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 +€51,723
up €51,723 (+12.4%), from €415,998 to €467,721
of which Plant, machinery and equipment: +€73,598
- Cash -€13,452
down €13,452 (-72.1%), from €18,652 to €5,199
mainly Investment in fixed assets (net) (-€95,650) and Other debts (-€39,963)
- Reserves +€588,072
up €588,072 (+444%), from €132,339 to €720,411
of which Distributable reserves: +€588,072
- Profit (loss) carried forward -€534,106
down €534,106 (-100%), from €534,106 to €0
- Other debts -€39,963
down €39,963 (-100%), from €39,963 to €0
- Tax, wage and social debts +€21,955
up €21,955 (+1,337%), from €1,642 to €23,596
- Gross operating margin +€78,291
up €78,291 (+174%), from €44,904 to €123,195
- Taxes +€20,951
up €20,951 (+2,049%), from €1,022 to €21,974
- Depreciation +€13,272
up €13,272 (+43.3%), from €30,656 to €43,927
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 | €746,083 | €780,227 | +€34,144 | +4.6% |
| Fixed assets | 21/28 | €415,998 | €467,721 | +€51,723 | +12.4% |
| Tangible fixed assets | 22/27 | €415,998 | €467,721 | +€51,723 | +12.4% |
| Land and buildings | 22 | €340,981 | €319,105 | -€21,876 | -6.4% |
| Plant, machinery and equipment | 23 | €75,018 | €148,616 | +€73,598 | +98.1% |
| Current assets | 29/58 | €330,084 | €312,506 | -€17,578 | -5.3% |
| Amounts receivable after more than one year | 29 | €156,485 | €156,276 | -€209 | -0.1% |
| Other amounts receivable | 291 | €156,485 | €156,276 | -€209 | -0.1% |
| Amounts receivable within one year | 40/41 | €147,995 | €143,754 | -€4,241 | -2.9% |
| Trade receivables | 40 | €11,656 | €9,142 | -€2,514 | -21.6% |
| Other amounts receivable | 41 | €136,339 | €134,612 | -€1,727 | -1.3% |
| Cash at bank and in hand | 54/58 | €18,652 | €5,199 | -€13,452 | -72.1% |
| Deferred charges and accrued income | 490/1 | €6,953 | €7,276 | +€323 | +4.6% |
| Total equity and liabilities | 10/49 | €746,083 | €780,227 | +€34,144 | +4.6% |
| Equity | 10/15 | €701,159 | €755,124 | +€53,965 | +7.7% |
| Contributions | 10/11 | €34,713 | €34,713 | = | 0.0% |
| Reserves | 13 | €132,339 | €720,411 | +€588,072 | +444% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €130,480 | €718,552 | +€588,072 | +451% |
| Profit (loss) carried forward | 14 | €534,106 | €0 | -€534,106 | -100% |
| Amounts payable | 17/49 | €44,924 | €25,103 | -€19,821 | -44.1% |
| Amounts payable within one year | 42/48 | €44,924 | €25,103 | -€19,821 | -44.1% |
| Trade debts | 44 | €3,319 | €1,507 | -€1,812 | -54.6% |
| Suppliers | 440/4 | €3,319 | €1,507 | -€1,812 | -54.6% |
| Taxes, remuneration and social security | 45 | €1,642 | €23,596 | +€21,955 | +1,337% |
| Taxes | 450/3 | €1,642 | €23,596 | +€21,955 | +1,337% |
| Other amounts payable | 47/48 | €39,963 | €0 | -€39,963 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,656 | €43,927 | +€13,272 | +43.3% |
| Other operating charges | 640/8 | €7,291 | €6,700 | -€591 | -8.1% |
| Gross operating margin | 9900 | €44,904 | €123,195 | +€78,291 | +174% |
| Operating profit (loss) | 9901 | €6,957 | €72,567 | +€65,610 | +943% |
| Financial income | 75/76B | €3,481 | €3,521 | +€41 | +1.2% |
| Recurring financial income | 75 | €3,481 | €3,521 | +€41 | +1.2% |
| Financial charges | 65/66B | €132 | €150 | +€18 | +13.6% |
| Recurring financial charges | 65 | €132 | €150 | +€18 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €10,306 | €75,939 | +€65,633 | +637% |
| Income taxes | 67/77 | €1,022 | €21,974 | +€20,951 | +2,049% |
| Profit (loss) for the period | 9904 | €9,284 | €53,965 | +€44,681 | +481% |
| Profit (loss) for the period to be appropriated | 9905 | €9,284 | €53,965 | +€44,681 | +481% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.