charges +€1,558
up €1,558 (+863%), from €181 to €1,738
- Depreciation +€1,473
new in 2025: €1,473
- Financial income +€1,350
up €1,350 (+404%), from €334 to €1,684
- Taxes -€1,285
down €1,285 (-9.5%), from €13,501 to €12,216
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 | €139,101 | €73,835 | -€65,266 | -46.9% |
| Fixed assets | 21/28 | - | €5,196 | +€5,196 | |
| Tangible fixed assets | 22/27 | - | €5,196 | +€5,196 | |
| Plant, machinery and equipment | 23 | - | €5,196 | +€5,196 | |
| Current assets | 29/58 | €139,101 | €68,639 | -€70,462 | -50.7% |
| Amounts receivable within one year | 40/41 | €43,631 | €33,971 | -€9,660 | -22.1% |
| Trade receivables | 40 | €13,737 | €13,725 | -€12 | -0.1% |
| Other amounts receivable | 41 | €29,894 | €20,246 | -€9,648 | -32.3% |
| Current investments | 50/53 | €23,010 | €15,455 | -€7,555 | -32.8% |
| Cash at bank and in hand | 54/58 | €70,098 | €18,040 | -€52,058 | -74.3% |
| Deferred charges and accrued income | 490/1 | €2,362 | €1,172 | -€1,190 | -50.4% |
| Total equity and liabilities | 10/49 | €139,101 | €73,835 | -€65,266 | -46.9% |
| Equity | 10/15 | €129,227 | €38,873 | -€90,354 | -69.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,227 | €32,873 | -€90,354 | -73.3% |
| Amounts payable | 17/49 | €9,874 | €34,961 | +€25,087 | +254% |
| Amounts payable within one year | 42/48 | €9,874 | €34,961 | +€25,087 | +254% |
| Trade debts | 44 | €1,658 | €5,055 | +€3,397 | +205% |
| Suppliers | 440/4 | €1,658 | €5,055 | +€3,397 | +205% |
| Taxes, remuneration and social security | 45 | €8,216 | €6,505 | -€1,711 | -20.8% |
| Taxes | 450/3 | €8,216 | €6,505 | -€1,711 | -20.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €23,401 | +€23,401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,473 | +€1,473 | |
| Other operating charges | 640/8 | €743 | €1,640 | +€898 | +121% |
| Gross operating margin | 9900 | €64,799 | €61,530 | -€3,269 | -5.0% |
| Operating profit (loss) | 9901 | €64,056 | €58,417 | -€5,639 | -8.8% |
| Financial income | 75/76B | €334 | €1,684 | +€1,350 | +404% |
| Recurring financial income | 75 | €334 | €1,684 | +€1,350 | +404% |
| Financial charges | 65/66B | €181 | €1,738 | +€1,558 | +863% |
| Recurring financial charges | 65 | €181 | €1,738 | +€1,558 | +863% |
| Profit (loss) for the period before taxes | 9903 | €64,210 | €58,363 | -€5,847 | -9.1% |
| Income taxes | 67/77 | €13,501 | €12,216 | -€1,285 | -9.5% |
| Profit (loss) for the period | 9904 | €50,709 | €46,147 | -€4,562 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,709 | €46,147 | -€4,562 | -9.0% |
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 2 November 2026 via checked.be.